Early Look

Wednesday, September 30, 2026

Stock index futures are looking higher as the recent rally in Treasury yields looked to take a breather, though oil prices edge higher as Wall Street turns their attention to several key economic reports, including the all important core PCE inflation report at 8:30 am et along with GDP data. Major U.S. indexes finished modestly lower on Tuesday as longer-dated Treasury yields continued to climb to fresh 20-year highs, though AI-linked stocks bucked the trend. The yield on the benchmark 10-year Treasury note climbed to 5.278%, near its highest level since 2007, while the 30-year yield hit its highest mark since 2002. Along with a slide in oil prices Tuesday, Federal Reserve Vice Chair John Williams pushed back against market pricing for back-to-back hikes, taking the implied probability of an October rate rise from around 70% to sub-50%. In Asian markets, The Nikkei Index surged 1,272 points or 1.94% to settle at 66,753, the Shanghai Index rose 11 points to 3,842 before its Golden Week holiday kicks off as markets will remain closed until mid-next week, and the Hang Seng Index gained 89 points to 24,613. In Europe, the German DAX is down -44 points to 25,355, while the FTSE 100 rises 13 points to 10,650. Reminder China Golden Week starts this week on 10/1-10/7 as their markets are closed.

• The Dow Jones Industrial Average fell -131.59 points, or 0.26%, to 51,349.92
• The Nasdaq Composite dropped -22.84 points, or 0.09%, to 26,797.54
• The Russell 2000 Index declined -9.99 points, or 0.35% to 2,807.92

• 8:15 AM ET ADP Private Payrolls for September…est. +70K (prior +38K)
• 8:30 AM ET                   Personal Income M/M for August…est. +0.4%
• 8:30 AM ET                   Personal Spending M/M for August
• 8:30 AM ET PCE Price Index M/M for August…est. +0.4% (prior +0.2%)
• 8:30 AM ET PCE Price Index Y/Y for August…est. +3.7% (prior +3.7%)
• 8:30 AM ET                   Core PCE Price Index M/M for August…est. +0.3% (prior +0.2%)
• 8:30 AM ET                   Core PCE Price Index Y/Y for August…est. +3.3% (prior +3.3%)
• 8:30 AM ET                   Gross Domestic Product (GDP) Q2-final…est. +1.5%
• 8:30 AM ET GDP Consumer Spending for Q4-final…est. +2.3%
• 8:30 AM ET GDP Price Deflator for Q2-final…est. +6.4%
• 8:30 AM ET GDP PCE Price Index M/M for Q2-final…est.
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q2-final…est. +3.6%
• 8:30 AM ET                   Advance goods Trade Balance for August…est. (-$115.0B)
• 9:45 AM ET                   Chicago PMI for September…est. 51.2 (prior 47.1)
• 10:00 AM ET                 Dallas Fed PCE for August
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: BSET MU PRGS

• G2E Global Gaming Expo Meetings, 9/29-10/1, in Las Vegas
• RBC Capital 2026 Global Communications Infrastructure Conference, 9/29-9/30, in Chicago
• William Blair Biotech Conference, 9/29-9/30, in Chicago, IL

• Cal-Maine Foods (CALM) reports Q1 EPS loss (-$1.26), vs. consensus loss (-$0.76) as conventional egg prices dropped sharply; Q1 revs fell -41% y/y to $539.61M, missed consensus $561.56M; said Specialty Shell Eggs sales declined due to lower selling prices and higher feed and production costs; said expects over 60% growth in Prepared Foods capacity by H1 fiscal 2028.
• Carnival Corp (CCL) files for mixed shelf offering; size not disclosed
• Century Casinos (CNTY) agrees to sell Century mile and Century Downs properties for about $16.4M on Sept 24; intends to use sale proceeds to reduce indebtedness.
• GameStop (GME) CEO Ryan Cohen reveals the purchase of 447,000 of co's Class A stock for prices between $23.4753 and $23.4499 per share, roughly worth about $10.56M. Cohen's direct holdings now stand at 40.95 mln shares, representing a 8.12% stake in GME.
• Hormel Foods Corporation (HRL) announced it has entered into a definitive agreement to acquire Brakebush Brothers, LLC, a leading value-added chicken company, from the Brakebush family for the purchase price of approximately $1.055 billion.

