• The S&P 500 added 0.8% on Thursday, Sept. 4, 2025, with private-sector payroll data suggesting a hiring slowdown in August as investors awaited Friday's key jobs report.
• T. Rowe Price shares surged after the investment management firm announced a collaboration with Goldman Sachs.
• Salesforce provided underwhelming guidance for its fiscal third quarter, and shares of the customer relationship management software firm dropped.

Major U.S. equities indexes advanced on Thursday as a report showed a month-over-month decline in private-sector hiring in August. The latest signal of a cooling labor market came a day before the release of the August jobs report by the Bureau of Labor Statistics.

The S&P 500 ended the session with a gain of 0.8%. The Dow also advanced 0.8%, while the tech-heavy Nasdaq Composite climbed 1%.

Shares of investment management company T. Rowe Price Group (TROW) surged 5.8%, logging the S&P 500's top performance Thursday. The gains followed the announcement of a partnership with financial giant Goldman Sachs (GS), with the two firms saying they will collaborate to provide clients with public-private investment solutions. Goldman intends to purchase up to $1 billion in T. Rowe Price stock as part of the agreement. Shares of Goldman Sachs also traded higher, adding 2.5%.

Williams-Sonoma (WSM) shares gained 5.6%. Analysts at several research firms have raised their price targets on Williams-Sonoma stock since the home goods retailer reported better-than-expected quarterly profit in its earnings report last week. The stock was one of several exposed to the U.S. housing market that caught an updraft from Thursday's private payrolls data, which added to investor confidence the Federal Reserve will cut interest rates at its meeting later this month. The SPDR S&P Homebuilders ETF (XHB) rose 3.2% while shares of construction supplies provider Builders FirstSource (BLDR) gained 5.1%.

Amazon (AMZN) stock rose 4.3% after JetBlue (JBLU) became the first airline to partner with the e-commerce and technology giant's low Earth orbit satellite internet business known as Project Kuiper. The air carrier plans to begin using Project Kuiper to provide free Wi-Fi service aboard certain aircraft starting in 2027. Having deployed its first satellites in April, Amazon's offering could represent an emerging competitor to Starlink, the satellite internet venture operated by Elon Musk's SpaceX. JetBlue shares sank 6.6% on Thursday.

Although Salesforce (CRM) topped sales and profit expectations for its fiscal second quarter, its guidance for revenue and earnings per share in the current quarter came in below consensus forecasts. Shares of the enterprise software firm slipped 4.9%. A top executive said the company faced headwinds related to sales of its marketing and commerce products, although CEO and co-founder Marc Benioff stressed that the soft outlook was "appropriately conservative."

Shares of Indiana-based regulated utility NiSource (NI) fell 4.7%. The move lower came amid growing uncertainty around the regulatory approval of NiSource's proposed spinoff of a subsidiary focused on data centers and other high-demand customers. According to reports, two of the Indiana Utility Regulatory Commission's five commissioners resigned on Wednesday, shortly before an expected decision on NiSource's spinoff.

Barclays slashed its price target on Centene (CNC) stock, and shares of the health insurer plunged 4.7%. Analysts pointed to ongoing concerns about Centene's financial outlook after the company withdrew its 2025 guidance in July. The move to rescind the full-year forecast came after an independent report showed higher levels of morbidity and slower market growth than previously anticipated in many of the states where Centene operates.

On a recent television appearance, NFL RedZone host Scott Hanson sounded borderline apologetic as he let football fans know that advertising will creep further into the high-octane TV product, which offers up a daylong buffet of highlights from across the league. 

“The business folks handle the business, and I have no say over different elements that could or could not be in the show,” Hanson said on the Pat McAfee Show.

That set off a media and social-media cycle packed with a level of pre-season fan concern typically preserved for last-minute injuries to vital fantasy-team players or debates about what kind of dip to serve on Sunday. 

And that’s arguably unsurprising, since RedZone, currently available as part of a plan that runs $15 a month, has subscribers said to number in the tens of millions—and they’re gearing up for the first weekend of action this season at this very moment. (The first game is actually tonight.) 

