UOB Kay Hian Private Wealth Management
Date of Report: September 1, 2025
US Markets at a Crossroads: Key Sector Winners, Leading Stocks, and Strategic Moves for September 2025
Executive Summary: Navigating the Latest US Market Trends
The last two weeks have seen a distinct shift in US equity momentum. While strong earnings from marquee tech names like Nvidia (NVDA) initially excited investors, profit-taking and rising China-related risks have triggered a broad AI sector pullback. UOB Kay Hian’s latest bi-weekly outlook reveals sector rotation, key investor actions, and detailed analysis on the stocks set to shape the September landscape.
US Market Indices: Performance Snapshot
| Index |
Ticker |
Price |
Past 2-Week Return |
YTD Return |
| S&P 500 |
SPX.GI |
6,460 |
0.2% |
9.8% |
| Dow Jones Industrial Average |
DJI.GI |
45,545 |
1.3% |
7.1% |
| Nasdaq Composite |
@CCO |
21,456 |
-0.8% |
11.1% |
Sector Watch: Rotation from AI to Value
Best Performing Sector ETFs (Past 2 Weeks)
| Sector |
ETF Ticker |
2-Week Return |
YTD Return |
Key Stock Drivers |
| Energy |
XLE.P |
5.6% |
7.2% |
XOM +7.3%, CVX +3.7%, SLB +11.7% |
| Financials |
XLF.P |
2.9% |
12.5% |
BRK.B +5.4%, JPM +3.8%, BAC +8.1% |
| Materials |
XLB.P |
2.5% |
10.8% |
SW +10.9%, PKG +12.7%, NEM +7.3% |
Worst Performing Sector ETFs (Past 2 Weeks)
| Sector |
ETF Ticker |
2-Week Return |
YTD Return |
Key Stock Drivers |
| Information Technology |
XLK.P |
-1.2% |
13.3% |
NVDA -3.5%, MSFT -2.4%, ORCL -8.9% |
| Consumer Staples |
XLP.P |
-1.5% |
4.0% |
KDP -16.4%, COST -3%, TGT -6.8% |
| Utilities |
XLU.P |
-1.5% |
13.0% |
NEE -3.7%, CEG -4.3%, VST -4.2% |
Leading Investor Actions: Stock Picks in Focus
UOB Kay Hian cross-checked its stock picks against the latest positions of four renowned investors: Warren Buffett, Stanley Druckenmiller, Bill Ackman, and David Tepper. Amazon (AMZN) stands out as the most commonly held name (three out of four). Below is a summary of core recommendations and investor overlap.
| Stock |
Recommendation |
Buffett |
Druckenmiller |
Ackman |
Tepper |
| Amazon (AMZN) |
Core |
Yes |
Yes |
Yes |
Yes |
| Alibaba (BABA) |
Core |
Yes |
|
|
|
| Berkshire Hathaway (BRK.B) |
Core |
Yes |
|
|
|
| Meta (META) |
Core |
|
Yes |
|
|
| Microsoft (MSFT) |
Core |
Yes |
Yes |
|
|
| Nvidia (NVDA) |
Core |
Yes |
|
|
|
| Occidental Petroleum (OXY) |
Core |
Yes |
|
|
|
| TSMC (TSM) |
Core |
Yes |
|
|
Yes |
Other notable observations:
- Warren Buffett continues to hold Apple (AAPL) as his largest position.
- Buffett and Tepper have recently initiated positions in UnitedHealth (UNH).
- Both Ackman and Tepper have invested in Alphabet (GOOGL).
Upcoming Must-Watch Events
- Broadcom (AVGO) earnings: Sep 4
- US labor market data: Sep 5
- Apple product launch: Sep 9
- Oracle (ORCL) earnings: Sep 9 (est)
- US CPI print: Sep 10
- Adobe (ADBE) earnings: Sep 11
- FOMC rate decision: Sep 16-17
Stock Movers and Shakers: In-Depth Analysis
Apple (AAPL): Poised for Positive Momentum
- Apple’s “Awe-Dropping” event on Sep 9 is set to unveil the iPhone 17 series and a refreshed Apple Watch lineup.
- Expected introduction of “iPhone 17 Air” (a thinner model) and larger displays for base models.
- Upgraded cameras, reintroduction of fingerprint recognition, and launch of the new A19 SoC.
- Projected average price increase of ~USD 50 across the lineup, with possible reduction of entry-level SKUs, raising the minimum entry price.
- Positive investor sentiment anticipated, especially if Apple provides clarity on its 2026-27 roadmap.
Broadcom (AVGO): Riding the AI Wave
- Expected strong July quarter earnings (Sep 4): Consensus forecasts 21.3% revenue growth to USD 17b, EPS up 27% to USD 1.80.
