U.S. Equities Power to Fresh Records, led by gains in materials, healthcare, and consumer discretionary

Oracle Soars, S&P 500 Hits Record as Tariff Fight Moves to Supreme Court

📈 Nasdaq Hits Record as Fed Cut Bets Surge After Historic Payroll Revisions

📉 Weak U.S. Jobs Data Fuels Fed Cut Bets; Gold Soars to Record $3,600

• Jobs Shock: August NFP just +22K (vs. +75K est.), with job losses in manufacturing and government. Unemployment rose to 4.3%, participation slipped to 62.2%.
• Market Reaction: Fed September cut fully priced; October odds near 80%. Markets now see 130 bps of easing over 12 months.
• Equities: S&P 500 -0.36%, Nasdaq flat, Dow -0.5%, Russell 2000 +0.45%. Week: Nasdaq +1.4%, S&P +0.3%.
• Commodities: Gold hit record $3,600 on falling yields and softer USD. Oil slid on reports Saudi may push OPEC+ to hike supply sooner.
• Crypto: XRP swung around $2.80 with falling open interest. Leveraged longs remain, keeping a $3.00 retest possible if momentum returns.

📊 S&P 500 Surges on Weak Jobs Data, Fed Cut Bets Firm

• Equities: S&P 500 closed at a record 6,502 (+0.8% Dow, +1.0% Nasdaq, +1.3% Russell 2000). Weak ADP payrolls reinforced September Fed cut expectations.
• Labor Market: Challenger layoffs 85,979 (worst August since 2020). Jobless claims 237K. Goldman Sachs now sees Friday NFP at +60K, unemployment 4.3%.
• Economic Data: ISM services PMI 52.0 (6-mo high); trade deficit widened to -$78.3B. Fed’s Williams warned tariffs could add 1.5% to inflation.
• Commodities: Gold slipped 0.5% to $3,542; silver held $40.50; oil mixed on EIA data; Citi cut Brent 2026 forecast to $62/bbl.
• Crypto: Ethereum steady at $4,427 with $1.26B in institutional buys. XRP weakened on whale selling. Chainlink whales accumulated 1.25M tokens.

Alphabet Antitrust Ruling Lifts Nasdaq; Gold Hits Record High

• Equities: Nasdaq +218 to 21,498 as Alphabet surged +9% on favorable antitrust ruling. S&P 500 +0.5% (6,448), Dow –0.1% (45,271). Energy lagged (–2.3%) as oil slipped.
• Fed & Data: Waller backed September cut; Beige Book flagged flat growth and stagflation risks. JOLTS openings fell to 7.18M, factory orders –1.3%. Treasury yields eased (10Y –7 bps to 4.21%).
• Europe: BOE split on cuts; UK services PMI 54.2 beat expectations. Eurozone composite PMI hit 12-month high at 51.0. PPI +0.4% m/m.
• Asia-Pacific: Japan’s 20-yr yields hit 1999 highs; China services PMI 53.0 (15-mo high); Australia Q2 GDP +0.6% q/q on consumption.
• Markets: Gold surged to a record $3,560, silver hit $41, oil slipped despite OPEC+ boost. Ethereum held $4,470 on ETF inflows; XRP eyed $3 breakout with new payments partnership.

📉 Equities Slide on Tariff Ruling; Oil Hits 4-Week High

• Markets: S&P 500 –0.7% (6,460), Nasdaq –0.8% (21,456), Dow –0.6% (45,545). Tariffs ruled illegal by U.S. Court of Appeals, but levies remain until Oct. 14 pending SCOTUS appeal.
• Sectors & Movers: Real estate (–1.7%), industrials (–1.1%), and tech (–1.0%) lagged. Energy +0.2%. NVIDIA –1.97%, Kraft Heinz –6.9% (split), Constellation Brands –6.6% (guidance cut).
• Macro & Data: GDPNow trimmed to 3.0% Q3 (from 3.5%), ISM manufacturing 48.7 (still contracting), construction spending –0.1%. Treasury yields climbed, VIX +14% to 17.51.
• Commodities: WTI +$1.65 to $65.66 (4-week high) on tight spreads, sanctions, and OPEC+ risk. Brent near $68. EU gas +1.4% on Norwegian supply cuts; storage 78% (vs. 92% last year).
• Crypto: XRP steadied above 100-day EMA as SEC reviews ETF fast-track; Gemini filed for IPO; Ondo Finance +4% on tokenized assets expansion; Polygon broke $0.28 with strong flows.

📉 Stocks End August Lower as Tech, Semis Weigh

• Equities: S&P 500 –0.4% (6,460.26), Dow –0.2% (45,544.88), Nasdaq –0.2% (21,455.55). Tech/semi weakness led declines — NVIDIA –3.3%, Dell –8.9%, Marvell –18.6%.
• Macro & Fed: Core PCE +0.3% MoM / +2.9% YoY (in line). Fed’s Waller backed September cut; markets price 87% odds. GDPNow jumped to 3.5% Q3, but Chicago PMI slumped to 41.5.
• Consumer Pulse: Michigan sentiment fell to 58.2 (from 61.7). Inflation expectations sticky: 1y at 4.8%, 5y at 3.5%.
• Canada: Q2 GDP –1.6% annualized (vs –0.6% est.), marking back-to-back contractions. Markets see more BoC easing ahead.
• Crypto: Bitcoin tested $108,500 support; Ethereum held above $4,300. Solana broke above $200 as institutions boosted exposure; Pi Network rallied on first Pi-linked ETP launch.