Out of that confusion came some clarity, with the NFL explaining that yes, in fact, there will be a “limited number” of “double-box” ads—in short, a split screen with the ad in one box and football in the other, and the ad’s audio playing—shown during each Sunday broadcast this season. 

During testing last season, a league spokesman told Investopedia, the league saw “extremely limited negative feedback” after checking social media and holding focus groups. “Sponsors have been an important part of the NFL RedZone broadcast for more than a decade,” the spokesman said. “The team and league work very hard to find a balance that supports the show’s partners and fans.

Television viewers have grown increasingly accustomed to advertising showing up on services for which they pay. The most high-profile example might have been Netflix’s (NFLX) launch of an ad-supported tier in 2022.

Subscriptions to sports-specific services made up about 6% of the total streaming video-on-demand subscriptions of 340 million, according to a recent report from Antenna, falling slightly this year so far after rising 5% in 2024. New offerings continue to land, including one from Walt Disney (DIS) and another targeting soccer fans. 

But this weekend, for many sports lovers, is all about the NFL. On Sunday, as Hanson told McAfee, you can expect him to make an announcement many have been waiting months to hear, ads or otherwise: "Seven hours of RedZone football starts now.”

Broadcom (AVGO) on Thursday reported record quarterly sales as demand for its AI offerings surged, the latest indication of sustained growth associated with the emerging technology.

The chipmaker posted adjusted earnings per share of $1.69 on revenue that jumped 22% year-over-year to a record $15.95 billion in its fiscal third quarter. Both the revenue and EPS topped analysts' estimates compiled by Visible Alpha.

Broadcom's AI revenue jumped 63% to $5.2 billion. CEO Hock Tan said the company expects AI semiconductor revenue could climb to $6.2 billion in the current quarter, "delivering eleven consecutive quarters of growth, as our customers continue to strongly invest."

The company forecast fiscal fourth-quarter revenue of $17.4 billion, slightly above the Wall Street consensus.

The results mark the latest in a string of reports from chipmakers pointing to strong sustained demand for AI hardware following earnings from Nvidia (NVDA) last week, and Advanced Micro Devices (AMD) last month. Rising expectations heading into the reports and worries about headwinds from China trade restrictions, however, weighed on their shares after the results.

Broadcom shares were little changed in after-hours trading. They've added nearly a third of their value in 2025 through Thursday's close, rising steadily since early April lows.

• American Eagle stock is soaring thanks to celebrity endorsements and strong summer numbers.
• Despite recent fluctuations in its performance, the company seems to have made real progress with its loungewear and intimates label, Aerie, UBS said.
• Some analysts are skeptical that the recent bump in business has staying power.

American Eagle is trending. Celebrity endorsements have expanded its reach, and its stock is flying. But can it stay in style?

For the moment, American Eagle Outfitters' (AEO) shares have completed a remarkable turnaround. They finished Thursday up about 38%, a dramatic jump that pulled them back into positive territory for the year so far; shares that traded below $10 in July are now commanding more than $18. (The stock does, however, remain below the prices around $38 seen in 2021.)

Some of the latest gains may be attributable to the enthusiasm of meme-stock traders, but upbeat results contributed to today's move. At Aerie, its loungewear and undergarment label, comparable sales rose 3% year-over-year for the quarter ended Aug. 2, while American Eagle’s fell 3%. Companywide, American Eagle reported $1.3 billion in revenue—down 1% from last year, but above analyst expectations. 

There's reason to trust the rally, according to analysts at UBS—in part because of the strength at Aerie, which can't be attributed to the namesake brand's campaign with actress Sydney Sweeney. That suggests, UBS wrote, that the company is making progress “not only because of marketing, but also because of much improved products and merchandising," with room to double its intimate apparel business at the expense of brands like Victoria’s Secret (VSCO).

American Eagle executives said the company is gaining momentum. The Sweeney spot generated sales from an “unprecedented” number of new customers, and a more recent collab with tight end Travis Kelce is also selling well, they said on a conference call Wednesday. The company had a record-breaking Labor Day and is seeing comparable store sales trend upward, it said.

