On Tuesday, the three major indices closed higher. This marked the final trading day of September and the third quarter. The S&P 500 and Dow Jones achieved their fifth consecutive monthly gains. The Dow posted its largest September percentage gain since 2019, while the S&P 500 recorded its biggest September percentage increase since 2010 and largest Q3 percentage gain since 2020. The Nasdaq extended its winning streak to six consecutive months and achieved its largest Q3 percentage gain since 2010.

**US Stocks** At market close, the Dow Jones rose 81.82 points or 0.18% to 46,397.89 points; the Nasdaq gained 68.86 points or 0.3% to 22,660 points; the S&P 500 advanced 27.25 points or 0.41% to 6,688.46 points.

NVIDIA (NVDA.US) climbed 2.6%, Taiwan Semiconductor (TSM.US) gained 2.2%, Coreweave (CRWV.US) surged 11.7%, UiPath (PATH.US) rose 6.5%, and Eli Lilly (LLY.US) increased 5.02%. President Trump praised Eli Lilly's outstanding performance. Alphabet (GOOG.US) accumulated a 38% gain for the third quarter, marking its best quarterly performance since 2005.

**European Markets** Germany's DAX30 index rose 66.27 points or 0.28% to 23,841.44 points; the UK's FTSE 100 gained 42.56 points or 0.46% to 9,342.40 points; France's CAC40 advanced 15.07 points or 0.19% to 7,895.94 points; the European Stoxx 50 increased 16.50 points or 0.30% to 5,523.35 points; Spain's IBEX35 rose 109.48 points or 0.71% to 15,457.58 points; Italy's FTSE MIB climbed 127.60 points or 0.30% to 42,682.00 points.

**Crude Oil** November delivery West Texas Intermediate (WTI) crude futures fell $1.08 or 1.7% to $62.37 per barrel on the New York Mercantile Exchange. November Brent crude contracts settled down $0.95 or 1.4% at $67.02 per barrel.

**Cryptocurrencies** Bitcoin gained 0.3% to $114,729.8; Ethereum declined 0.44% to $4,200.78.

**Precious Metals** In the third quarter, precious metals emerged as the biggest winners, with gold and silver both achieving their largest recorded price gains. Gold futures closed at a historic high of $3,840.8, rising $546.6 for the quarter, approximately a 17% increase. Silver futures performed even better, closing at $46.253 with a 29% quarterly gain.

**Macroeconomic News** US consumer confidence dropped to a five-month low. The September consumer confidence index fell 3.6 points to 94.2, below the economist consensus of 96, as concerns mounted over cooling labor markets and the broader economy. The present situation index declined 7 points to its lowest level in a year, while the six-month expectations measure also fell. Consumer confidence has fluctuated in recent months as consumers face contradictory signals including slowing hiring, persistent inflation, and record stock prices. Despite subdued confidence compared to earlier this year, consumer spending has proven resilient and continues driving economic growth. Earlier this month, the Federal Reserve implemented its first rate cut of the year to prevent deterioration in what Chairman Powell described as a "low hiring, low firing" labor market.

US job openings showed minimal growth, indicating stabilizing labor demand. August job openings increased slightly from July's revised 7.21 million to 7.23 million. Job openings have gradually declined since peaking in early 2022 and remained within a relatively narrow range over the past year. Economists are closely monitoring for further weakness signs as employers have reduced hiring and unemployed individuals are taking longer to find new jobs. Fed Chairman Powell cited labor market softness when cutting rates earlier this month. While other officials share similar concerns, many remain cautious about further rate cuts due to inflation still running well above the central bank's target. Fed policymakers typically rely on key government data to guide decisions, including for the October meeting, but with government shutdown risks looming, Friday's jobs report and other critical data releases may be delayed, leaving uncertain how much information they'll have available.

Trump stated that if the government shuts down, many federal employees could be terminated. President Trump said Tuesday that numerous federal workers might be dismissed if the US government shuts down due to Congressional deadlock between Democrats and Republicans. On Tuesday, the US government faced shutdown as a Democratic bill to avoid closure failed to pass in the Senate. The White House indicated that government shutdown was imminent, with less than six hours remaining.

