What happened last week…
The DJIA, S&P 500, and NASDAQ all closed Friday’s session in the green. All three major indices are currently positive in September: DJIA (1.54%), S&P 500 (2.84%), NASDAQ (4.79%). Should each index finish the month higher, it would mark five consecutive months in positive territory for both the DJIA and the S&P 500 and the technology-heavy NASDAQ would extend its winning streak to six straight months in the green. Year-to-date performances are as follows: DJIA (8.70%), S&P 500 (12.96%), NASDAQ (16.43%).
Nvidia(NVDA) announced that it will invest up to $100 billion in OpenAI. According to the press release, the “strategic partnership enables OpenAI to build and deploy at least 10 gigawatts of AI data centers with NVIDIA systems representing millions of GPUs for OpenAI’s next-generation AI infrastructure.” The first phase is expected to be ready in the second half of next year.
Oracle(ORCL) has named Clay Magouyrk and Mike Sicilia as co-CEOs, replacing current CEO Safra Catz, who will become Executive Vice Chair. Catz has served as CEO since 2014. Prior to being named co-CEO, Magouyrk was the President of Oracle Cloud Infrastructure and has been with the company since 2014. Meanwhile, Sicilia, was President of Oracle Industries.
TheGDP growth rate(final estimate) for Q2 2025 beat expectations (3.3%) as it reached 3.8%, up from the second reading of 3.3%. The figure is higher than the Q1 2025 reading. The current reading is the highest level since Q3 2023.
New home salesfor August beat expectations (650,000) as it increased to 800,000 from the upwardly revised 664,000 (from 652,000). It is the highest reading since January 2022.Existing home salesfor August beat expectations (3.96 million) as it reported 4.00 million.
Happening this week…
On Wednesday, themanufacturing PMIfor September is expected to increase to 49.2 from 48.7. On Friday, thenon-manufacturing PMIfor September is expected to remain at 52.0.
On Wednesday, theADP employment changemay be 30,000. On Friday, theunemployment rateis expected to remain at 4.3%,nonfarm payrollsare forecasted to increase to 39,000 from 22,000, andaverage hourly earningsmonth-over-month are expected to remain at 0.3%.
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- The Rockline Team
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