ADDX GO Market Morning Wrap - 4th Sep

Stock Market

On Wednesday, the three major US stock indices showed mixed performance, with the Nasdaq rising over 1%, driven by strong showings from Google and Apple.

 

At the close, the Dow Jones Industrial Average fell 0.05% to 45,271.23 points; the S&P 500 rose 0.51% to 6,448.26 points; and the Nasdaq Composite gained 1.02% to 21,497.73 points.

 

Among the 30 Dow components, 13 rose and 17 fell, with Apple leading the gains (+3.81%), closing at its highest level since March this year.

 

(Dow Jones Heatmap）

 

Google A rose 9.14%, and Google C gained 9.01%, both hitting all-time highs. Since Google is not a Dow component, this limited the index’s performance compared to the S&P 500 and Nasdaq.

 

According to reports, the previous trading day’s after-hours session saw a US federal district judge rule that Google does not need to divest its Chrome browser or Android operating system businesses. The market views this as a “rare victory” for Google in its battle against federal antitrust enforcers.

 

Additionally, this ruling benefits Apple, as Google can continue paying billions annually to have its search engine set as the default on Apple and other smart device manufacturers.

 

Evercore ISI Internet Research Head Mark Mahaney commented, “This is clearly a positive event for Google’s stock, and we remain bullish. The uncertainty is gone, and now we can focus on fundamentals—I think its valuation remains very attractive.”

 

However, concerns about a US economic slowdown and soaring Treasury yields linger. Early session data showed US job vacancies dropping to a 10-month low, indicating that amid rising policy uncertainty, corporate demand for labor is gradually weakening.

 

Soft labor data also boosted market expectations for Federal Reserve rate cuts, supporting both stock and bond markets. Traders have now fully priced in a 25-basis-point cut this month and expect two to three cuts by year-end.

 

Peter Boockvar, Chief Investment Officer at Boock Report, said, “This data indeed confirms the overall slowdown in hiring trends across various metrics—we’re well aware this is why the Fed will cut rates by 25 basis points in two weeks.”

Global Hotspots

Trump Administration’s Freeze of Over $2 Billion in Harvard Funds Ruled Illegal

 

A US judge ruled that the Trump administration’s freeze of over $2 billion in federal funding to Harvard University was illegal. The judge stated that the administration’s suspension of Harvard’s research grants in April lacked due process and violated the university’s free speech rights.

 

In April, the Trump administration cut over $2 billion in federal funding to Harvard, citing the university’s failure to adequately address antisemitism on campus. For months, the administration and Harvard have been negotiating to restore the research funds. A key hearing in the case, Harvard University v. Trump Administration, took place on July 21 in Boston’s federal district court.

 

US Electric Vehicle Subsidies to End, Analysts Warn Tesla and Others Face Sales Halving

 

As the US federal government’s electric vehicle tax credits are set to expire, automakers like Tesla, General Motors, and Ford may face significant pressure. Analysts predict US EV sales could halve from current levels.

 

In August 2022, then-President Biden signed the Inflation Reduction Act (IRA), which offers up to $7,500 in tax credits for consumers buying EVs if a certain percentage of critical battery minerals come from the US or its free trade partners.

 

French Presidency: US, France, Ukraine, and Other Leaders to Hold Phone Talks

 

On September 3 local time, the French Presidency announced that US President Trump will hold a phone call on September 4 with French President Macron, Ukrainian President Zelensky, and other European leaders.

 

Canadian PM Calls Trump Talk ‘Good’ but Tariffs to Persist

 

According to CCTV News, Canadian Prime Minister Carney said on September 3 local time that he spoke with US President Trump on the evening of the 1st. Carney described the conversation as productive but expects the US will not lift tariffs anytime soon. The two discussed trade, geopolitics, labor, and other issues at length.

 

Thai Lower House to Elect New PM on September 5

 

According to reports, on September 3 local time, the Thai House of Representatives notified all members that Friday’s (September 5) session will include an agenda to elect a new prime minister per the Thai Constitution.

 

Fed’s Bostic: Weak Job Market Suggests Some Policy Easing Appropriate

 

Atlanta Fed President Bostic stated that a softening job market suggests some policy easing is appropriate. The labor market isn’t overtly weak, and the risks to the Fed’s dual mandate are becoming more balanced. He still believes one rate cut in 2025 is suitable.

Company News

Apple Plans AI-Powered Web Search Tool for Siri to Rival OpenAI

 

Reports indicate Apple plans to develop an AI-powered web search tool for Siri to compete with OpenAI. Apple intends to roll out the AI search feature in Siri next year. Apple and Google have agreed to evaluate the GEMINI model for the new Siri version.

