Anna's Markets Recap

_{Just facts, you think for yourself}

Saturday, 5:20 AM

September. 6, 2025

Good morning news friend! Here is a quick recap of what happened in the markets this week. 📰🌟

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What Moved Markets Last Week

A weak U.S. jobs report shocked the market. The data instantly changed the conversation from inflation to a possible economic slowdown. Bond yields fell, and investors began betting on a Federal Reserve interest rate cut.

The U.S. economy added only 22,000 jobs in August. This number missed the 120,000 forecast by a wide margin. The unemployment rate also climbed to 4.3%.

Worse, previous job reports were revised lower. The economy lost 13,000 jobs in June, the first monthly loss since December 2020. The revisions erased 279,000 jobs from prior estimates, showing a rapidly cooling labor market.

The bond market reacted fast. The 10-year U.S. Treasury yield, a key benchmark, dropped from 4.28% to 4.08%. This move signaled that investors expect lower growth and a near-certain rate cut at the Fed's September 17 meeting.

Gold had a powerful rally. The precious metal surged from around $3,476 per ounce at the start of the week to a record high near $3,589 on Friday.

The rally was driven by two main factors. First, the sharp drop in Treasury yields lowered the opportunity cost of holding a non-yielding asset like gold. Second, the weak jobs report created economic uncertainty, causing a flight to safety as investors sought to protect their capital.

Tech and Growth

The technology sector showed a sharp divide. Falling interest rates lifted the sector, but company news separated the winners from the losers. Earnings reports from Broadcom and Salesforce sent their stocks in opposite directions.

Broadcom (AVGO) soared over 10% to a new all-time high around $338 on Friday. The chipmaker beat earnings forecasts, driven by a 63% jump in AI-related revenue. The company also announced over $10 billion in new orders for custom AI chips from a fourth major customer, reported to be OpenAI. This showed the market is rewarding companies with concrete AI orders.

Salesforce (CRM) fell nearly 7% after its earnings report on Wednesday. The company beat expectations for the previous quarter. But its revenue forecast for the next quarter disappointed investors. The cautious guidance was seen as a sign of slowing growth, showing the market's intense focus on the future.

Alphabet (GOOGL) jumped more than 9% to a new record above $230. A federal judge gave the company a favorable ruling in its antitrust case. The decision rejected proposals to force a sale of its Chrome browser, removing a huge threat to its business. The market ignored later news of European fines, viewing the U.S. legal victory as more important.

Tesla (TSLA) shares rose 3.7% on Friday. The company announced a new long-term pay plan for CEO Elon Musk. The plan could be worth around $1 trillion if performance targets are met, a move seen to keep Musk focused on the automaker.

Banks and Financials

The new interest rate outlook created a tough week for financial stocks. Falling bond yields, which helped tech, hurt banks and payment processors. Capital moved out of financials and into growth stocks.

The drop in the 10-year Treasury yield threatens to shrink bank profits. Lower yields squeeze the net interest margins for lenders like JPMorgan Chase (JPM) and Bank of America (BAC). In response, shares of Bank of America fell 1.13% on Friday.

Visa (V) and Mastercard (MA) also faced pressure. The weak jobs report pointed to a future slowdown in consumer spending, which drives their revenue. A new State Department rule requiring in-person interviews for most visa renewals also created a headwind for international travel and its high-margin fees. Visa’s stock fell 2.27% on Friday.

Consumer Goods and Healthcare

Defensive sectors had a quiet week. The market's focus on the Federal Reserve muted reactions to positive company news. This showed how a single big economic story can overshadow strong company performance.

Eli Lilly (LLY) announced its lung cancer drug received Breakthrough Therapy designation from the FDA. This is a key step that can speed up a drug's approval. Despite the good news, the stock was flat for the week.

AbbVie (ABBV) announced positive results from a study of its lymphoma drug and declared a quarterly dividend. These events also failed to move the stock.

Retailers made strategic moves. Costco (COST) started enforcing a new policy giving exclusive early shopping hours to its higher-paying Executive members. This rewards its most loyal customers. Walmart (WMT), in contrast, stayed open on Labor Day, reinforcing its position as a destination for budget-focused shoppers.

Energy and Industrials

The week's economic data sent energy and industrial sectors on different paths. The risk of a slowdown hurt energy stocks, while falling interest rates helped housing-related companies.

Exxon Mobil (XOM) shares dropped 2.82% on Friday. The weak jobs report sparked fears of lower energy demand from a slowing economy. Crude oil prices fell in response to these concerns.

Home Depot (HD) benefited from the drop in interest rates. The fall in the 10-year Treasury yield signals that mortgage rates may soon decline. Lower rates could help unfreeze the housing market, which would boost sales and remodeling activity for the retailer.

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Baked with love,

Anna Eisenberg ❤️