• Dow Chemical (DOW) and Lyondell (LYB) both downgraded to Neutral from Buy at Citigroup as they say they no longer have conviction on asymmetric upside for PE prices, even at $100 crude. While they pencil in the consultants’ October price increase of 5cpp, they believe demand weakness continues to cap the upside stemming from the higher oil & global feedstock costs. Citigroup also lowers estimates broadly across EMN and CE, noting the weakness in demand across the commodity and intermediates coverage.
• Kenon Holdings Ltd (KEN) agrees to acquire 25% interest in district heating & cooling business in US for about $450M; $1.40B committed debt financing for vicinity acquisition, non-recourse; purchase price for acquisition is based on a total enterprise value for 100% of vicinity of $2.92B.
• Talen Energy (TLN) names Terry Nutt Chief Executive Officer as Mac McFarland to retire as CEO Dec 31, 2026; to serve as Senior advisor through March 2027; company also announces $1.5B accelerated share repurchase.

• Evergrande Property Services said China Evergrande Group and CEG Holdings, its controlling shareholders, have entered an exclusivity agreement with a selected bidder for a potential sale of their shares in the company.
• Robinhood's (HOOD) said it would offer weekend round-the-clock trading in select US stocks and ETFs. Up to 25% trading on busy days occur outside regular hours since 2023 launch of 24-hour weekday trading.

• Moderna (MRNA) was downgraded to Sell from Neutral at Citigroup following an outsized run (+222%; XBI index: -2%; S&P500: flat) since INTerpath-001's interim topline, while raise PT to $80 from $60. Citi says while intismeran could become a market leading therapy in melanoma, believes the Re-rating now reflects successful expansion in many tumor types and unrealistic implied sales.
• Sagimet Biosciences (SGMT) announced positive 52-week results from the Phase 3 ASC40-304 OLE clinical trial of denifanstat in patients with moderate to severe acne vulgaris, conducted by license partner Ascletis BioScience in China; also prices 8.8M series a common shares at $10 per share.
• Takeda (TAK) announced new data from three Phase 3 LATITUDE psoriasis studies of zasocitinib (TAK-279), an investigational, next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, in adults with moderate-to-severe plaque psoriasis. Results demonstrate zasocitinib's superior efficacy compared to deucravacitinib and reinforce the potential for zasocitinib to deliver rapid, durable and consistent skin clearance in a convenient once-daily pill.

• Applied Materials, Inc. (AMAT) announced that KIOXIA Corporation, a leading global supplier of flash memory and solid state drives (SSDs), will join Applied's EPIC Center in Silicon Valley as an innovation partner to advance next-generation memory technologies.
• Concentrix (CNXC) Q3 adj. EPS $2.92 vs. est. $2.71; revenue $2.45B vs. est. $2.48B; adj. EBITDA $363Mm vs est $355.87Mm; adj. operating Income $309Mm vs est $299.62Mm; adj. operating margin 12.6%; Q4 revenue guidance $2.41B-$2.46B vs. est. $2.52B; Q4 adj. operating Income guidance $310Mm-$320Mm vs est $326.04Mm; Q4 adj. EPS guidance $2.86-$2.98 vs. est. $3.05; FY revenue guidance $9.827B-$9.877B vs. est. $9.96B; FY adj. operating Income guidance $1.206B-$1.216B vs est $1.156B.
• Taiwan Semiconductor Manufacturing Co. (TSM) is evaluating a potential investment in Texas to expand chip production in the United States, as the potential investment would be in addition to the $265B that TSMC has committed to its operations in Arizona, Reuters reported.
• Workday, Inc. (WDAY) reiterating its fiscal 2027 Q3 and full-year financial guidance; announces reduction of about 2.5% of current workforce; estimates charges of $65M-$80M related to reorganization.

Mid-Morning Look

Wednesday, September 30, 2026

U.S. stocks open higher on this final trading day of the month and quarter (Q3) which has been dominated by massive moves higher in Treasury yields and energy prices. The inflationary fears have weighed on sentiment/but not necessarily major averages during September and Q3, but helping market sentiment today was a softer than expected inflation reading as the Core PCE Price Index, a metric closely watched by Federal Reserve policymakers, increased 0.2% M/M in August, less than the +0.3% consensus level and also came in below views on a Y/Y basis. Jobs reading was better too as  U.S. private sector employment climbed by +90K in September, beating the +70K forecast and accelerating from +36K in August, per ADP (ahead of nonfarm payroll data on Friday). Interest rate hike expectations slid on Tuesday after Federal Reserve Vice Chair John Williams pushed back against market pricing for back-to-back hikes, taking the implied probability of an October rate rise from around 70% to sub-50%. He emphasized that after September’s rate hike, there was no urgency to tighten again immediately, noting that the FOMC can afford to wait for more data and assess underlying trends before committing to another increase, which likely occurs at the December meeting. Today’s cooler core PCE inflation data also helped back that sentiment, which is lifting interest rate sensitive names. Semis will be back in focus tonight, especially memory with Micron (MU) earnings on desk. In other tech news, the FTC is opening a sweeping probe into Anthropic, OpenAI and other AI labs to uncover the potential dangers their technology poses to consumers, a source familiar with the matter told Reuters.

