US PREMARKET ACTIONS: September 4, 2025
Futures Indices
Dow Futures: -0.01%
S&P 500 Futures: +0.1%
Nasdaq 100 Futures: +0.2%
US 10-Year Yield: 4.27%
Market Environment
US markets are trending cautiously this Thursday after a rebound in both the Nasdaq and S&P 500, supported by Alphabet's performance. The session will be driven by a series of macroeconomic indicators, especially the ADP employment report (expected at 73K) and weekly jobless claims (forecast: 230K), both closely watched in the context of a slowing labor market.
The pause in the global bond selloff is due to weaker-than-expected economic data. The July JOLTS report revealed job openings at their lowest level in 10 months, reinforcing expectations of Fed rate cuts.
"The global bond selloff finally paused for breath yesterday, as weak U.S. data meant investors ramped up their expectations for Federal Reserve rate cuts this year." — Jim Reid, Deutsche Bank
Final PMI and ISM Services indices for August are also expected today (forecasts: 55.4 and 50.9, respectively). The prices paid component in ISM Services could provide valuable insights into current inflationary pressures.
"Markets do need to see this mean revert lower soon." — Jim Reid, Deutsche Bank
Finally, the Fed balance sheet release will come at the end of the session. On the political front, Donald Trump has asked the Supreme Court to expedite a challenge to overturn decisions that ruled his tariffs illegal.
Stocks to Watch
**C3.ai (AI) -12.77% **
The stock plunges after a miss on results and the CEO’s departure. The company also withdraws its guidance, increasing near-term uncertainty.
**Sanofi (SNY) -9.74% **
The biotech falls on disappointing data from a late-stage clinical trial for an eczema treatment.
**Caleres (CAL) -9.70% **
The stock drops after missing expectations and offering no guidance for upcoming quarters.
**GitLab (GTLB) -8.87% **
The company suffers from a disappointing forecast and the resignation of its CFO, raising concerns about its financial trajectory.
**Dole (DOLE) -7.13% **
The stock declines following a secondary offering of 11.92M shares at $13.25 per share, resulting in dilution.
**Customers Bancorp (CUBI) -4.39% **
Shares drop after a placement at $68.50, weighing on short-term valuation.
**ChargePoint (CHPT) -4.92% **
The group reports net profit below expectations, despite a 10% rise in subscription sales.
**Hut 8 (HUT) +0.04% **
Stable despite announcing a doubling of Bitcoin mining capacity to 24 EH/s, a growth signal for the crypto sector.
**Shoe Carnival (SCVL) +9.15% **
Strong gain after solid back-to-school sales, a key retail indicator.
**Ciena (CIEN) +11.26% **
The stock surges after Q3 results topped expectations, with a solid forecast for upcoming quarters.
Recommendation Changes
Upgrades
Copart, Inc. ($CPRT) → HSBC upgrades to Buy, target raised from $56 to $62.
Leidos Holdings, Inc. ($LDOS) → RBC Capital upgrades to Outperform, target from $180 to $210.
Neutral
Credo Technology ($CRDO) → Outperform maintained by BNP Paribas Exane, target raised from $112 to $165.
Lucid Group ($LCID) → Hold maintained by TD Cowen, target increased from $2.20 to $22.
Macy’s ($M) → Market Perform maintained by Telsey Advisory Group, target raised from $14 to $17.
Downgrades
Kilroy Realty Corp. ($KRC) → Barclays downgrades to Equal Weight, target $43.
Parker-Hannifin ($PH) → Deutsche Bank changes to Hold, target $809.
Workday Inc. ($WDAY) → Baptista Research downgrades to Outperform, target cut from $297 to $274.70.
Have a great session, everyone
Sylvain Mouilhaud: Stock Coach