• T. Rowe Price and Goldman Sachs will collaborate on offering public-private investment solutions for clients.
• Goldman Sachs will purchase up to $1 billion in T. Rowe Price stock as part of the deal.
• The firms plan to launch their products in mid-2026.

T. Rowe Price (TROW) shares surged nearly 6% Thursday as the investment manager teamed up with financial giant Goldman Sachs (GS) to offer clients public-private investment solutions.

The firms said the collaboration would focus on "providing a range of wealth and retirement offerings that incorporate access to private markets for individuals, financial advisors, plan sponsors, and plan participants."

As part of the arrangement, Goldman Sachs plans to buy as much as $1 billion worth of T. Rowe Price stock, with the intention of holding up to a 3.5% stake. 

"With Goldman Sachs' decades of leadership innovating across public and private markets and T. Rowe Price's expertise in active investing, clients can invest confidently in the new opportunities for retirement savings and wealth creation," Goldman CEO David Solomon said.

The companies expect to launch the offerings in the middle of next year. 

Even with today's advance, shares of T. Rowe Price remain slightly negative for the year. Goldman Sachs shares, which were up about 1% in recent trading, are nearly 30% higher year-to-date.

• C3.ai replaced its CEO as the struggling artificial intelligence software provider reorganizes its operations.
• The company also posted a bigger loss and lower revenue than analysts expected.
• C3.ai withdrew its full-year guidance because of the changes the company is undergoing.

Shares of C3.ai (AI) dipped Thursday, a day after the artificial intelligence software provider replaced its CEO, posted weak results, and withdrew its guidance as it restructured its struggling business.

The company said Stephen Ehikian replaced Thomas Siebel as of Sept. 1. C3.ai called Ehikian a "recognized innovator in the enterprise software industry" who most recently held the position of Acting Administrator of the U.S. General Services Administration. Siebel will remain as Executive Chair.

The company reported a fiscal 2026 first-quarter adjusted loss of $0.37 per share, more than double the estimate of analysts surveyed by Visible Alpha. Revenue sank 19% year-over-year to $70.3 million, also way short of forecasts.

Siebel pointed to two factors behind the poor performance. The first was the disruptive effect of the company's reorganization, with new sales and services leadership. The second was that he dealt with "a number of unanticipated health issues," which "prevented me from participating in the sales process as actively as I have in the past." Siebel noted that his involvement in sales "may have had a greater impact than I previously thought."

C3.ai anticipates a current-quarter adjusted loss from operations of $49.5 million to $57.5 million, bigger than what analysts expected. It also withdrew its full-year outlook, "given the appointment of a new Chief Executive Officer and the recent restructuring of the sales and services organizations."

Wedbush wrote to clients that even with a new CEO, "the company still has significant hurdles to overcome to regain the Street's confidence given the weakness in its operational performance following the sales restructuring." The analysts maintained their "outperform" rating, but lowered the price target to $20 from $23, "reflecting a lower multiple as the company looks to reverse its current path with new leadership at the helm."

C3.ai shares recently were down more than 4% to trade at their lowest level since early 2023. 

• GitLab's CFO is leaving the company to take the same job at Snowflake, and shares of the software security platform dropped.
• Brian Robins held the position at GitLab since October 2020, and will be leaving September 19th. He takes over at Snowflake September 22nd.
• GitLab reported better-than-expected profit and sales, and boosted its full-year earnings outlook.

Shares of GitLab (GTLB) tumbled 9% Thursday, a day after its CFO left to take a similar position at data cloud software company Snowflake (SNOW). The news offset strong results from the software security platform.

GitLab announced that Brian Robins would step down Sept. 19 "to pursue another opportunity." It was soon learned that opportunity would be at Snowflake, which said he would be taking over Sept. 22. CEO Sridhar Ramaswamy added that Robins' "deep commitment to operational rigor and long-term high growth aligns perfectly with the strategic direction of Snowflake," as it moves to "empower every enterprise with data and AI."

Robins had been CFO of GitLab since October 2020. The company said it expects to name Vice President of Finance James Shen interim CFO.

Along with the change at CFO, GitLab reported fiscal 2026 second-quarter adjusted earnings per share (EPS) of $0.24, with revenue rising 29% year-over-year to $236.0 million. Both exceeded Visible Alpha estimates.

The company noted that customers with more than $5,000 of annual recurring revenue (ARR) increased 11% to 10,388, and those with more than $100,000 of ARR jumped 25% to 1,344.

