OP Wire 9/4 (OP – Lite)

By Steve

OP Wire – Bond Calm, Tech Moves, Gold Cools

🏦 Bonds & the Fed

Bond markets steadied after comments from Fed Gov. Waller and others reassured traders that rate cuts are back on track for the September 16–17 FOMC. Markets are now pricing in nearly a 100% chance of a 25 bps cut.

Japan’s 30-year yield hit a record high earlier, but a tepid debt auction still drew enough bids to calm nerves.
Friday’s U.S. NFP report will be the key driver heading into the Fed meeting.

📈 Equities

The S&P 500 and Nasdaq closed green, boosted by Alphabet after a court ruling spared $GOOGL from being forced to spin off Chrome or Android. The deal also kept Google’s multibillion-dollar Safari search payment to $AAPL intact, sending both stocks higher.

💻 Earnings Movers

$CRM (Salesforce) – Dropped over 6% premarket after weak earnings and soft Q3 revenue guidance. Concerns rising that their AI monetization is lagging, though a $20B buyback boost limited deeper losses.
$FIG (Figma) – Down 15% after its first report since IPO. Revenue rose 41% to $249.6M (beat), EPS $0.09 (beat), but valuation remains stretched. Analysts cautious on competition + growth risks.
$AVGO, $LULU, $DOCU report after the bell today. $AVGO especially key for AI-chip momentum reads.

🪙 Gold Pullback

After notching multiple all-time highs this week, gold eased lower on profit-taking and a firmer dollar.

Spot: $3,540/oz (-0.5%)
Futures: $3,599/oz (-1.0%)
Safe-haven demand still strong amid global debt concerns + Fed cut expectations.

📊 QQQ Recap

$QQQ showed resilience yesterday, closing strong at 570+ after an intraday dip to 566.73. Bulls defended key levels into the close.

Support: 566 → 560
Resistance: 573 → 578

📅 Today’s Data Watchlist

8:15AM ET – ADP Jobs
8:30AM ET – Jobless Claims, Productivity, Trade Balance
9:45AM ET – S&P Global Services/Composite PMI
10:00AM ET – ISM Services PMI
12:05PM ET – Fed’s Williams Speaks
1:00PM ET – Atlanta Fed GDPNow (Q3)
4:30PM ET – Fed Balance Sheet

🔑 OP Takeaway

The setup is clear: bonds are calmer, stocks are leaning bullish on rate-cut bets, and earnings remain the swing factor. Stay dialed into Secret Sauce LOIs + AC&I pivots — especially with $CRM sliding, $FIG volatile, and $AVGO on deck tonight.

💰 Bitcoin ~$110.7K | Gold ~$3,590/oz | Silver ~$41.3/oz

👉 See you all in chat — let’s keep stacking.

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