Daily Game Plan

by Contributor
on September 8, 2025

TODAY’S GAME PLAN:  from the trading
desk, this is not research

TODAY’S ECONOMIC DATA:  11:00ET NY Fed 1-Yr Inflation Expectations; 3:00ET Consumer Credit

Highlights and News:  

  • STARLINK IS SAID IN ADVANCED TALKS TO ACQUIRE ECHOSTAR SPECTRUM
  • US Raid on Hyundai Plant Leaves Korean Companies Reeling
  • Bessent: US to refund ‘half the tariffs’ if Trump loses appeal
  • DICK’S SPORTING GOODS COMPLETES ACQUISITION OF FOOT LOCKER
  • Trump said Waller, Warsh and Hassett are the three finalists for Fed chair nomination
  • Bears/Vikings on MNF – GO BEARS!

 

Global stocks rose to start the week that is packed with events that will be crucial in shaping sentiment, while traders braced for a confidence vote today that’s
expected to topple French Prime Minister Bayrou’s government. The first political drama of the week took place in Japan, when PM Shigeru Ishiba said he’ll step down. Russia launched its largest air attack of the Ukraine war and Trump said on Sunday he is ready
to move to a second phase of sanctioning Russia. A US immigration raid at a Hyundai Motor battery plant in Georgia has sparked concerns over billions of dollars in planned investments. “We are well aware of the concerns that have been raised regarding our
investment in the US following the immigration crackdown,” South Korea’s trade minister said.  Meanwhile, the US is proposing annual approvals for exports of chipmaking supplies to Samsung Electronics and SK Hynix factories in China, a compromise aimed at
preventing disruptions to the global electronics industry.

 

EQUITIES:   

US equity futures edge higher ahead of a flood of US data this week that will help determine the Federal Reserve’s policy path. Upcoming releases on consumer and producer prices will
show how much room the Fed has to support the jobs market. An interest-rate cut next week is fully priced in, and strategists at Goldman Sachs expect this to drive more equity gains, including small caps playing catch-up. Morgan Stanley’s Mike Wilson wrote
about the “next leg of the new bull market” and sees earnings growth for smaller companies turning positive. JPMorgan said that falling US bond yields will challenge the outperformance of cyclicals. RBC strategists said last week’s jobs data has increased
uncertainty for US stocks, which have been priced for perfection. Trump’s push to cut federal sales incentives and roll back emissions standards is shaping up to be a multibillion-dollar gift to Detroit’s automakers. PNC Financial Services Group has agreed
to buy privately held FirstBank Holding in a $4.1 billion deal intended to advance its national ambitions. Meanwhile, Barclays’ global financial services conference and Morgan Stanley’s global healthcare event get underway in New York. Goldman’s communacopia
and tech conference begins in San Francisco. AppLovin, Robinhood and Emcor rise in premarket trading. They will replace MarketAxess Holdings, Caesars Entertainment and Enphase Energy in the S&P 500, with the changes going into effect on Sept. 22.  

Futures ahead of the bell: E-Mini S&P +0.1%, Nasdaq +0.3%, Russell 2000 +0.1%, DJI +0.05%

In pre-market trading, AppLovin (APP) rises 9%, Robinhood Markets (HOOD) advances +8% and Emcor Group (EME) is up 1.8% after S&P Dow Jones Indices said the stocks would
be added to the S&P 500 Index. Chewy Inc. (CHWY) climbs 3% after Mizuho raised the recommendation on the online retailer of pet food to outperform. Dianthus Therapeutics (DNTH) shares were halted after announcing data for antibody claseprubart from a Phase
2 trial in generalized myasthenia gravis. EchoStar (SATS) rises 20% after SpaceX’s Starlink agreed to buy wireless spectrum from the company for about $17 billion. Forward Industries (FORD) soars 107% after the design company said it received $1.65 billion
in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy. Ideaya Biosciences (IDYA) rises 6% after the drug developer gave initial data from an early-stage trial of its investigative
therapy for lung cancer. Nutanix (NTNX) is up 3% on inclusion in the S&P Midcap 400 Index. Premier Inc. (PINC) climbs 8% as investment firm Patient Square Capital is exploring an acquisition of the health-care services company. Rapport Therapeutics (RAPP)
jumps 155% after reporting positive topline results from its trial for focal onset seizures. Summit Therapeutics (SMMT) falls 22% after the release of new data cast doubt on the future of a closely watched lung cancer drug.