GitLab raised its full-year adjusted EPS to $0.82 to $0.83, compared to its earlier forecast of $0.74 to $0.75.

GitLab shares have lost nearly a quarter of their value year-to-date. Shares of Snowflake also dropped in today's session, down nearly 6% soon after the opening bell, but they remain 40% higher in 2025.

• President Donald Trump has asked the Supreme Court to move fast to accept and rule on an appeal to overturn lower court decisions that found most of his tariffs are illegal.
• A federal appeals court last Friday ruled that Trump exceeded his legal authority in implementing many of the sweeping tariffs that have been imposed this year.
• According to reports, Treasury Secretary Scott Bessent said in the Trump administration's submission to the Supreme Court that the lower court ruling “is already adversely affecting ongoing negotiations."

President Donald Trump has asked the Supreme Court to move fast to accept and rule on an appeal that is looking to overturn lower court decisions that found most of his tariffs are illegal.

A White House spokesperson confirmed that the Trump administration had made the submission to the Supreme Court, which also noted that the ruling last week was hurting the White House in ongoing trade negotiations.

The administration has asked the court to make a decision to take up the case by Sept. 10 and hold arguments in November, according to Reuters.

A federal appeals court last Friday ruled that Trump exceeded his legal authority in implementing many of the sweeping tariffs that have been imposed this year.

According to The Wall Street Journal, U.S. Solicitor General John Sauer urged the justices to rule on the case “to the maximum extent feasible, given the enormous importance of quickly confirming the full legal standing of the president’s tariffs.”

Sauer’s Supreme Court submission, according to The Journal, included a declaration from Treasury Secretary Scott Bessent saying that the recent lower court ruling “is already adversely affecting ongoing negotiations. World leaders are questioning the president’s authority to impose tariffs, walking away from or delaying negotiations, and/or imposing a different calculus on their negotiating positions.”

Bessent also said, according to both CNBC and The Journal, that delaying the ruling until June 2026, when the Supreme Court’s next term ends, could “result in a scenario in which $750 billion-$1 trillion in tariffs have already been collected, and unwinding them could cause significant disruption.”

UPDATE—Sept. 4, 2025: This article has been updated with a White House spokesperson's confirmation of the Trump administration's submission to the Supreme Court.

News of the day for September 4, 2025

U.S. stock futures are inching higher as investors monitor corporate earnings ahead of tomorrow's jobs report; the Trump administration reportedly has asked the Supreme Court to fast-track a review of a lower court ruling that struck down many of the president's tariffs; Salesforce (CRM) stock is dropping in premarket trading after it offered a soft current-quarter outlook; Broadcom (AVGO) is set to report fiscal third-quarter results after the bell today; and Stephen Miran, Trump's nominee for the Federal Reserve board of governors, will face a Senate hearing today. Here's what investors need to know today.

U.S. stock futures are trending slightly higher as investors watch corporate earnings and prepare for tomorrow's highly anticipated jobs report. Nasdaq futures are 0.3% higher after the tech-focused index climbed 1% in the prior session. S&P 500 futures are higher by 0.2% after the benchmark index added 0.5% yesterday, while Dow Jones Industrial Average futures are little changed after declining 0.1%. Bitcoin (BTCUSD) is slipping to trade at under $111,000. Gold futures are coming off of record-high levels to trade at under $3,600 an ounce. The yield on the 10-year Treasury note is falling. Oil futures are 1.5% lower.

The Trump administration has asked the U.S. Supreme Court to quickly review a lower court ruling that would throw out many of President Donald Trump's tariffs, according to reports. The administration has asked the court to make a decision to take up the case by Sept. 10 and hold arguments in November, according to Reuters. A federal appeals court last Friday ruled that Trump exceeded his legal authority in implementing many of the tariffs that have been imposed this year.

Salesforce (CRM) shares are down more than 7% in premarket trading after CEO Marc Benioff called the customer-relationship software firm's soft current-quarter outlook "appropriately conservative." Salesforce reported second-quarter adjusted earnings per share (EPS) of $2.91 on revenue that increased 10% year-over-year to $10.24 billion, both better than analysts polled by Visible Alpha were expecting. However, the firm’s forecast for Q3 GAAP EPS of between $1.60 and $1.62 was well below the $1.83 consensus, while its revenue projection also came in soft. Salesforce shares entered Thursday 23% lower this year.

After the bell today, AI chipmaker Broadcom (AVGO) is set to report fiscal third-quarter results, which follow Nvidia's report last week that showed uncertainty around China sales. Broadcom, which Oppenheimer analysts have called the "No. 2 AI franchise" after Nvidia, could face similar challenges related to its large exposure to China—as well as benefit from AI tailwinds. Broadcom shares, which entered Thursday 30% higher this year, are up less than 1% in premarket trading.

