S&P 500 – 7,673.52 (-0.58%)

Dow Jones – 52,786.07 (-1.18%)

NASDAQ – 26,421.41 (-0.32%)

• Oil Rips Higher: Oil prices climbed as renewed geopolitical tensions pushed energy markets into focus. WTI crude traded around $93 per barrel, while Brent crude moved just below $100 after reports of attacks on Saudi energy facilities.
• Global Markets Stay Cautious: U.S. equities opened mostly lower to start the week as investors weighed geopolitical risks and rising energy prices. Asian markets finished mostly lower, while European equities were little changed.
• Energy Leads the Pack: Most S&P 500 sectors opened flat to modestly lower, with energy and utilities emerging as early relative outperformers as higher oil prices boosted the energy trade.
• Treasury Yields Hold Steady: Despite the jump in crude prices, Treasury yields remained relatively stable, with the 10-year U.S. Treasury yield hovering around 4.78% as investors continued watching inflation and the Federal Reserve.
• Canada Escalates the Trade Fight: Canada imposed tariffs of up to 50% on certain U.S. goods Tuesday, escalating trade tensions between the two neighboring countries and adding another layer of uncertainty for global markets.
• Copper Hits A Record: Copper surged above $6.81 per pound Tuesday, putting the metal up nearly 20% for the year. Demand tied to data-center construction continues to fuel the rally, while declining production and potential new U.S. import tariffs are adding further support.
• Gold Takes A Hit: Gold prices slumped as expectations for a potential rate hike increased. Despite the near-term pressure, the long-term outlook for gold remains bullish among many Wall Street analysts.
• Stocks Still Sitting on Strong Gains: Through Friday’s close, the S&P 500 had gained more than 12% for the year, while developed international large-cap stocks were up more than 15% and emerging-market equities had climbed 27.1%.
• AI Trade Stays Hot: AI-related stocks continued to attract investor attention, with Intel, AMD, ASML and Marvell Technology among the names moving higher as investors continued to pile into the broader AI infrastructure theme.
• Media Stocks Under Pressure: Media stocks moved broadly lower Friday, with Netflix tumbling 5%. Despite gaining roughly 20% from its July low, Netflix remains about 28% below its April peak.
• Geopolitical Risk Takes Center Stage: U.S. stocks are starting the week under pressure as renewed Middle East tensions, higher oil prices and escalating trade disputes give investors plenty of reasons to stay cautious.
• Qualcomm Lands a Massive AI Deal: Qualcomm is teaming up with Amazon to develop custom AI data-center chips in a potentially massive multi-generation partnership, sending QCOM shares sharply higher and giving the chipmaker a major opportunity to expand beyond its traditional smartphone business.
• AstraZeneca’s Blockbuster Hopes Grow: AstraZeneca’s experimental COPD drug scored two late-stage clinical wins, reducing disease flare-ups in key patient groups and strengthening expectations that the treatment could eventually generate more than $5 billion in annual sales.

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“When the going gets tough, the tough get going.” 

— Joseph P. Kennedy

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Notable Stocks

• Apple (AAPL)
• Qualcomm (QCOM)
• Novartis AG (NVS)
• Intel (INTC)
• Amazon (AMZN)

Weekly Notables

GE Aerospace Drops $11.75B To Lock Down Critical Jet Engine Supply

GE Aerospace (NYSE: GE) is making a major bet on aerospace demand, agreeing to acquire jet-engine casting manufacturer Consolidated Precision Products (CPP) for $11.75 billion. GE will pay $7 billion in cash, with the remainder financed through debt. The acquisition will bring a critical supplier in-house, giving GE greater control over manufacturing components as demand continues to grow across commercial aviation, aftermarket services and defense.

Meta Makes a Big AI Push with New Personal Agent

Meta Platforms (NASDAQ: META) is diving deeper into the personal AI assistant race, unveiling its new Muse app Tuesday as the company looks to turn AI agents into a major new product and revenue opportunity. Muse is designed to handle everyday digital tasks, including booking appointments, filling out forms, monitoring home security cameras and managing complex online workflows. The app is powered by Meta’s Muse Spark family of AI models and is designed to keep the experience simple for users while handling sophisticated tasks behind the scenes.

Earnings Spotlight: Chewy (CHWY)

Chewy Inc. is scheduled to report its second-quarter fiscal 2026 financial results on September 9, 2026. The Zacks Consensus Estimate for second-quarter revenues stands at $3,322 million, indicating a 6.8% increase from the prior-year reported figure. On the earnings front, the consensus estimate has remained stable at 36 cents a share over the past 30 days, implying a 9.1% rise from the year-ago period.

What to Watch Ahead:

Investors will turn their attention to inflation this week, with the August Producer Price Index (PPI) and Consumer Price Index (CPI) due Thursday and Friday, respectively. The data will carry added significance as they represent the final major inflation readings ahead of the Federal Reserve’s September 15–16 policy meeting. Markets currently price in roughly a 58% probability of an interest-rate hike.

September 9: Expected earnings from Chewy (CHWY).
September 10: ECB rate decision, August PPI, August core PPI, August existing home sales, and expected earnings from Oracle (ORCL), Macy's (M), and Adobe (ADBE).
September 11: August CPI and core CPI and expected earnings from Kroger (KR).