European gauges hold early gains as investors awaited a confidence vote in French parliament today, when François Bayrou’s government is likely to fall. German industrial
production unexpectedly rose 1.3% in July, the first gain since March, driven by machinery and equipment. The Stoxx 600 is modestly higher with construction stocks and banks outperforming and telecom shares lagging, with Deutsche Telekom AG down 3.2%. Stoxx
600 +0.3%, DAX +0.5%, CAC +0.5%, FTSE 100 +0.1%. Construction +1.25%, Retail +1.2%, Banks +1.1%. Telecom -1.4%, Healthcare -0.6%.

Shares in Asia were mostly higher, with Japanese stocks leading gains following the resignation of Prime Minister Shigeru Ishiba, as traders bet heightened political
uncertainty would make the Bank of Japan less likely to raise rates in the near term.  The MSCI Asia Pacific Index advanced 0.7%, with technology stocks including Alibaba, Tencent and Nintendo among the major contributors. Thailand’s SET nudged higher as Anutin
Charnvirakul’s election as prime minister was seen bringing stability after recent political turmoil. Indian automobile stocks gained after companies said they would pass on consumption tax-cut benefits to consumers. Shares of Chinese developers rose after
Shenzhen joined Beijing and Shanghai in easing home-buying rules to curb the property crisis. Chinese robotics stocks surge as sentiment got a lift after Tesla unveiled photos of its humanoid robot. Nikkei 225 +1.4%, Hang Seng Tech +1.2%, Hang Seng Index +0.8%,
Kospi +0.4%, Taiwan +0.2%, CSI 300 +0.2%, Sensex +0.1%. ASX 200 -0.2%, Philippines -0.8%, Indonesia -1.3%, Vietnam -2.5%.

FIXED INCOME: 
 

Treasuries are narrowly mixed in early US session, with intermediate to long-end yields cheaper and front-end tenors richer.  US 10-year yield near 4.075% is about
flat. Front-end outperformance steepens 2s10s spread by about 2bps. Treasury coupon auctions resume Tuesday with $58 billion 3-year new issue, followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday.

 

METALS: 

Gold hit a fresh record, bolstered by an unexpectedly weak US employment report that saw wagers increase on the Federal Reserve cutting interest rates. renewed rate
cut hopes will face tests this week from a benchmark revisions for US jobs data on Tuesday and US producer and consumer inflation prints on Wednesday and Thursday. Meanwhile, data released over the weekend showed the People’s Bank of China increased its gold
holdings in August for a 10th month, in a continued push to diversify its reserves away from US dollars. Spot gold +0.8%, Silver +0.6%, Copper futures +0.1%.

 

 

ENERGY:   

 

Oil prices climbed, regaining some of last week’s losses, after OPEC+’s output hike was seen as modest and due to concerns over the possibility of more sanctions
on Russian crude. The impact of this increase is expected to be relatively low, because some of these members have been overproducing. So the higher output level would likely include barrels that are already in the market, analysts said. Goldman Sachs said
it expects a slightly larger oil surplus in 2026 as supply upgrades in the Americas outweigh a downgrade to Russia supply and stronger global demand. WTI +2.2%, Brent +2.2%, US Nat Gas +1.5%, RBOB +1.8%. 

 

CURRENCIES: 

In currency markets, political uncertainty in France and Japan is keeping the dollar in check, while the yen has pared an earlier decline seen after Japanese Prime
Minister Ishiba announced that he will step down. Traders are trying to map out who Ishiba’s successor might be, and what that bodes for monetary policy. The euro is little changed before a confidence vote that’s expected to topple French Prime Minister Francois
Bayrou’s government. Sterling firms slightly as a survey showed wages for new hires in the UK rose at the weakest pace in over four years.  US$ Index -0.1%, GBPUSD +0.2%, EURUSD +0.1%, USDJPY +0.25%, AUDUSD +0.55%, NZDUSD +0.8%, USDCHF -0.4%, USDCAD -0.2%,
USDSEK -0.15%, USDNOK -0.6%.

