Early Look

Tuesday, September 23, 2025

U.S. futures are flat overnight, holding the prior day gains following another stellar day on Wall Street Monday as the S&P 500, Nasdaq Composite, Dow Jones Industrial Average, Russell 1000, close at all-time highs (but not the Russell 2000). Meanwhile, Treasury yields held steady on Monday as the benchmark U.S. 10-year Treasury note yield rose 2.3bps to 4.142% (highest since 9/5) and above the 3.99% low on FOMC rate cut day), the two-year yield also hit a three-week high of 3.6%, up 2.3bps and the 30-yr was little changed at 4.759% after 4-straight up days. Nothing has slowed this market to this point the last 6-months, with a straight upward move off April lows, though the U.S. government is eight days from its 15th partial shutdown since 1981. Both chambers are out all this week with the Senate not due to return to Washington until September 29, so likely no deal until then. Earnings from Micron, Worthington Enterprises, AAR and MillerKnoll are expected later in the day and AutoZone this morning.

In Asian markets, The Nikkei Index gained 447 points to 45,493, the Shanghai Index fell -6 points to 3,821, and the Hang Seng Index fell -185 points to 26,159. In Europe, the German DAX is up 56 points to 23,583, while the FTSE 100 is up 5 points to 9,232. In Fed news, Chairman Powell is due to speak on the economic outlook at 12:35 pm ET. Atlanta Fed’s Bostic said in a WSJ interview Monday that he’s hesitant to support another rate cut next month, while St. Louis Fed’s Musalem also sees limited room for more rate cuts. Lastly newly appointed Fed Governor Miran laid out his case for aggressively lowering rates. Gold prices hitting another record high, this time above $3,800 an ounce, while the dollar index (DXY) and Bitcoin prices are flat.

• The Dow Jones Industrial Average rose 66.27 points, or 0.14%, to 46,381.54
• The Nasdaq Composite gained 157.50 points, or 0.70%, to 22,788.98
• The Russell 2000 Index advanced 14.56 points, or 0.59%, to 2,463.33

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, Sept-Flash
• 9:45 AM ET S&P Global Services PMI, Sept-flash
• 9:45 AM ET S&P Global Composite PMI, Sept-flash
• 10:00 AM ET                Richmond Fed Index for September
• 12:30 PM ET                 Fed Chairman Powell speaks on the economic outlook
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR MLKN MU WOR

• Jefferies inaugural AI Summit (virtual), 9/22-9/25
• Keybanc Industrial and Material Bus Tour, 9/23-9/24, in Cleveland
• RBC Capital Pharma Services and Bioproduction Conference (Virtual), 9/22-9/23
• Roth Capital 3rd Annual AI Summit, 9/22-9/25 (virtual)

• Heineken (HEINY) will buy the beverage and retail businesses of Costa Rica’s Florida Ice and Farm Company for $3.2 billion in cash, it said late on Monday, boosting its presence across Central America.

• CPS Technologies (CPSH) announced the award of a Phase II Small Business Technology Transfer contract, funded by the U.S. Army Combat Capabilities Development Command.
• Firefly Aerospace Inc (FLY) Q2 revs $15.5M vs. est. $16.8M; increased backlog to $1.3 billion by end of July and bolstered balance sheet; FAA cleared Alpha for return to flight; expects 2025 full-year revenue to be between $133M-$145M vs. est. $138.5M.
• German automotive and industrial supplier Norma will sell its lucrative water management business to U.S. rival Advanced Drainage Systems (WMS) in a deal valued at $1 billion, the companies said on Tuesday.
• Vistra (VST) downgraded to Hold from Buy at Jefferies following the 160% run-up in stock in the past year, which the firm attributes to the expectation of a Comanche Peak nuclear deal.

• Eupraxia Pharmaceuticals (EPRX) 12.727M share Spot Secondary priced at $5.50
• Innovent Biologics’ newly launched weight-loss drug is making inroads in its home market of China, ramping up competition with its Western rivals. Xinermei is the third once-weekly injectable GLP-1 weight management therapy available in China after Novo Nordisk’s (NVO) Wegovy and Eli Lilly’s (LLY) Mounjaro.
• MBX Biosciences Inc (MBX) files for offering 10M shares of common stock (follows 100% jump on Monday after data).
• The White House linked autism to childhood vaccine use and the taking of popular pain medication, Kenvue’s (KVUE) Tylenol by women when pregnant.
• The US-China dispute over Beijing’s control of rare earth supplies has yet to be resolved, the head of a visiting US congressional delegation said after meeting Chinese officials, signaling a key irritant persists in bilateral relations – Bloomberg.

• ACM Research Inc. (ACMR) will replace WK Kellogg Co. (KLG) in the S&P SmallCap 600 effective prior to the opening of trading on Friday, September 26. The Ferrero Group is acquiring WK Kellogg in a deal expected to close soon, pending final closing conditions.
• ASM International (ASMIY) shares fell after the Dutch supplier of semiconductor-making equipment cut its full-year forecasts on the back of lower-than-expected demand in key segments; said it expects 2H revenue at constant currencies to be 5%-10% lower compared with the first half. Full-year revenue growth is likely to come in at the lower end of the previously guided range of 10%-20%.
• Dating apps Match Inc. (MTCH) and Bumble (BMBL) shares fell on Monday after Meta (META) announced it was introducing dating assistant and Meet Cute, 2 new Facebook dating features, while a report in the Information noted dating apps are losing users, with Bumble losing 9% and Match Group seeing a 5% drop in paying users over the past year.
• CoreWeave (CRWV) upgraded to Buy from Hold at Melius Research Melius Research with a $165 price target and upgraded to OW from EW with $170 tgt at Wells Fargo.
• Disney (DIS) said ‘Jimmy Kimmel Live’ will return to the air on Tuesday after it suspended the talk-show host following threats by the chair of the Federal Communications Commission over comments the host made about the assassination of Charlie Kirk.
• On Semi (ON) has entered into an agreement with Aura Semiconductor to acquire rights to its Vcore power technologies including associated intellectual property licenses.
• Power Integration (POWI) announces CFO transition; reaffirms quarterly outlook.
• Procore (PCOR) backs FY25 revenue view $1.299B-$1.302B (est. $1.3B) and backs FY25 non-GAAP operating margin view in the range of 13% to 13.5% as well as Q3 results after names new CEO.