• Inflation data improved as the Fed’s favored inflation reading, the September Core PCE Price Index rose +0.2% M/M vs. +0.3% consensus and +0.1% prior (revised from +0.2%). The core PCE on Y/Y rose +3.0% vs. +3.3% consensus and +3.0% prior (revised from +3.3%).
• Headline September PCE Price Index rose +0.3% M/M vs. +0.4% consensus and +0.1% prior (revised from +0.2%) and rose +3.4% Y/Y vs. +3.7% consensus and +3.4% prior (revised from +3.7%).
• U.S. Q2 GDP growth estimate was revised to +2.2% Q/Q, annual rate, vs. +1.5% in the second estimate and +2.5% in the prior quarter (revised from +2.1%). Personal consumption expenditures: +3.8%, annual rate, vs. +3.4% in the third estimate and +0.5% prior. Corporate profit growth was revised lower to a rate of 7.7% from 8.2%, compared to the 0.5% growth seen in Q1 2026.
• International trade in goods balance stood at -$132.6B in August, vs. -$114.8B consensus and -$118.9B prior (revised from -$118.8B). Exports of goods for August were $203.4 billion, $3.7 billion more than July exports. Imports of goods for August were $336.1 billion, $17.4 billion more than July imports.
• Sept. Chicago PMI report business index at 58.8; above consensus est 51.0.

• Online travel & Lodging sector: Truist said global travel trends remain generally resilient; OTA investor sentiment not so much especially post-Muse news. The firm lowers BKNG price target goes to $216 from $242 and EXPE to $288 from $309 while reducing multiples on Muse sentiment.it finds the general resiliency of global travel has again taken a back-seat to investor focus on Ai threats, now Meta's Muse. If consumers continue to book via traditional channels with no meaningful changes to take rates, the OTA bull case may strengthen considerably.
• Bank sector: PEBO agreed to buy CBNK in all-stock deal in a deal valued at $43.75 per share based on $39.41 price as shareholders to receive 1.11 shares of Peoples for each capital share in a total deal valued at about $728.10M. In research, Wells Fargo downgraded BOKF to Underweight as sees near-term EPS risk and a stretched valuation, leaving them cautious near term; cut BKU to Equal Weight citing downside risk to Q326 EPS (5% below consensus) and softening 2027 EPS visibility and upgraded PNFP to Overweight saying three quarters post-close, the MOE integration appears to be tracking ahead of investor concerns.

• FDS +2%; posted Q4 revs $635.5M vs. est. $630M on EPS bet ($4.52 vs. $4.33) as Q4 organic revenue grew 7.1%, slightly beating analyst expectations citing commercial execution and AI momentum as drivers of organic growth; now sees FY27 adjusted EPS $19.25-$19.65, which is below consensus $19.72.
• GME +4%; CEO Ryan Cohen reveals the purchase of 447,000 of co's Class A stock for prices between $23.4753 and $23.4499 per share, roughly worth about $10.56M. Cohen's direct holdings now stand at 40.95 mln shares, representing a 8.12% stake in GME
• HOOD +5%; announced new products and capabilities at annual Summit: a fully embedded Ai-native experience called Robinhood Agents, the launch of perpetual futures and company financial KPI event contracts for US customers, and the expansion of equity trading to a 24/7 weekend schedule.
• HPE +5%; said it won a $1.2B order of AMD's Helios AI rack from cloud infrastructure company Vultr. The company also increased its outlook for 2027, citing gains in networking.
• SNPS +3%; signs $1B+ multi-year custom silicon deal with AMZN which will use Synopsys silicon IP and engineering software across its custom chip portfolio, including Nitro, Graviton and Trainium. Amazon will also become the lead customer for Synopsys’ application-optimized silicon IP business.

