Market review from UTEX — week 37
Rumors of a Broadcom and OpenAI partnership have made chipmakers nervous. ETH continues to pull back. Inflation data for August is ahead.
Another week with almost no movement: SPY fell 0.26%, Nasdaq down 0.18%.
Alibaba rose 13% thanks to AI. Alphabet gained 10% on news that the giant won’t have to sell its Chrome browser. Broadcom shares added 8% after a strong report and news that the company will launch a new AI chip jointly with OpenAI in 2026. On the same news, Advanced Micro Devices and NVIDIA dropped sharply — by 10% and 7% respectively.
Bitcoin gained about 2% over seven days. BTC is currently trading near $111,800. Conversely, Ethereum lost 3.5%, falling to $4,300.
Important data on producer inflation (PPI) for August will be released Wednesday, followed by consumer inflation (CPI) on Thursday. These could impact the Fed’s rate decision. For example, Barclays (among others) expects the Fed to cut rates three times this year after the latest jobs report. CME FedWatch sees a 65.7% chance of this scenario — up from about 40% a week ago. Regarding the upcoming meeting, the probability of a 0.25% rate cut on September 17 is 91.7%.
On Tuesday, September 9, Apple’s annual presentation will take place: the company will unveil the new iPhone 17 and other gadgets.
There won’t be many earnings reports this week; the most notable are Oracle, Rubrik, Synopsys, Adobe, GameStop, SailPoint, and Oxford Industries.
Top 5 ideas for trading this week
All ideas carry high risk — 🔴. Be cautious with trades and set strict stop-loss orders.
🔴 GameStop (GME). Report on September 9 after market close. As always, extremely unpredictable. Could see a strong move in either direction.
🔴 SailPoint (SAIL). Report on September 9 before market open. The company provides identity security solutions. IPO in February, this is their third report as a public company. Currently trading near the same level as at the February IPO.
🔴 Rubrik (RBRK). Report on September 9 after market close. Up 55% in six months, but since mid-June the stock is stuck within a narrow $85–$95 range. Seems ready to break out, but which way depends on the report and company guidance.
🔴 Synopsys (SNPS). Report on September 9 after market close. A software developer for chips. Large gaps after earnings are rare, but intraday moves of 40–50 points are common. For fans of expensive earnings plays.
🔴 Adobe (ADBE). Report on September 11 after market close. Solid support around $330; the stock is down 21% in six months. At the end of August, Google significantly improved image editing in its Gemini platform. Generative AI tools pose a threat to Adobe’s dominance in digital image processing. Analysts have wide-ranging price targets from $280 to $605. If it holds the level, this could be a mid-term opportunity.
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