Stock Market

As of Sep 30, U.S. stock index futures performed as follows: Dow Jones Industrial Average futures fell 0.02%0, Nasdaq 100 futures fell 0.16%, and S&P 500 futures rose 0.01%. The signal was mixed but slightly cautious, with the Dow and Nasdaq 100 under modest pressure while the S&P 500 hovered near flat. That balance suggests traders were still waiting for more clarity on rates and macro data, even as the broader tone remained relatively resilient.

Notable Stock Movers: NVIDIA up 0.27% at $227.83; Apple up 0.07% at $329.63; Alphabet up 1.07% at $340.94; Meta Platforms down 1.00% at $731.42; Tesla Motors down 0.86% at $349.82; Oracle down 0.35% at $137.31; Advanced Micro Devices down 0.69% at $603.36; Micron Technology up 0.32% at $1068.47; and Moderna down 6.78% at $189.66.

Among Chinese and cross-border names, Connect Biopharma Holdings up 82%, Reto Eco-solutions up 24.18% at $0.11, Kingsoft Cloud Holdings up 3.3%, and XPeng Inc. up 1.37%.

On the downside, Yiren Digital fell 3.92% at $0.96, Kandi fell 4.20% at $0.78, and Jianzhi Education Technology Group fell 5.42% at $0.45.

Other Markets

• 10-year U.S. Treasury yield rose 0.40%, to 5.23%.

• U.S. Dollar Index fell 0.1184% to 101.25.

• WTI crude oil futures rose 1.47% to 90.69 USD/barrel; COMEX gold futures rose 0.90% to 4217.40 USD/ounce.

Key News

1. Moderna was downgraded by Citi after a sharp run-up, highlighting valuation concerns around its cancer vaccine program. Citi’s Geoff Meacham cut the stock to Sell from Hold while keeping a lower price target than the market level. He said the recent surge appeared to reflect an expanded re-rating rather than a fully supported earnings outlook, and he argued the latest trial update did not yet justify the company’s valuation.

2. Meta Platforms drew fresh scrutiny after an analyst said its Muse assistant could intensify capital spending pressure. StoneX’s Mark Zgutowicz kept a Hold rating and said the product’s infrastructure needs may deepen the company’s return-on-capital debate. He noted that competition from OpenAI’s new AI agents could also make it harder for Meta to convert AI enthusiasm into durable financial returns.

3. Federal Reserve Bank of New York President John Williams signaled no urgency for the next rate hike. He said policymakers have time to assess incoming data before deciding on another move, though he still sees one additional increase as possible later in the year. His comments reinforced the view that the Fed is not rushing into the next step and remains data dependent.

4. China’s official manufacturing PMI returned to expansion, pointing to improving factory activity. The National Bureau of Statistics reported that the index rose back above the neutral level, ending two straight months of contraction. The rebound was supported by factories resuming operations after weather-related disruptions and by broader industrial demand linked to artificial intelligence investment.

5. Strategy proposed changing preferred dividend payments to a daily schedule. Executive Chairman Michael Saylor said the company should adjust the payout frequency for its preferred shares from biweekly or quarterly to daily. The proposal, if approved by shareholders, would change how the securities distribute income and could make the yield structure more attractive to investors.

6. Robinhood unveiled a broader trading and AI product rollout at its HOOD Summit. The company said it plans to launch AI agents that can execute trades, crypto perpetual contracts with leverage, and weekend trading for U.S. stocks. It also announced longer options hours, more intraday margin, and earnings-based contracts, signaling a push to expand active-trading tools.

7. SpaceX’s latest Starship flight was described as a milestone that could lift its long-term valuation case. Citi analysts said the successful mission, which reached orbit and deployed Starlink satellites, brings the company closer to unlocking value in its connectivity and artificial-intelligence businesses. They argued the launch strengthens the case for a much higher long-term valuation.

8. Nvidia announced a historic share buyback program, underscoring its cash generation strength. The company authorized a new $150 billion repurchase plan, adding to a previously unused authorization. Analysts said the move reflects confidence in future free cash flow and highlights how much stronger Nvidia’s finances are than those of many customers.

9. Oracle benefited from a report showing strong OpenAI revenue growth. Market commentary said OpenAI’s annual recurring revenue is approaching a major milestone, easing some concerns about demand visibility for Oracle-linked cloud spending. Analysts said stronger growth at OpenAI could support Oracle’s compute-demand story and reduce investor worry about customer concentration.

10. AMD’s World Labs acquisition was framed as a talent-and-credibility move, not just a deal for technology. Analysts said the planned addition of Fei-Fei Li as chief scientist may be the most valuable part of the transaction. Her role could boost AMD’s standing in AI research, help recruitment, and support its broader chip and software ecosystem.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data

Disclaimer: For informational purposes only; not investment advice.