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Google Ruling Results in Nasdaq Bounce
RiskReversal Recap: Wednesday, Sept 3rd
RiskReversal Media
September 03, 2025
MARKET WRAP
Stocks opened higher led by Apple and Alphabet, both popping on yesterday’s post-close antitrust ruling. Sellers stepped in mid-day getting the SPX dangerously close to the red, but buyers saved the day with a really strong last half hour, pushing SPX back near the morning highs. On the Day: SPX +0.5%, QQQ +0.8%, and IWM -0.1%
Elsewhere, a pretty big reversal to yesterday’s moves in yields with the US10YY back lower to 4.22%. That certainly helped hold the equity rally into the close. Oil was right back down from yesterdays move higher, now back below $64. And still no stopping Gold, up another +1% to a new high. The VIX closed lower to 16.38.
Notable Gainers: GOOGL +9%, AAPL +3.8%, M +20%, WMT +1.6%, IBM +1.1%
Notable Losers: CVX -2.3%, AXP -2.3%, BA -2.1%, ISRG -6%, FANG -5%, MRVL -3.5%, SBUX -2.8%
After hours: FIG is -10% on earnings. SPY and QQQ finished the final minutes of the trading session very well, and that continues with both up a tad after hours.
MRKT Call: Amanda’s back! Dan and Guy break down Google’s big antitrust ruling move, then check in on the rest of the Mag7 since earnings — with Google standing out as the clear winner. Plus, Gold’s breakout, your questions, and more.
RiskReversal Pod: Dan and Guy kick off September with a “vibe session,” digging into the market’s weak start, rising yields, and what a Fed rate cut could mean for stocks. They also cover tariffs, geopolitical tensions, underperforming tech names, and what to watch in the upcoming jobs report.
MRKT MATRIX: TODAY’S TOP STORIES
S&P 500, Nasdaq propped up by Alphabet rally, but economy concerns limit gain (CNBC)
Alphabet stock pops 9% after Google avoids breakup in antitrust case (CNBC)
Job opening data falls to levels rarely seen since pandemic (CNBC)
Gold Price Closes at All-Time High (WSJ)
Why Long-Dated Bonds Are Falling Out of Favor (Bloomberg)
OpenAI boosts size of secondary share sale to $10.3 billion (CNBC)
Macy’s shares jump 20% as retailer tops earnings estimates, raises outlook (CNBC)
Behind This Season’s Bumper Earnings: Job Cuts, Price Hikes, Glum Workers (WSJ)
WHAT’S NEXT?
A pattern of midday selling, now a few sessions in a row, isn’t quite a trend but does point to some caution. With equities sitting just below last week’s highs and key economic data on deck — especially Friday’s jobs report — traders seem hesitant to chase back to those highs out of sheer risk/reward fears. However, despite a near 2.5% range over the past 4 sessions, we find ourselves right in the middle (of that range), and just below Friday’s close. In other words, that old truism “traders are in wait and see mode” may actually ring true in this case, with the market not wanting to make a decisive move until more of the economic data we’re waiting on rolls in.
Speaking of data, tomorrow morning, another round leading into Friday’s NDP (that ADP consensus trended slightly lower over past few days) plus a couple of earnings of note after the bell, featuring Mag8 member AVGO:
Thursday, September 4th (consensus)
8:15am - ADP Employment (65k)
8:30am - Initial Jobless Claims (230k)
10am - ISM Services (51)
After-hours: AVGO 6%, LULU 11%, DOCU 10%, PATH 11%
TODAY’S EPISODES
Watch MRKT Call’s newest episode: Trading The S&P 500 Futures
Amanda’s back! Dan and Guy break down Google’s big antitrust ruling move, then check in on the rest of the Mag7 since earnings — with Google standing out as the clear winner. Plus, Gold’s breakout, your questions, and more.
Analysis - GOOGL, AAPL, MSFT, META, TSM, SPX, S&P e-minis, Gold, GDX, MRVL, AVGO,
Earnings Preview - AVGO
John Butters FactSet Report - Citations of AI in Earnings Reports
Your questions:
WAVY MCFLY - Hey Guys, take a look at the SMH on the daily, look at the RSI, it’s completely rolling over, SMH is about to break below its prior high and probably take the market with it.
Carter Evans - If Friday Jobs Report is negative will rate cut be 50bps? If less than +100k only 25bps?
Matt Walter - What do you think about buying an inverse etf instead of a put?
Jack CF - Any thoughts on SNAP at this level?
Learn more about our sponsor, CME Group.
Watch RiskReversal Podcast’s newest episode: What's The Vibe As Stocks Dip & Yields Rip?
Dan and Guy host a 'vibe session', discussing the current state of the S&P 500 and NASDAQ, both down on the first trading day of September. They delve into the historical volatility of September, the implications of a potential 25 basis point rate cut by the Federal Reserve, and rising long-term Treasury yields. The conversation touches on how higher yields affect high-valuation tech stocks and the implications of recent U.S. tariff decisions on global markets. Also, previewing the upcoming jobs report and its potential revisions, the state of confidence in U.S. economic data, and the impact of geopolitical tensions involving China, Russia, and India. Additionally, the the underperformance of key stocks like Nvidia, Taiwan Semiconductor, and Microsoft, and broader economic factors for sectors like shipping and banking.
Learn more about our sponsor Betterment, Current, and RBC Capital Markets.