President Trump's nominee to fill an open seat on the Federal Reserve's board of governors, Stephen Miran, will go before the Senate Banking Committee today, and he is likely to face questions over the policies and proper role of the central bank. Miran, the current chair of the White House Council of Economic Advisers, was nominated to fill the remainder of Fed Governor Adriana Kugler's term, which ends Jan. 31, after she unexpectedly announced her resignation in early August. The nomination gives Trump an opportunity to put a loyalist on the central bank's rate-setting committee ahead of its next meeting on Sept. 16-17.

Salesforce (CRM) shares are sinking 8% in early trading Thursday, a day after CEO Marc Benioff called the customer-relationship software firm's soft current-quarter outlook "appropriately conservative."

After the bell Wednesday, Salesforce reported second-quarter adjusted earnings per share (EPS) of $2.91 on revenue that increased 10% year-over-year to $10.24 billion. Analysts polled by Visible Alpha were looking for $2.78 and $10.14 billion, respectively.

However, the San Francisco-based firm forecast third-quarter GAAP EPS between $1.60 and $1.62 and revenue between $10.24 billion and $10.29 billion, and analysts were expecting $1.83 and $10.29 billion, respectively. Its adjusted EPS forecast of $2.84 to $2.86 came in a tick above estimates.

"Our results are absolutely fantastic and our guidance is also, you know, is always appropriately conservative," Benioff told CNBC's Jim Cramer Wednesday.

Salesforce shares entered Thursday 23% lower this year.

UPDATE—This article has been updated with the latest share price information.

• The S&P 500 added 0.5% on Wednesday, Sept. 3, 2025, bolstered by communications and tech stocks, while an uptick in job openings raised concerns about the labor market.
• Shares of Google parent Alphabet notched the top performance in the benchmark index after a judge ruled the company would not have to divest its search engine.
• Dollar Tree warned of near-term pressure from tariffs, and shares of the discount retailer tumbled.

Major U.S. equities indexes finished Wednesday mixed after a report from the Bureau of Labor Statistics showed that job openings in July declined from the previous month, suggesting that tariffs and elevated interest rates have been weighing on the labor market.

The S&P 500 added 0.5% on Wednesday. The Nasdaq gained 1%, buoyed by outperformance from the communication services and technology sectors. The Dow shed about 25 points to end with a loss of less than 0.1%. Read Investopedia's full coverage of today's trading here.

Alphabet (GOOGL, GOOG) shares soared more than 9%, outpacing all other S&P 500 stocks Wednesday to reaching an all-time high. The push higher came after a federal court ruled that the tech giant will not be required to sell off its Google search engine as the result of an antitrust lawsuit. The decision allows Alphabet to continue paying Apple (AAPL) for making Google the default search option on its iPhones and other devices. Analysts at Wedbush and JPMorgan lifted their price targets on Alphabet stock following the decision. Apple shares rose 3.8%.

Campbell's (CPB) reported better-than-expected sales and adjusted profits for its fiscal fourth quarter, and shares of the packaged food company jumped 7.2%. CEO Mick Beekhuizen said the maker of soups and sauces benefitted from cautious consumer spending trends encouraging people to explore more eat-at-home options, bolstering Campbell's meals and beverages business. Price increases also contributed to the results.

Western Digital (WDC) shares gained 5% after Morgan Stanley called the data storage company's stock a "top pick" and raised its price target. Analysts emphasized their positive view on Western Digital's technology roadmap and a favorable outlook for the hard-disk drive end market. Morgan Stanley also said Western Digital trades at a discount versus its peers and highlighted the company's intentions to ramp up share buybacks.

Although Dollar Tree (DLTR) posted better-than-expected sales and profits for the second quarter, the discount retailer said that tariff-related costs would pressure near-term earnings. The company mentioned mitigation efforts including negotiations with suppliers and discontinuing items that are not economical, but its guidance for adjusted profit in the current quarter came in below consensus forecasts. Dollar Tree shares plunged 8.4%, suffering the heaviest decline in the S&P 500.

Shares of medical device company Intuitive Surgical (ISRG) fell some 6% after executives spoke at an investor conference about potential tariff impacts. The maker of the da Vinci robotic surgical system suggested that tariff headwinds could intensify over the coming year but said it will hold off on any mitigation moves until there is more visibility into the tariff landscape.