 

Tesla Sales Continue to Slide in Major European EV Markets

 

Tesla’s sales in nearly all major European electric vehicle markets continue to decline, costing it significant market share in countries with strong EV demand. Germany’s Federal Motor Transport Authority reported a 39% drop in Tesla registrations in August and a 56% year-to-date decline.

 

The Elon Musk-led automaker also saw sharp sales drops in France, Belgium, Denmark, and Sweden. Norway was an exception, with an 21% rise in August registrations and a 26% increase year-to-date. Tesla’s global vehicle deliveries fell 13% in the first half, pointing to a potential second consecutive year of declining shipments.

 

PayPal US Users to Get Early Access to Perplexity’s New AI Browser

 

PayPal announced that Venmo and PayPal users in the US and select global markets will get early access to Perplexity’s new AI-driven browser, Comet, with a free 12-month trial of the startup’s $200 professional subscription.

 

WestJet Signs Historic Order for 67 Boeing Aircraft

 

WestJet announced on September 3 a historic order agreement with Boeing for 67 aircraft, including 7 787-9 Dreamliners and 60 737-10 MAX narrow-body jets. The airline also secured options for 25 additional 737-10 MAX and 4 787-9 aircraft, with deliveries extending through 2034.

 

Ford US Sales Up 3.9% in August

 

Ford Motor Company reported total US sales of 190,206 vehicles in August 2025, a 3.9% year-over-year increase, with electric vehicle sales at 10,671 units, up 19.3%. From January to August 2025, the company’s US sales totaled 1,492,905 vehicles, up 6.6% year-over-year.

 

C3.ai Appoints Stephen Ehikian as New CEO, Withdraws Full-Year Guidance

 

C3.ai reported first-quarter revenue of $70.30 million, below the analyst expectation of $104.20 million, with an adjusted per-share loss of $0.37, worse than the anticipated $0.20 loss.

 

The company appointed Stephen Ehikian as its new CEO and withdrew its full-year guidance, planning to disclose third-quarter and full-year guidance with its second-quarter earnings.

 

Salesforce Q2 Revenue Hits $10.24 Billion, Up 9.8%

 

Salesforce reported second-quarter revenue of $10.24 billion, a 9.8% increase year-over-year, beating the market estimate of $10.14 billion. Adjusted earnings per share were $2.91, up from $2.56 last year and above the $2.78 consensus.

 

Salesforce forecasts third-quarter revenue between $10.24 billion and $10.29 billion (versus $10.29 billion expected) and adjusted earnings per share of $2.84 to $2.86 (versus $2.84 expected).

Forex & Commodities

Reports suggest OPEC+ may consider a new production increase, leading to a drop in international oil prices.

 

WTI October crude futures closed at $63.97 per barrel, down 2.47%; Brent November crude futures closed at $67.60 per barrel, down 2.23%.

 

The international gold price hit a new all-time high, with spot gold briefly surpassing the $3,570 mark, peaking at $3,578.50 per ounce.

 

The US Dollar Index, measuring the dollar against six major currencies, fell 0.24%, closing at 98.142 in late forex trading.

Key Events

Safe-Haven Demand Pushes Gold Prices to New Highs

 

According to AFP on September 2, heightened global economic uncertainty has driven investors to safe-haven assets, pushing spot gold prices to a new high of over $3,500 per ounce. The precious metal reached $3,501.59 per ounce in early Asian trading, surpassing the $3,500.10 record set in April this year.

 

As gold prices continue to climb, investors are assessing the impact of a weakening dollar and expectations of Federal Reserve rate cuts.

 

Latest data showing accelerating US inflation has limited the Fed’s policy flexibility, while concerns over its independence have grown, contributing to Wall Street’s retreat from record highs on August 29.

Cryptocurrency

Bitcoin rose 0.24% to $112,051.

 

Ethereum (ETH-USD) gained 3.52% to $4,474.

 

XRP (XRP-USD) fell 0.24%, BNB (BNB-USD) rose 0.33%, and Solana (SOL-USD) increased 0.94%.

 

Dogecoin (DOGE-USD) rose 2.48%, and Cardano (ADA-USD) gained 0.34%.

Key Events

Bank of America Restarts Bitcoin Custody Service, Offering Crypto Security for Institutional Managers

 

Bank of America announced the relaunch of its cryptocurrency custody service—first introduced in 2021—now available as an early access program for global fund service clients. The service targets institutional investment managers holding registered or private funds, providing secure custody for Bitcoin assets.

 

New York Digital Investment Group, a US crypto financial services firm, will serve as the secondary custodian for Bitcoin.