But some are skeptical, and today's rise has the shares above Visible Alpha's current consensus price target.

“The jury is still out on whether recent trends can continue following a strong [back to school] season for most of the industry,” Bank of America analysts wrote Thursday. Others vying for teens' spending, such as Abercrombie and Fitch’s Hollister (ANF) and Pink, a Victoria’s Secret brand, are also seeing sales pick up, JPMorgan said.

"We see potential for inconsistent results," analysts said in a research note Thursday.

• Experts still look to data from the Bureau of Labor Statistics as a "gold standard" of economic data despite President Donald Trump's firing of its head last month.
  
• BLS statistics are based on massive surveys with data going back decades, which no private provider can currently match.
  
• A group of experts said they had seen no evidence that the Trump administration had interfered with BLS reports so far.
  

If you want to know how the U.S. job market is faring, economists still trust the "gold standard" Bureau of Labor Statistics more than alternative sources of information, despite recent turmoil at the agency.

All eyes in financial markets will be on the BLS's official jobs report set to be published Friday. This will be the agency's first jobs report since President Donald Trump fired its director in August after accusing her of rigging the data. Economists expect this month's report to show U.S. employers added a lackluster 75,000 jobs in August, up from 73,000 in July.

On Thursday, at least three alternative measures of the labor market published by private companies showed hiring was slowing down. However, they did little to move financial markets, which are still focused on the government's jobs figures.

Private employers added 54,000 jobs in August, according to payroll provider ADP, which publishes its own monthly report. That was down from 106,000 in July, and fewer than the 75,000 jobs forecasters had expected, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

A separate report from consulting firm Challenger, Gray, & Christmas showed employers announced 85,979 job cuts in August, up 39% from July and up 13% from the same month a year ago. It was the highest number of job cut announcements since 2008, setting aside 2020 when the pandemic hit, the company said.

Revelio Labs, a data analytics company, released a brand new measure of the job market showing U.S. employers added 50,000 jobs in August, down from 117,000 in July, and the fewest since May.

To be sure, economists and officials haven't been ignoring data from private providers. Policymakers at the Federal Reserve have said they monitor data from ADP and other providers alongside the government's reports on inflation, employment, and other key measures of the economy's health.

However, the BLS surveys have several advantages that make it the undisputed king of data, at least for now. For one thing, no other survey matches its sheer size: the agency surveys 121,000 government agencies and businesses each month and 60,000 households. On top of that, its quarterly survey covers more than 95% of the country's non-farm workforce.

It's also highly transparent: the bureau publishes its detailed methodology and raw data, meaning if any of its numbers didn't add up, outside experts would quickly detect the problem.

By comparison, ADP covers a massive 22 million workers monthly but does not include data on government agencies that are major employers, such as public schools.

However, that doesn't mean the private reports don't have value, experts said. They can often be used to identify patterns in the labor market and sometimes in a more timely manner.

"They're a wonderful compliment to the official statistics, but they are not independent of the official statistics," Erica Groshen, former director of the BLS, said in March on the EconoFact podcast. "They rely on official statistics for validation for their weighting because they're never representative samples."

"The companies that do this don't have the incentive…[or] the resources to provide historical series of comparable data," she said. "And they're not as transparent, and they may stop producing this on a dime if their goals change. So they're a very useful complement, but not a substitute."

• Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, set to go public, which would mark another high-profile crypto IPO in a year that has already seen a few.
• IPO documents show plans to sell 16.66 million shares at an expected offering range of $17 to $19, indicating a market cap of $2.1 billion at the midpoint.

Crypto's next high-profile initial public offering involves a set of twins credited with being the world's first bitcoin billionaires.

Brothers Cameron and Tyler Winklevoss, who landed in the public eye through their early involvement in the social media platform then called Facebook, now Meta (META), plan to list Gemini Space Station, which operates the crypto exchange they founded in 2014, on the Nasdaq under the symbol "GEMI," according to a filing. Gemini's public debut looks like the next notable IPO to come out of crypto, following stablecoin issuer Circle (CRCL) and Peter Thiel-backed crypto exchange Bullish (BLSH).

