Trade Secrets

WTF Dailies September 03, 2025

US stock futures mostly rose after a ruling in a landmark antitrust case refrained from forcing Google (GOOG) to sell its Chrome browser but instituted other requirements that could shake the tech giant's hold on search.

Sage Kakkat

02 Sep 2025 — 7 min read

US stock futures mostly rose after a ruling in a landmark antitrust case refrained from forcing Google (GOOG) to sell its Chrome browser but instituted other requirements that could shake the tech giant's hold on search.
A federal district judge determined that forcing Google to sell Chrome would be a "poor fit" in a case brought by the Justice Department over Google's market dominance in search. The ruling, however, orders Google to share data with competitors and bars it from holding certain contracts. The tech giant's shares jumped in after-hours trading on the news, as did Apple's (AAPL) since the case allows it to continue paying for the use of Google Search in Safari and Siri.
The after-hours boost was a welcome turn of events after a downbeat day on Wall Street. Stocks sank on Tuesday, weighed down by declines from Nvidia (NVDA) and uncertainty around President Trump's trade policy and the Federal Reserve.
On Wednesday, investors will receive fresh insight into the labor market with the release of the latest Job Openings and Labor Turnover Survey (JOLTS). July's jobs report showed cracks appearing in the labor market, and further signs of stress could convince the Fed to make a deeper reduction in interest rates than currently expected at its September meeting. The August jobs report is set to land Friday.
Most Asian stocks fell on Wednesday, tracking overnight losses on Wall Street as investors grappled with increased uncertainty over U.S. trade tariffs, with Australian and Chinese markets taking little support from positive economic readings.
Regional markets took negative cues from Wall Street, which marked a weak start to September after an appeals court ruled against Trump’s tariffs, which could complicate recent trade deals struck by Washington with several major economies.
Australia’s ASX 200 index was the worst performer in Asia, falling 1%.
The drop came chiefly after gross domestic product data showed Australia’s economy grew more than expected in the second quarter, amid support from strong domestic demand and steady government spending.
But the signs of strength in the Australian economy, especially in consumer spending, dented expectations for more easing by the Reserve Bank of Australia.
“The pickup in domestic demand raises the risks that the RBA won’t loosen policy as aggressively as we’re predicting,” Capital Economics analysts wrote in a note, adding that the strong pick-up in activity also came amid concerns over a tight labor market and increasing signs of sticky inflation.
The RBA cut interest rates thrice so far this year, but flagged continued caution over further cuts due to signs of sticky inflation.
Separately, Australian purchasing managers index data also showed strong growth in both manufacturing and services activity.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.7% and 1%, respectively, while Hong Kong’s Hang Seng index shed 0.2% in volatile trade.
Chinese markets were pulled off multi-year highs this week as investors locked in stellar profits from August. The CSI 300 and Shanghai Composite indexes rallied 10.3% and 8% in August.
Strong private PMI data released on Wednesday, which showed a bigger-than-expected increase in service sector activity, did little to offset this trend.
But the reading, which followed positive manufacturing PMI from earlier this week, did highlight some resilience in China’s economy, with Beijing now expected to dole out more stimulus measures to support growth.
Major Chinese chipmaking and technology stocks, which were a key driver of August’s rally, retreated on Wednesday, with artificial intelligence chips maker Cambricon Technologies Corp Ltd (SS:688256) down 4.1%.
Broader Asian markets moved in a flat-to-low range. South Korea’s KOSPI was an outlier, adding 0.3% as GDP data for the second quarter read stronger than expected. But further gains in the KOSPI were held back by weakness in technology stocks.
Japan’s Nikkei 225 index shed 0.3%, while the TOPIX lost 0.4%, even as PMI data read stronger than expected for August.
India’s Nifty 50 index moved little in morning trade, stemming some losses after falling to a three-week low last week, after Trump’s 50% levies against the country took effect.
Indian commerce and industry minister Piyush Goyal said on Tuesday that New Delhi and Washington remained in talks over a trade deal, which could be finalized by as soon as November.
U.S. tariffs on India are aimed at pressuring New Delhi into ceasing its purchases of Russian oil– a demand that India has rejected, citing its dependence on cheap Russian crude.
India was also seen pushing for more diplomatic ties with China and Russia earlier this week– a trend that could further alienate the U.S. and its allies.
Concerns over U.S. tariffs battered Indian stocks through August, with the Nifty nursing a nearly 2% loss for the month.

Market Close

Equity markets regained some footing after a cautious start to September. The tech-heavy Nasdaq led the rebound, boosted by a favorable ruling in the U.S. antitrust case against Google, a subsidiary of Alphabet. The decision allows Google to retain its Chrome business and continue revenue-sharing agreements, including the estimated $20 billion annual payment to Apple for making Google the default search engine on iPhones. The removal of this regulatory overhang sparked an 8.5% rally in Alphabet shares, with Apple also ending higher.
Elsewhere, government bond yields retreated following yesterday’s rally after U.S. job openings fell in July to the lowest in 10 months, signaling that companies may be turning more cautious on hiring.
In commodity markets, oil prices declined 2.7% as OPEC+ considers a potential production increase at its meeting on Sunday.
Despite rising expectations for a Fed rate cut that have pulled short-term yields lower, long-term yields have climbed, with the U.S. 30-year Treasury briefly touching 5% for the first time since July. Inflation concerns and questions around Fed independence are likely contributing factors.
However, this move in long-term yields reflects a broader global trend: 30-year yields in the U.K., Germany, France and Japan have reached decade highs amid elevated public spending and fiscal pressures.
Investors will likely be closely watching Friday’s jobs report for further signs of labor-market cooling. Consensus estimates call for a 75,000 increase in August payrolls, marking the fourth consecutive month of sub-100,000 job growth, and a slight uptick in unemployment to 4.3% from 4.2%. A soft report could reinforce expectations for a rate cut at the Fed’s upcoming meeting.
Following a strong summer rally, equities are entering a seasonally challenging period. September and October have historically brought increased volatility and softer returns. These headwinds tend to be short-lived, with markets typically rebounding in the months that follow. Beyond seasonal patterns, fundamentals appear to remain supportive. The economy continues to grow, albeit at a slower pace; corporate earnings are beating expectations; and the Fed appears poised to shift toward a more accommodative stance.

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This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.

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