- Channel checks show increased 2026 orders for CoWoS at TSMC (from 140K to 180K units), signaling robust demand for TPUs.
- Potential for AI-related revenue to double in 2026.
- Core recommendation underpinned by market leadership in ASICs and networking chips benefiting from AI growth.
JPMorgan Chase (JPM): Expanding Dominance
- Branch network expanded to 5,000 (largest US bank), with plans for 500 more by 2027, targeting underserved markets.
- First Republic acquisition retained 90% of clients and 95% of deposits, added 150 wealth advisors, contributing ~USD 500m incremental net income annually.
- AUM in Asset & Wealth Management rose 19% to USD 3.6t by early 2024.
- 84 First Republic branches converted to JPM Financial Centres, enhancing service for affluent clients.
- Strong capital position (CET-1 CAR 15.4%) and \$35b excess capital. Quarterly dividend raised 7% to \$1.50/share and \$50b buyback authorized from July 2025.
- JPM trades at 2.44x P/B, with projected 2025 ROE of 16.5%.
McDonald’s (MCD): Navigating Consumer Weakness
- Slashed prices on eight popular combos by 15%, added \$5 breakfast specials and \$8 Big Mac/McNugget deals.
- Financial support provided to franchisees for absorbing lower prices as part of the “Extra Value Meals” program.
- Short-term market share boost expected, but margin pressure could rise amid inflation concerns and cautious consumer spending.
Nvidia (NVDA): Neutral Despite Stellar Quarter
| Metric |
Current Quarter |
Consensus |
YoY Change |
| Revenue |
\$54b (guidance) |
\$53.5b |
+55.6% |
| EPS |
N/A |
N/A |
+61.2% |
- Beat revenue and EPS consensus, but shares fell 3% post-results due to elevated expectations.
- Remains dominant in AI data centers; inference demand is the next growth driver.
- Core recommendation maintained.
Snowflake (SNOW): Surging on Data Infrastructure Strength
- Sales up 32% yoy, beating guidance.
- Non-GAAP operating margin at 11%, also above guidance.
- Shares soared 20% post-results, confirming market conviction in SNOW’s ability to deliver both growth and profitability.
- Trading Buy reinforced; data infrastructure seen as critical in the current AI cycle.
Tesla (TSLA): Waiting for Global Sales Recovery
- Launched 7-seat Model YL in China at RMB 339K (~USD 47K), 8% above Long Range AWD.
- YL positions Tesla for the US three-row SUV segment (25% market share), with possible earlier-than-expected US launch.
- China sales momentum softening: 14,000 insurance registrations week ended August 17 (-2% yoy), Q3 volumes down ~9% yoy.
- Remain cautious on TSLA until clearer signs of global sales recovery and demand stabilization emerge.
Key Event Types: What to Watch
- Channel Check: Industry or supply chain news impacting sectors or companies
- Corporate Action: Dividends, splits, buybacks, financing, M&A, restructuring
- Earnings: Quarterly (US), semi-annual (HK)
- Insider Dealing: Insider buying/selling activity
- Investor Action: Moves by leading/activist investors
- Legal/Regulatory: Lawsuits, regulatory changes
- Macro/Industry Data: Economic/industry data releases
- Sales/Products: Monthly sales, new product launches
- Public Event: Speeches, media, industry conferences
UOB Kay Hian Private Wealth Management Research Roadmap
UOB Kay Hian offers a comprehensive suite of publications for investors:
| Publication |
Description |
Frequency |
Length |
| Wealth Daily |
Pre-market summary, overnight price moves, breaking news |
Daily |
4-5 pages |
| Wealth Monthly |
Macro trends, asset allocation, equities, bonds, funds, commodities |
2nd week monthly |
15 pages |
| Fixed Income Monthly |
Interest rates, IG bonds, bond funds (Professional Investors Only) |
1st week monthly |
15 pages |
| Wealth Flash |
Thematic investing, actionable ideas |
Ad hoc |
5-7 pages |
| US Bi-Weekly Outlook |
Curated insights on US, HK, China markets, sector trends, stock movers |
Every other Tuesday |
7-10 pages |
CIO Series Webinar: Engage with Market Leaders
UOB Kay Hian’s CIO Series Webinar offers monthly discussions on market outlook, strategies, and stock ideas. Upcoming dates for 2H2025: Jul 24, Aug 28, Sep 25, Oct 30, Nov 27.
Conclusion: Strategic Focus for September 2025
As investors navigate profit-taking in AI and tech, sector rotation favors energy, financials, and materials. UOB Kay Hian recommends a cautious approach toward US equities, with a watchful eye on upcoming earnings, product launches, and macro data releases. The actionable insights from leading investor actions and sector trends position clients for informed decision-making in a shifting landscape.
For direct access to research publications, model portfolios, or webinar invitations, contact your UOB Kay Hian representative.