The company intends to sell some 16.7 million shares at a range of $17 to $19, indicating a market valuation of $2.1 billion at the midpoint, the filing showed. At that price, the company is expected to net roughly $272 million in proceeds. Tyler will be Gemini's CEO, and Cameron its president.

Gemini is among the more well-known crypto exchanges in the U.S., competing with the largest, Coinbase (COIN); the oldest, Kraken; and more recent entrants like Robinhood (HOOD). The company said crypto's total addressable market could expand over the next decades, capturing "multi-trillion-dollar opportunities," according to its filing.

Like its rivals, the company makes money on transaction fees when users trade on the platform or use it to hold their digital assets, and via ancillary businesses that include the Gemini dollar (GUSDUSD) stablecoin and a credit card. Bitcoin and ether accounted for 74% and 14%, respectively, of the $18.2 billion of assets on the platform as of June 30, according to the firm. The company generated $68.6 million in revenue and a net loss of $282.5 million in the first half of the year.

Gemini has had about $285 billion of total trading volume over its lifetime through the end of July. For context, while not quite an apples-to-apples comparison, the much larger Coinbase had about $237 billion in trading volume in their most recent quarter.

Gemini's next chapter follows a difficult one, during which its yield-bearing Earn program was caught up in the crypto collapse of 2022, when several major companies including Sam Bankman-Fried's FTX filed for bankruptcy and customers were left in the lurch. Gemini Earn customers who participated in that program were unable to withdraw their assets from the platform starting in November 2022, but were made whole in 2024, receiving their funds on the platform back in-kind, as opposed to cash payouts.

The Winklevoss twins—sometimes colloquially called the "Winkelvii"—flex considerable crypto influence.

They each donated $1 million worth of bitcoin to President Donald Trump's election campaign in 2024. Earlier this year, they poured $21 million into a super PAC aimed at supporting pro-crypto candidates with an eye on the 2026 mid-term elections. Also, they invested in Trump-linked bitcoin miner American Bitcoin Corp. (ABTC).

The Winklevoss twins were portrayed by Armie Hammer and Josh Pence—the former's face superimposed over that of the latter—in the movie "The Social Network."

Spirit Airlines' prospects are so dire that a rival carrier explicitly talked about its potential demise when announcing targeted new routes.

United Airlines (UAL) on Thursday put out a press release touting its expanded winter schedule, including new routes between its hub in Newark, N.J., and Columbia, S.C., and Chattanooga, Tenn., beginning in early January.

What's noteworthy isn't just that Columbia and Chattanooga are cities Spirit flies to, but that United explicitly addressed the elephant in the room: Spirit might not be operating much longer. Last Friday, just a couple weeks after Spirit warned that it could run out of money within the next 12 months, the carrier filed for bankruptcy for the second time in less than a year.

"If Spirit suddenly goes out of business it will be incredibly disruptive, so we're adding these flights to give their customers other options if they want or need them," said Patrick Quayle, United senior vice president of global network planning and alliances.

"While we appreciate the obsession certain airline executives have with us, we’re focused on competing and running a great operation," said Duncan Dee, Spirit's Senior Vice President of Corporate Communications. "Suggesting anything else is wishful thinking on the part of a high-cost airline looking to eliminate a low-cost competitor so they can fulfill their ultimate goal of charging American travelers the highest fares possible to visit the people and places they love."

United wasn't the first rival to go after Spirit's customers in recent weeks. Frontier Airlines, a unit of Frontier Group Holdings (ULCC), last week called itself "America's Low Fare Airline" and announced 20 new routes, including 16 serving Spirit focus cities Baltimore, Detroit, and Houston.

Frontier has been needling rival airlines for some time now. Back in March, it issued a press release headlined "Frontier Airlines Is Ready to Be Your New Love"—nodding at the ticker symbol of Southwest Airlines (LUV), which was getting rid of its decades-long "bags fly free" policy, and offering a free checked bag with a promo code.

On Wednesday, Spirit's parent, Spirit Aviation Holdings, said it had received bankruptcy court approval to enable it "to continue operating as usual, including honoring tickets, reservations, credits and loyalty points; paying wages and honoring benefits; and paying certain critical vendors and partners for goods and services delivered prior to the filing date."

