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Market Headlines 👀 

• Inflation Update: CPI rose to 2.9% today — the highest reading since January.

• Jobs Data: weekly jobless claims rose to 263K, above the 235K estimate and up from last week.

• European Central Bank held its benchmark interest rate steady.

• RobinHood (HOOD) unveiled new trading features and tools at its first-ever Hood Summit on Tuesday.

• Oracle (ORCL) signed a $300B deal with OpenAI to provide cloud compute over the next five years.

• OpenDoor (OPEN) names former Shopify exec Ken Nejatian as its new CEO.

• Microsoft (MSFT) plans to reduce its reliance on OpenAI by tapping rival Anthropic for AI models.

• Klarna (KLAR) priced its IPO at ~$40 on Tuesday, valuing the BNPL fintech at about $15b while raising ~$1.37 billion

Earnings 💸

• Adobe (ADBE)

  • EPS: $5.31 beats (exp. $5.18)

  • Revenue: $5.98b beats (exp. $5.91b)

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S&P 500 Heatmap 🔥 

Movers and Shakers 📷 

📈 Top Gainers

❇️ $CNC ( ▲ 1.37% )(Centene): Shares climbed after the company reiterated its financial outlook, topping analysts’ expectations.
❇️ $MU ( ▲ 0.28% )(Micron Technology): Rose following a price target increase from Citigroup and optimism about demand for its AI DRAM chips.
❇️ $OPEN ( ▼ 3.08% )(Opendoor Technologies): Advanced after naming a new CEO, bringing co-founders back to the board, and securing substantial new investment.
❇️ $OXM ( ▲ 3.57% )(Oxford Industries): Gained on a positive quarterly earnings report and strong sales outlook.

🔻 Top Decliners

🔴 $ORCL ( ▼ 2.7% )(Oracle): Declined after a strong run yesterday, as investors took profits following an impressive revenue forecast.
🔴 $NFLX ( ▲ 0.2% )(Netflix): Fell after announcing the resignation of its Chief Product Officer, raising questions about the company’s product strategy.
🔴 $RNA ( ▲ 5.17% )(Avidity Biosciences): Moved lower as traders reacted to sector rotation and recent volatility.

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Recap Around the Street 🧠

Shelter Heats Up CPI, But Not Enough to Ground Fed’s September Rate Cut:

Shelter up 0.4% for the month, the largest contributor to this month’s rise. Mixed tariff pass through effects but prominent in groceries, autos, electronics, and apparel. Airlines also trending higher. It’s not enough to stop the Fed from cutting in September but further takes 50 bp off the table. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Market Preview 🎞️ 

• Friday, September 12th: University of Michigan consumer sentiment

Enjoy reading?👇

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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