ADDX GO Market Morning Wrap - 10th Sep

Stock Market

Last night and this morning, despite a record downward revision in US employment data, the US stock market maintained its volatile upward trend, with all three major indices hitting new all-time closing highs.  

 

At close, the S&P 500 rose 0.27% to 6,512.61 points; the Nasdaq Composite gained 0.37% to 21,879.49 points; and the Dow Jones Industrial Average increased 0.43% to 45,711.34 points.  

 

(S&P 500 daily chart, source: TradingView)  

 

Major tech stocks mostly rose, with Google up over 2%, Meta, Netflix, Nvidia, and Amazon each gaining more than 1%, while Apple, which just launched the iPhone 17 series, closed down 1.48%.  $META $NFLX 

 

The Bureau of Labor Statistics released revised data on Tuesday, cutting 911,000 nonfarm jobs from the 12 months ending March 2025. The previous record revision was a downward adjustment of 818,000 the year before.  

 

Commenting on the significant employment data revision, JPMorgan CEO Jamie Dimon said it further proves the US economy is slowing. He added, “Whether it’s heading toward a recession or just weakening, I don’t know.”  

 

The good news is that Oracle’s after-hours earnings report reignited market enthusiasm for AI themes, directly benefiting tech giants with significant index influence. Ahead of Wednesday and Thursday pre-market sessions, August PPI and CPI data will be released, bringing inflation back into focus.  

 

Bankrate analyst Stephen Kates noted that with money markets almost fully pricing in three Fed rate cuts this year, PPI and CPI data face a high bar. If inflation rises beyond expectations, it will complicate policy decisions. He said, “Clearly, the US economy is in a dilemma—more precisely, caught between labor shocks and overheating inflation.”  

 

Complicating matters further, Israel launched multiple strikes on Doha, the capital of Qatar, on Tuesday, raising concerns about worsening Middle East tensions. Israeli officials revealed that over 10 warplanes, including US-made F-35I stealth fighters, were used in the bombings.  

 

Following the incident, the White House and President Trump issued multiple statements, emphasizing that the strikes were decided by Netanyahu, and by the time the US government learned of them, it was too late to intervene. Trump said he instructed Middle East envoy Witkoff to notify Qatar immediately upon learning of the attack, but it was unfortunately too late to prevent it.

Global Hotspots

French President Appoints Lecornu as Prime Minister  

 

On the evening of September 9 local time, French President Macron appointed current Defense Minister Sébastien Lecornu to replace Barnier as prime minister.  

 

Zelensky’s Remarks on Supporting Trump’s Tariffs on India Anger Indian Netizens  

 

On September 7, Zelensky, in an interview, expressed support for the US imposing tariffs on countries maintaining trade with Russia. The statement sparked strong backlash from Indian netizens on social media. The interview, aired on ABC, saw Zelensky say, “I think the idea of taxing countries that continue doing business with Russia is correct.” When the host mentioned Indian Prime Minister Modi, Zelensky gave the aforementioned response but did not directly name India.  

 

Stablecoins Become “Money Laundering Tools,” US Sanctions Southeast Asian Scam Entities  

 

Cross-border telecom fraud has evolved into a global threat, with its scale and severity drawing significant attention. Reports indicate the US government has sanctioned 19 entities and individuals involved in Myanmar and Cambodia’s telecom fraud industries, revealing that US citizens lost over $10 billion to Southeast Asian scams last year, a 66% year-on-year increase.

Corporate News

Apple Launches iPhone Air and Other New Products  

 

Consumer electronics giant Apple held its September product launch. As expected, CEO Tim Cook unveiled four new phones, including the iPhone Air, alongside updates to AirPods Pro 3 and three Apple Watch models.  $AAPL 

 

Oracle Forecasts Explosive Cloud Revenue Growth Over Next 5 Years  

 

As of press time, Oracle’s stock surged over 26% in after-hours trading. The company disclosed in its latest earnings that unearned revenue (contracted but not yet recognized) reached $455 billion, a 359% year-on-year surge.  

 

Oracle projects cloud infrastructure revenue to hit $18 billion in fiscal 2026, up nearly 77% from $10.3 billion in 2025, with further forecasts of $32 billion, $73 billion, $114 billion, and $144 billion for the subsequent four fiscal years.  $ORCL 

 

Nvidia Unveils Rubin CPX Chip for Long-Context Inference  

 

Nvidia launched the Rubin CPX, a dedicated GPU designed for long-context workloads, on Tuesday, doubling the efficiency of current AI inference tasks, particularly for programming and video generation requiring extended context windows. CEO Jensen Huang stated that CPX is the first chip built for models needing to process vast knowledge (millions of tokens) in a single pass for AI inference.  $NVDA 

Forex & Commodities

International Oil Prices Rise on September 9  

 

At close, NYMEX WTI crude futures for the front month rose $0.37 to $62.63 per barrel, up 0.59%; London Brent crude futures gained $0.37 to $66.39 per barrel, up 0.56%.  

 

COMEX gold futures for the front month rose $4.80, or 0.13%, to $3,682.2 per ounce.  

Key Events

Global Central Banks Keep Buying Gold, Making It a “Stabilizing Anchor” for Reserves  

 

As gold prices hit new highs, global central banks’ gold-buying fervor remains strong. This “king” asset is reshaping global asset allocation with an unmatched lead.

 

Analysts widely believe the international reserve system is shifting from a dollar-dominated single anchor to a diversified pattern, with gold serving as a unique supra-sovereign currency, acting as a “safe haven” and “stabilizing anchor” during this transition.  

Cryptocurrency

Cryptocurrency markets are trading down after a volatile day.  

 

Bitcoin fell 0.59% in 24 hours to $111,479.  

 

Ethereum (ETH-USD) rose 0.17% to $4,308.  

 

XRP (XRP-USD) dropped 0.76%, BNB (BNB-USD) gained 0.03%, and Solana (SOL-USD) rose 1.43%.  

 

Dogecoin (DOGE-USD) fell 0.67%, and Cardano (ADA-USD) rose 0.10%.  

Key Events

CBOE Plans “Perpetual” Futures Contracts for Bitcoin and Ethereum  

 

The Chicago Board Options Exchange (CBOE) will launch perpetual Bitcoin and Ethereum futures on November 10, pending regulatory approval. The exchange’s “continuous futures” will offer 10-year contracts with daily price adjustments, aiming to capture demand in a regulated environment.

 

The new products will clear through CBOE’s own US-regulated clearinghouse, providing traders a safer way to make long-term crypto bets.