UPDATE—This article has been updated with a quote from Spirit.

Broadcom (AVGO) is slated to post quarterly results after the bell on Thursday, and at least one analyst sees an attractive way to bet on a post-earnings stock surge.

Broadcom shares are expected to move nearly 6% in either direction between Thursday’s open and Friday’s close, according to options pricing data. A move of that size would put shares at either an all-time high of $320 or, on the downside, about $285, which would be its lowest close since late July. 

Still, 6% is a modest change for Broadcom stock. Shares moved an average of 7.4% after earnings over the past three years, and 12.1% in the past four quarters. The relatively muted move implied by options pricing is one reason JPMorgan strategist Bram Kaplan on Thursday endorsed using derivatives to stake a bullish bet on Broadcom’s earnings. 

“Call skew on AVGO appears flat,” wrote Kaplan on Thursday, “leading us to favor upside call spreads on AVGO into earnings.” An upside call spread entails simultaneously buying call options at one strike price and selling the same number at a higher strike price. Kaplan recommended buying for $1.80 a $320-$330 call spread on contracts expiring Friday.

Broadcom is JPMorgan analysts’ top semiconductor pick, “given its exposure to AI infrastructure spending trends combined with its diversified end market exposure and best-in-class gross, operating, and free cash flow margins,” according to Kaplan. 

The firm predicts a beat-and-raise quarter from Broadcom, with AI revenue expected to surpass the Wall Street consensus of $5.1 billion and fall somewhere between $5.2 billion and $5.4 billion. They also expect guidance to easily exceed expectations. 

JPMorgan's not alone in liking the stock. All 14 of the analysts tracked by Visible Alpha with current assessments of Broadcom stock rate it a “Buy.” Their average price target of $320.55 represents 6% upside from Wednesday’s close. 

Broadcom's report comes a week after AI chip leader Nvidia's (NVDA) slightly better-than-expected results showed that demand for artificial intelligence infrastructure, like Broadcom's chips and networking equipment, remains robust. As with Nvidia, investors will be eager to hear how Broadcom is navigating tensions between the U.S. and China, since the Asian country accounted for about a fifth of Broadcom's revenue last year.

Broadcom shares were up 0.8% in recent trading and have gained about 31% since the start of the year.

• U.S. equities were higher at midday as new jobs data added to the optimism that the Federal Reserve will cut interest rates this month.
• American Eagle Outfitters blew away profit and sales estimates as it benefited from its successful ad campaign featuring actress Sydney Sweeney.
• Salesforce's sales guidance disappointed investors and raised worries about the cloud business software provider's artificial intelligence platform.

U.S. equities rose at midday as a weaker-than-expected increase in private-sector hiring boosted optimism of a Federal Reserve rate cut later this month. The Dow Jones Industrial Average, S&P 500, and Nasdaq all gained.

Hewlett Packard Enterprise (HPE) shares climbed when the computer hardware maker beat profit and sales estimates and lifted its outlook on strong server demand.

Shares of T. Rowe Price (TROW) jumped after the investment manager and financial giant Goldman Sachs (GS) announced a collaboration to offer public-private investment solutions to clients. Goldman Sachs shares were up as well.

American Eagle Outfitters (AEO) shares soared as the trendy apparel and accessories retailer reported much-stronger-than-anticipated results, boosted by the success of its ad campaign with actress Sydney Sweeney. 

Salesforce (CRM) was the worst-performing stock in the Dow when the cloud-based business software provider gave soft sales guidance, raising concerns about its artificial intelligence platform.

Shares of C3.ai (AI) sank after the AI software provider replaced its CEO, had a much bigger loss than expected, and withdrew its full-year guidance as it reorganized its business.

Texas Instruments (TXN) shares slid when the chipmaker's CFO said the bounce-back in demand for semiconductors wasn't as strong as some had anticipated.

Oil and gold futures fell. The yield on the 10-year Treasury note was down. The U.S. dollar advanced on the euro, pound, and yen. Prices for major cryptocurrencies slumped.

• 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.