Shares of life sciences and diagnostics company Revvity (RVTY) fell 5.1% after several investment research firms lowered their price targets on the stock. Although the company reported better-than-expected sales and profit in its most recent earnings report at the end of July, analysts cited challenges facing Revvity's ImmunoDx business in China, with changes to reimbursement policies in the country potentially weighing on growth.

Apple appears to have lost more AI talent, fueling worries about its progress with the emerging technology. Wall Street doesn't expect its iPhone 17 launch next week to change that, and some think any enthusiasm for the event could mean a chance to sell the stock.

Apple’s (AAPL) lead AI researcher for robotics, Jian Zhang, has left the company to join Meta (META), Bloomberg reported Tuesday. That would mark the latest in a string of exits, bringing the tally of recent moves from the company's Foundation Models team—responsible for Apple Intelligence, the AI system built into its devices—to some 10 members, the report said. (Apple and Meta didn’t respond to requests for comment in time for publication.)

The report reinforced some investors' concern that the iPhone maker lags peers in the space. The Apple iPhone 17 launch event, set for next week, might not fix that impression. 

The company has said the event, set to kick off Monday at 1 p.m. ET, will be "awe dropping." (You'll be able to watch the streamed event here.) Analysts have suggested it could focus on improvements that wouldn't change the company's AI trajectory.

Bank of America analysts told clients last week that they'll be on the lookout for new AI enhancements, but that investors' expectations are fairly muted ahead of what could be a "sell-the-news" event, anticipating largely form-factor improvements such as a thinner phone with a better front camera, and an updated Apple Watch portfolio.

Goldman Sachs and Citi analysts echoed those sentiments, with Citi suggesting product launches next year could drive stronger demand, after a series of delays in highly anticipated features like an AI-enhanced Siri.

At the company's developers conference in June, Senior Vice President of Software Engineering Craig Federighi said the AI Siri features “need more time to reach our high quality bar,” and that more information would be released "in the coming year" following reports they may not be available until 2026.

The iPhone maker had previously suggested they would become available earlier this spring, after teasing them at its developers conference last year, where it unveiled its Apple Intelligence. At the time, Apple's stock surged on excitement about Apple's AI story, but that early AI momentum has faded while investors wait for more signs of progress—or an acquisition, after CEO Tim Cook recently told investors Apple would consider buying other companies to boost its AI capabilities.

Bloomberg reported late Wednesday that Apple is currently working on developing a new AI-powered system called "World Knowledge Answers" for launch next year, with plans to integrate it into Siri as part of the delayed revamp, along with its Safari internet browser, among other things. Apple did not immediately respond to a request for comment.

Apple's stock was little changed Thursday after gaining nearly 4% Wednesday on the heels of a favorable antitrust ruling for Google that would allow the iPhone maker to continue receiving payments for preloading Google search products in Apple devices. Still, it's lost roughly 5% this year so far, making it the only member of the Magnificent Seven in the red for 2025 besides Tesla (TSLA).

CORRECTION—Sept. 4, 2025: This article has been updated since it was first published to include additional information, reflect more recent share prices, and correct the start time of Monday's livestream.

• Tariffs are pushing up prices across the country, squeezing household budgets, according to a report by the Federal Reserve.
  
• Consumers facing tariff price pressures are cutting back spending in many places, leading companies to cut back hiring.
  
• The "Beige Book" report could amplify concerns about the job market among Fed policymakers and push the central bank to cut its key interest rate to boost the economy.
  

Economy's main pillars—employment and consumer spending—are both straining under the weight of tariffs, according to a report from the Federal Reserve.

Tariffs are pushing up prices across the country. In response, companies are freezing hiring, and consumers are tightening their belts in many places. According to the "Beige Book" released by the Federal Reserve on Wednesday, a compilation of anecdotal reports from business leaders gathered nationwide between July and late August.

The report adds color to the picture painted by hard data on inflation and hiring. It also details the growing impact of tariffs that President Donald Trump ratcheted up this year.

The Fed found that economic growth stagnated in most of the country while slight growth occurred in four of its twelve districts.

Much of the 55-page report was devoted to the impact of tariffs. Some companies are passing the cost of the new import taxes on to consumers, while others are reluctant or unable to do so. Some expect to raise costs in the future.

Families in the Kansas City district were getting more frugal as tariff-related price hikes squeezed their budgets.

"Anecdotal reports include families opting for staycations in place of extended travel and some households returning vehicles within a year to avoid the burden of loan payments," the report said. "As one pharmacy shared, shoppers are buying less retail merchandise but maintaining consumption for the more essential items. Firms anticipate this pattern to persist, with consumers prioritizing cost over quality."

