FedEx reports Q1 beat, Apple launches new iPhone: Morning Buzz

The major averages were marginally higher near noon as traders continue to process the Fed’s first rate cut of the year earlier this week. Investor sentiment appears tethered to hopes of further easing, especially given repeated indications from multiple Fed officials that more cuts are likely this year. In other Fed news, Minneapolis Fed President Neel Kashkari stated that two more rate cuts this year look likely, citing labor market weakening and elevated uncertainty. Inflation is being watched carefully, but faces fewer immediate tails that could force hawkish action, according to his remarks.

Going back to the major indices, Apple is leading the way higher, rising as the tech giant’s newest iPhone went on sale around the world. Meanwhile, FedEx’s upbeat earnings report also weighed on the markets.

Looking to commodities, gold has rebounded somewhat from yesterday’s sharp losses, hovering just below the $3,700 threshold. Oil, meanwhile, was trading lower, continuing an up-and-down week for the commodity.

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1. STOCK NEWS:

• FedEx (FDX) reported better-than-expected Q1 results and provided its outlook for FY26
• Apple’s (AAPL) newest iPhone launched Friday, with Bloomberg reporting that iPhone 17 sales are showing strong demand across Asia
• Microsoft-backed (MSFT) OpenAI plans to spend $100B on backup servers for AI breakthroughs, The Information reports
• Paramount Skydance (PSKY) could bid $22-$24 per share for Warner Bros. Discovery (WBD), CNBC’s David Faber reports
• Trump said he and China’s Xi have made progress on trade and TikTok in continued negotiations

2. WALL STREET CALLS:

• Benchmark (STLA) upgraded to Buy at Berenberg, here’s why
• BMO Capital downgraded UPS (UPS) to Market Perform from Outperform
• Baird upgraded Tesla (TSLA) to Outperform, says shares will outperform amid leadership in physical AI
• CoreWeave (CRWV) started with a Buy rating at Loop Capital

3. AROUND THE WEB:

• China is dropping an antitrust probe into Google (GOOGL), which centered on the dominance of the company’s Android operating system and its impact on Chinese phone makers that use the software, FT reports
• Apollo (APO) is in advanced discussions to purchase a majority stake in Atletico Madrid, currently negotiating with the Spanish football club’s main shareholders to purchase stakes from each, FT says
• Nvidia (NVDA) has spent over $900M to hire Enfabrica CEO Rochan Sankar as well as other employees at the startup and to license its technology, CNBC says
• SoftBank’s (SFTBY) plans for a joint venture with OpenAI to bring AI to Japanese corporate customers are behind schedule, Reuters says
• The deep blue variants of Apple’s (AAPL) iPhone 17 Pro and Pro Max showed scuffs after a few hours of display at Apple’s stores, Bloomberg reports

4. MOVERS:

• Fiverr (FVRR) higher in New York after BTIG upgraded the stock to Buy
• QuantumScape (QS) gains after Parameter.io reported the company may be collaborating with Panasonic (PCRFY)
• Eos Energy (EOSE) increases after launching its DawnOS platform
• Hess Midstream LP (HESM) falls after Wells Fargo downgraded the stock to Equal Weight
• Patterson-UTI (PTEN) lower after announcing Lesli Beyer will resign from the board of directors

5. EARNINGS/GUIDANCE:

• MoneyHero (MNY) reported Q2 results, with EPS and revenue lower year-over-year
• Lennar (LEN) reported downbeat Q3 earnings and revenue and provided Q4 deliveries guidance
• Research Solutions (RSSS) reported Q4 results, with CEO Roy Olivier commenting, “Fiscal 2025 reflects a year of significant progress in our ongoing SaaS software and AI solution set transition, with our platform revenue now representing nearly 40% of total revenue for the year compared to 31% in fiscal 2024”
• Scholastic (SCHL) reported Q1 results, with EPS and revenue lower year-over-year
• Micron Technology (MU) is set to report Q4 results on September 23

INDEXES:

Near midday, the Dow was up 105.76, or 0.23%, to 46,248.18, the Nasdaq was up 100.90, or 0.45%, to 22,571.62, and the S&P 500 was up 17.01, or 0.26%, to 6,648.97.