US Open: Indices at record highs after key US macro data 💲

Today’s macro releases gave investors another reason to buy. Indices are gaining, with the US500 at record highs, up 0.65% to 6,575 points. The US100 is up 0.50% and testing the 24,000-point level, while the small-cap index is gaining 1.00% to 2,405 points.

The macro data came in mixed. If not for the release of weekly jobless claims, we would likely have seen slight declines in the indices. After yesterday’s much weaker PPI figures, investors partly expected another positive surprise from today’s CPI print. That did not happen, as the August report came in line with expectations. However, at the same time, weekly jobless claims rose to their highest level since October 2021. This marks another set of disappointing labor market data. Combined with the Fed’s August pivot in its Jackson Hole speech, markets have now rightly begun to price in three full cuts at each meeting through year-end and another cut at the first meeting of 2026.

So far, CPI has not confirmed the risk of a deeper rebound due to elevated tariffs. Meanwhile, real interest rates in the U.S. remain among the highest compared to other G10 economies. For this reason, the Fed will focus more on the weakening labor market. This is precisely the scenario that drove indices to fresh gains today.

Companies are gaining across all sectors and market capitalizations. Source: xStation 5

US2000 (D1)

Small-cap stocks are the strongest gainers today. This sector has been under the most pressure in recent years due to the Fed’s restrictive monetary policy. Smaller companies are more leveraged than BigTech names in the US100 index. The prospect of a series of rate cuts is supporting US2000 performance. Interestingly, the market is currently not afraid of recession risk, which explains why weaker labor market data is met with a bullish reaction.

Stock news:

• Adobe (ADBE.US) – In focus ahead of Thursday’s FQ3 earnings; analysts expect ~10% Y/Y growth in both EPS and revenue. This week the company also launched AI agents to streamline client workflows.
• Kroger (KR.US) +0.31% – Gained after mixed earnings; identical-store sales ex-fuel rose 3.4% vs. 2.8% expected, led by pharmacy, e-commerce, and fresh food.
• Carrier (CARR.US) +1.02% – Gains despite warning of a 40% drop in residential HVAC demand; Q3 residential sales expected to fall ~30% Y/Y, creating a $500M revenue shortfall.
• Opendoor Technologies (OPEN.US) +52% – Soared after naming ex-Shopify COO Kaz Nejatian as CEO; co-founders returned to the board, with Rabois as chairman. Khosla Ventures and Eric Wu will invest $40M via private placement.
• Revolution Medicines (RVMD.US) +14.21% – Rose on strong Phase 1 trial data for daraxonrasib in pancreatic cancer, supporting a Phase 3 launch in Q4; second-line trial to finish enrollment by year-end.
• Centene (CNC.US) +12.30% – Gained after reaffirming FY2025 EPS guidance of ~$1.75 (vs. $1.62 est.) ahead of a healthcare summit presentation.
• Avidity Biosciences (RNA.US) -22.40% – Dropped after announcing a $500M stock offering to fund late-stage trials, commercial prep, and R&D.