The report noted that many companies had frozen or slowed down hiring, reinforcing concerns that the job market is weakening as companies tighten their belts in the face of reduced customer demand.

"Seven districts noted that firms were hesitant to hire workers because of weaker demand or uncertainty," the report said.

The report showed growing threats to the Federal Reserve's two goals of keeping inflation low and employment high.

Some economists said the report's detailed analysis of stagnating economic growth and a weakening job market could push Federal Reserve officials toward lowering their key interest rate when the central bank's policy committee next meets in September.

Fed officials have kept rates flat, at a higher-than-usual level, this year in hopes of pushing inflation down to the Fed's goal of a 2% annual rate. However, fears of a job market crash could propel them to cut interest rates to boost borrowing and spending and juice the job market. The fed funds rate affects interest rates on many business and consumer loans.

"The Fed's latest regional economic update depicted a softening economy and labour market, which may go some ways to coaxing a rate cut later this month," Sal Guatieri, senior economist at BMO Capital Markets, wrote in a commentary.

The report also highlighted another major concern of Fed officials: tariffs could worsen inflation. The Fed is trying to determine whether the tariffs will produce a one-and-done price hike or whether prices will continue to spiral upward.

"Most districts reported that their firms were expecting price increases to continue in the months ahead, with three of those districts noting that the pace of price increases was expected to rise further," the report said.

The job market concerns seemed more salient to financial markets than the inflation red flags. According to the CME Group's FedWatch tool, chances for a September rate cut rose to 96%, up from 93% the previous day. The tool forecasts rate movements based on fed funds futures trading data.

• Holiday finances may be tight after tariffs take effect on the heels of years of price increases, Dollar Tree CEO Michael Creedon said Wednesday.
• Other discounters have also said they're doing more business with higher-income households who are "trading down."
• PwC research suggests that American shoppers may scale back their holiday-season spending, trimming their outlay on gifts, this year.

American consumers could feel pinched this holiday season.

Prices have risen significantly over the past four-plus years, and tariffs will likely exacerbate this trend this year, Dollar Tree (DLTR) CEO Michael Creedon Jr. said on a conference call Wednesday. Families with tighter finances may have a harder time keeping up in the second half of 2025, he added.

“If you look at the lower-income consumer, and you look at the challenges that they're facing every day, just across their entire life, in terms of what things cost, it's just... a cause for caution,” Creedon said, according to a transcript made available by AlphaSense.

The caution echoes some recent research findings. A survey released recently by PricewaterhouseCoopers suggested that shoppers planned to spend around $1,552 apiece this holiday season, down some 5% from a year earlier, with Generation Z shoppers slashing spending by more than 20%. Consumers planned to spend about 11% less on gifts specifically, PwC said, while keeping travel and entertainment spending steady.

"People are going to keep shopping, but with continuing concerns about tariffs and elevated prices (especially on electronics, apparel, toys, food, and household staples), value-conscious choices are likely to define the season," the report said.

A number of other companies have recently warned that consumers are growing cautious. Dollar General (DG) said sales in its $1 sections climbed at double the rate of same-store sales across its portfolio as a whole. Other discounters—from Ollie’s Bargain Outlet (OLLI) to Kohl’s (KSS)—are gaining business from higher-income households “trading down.” Some shoppers are buying things, such as batteries, in bulk to reduce costs over time, Energizer (ENR) said. 

Economic hardship may not hurt Dollar Tree much. The discounter raised its full-year forecast Wednesday, estimating that comparable store sales will grow 4% to 6% year-over-year, compared to a prior range of 3% to 5%.

Low-income consumers will still shop at Dollar Tree to stretch their budget, while those with greater means will continue to come for unexpected finds, said Creedon, who suggested Dollar Tree has “the answer” for everyone. 

“They’re targeting the seasons, the holiday, the back-to-school–all that, and they’re saying ‘Wow, I can’t get over that I can get Dixie plates for $3,’” Creedon said, according to the transcript. 

The company handed in numbers that exceeded expectations. Dollar Tree reported $0.77 in adjusted earnings per share on $4.6 billion in revenue for the quarter ended Aug. 2nd. Analysts were expecting $0.38 adjusted EPS on $4.5 billion in revenue, according to consensus estimates from Visible Alpha. Earnings were adjusted to reflect the sale of Family Dollar.

Dollar Tree shares, recently down 9%, remain up some 35% so far this year.