• CBRS -6%; shares declined after reports that OpenAI's latest GPT6.1 SOL Ultrafast is NOT running on Cerebras but is instead running at a low batch size on Nvidia GPUs.
• FICO 2%; extends prior day declines following the FHFA's decision to place VantageScore 4.0 and Classic FICO on the same loan level pricing adjustment pricing Grid.
• JBL -7%; slipped despite Q4 results/guidance beating; reported Q4 revs rose 28.6% y/y to $10.62B vs. est. $9.71B and EPS $4.40 vs. est. $4.07 and guided annual adjusted earnings per share of $17.55, above analysts’ estimates of $16.87 and revs of $44.5B, topping expectations
• MAT -3%; shares fell after announcing longtime CEO Ynon Krei is leaving, as board member and CEO of Condé Nast, Roger Lynch takes over.
• MRNA -6%; was downgraded to Sell at Citigroup after rising (+222%) since INTerpath-001's interim topline, while raise PT to $80; says while intismeran could become a market leading therapy in melanoma, believes the Re-rating now reflects successful expansion in many tumor types and unrealistic implied sales
• NOC -4%; after BA was selected to build the US Navy's next-generation stealth fighter, and beating out rival NOC for the development contract, worth $20 billion, to produce test aircraft.
• VST -2%; along with weakness in CEG and NRG after FERC issued an order on PJM’s July 31 filing. That filing was the one-time RBP meant to cover the ~6.8 GW shortfall from the 2028/29 Base Residual Auction, with a bid window that was supposed to open Sept. 30. FERC suspended the tariff revisions until February 28, 2027, and opened a paper hearing on unresolved issues

Closing Recap

Wednesday, September 30, 2026

After trading in positive territory the majority of the day, stocks rolled in the final minutes to turn negative on the day…and month. For the month, the S&P 500 fell -0.4%, the Dow fell -4.3% and the Nasdaq rose 1.9%; For the quarter, the S&P 500 rose 2.0%, the Dow fell -2.7% and the Nasdaq rose 2.5%. Stock markets had benefitted early after Wall Street digested a round of “cooler” than expected core PCE inflation and better GDP, but still the relentless rise of treasury yields, impacting real borrowing costs/mortgage rates has continued to take its toll on several market participants. The AI story, which gets another glimpse tonight with Micron (MU) earnings tonight, seems to be the main driver for the broader market as the technology sector (XLK) was the only S&P sector positive on the month +5, with more than -5% declines for Consumer Staples (XLP), -6% declines for Utilities (XLU) and Consumer Discretionary (XLY), and -7% declines for Financials (XLF), Materials (XLB), and REITs (XLRE) on rising oil/yields.

The Shanghai Composite Index declined -252.20 points or 6.16% this quarter to 3,842.19 marking the largest one-quarter point and percentage decline since the 3rd quarter 2022 (and is down two of the past three quarters).  This month the Shanghai was down -144.10 points or 3.61%. The NIKKEI 225 Index was down -3,308.60 points or 4.72% this quarter to 66,753.72, its largest one-quarter point and percentage decline since the 1st quarter 2025 and snaps a five-quarter winning streak. This month it is up 441.79 points or 0.67%

Interesting facts/notes: 1) @ISABELNET_SA noted on X, “S&P 500 Early October has been quietly kind to the S&P 500: since 1950, the first half of the month ranks third among all half-months for gains”; 2) Bank America noted they saw outflows last week, but more tax loss selling likely ahead. Back to selling: Last week (S&P 500 +1.2%), clients sold US equities after buying the prior week, led by single stock outflows ($5.7B) vs modest equity ETFs inflows 0.7B). Clients sold equities across all size segments. Selling was led by institutional clients (who bought the prior week) while retail clients were also net sellers for the 9th straight week. Hedge fund clients were net buyers for a 2nd week and are the only cumulative net buyers in Q3 to date. Institutional clients have typically been big net sellers of stocks in Oct., when tax loss selling occurs by mutual funds with 10/31 year-ends vs. in Nov./Dec. for retail investors.

• Inflation data improved as the Fed’s favored inflation reading, the September Core PCE Price Index rose +0.2% M/M vs. +0.3% consensus and +0.1% prior (revised from +0.2%). The core PCE on Y/Y rose +3.0% vs. +3.3% consensus and +3.0% prior (revised from +3.3%).
• Headline September PCE Price Index rose +0.3% M/M vs. +0.4% consensus and +0.1% prior (revised from +0.2%) and rose +3.4% Y/Y vs. +3.7% consensus and +3.4% prior (revised from +3.7%).
• U.S. Q2 GDP growth estimate was revised to +2.2% Q/Q, annual rate, vs. +1.5% in the second estimate and +2.5% in the prior quarter (revised from +2.1%). Personal consumption expenditures: +3.8%, annual rate, vs. +3.4% in the third estimate and +0.5% prior. Corporate profit growth was revised lower to a rate of 7.7% from 8.2%, compared to the 0.5% growth seen in Q1 2026.
• International trade in goods balance stood at -$132.6B in August, vs. -$114.8B consensus and -$118.9B prior (revised from -$118.8B). Exports of goods for August were $203.4 billion, $3.7 billion more than July exports. Imports of goods for August were $336.1 billion, $17.4 billion more than July imports.