 

 

Bitcoin +0.5%, Ethereum +0.2%  

 

Colors within the report:
Green is always the 200 period (day, week).
Red is always 21,
Blue = 50,
Brown =
100 *Stars have added importance 

  • Upgrades
    • Afya (AFYA) Raised to Overweight at JPMorgan; PT $24.50
    • Brunswick (BC) Raised to Buy at Texas Capital; PT $80
    • Canada Goose (GOOS CN) Raised to Buy at TD Cowen; PT C$25
    • Chewy (CHWY) Raised to Outperform at Mizuho Securities; PT $50
    • Henkel (HEN3 GR) ADRs Raised to Outperform at BNPP Exane; PT $25.20
    • International Flavors (IFF) Raised to Peerperform at Wolfe
    • Sanofi (SAN FP) ADRs Raised to Overweight at Morgan Stanley; PT $58
    • Veeva (VEEV) Raised to Overweight at JPMorgan; PT $330
  • Downgrades
    • ABM Industries (ABM) Cut to Neutral at Baird; PT $54
    • Alphabet (GOOGL) Cut to Accumulate at Phillip Secs; PT $265
    • Barksdale Resources Corp (BRO CN) Cut to Market Perform at Cormark Securities
    • Chart Industries (GTLS) Cut to Neutral at Citi; PT $210
    • Gibson Energy (GEI CN) Cut to Market Perform at BMO; PT C$27
    • OneConnect (6638 HK) ADRs Cut to Neutral at Citi
    • Science Applications (SAIC) Cut to Neutral at JPMorgan; PT $115
    • TransDigm (TDG) Cut to Sector Perform at RBC; PT $1,385
  • Initiations
    • America Movil (AMXB MM) ADRs Rated New Neutral at Safra; PT $22
    • Ashland (ASH) Rated New Equal-Weight at Morgan Stanley; PT $60
    • Bakkt Holdings (BKKT) Rated New Buy at Benchmark; PT $13
    • BioMarin (BMRN) Rated New Neutral at HC Wainwright; PT $60
    • Blue Moon Metals Inc (MOON CN) Rated New Speculative Buy at Canaccord
    • Bright Minds Biosciences (DRUG CN) Rated New Buy at BTIG; PT C$99.50
    • Bullish (BLSH) Rated New Hold at Deutsche Bank; PT $51
      • Rated New Overweight at Cantor; PT $56
      • Rated New Market Perform at Oppenheimer
      • Rated New Buy at Canaccord; PT $68
      • Rated New Neutral at JPMorgan; PT $50
      • Rated New Hold at Jefferies; PT $49
    • Comcast (CMCSA) Rated New Sector Perform at RBC; PT $38
    • Duolingo (DUOL) Rated New Underweight at Wells Fargo; PT $239
    • Goodyear (GT) Reinstated Neutral at Citi; PT $10
    • Hudbay Minerals (HBM CN) Rated New Buy at Goldman; PT C$19.30
    • InPlay (IPO CN) Rated New Outperform at National Bank; PT C$16
    • KALA BIO Inc (KALA) Rated New Outperform at Mizuho Securities; PT $30
    • Miami International (MIAX) Rated New Market Perform at Raymond James
      • Rated New Outperform at William Blair
      • Rated New Overweight at Piper Sandler
      • Rated New Overweight at Morgan Stanley
      • Rated New Market Perform at KBW; PT $37
    • Oracle (ORCL) Rated New Outperform at GuoSen
    • Shattuck Labs (STTK) Rated New Outperform at Wedbush; PT $4
    • Tenax Therapeutics (TENX) Rated New Overweight at Piper Sandler; PT $20

 

 

 

 

Data sources: Bloomberg, Reuters, CQG

 

 

David Wienke

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