The Bank for International Settlements reported that global foreign exchange trading volume surged to $9.6 trillion in April. BIS data showed global forex market trading reached historic highs due to severe exchange rate volatility triggered by US trade tariffs. Preliminary survey results indicated April over-the-counter (OTC) daily average turnover reached $9.6 trillion, up 28% from the same period in 2022. Meanwhile, OTC interest rate derivatives daily average trading volume jumped 59% to $7.9 trillion. This monthly market snapshot coincided with the year's most turbulent forex trading period. Trump's "Liberation Day" tariffs announced April 2nd shocked global assets, with the dollar weakening due to its compromised safe-haven status. A JPMorgan currency volatility index reached two-year highs that month.

ECB President Lagarde said inflation risks are manageable. European Central Bank President Lagarde stated that despite ongoing global trade restructuring, eurozone inflation is unlikely to move significantly above or below the ECB's target. Lagarde noted that the EU's lack of retaliatory measures against US tariff increases, combined with dollar weakness, has eased concerns about trade tensions' impact on inflation. "Since trade shocks haven't created new inflationary pressures, we won't face the traditional policy tradeoff where central banks confront stagnant growth and rising inflation," Lagarde said. She added that high tariffs' impact on economic growth appears more moderate than previously feared. Overall, inflation's likely path remains close to the central bank's target. "Regarding future models we can construct, inflation risks appear manageable in both directions."

**Individual Stock News** OpenAI launches social media app challenging TikTok, YouTube, and Meta (META.US). OpenAI is reportedly launching a new social media application challenging TikTok, Google's YouTube, and Meta. Leveraging its AI video generator, the new app allows users to create high-definition short videos with audio through text prompts. Users can upload their own clips and embed them into Sora-generated virtual worlds by simply describing desired creativity, style, and scenes. They can also interact with other users, viewing and commenting on others' content. The new Sora 2 version will feature swipe navigation similar to TikTok, Instagram Reels, and YouTube Shorts, demonstrating OpenAI's ambitions in Silicon Valley's AI video race. OpenAI plans to initially launch the app through Apple's App Store by invitation in the US and Canada.

SEC plans blockchain stock trading amid strong opposition from traditional financial institutions. The Securities and Exchange Commission is developing a plan enabling stocks to trade on blockchain technology similar to cryptocurrencies. This initiative is a key component of the Trump administration's crypto-supportive regulatory agenda, potentially allowing investors to purchase tokens representing shares in companies like Tesla and NVIDIA on cryptocurrency exchanges. SEC staff are currently discussing the proposal with industry representatives. Companies including Coinbase (COIN.US) and Robinhood (HOOD.US) are actively pushing regulators for quick approval to conduct stock trading on blockchain platforms. However, the plan faces strong opposition from traditional financial institutions that have established profitable business models within existing market structures.

Energy Secretary: US government will take stake in Lithium Americas (LAC.US) to advance Nevada project. Energy Secretary Wright said Tuesday that the US government has agreed to acquire shares in Lithium Americas to support the Canadian company's development of its Thacker Pass lithium project in Nevada. This move represents the Trump administration's latest effort to accelerate domestic supply chain development to counter China's dominance in critical metals for defense, automotive manufacturing, and consumer electronics. In July, the Defense Department announced a $400 million equity investment in MP Materials to fund construction of a major new rare earth magnet facility. Lithium Americas' Nevada Thacker Pass project is expected to become a major source for domestic lithium industry. Following previous reports of government stake consideration, the company confirmed the news this week. Lithium Americas' US-listed shares jumped nearly 20% in after-hours trading and have gained 92% year-to-date.

Fed agrees to ease Morgan Stanley capital requirements. The Federal Reserve said Tuesday that Morgan Stanley's (MS.US) stress capital buffer requirement has been reduced from the original 5.1% to 4.3%. This adjustment stems from the Wall Street institution's August request for the Fed to reconsider its annual stress test assessment results. The multi-stage test evaluates major US banks' resilience under hypothetical economic recession scenarios. "Based on analysis of information submitted by Morgan Stanley, the Board determined that the bank's estimated losses for its fair value option loan portfolio were overly conservative," the Fed stated. All 22 banks, including Morgan Stanley, successfully passed this year's Fed stress tests, proving these institutions could withstand over $550 billion in losses.

US media: Pfizer to invest $70 billion in US drug manufacturing. Pfizer's (PFE.US) CEO is expected to announce a $70 billion investment in US drug manufacturing. The White House will announce the launch of "TRUMPRX" drug purchasing website. TRUMPRX will allow people to directly purchase certain medications with cash through the government website at government-negotiated discount prices. It remains unclear how many drugs the website will offer or whether it will be useful for most Americans already covered by private insurance, Medicare, or Medicaid.