• U.S. crude oil inventories rose last week, as refineries ran at a slower pace as reported by the EIA. Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 900,000 barrels to 427.3 million barrels in the week vs. crude stocks were expected to have fallen by 200,000 barrels. The EIA estimated U.S. crude oil production at 14 million barrels a day, up by 16,000 barrels a day from the previous week.
• Crude oil imports fell by 179,000 barrels a day to 5.7 million barrels a day. Refineries ran at 92.5% of capacity, down from 94% the week before. Gasoline inventories fell by 1.7 million barrels to 204.3 million barrels and were 7% below the five-year average, the EIA said.

• Specialty retail sector: GME CEO Ryan Cohen reveals the purchase of 447,000 of co's Class A stock for prices between $23.4753 and $23.4499 per share, roughly worth about $10.56M. Cohen's direct holdings now stand at 40.95 mln shares, representing a 8.12% stake in GME. MAT shares fell after announcing longtime CEO Ynon Krei is leaving, as board member and CEO of Condé Nast, Roger Lynch takes over.

• Credit Bureaus: BMO Capital notes a weaker mortgage backdrop coupled with fiery rhetoric from the FHFA has given investors notable pause on owning this group. BMO lowers its estimates and target on FICO largely on a less favorable volume backdrop in mortgage and a more conservative view on FICO/VantageScore volume erosion next year following a unified LLPA Grid proposed.
• Brokers & Exchanges: At HOOD's annual Summit event “Engines of Creation” on September 29-30, CEO Vlad Tenev and management team unveiled several product announcements. New products and capabilities center on three key pillars: a fully embedded Ai-native experience called Robinhood Agents, the launch of perpetual futures and company financial KPI event contracts for US customers, and the expansion of equity trading to a 24/7 weekend schedule.
• Lending service sector: ALLY was downgraded to Equal Weight at Wells Fargo and lowering its Q3 EPS estimate by -15c to $1.25, well below consensus at $1.42 saying drivers include the Stellantis $20M NIM hit and higher provision. The provision is a function of loan growth and less Auto NCO improvement in WELLS's model.
• Financial Service sector: FDS posted Q4 revs $635.5M vs. est. $630M on EPS bet ($4.52 vs. $4.33) as Q4 organic revenue grew 7.1%, slightly beating analyst expectations citing commercial execution and AI momentum as drivers of organic growth; now sees FY27 adjusted EPS $19.25-$19.65, which is below consensus $19.72 and guides FY27 revenue $2.6B-$2.625B vs. consensus $2.62B. FICO was downgraded to Neutral from Buy at Bank America slashing tgt to $700 from $1,400 following the FHFA's decision to place VantageScore 4.0 and Classic FICO on the same loan level pricing adjustment pricing grid.
• Mortgage sector: U.S. mortgage rates hit their highest level since November 2023 — at 7.3% for the 30-year fixed loan — in the MBA survey last week. Mortgage applications for purchase loans are down more than 10% over the last four weeks versus the year-earlier period.

• LQDA shares tumbled after a court ruling in its ongoing patent dispute with UTHR over its Yutrepia drug. The court said Liqudia’s motion to strike is denied, Judge Richard G. Andrews wrote in a court filing.
• MRK said its experimental drug met the main goal of a mid-stage study in patients with moderate-to-severe hidradenitis suppurativa, a chronic skin disease that causes painful lumps, abscesses and scarring.
• MRNA was downgraded to Sell from Neutral at Citigroup following an outsized run (+222%) since INTerpath-001's interim topline, while raise PT to $80 from $60. Citi says while intismeran could become a market leading therapy in melanoma, believes the Re-rating now reflects successful expansion in many tumor types and unrealistic implied sales.
• SGMT announced positive 52-week results from the Phase 3 ASC40-304 OLE clinical trial of denifanstat in patients with moderate to severe acne vulgaris, conducted by license partner Ascletis BioScience in China; also prices 8.8M series a common shares at $10 per share.
• Insulin sector: TNDM was named a 90-day positive catalyst watch at Citigroup though lowers tgt to 420 from $24 while rates ABT, DXCM and MMED at Buys and PODD, TNDM Neutrals as the diabetes landscape continues to evolve, and with several new innovations launching over the next year.
• Cannabis stocks more pain today with CURLF, GTBIF, MSOS, TLRY, CRLBF all lower after the Drug Enforcement Administration (DEA) paused pending rescheduling proceedings for a case that could federally recognize cannabis for medical use. A DEA administrative law judge paused the proceedings Tuesday, citing a need to address a report from the Government Accountability Office highlighting gaps in federal drug scheduling policies. With a response due by Oct. 13, the expected decision timeline shifts to the first half of 2027.

