markets

Nia Warfield9/10/25

Chewy sinks despite topping Q2 estimates, erasing much of its recent rally

Chewy dropped nearly 16% Wednesday, despite the online pet retailer fetching stronger-than-expected Q2 results and hiking its sales guidance for the year.

The move erased much of a recent blistering run-up for the stock, which had gained 23% off its recent August 5 low through Tuesday.

The company delivered adjusted earnings per share of $0.33 for the quarter, in line with analysts’ consensus forecast of $0.33. Sales jumped nearly 8.6% to $3.1 billion, also above forecasts, with sales to the company’s Autoship customers making up 83% of the total.

Looking ahead: Chewy boosted its full-year sales estimates to $12.5 billion to $12.6 billion, up from $12.3 billion to $12.45 billion. Wall Street was expecting sales of $12.49 billion for the year.

For the current quarter, Chewy guided adjusted EPS to $0.28 to $0.33, compared with the Street’s $0.30 estimate.

Chewy ended the quarter with nearly 21 million active customers, up 4.5% from last year. CEO Sumit Singh said the quarter showed “Chewy’s differentiated value proposition,” citing both customer growth and wallet share gains.

Still, headline net income fell to $62 million, with net margins slipping under cost pressures tied to share-based compensation.

Chewy shares were up 24% year to date going into the print.

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Jet fuel refining margins are surging to 20-year highs amid Iran war, threatening airlines

According to a Deutsche Bank note on Friday, airlines haven’t seen this phenomenon since the aftermath of hurricanes Katrina and Rita in 2005.

Airlines Face Rapidly Rising Fuel Costs

markets

Matt Phillips2h

The slow-motion private credit crunch continues

You may have missed it, what with the Iran war, the price of oil spiking, or the ongoing questions about the durability — and future profitability — of the AI capex boom.

But there are clear signs of malaise in private credit markets — the massive corporate bond and loan markets that typically burble away quietly in the background while the stock markets garner the headlines.

The Financial Times reported on Friday:

“BlackRock has limited withdrawals from one of its flagship private credit funds following a surge in redemption requests, as investors retreat from the asset class and questions about credit quality intensify...

The decision to cap withdrawals at 5 per cent will be closely scrutinised by the industry as outflows climb across semi-liquid private credit funds. The vehicles have drawn in hundreds of billions of dollars from retail investors and wealthy individuals who were enticed by the high returns on offer but have started to bolt at the first signs of stress.”

That news follows an unsettling recent pattern of private credit firms telling investors they cannot have their money back on demand, most notably Blue Owl last month, which also limited redemptions.

Normally the goings-on of the credit markets are of little interest to stock jockeys. But the concerns about credit have started to bleed into the stock market, too.

Of the S&P 500’s 11 industry groups — known as sectors — the financial sector (Financial Select Sector SPDR Fund) is by far the year’s worst performer, down more than 9% in 2026, with firms with links to private credit such as Ares Management, Blackstone, KKR & Co., and Apollo Global Management some of the worst performers. They’re all down more than 20% since the start of the year.

If investors were looking for another thing to worry about, this would likely be a good one to add to the list.

BlackRock limits redemptions at private credit fund as outflows swell

But there are clear signs of malaise in private credit markets — the massive corporate bond and loan markets that typically burble away quietly in the background while the stock markets garner the headlines.

The Financial Times reported on Friday:

“BlackRock has limited withdrawals from one of its flagship private credit funds following a surge in redemption requests, as investors retreat from the asset class and questions about credit quality intensify...

The decision to cap withdrawals at 5 per cent will be closely scrutinised by the industry as outflows climb across semi-liquid private credit funds. The vehicles have drawn in hundreds of billions of dollars from retail investors and wealthy individuals who were enticed by the high returns on offer but have started to bolt at the first signs of stress.”

That news follows an unsettling recent pattern of private credit firms telling investors they cannot have their money back on demand, most notably Blue Owl last month, which also limited redemptions.

Normally the goings-on of the credit markets are of little interest to stock jockeys. But the concerns about credit have started to bleed into the stock market, too.

Of the S&P 500’s 11 industry groups — known as sectors — the financial sector (Financial Select Sector SPDR Fund) is by far the year’s worst performer, down more than 9% in 2026, with firms with links to private credit such as Ares Management, Blackstone, KKR & Co., and Apollo Global Management some of the worst performers. They’re all down more than 20% since the start of the year.

If investors were looking for another thing to worry about, this would likely be a good one to add to the list.

US employment unexpectedly contracts in February, unemployment rate rises to 4.4%

Event contracts indicate a rate cut in June is a now a very live possibility.

Americans line up for job fair.

LNG terminal in Wilhelmshaven

Qatar energy minister warns of potential oil spike to $150 within weeks

“Most of the folks who appreciate just how bullish the US-Israel-Iran war is for oil markets think it’s SO WILDLY BULLISH that they can’t imagine this lasting much longer,” wrote Rory Johnston, founder of Commodity Context.

Hyunsoo Rim, Luke Kawa4h

US gas prices jump to highest level of Trump’s time in office

Prices are up about $0.34 per gallon since the conflict started.

BP Fuel Pump

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