• Aerospace & Defense sector: HWM positive mention at Citigroup as they issue a positive 90-day positive catalyst watch call as views risk/reward as even more compelling at current levels and reiterate bullish view into Q3 EPS and beyond as data points continue to indicate upside tension to HWM Aerospace and IGT outlooks from here. BA was selected to build the US Navy's next-generation stealth fighter, beating out rival NOC for the development contract, worth $20 billion, to produce test aircraft
• Transport sector: in airlines, Global air passenger demand declined 0.8% in August compared with the same month a year earlier with falls in the Middle East and North America offsetting rises in other regions, the International Air Transport Association said. Passenger demand--measured in revenue passenger kilometers--fell 14.6% in the Middle East and was 2.2% lower in North America. Latin America and the Caribbean showed the biggest growth at 5.3%, followed by Africa at 4.4%, IATA said.

• Chemicals sector: DOW and LYB were both downgraded to Neutral from Buy at Citigroup as they say they no longer have conviction on asymmetric upside for PE prices, even at $100 crude. While they pencil in the consultants’ October price increase of 5cpp, they believe demand weakness continues to cap the upside stemming from the higher oil & global feedstock costs. Citigroup also lowers estimates broadly across EMN and CE, noting the weakness in demand across the commodity and intermediates coverage.

• Optical sector: Bernstein initiated several names in the sector with an Outperform and $520 tgt on CLS, their highest-conviction idea with approximately 46% upside to our price target; an Outperform and $1,120 tgt on LITE which offers one of the purest ways to gain exposure to optical networking growth; an Outperform and $350 tgt on COHR which is also well positioned to benefit from the expanding optical ecosystem and improving transceiver economics; an Outperform and $440 tgt on CIEN as believe Ciena is increasingly attractive for patient investors; an Outperform and $250 tgt on ANET as expect Arista to remain a major share gainer in AI switching and market performs on both CSCO $110 tgt and GLW $140 tgt saying although Corning stands to benefit from increased optical content in AI infrastructure, its broader portfolio limits overall growth potential.
• Software sector: WDAY said it is reducing its workforce by 2.5%, primarily in its Product and Technology team to better align team structures with Workday's strategic growth priorities; said layoffs will cost the company $65M to $85M, with the bulk of that, $55M to $70M, being incurred during Q3’27. NICE was upgraded to Outperform and $150 tgt at Oppenheimer based on the company's improved Ai platform, increasing demand from Ai agents and the stock's historically cheap valuation.
• Neocloud/data center: NBIS was initiated at Outperform saying the company has many of the attributes required to become a differentiated AI-native cloud platform, including infrastructure scale, software capabilities, major customer relationships. CRWV said that it will expand its compute portfolio with the NVIDIA (NVDA) Vera CPU to meet the needs of new workloads. The Information reported Bond markets are getting tough for lower-rated borrowers. One example: CleanSpark (CLSK), which is developing a data center for Meta Platforms, had to offer investors big concessions to Land financing earlier this month.
• That deal is among the clearest signs yet that financing the data center boom is getting expensive across the board, and investors are getting picky about which new projects they’ll back.
• Hardware & Component sector: HPE shares jumped after announced a $1.2 billion order from Vultr to deploy AMD Helios AI Rack by HPE systems at Vultr's US cloud data centers; HPE is raising its FY27 Networking segment revenue growth outlook to between high teens and low-20s % and said expects $800M in annual run-rate savings by the end of fiscal 2028 related to its acquisition of Juniper Networks, up from its previously announced target of at least $600M.
• EMS Sector: shares of JBL slipped despite Q4 results/guidance beating; reported Q4 revs rose 28.6% y/y to $10.62B vs. est. $9.71B and EPS $4.40 vs. est. $4.07 and guided annual adjusted earnings per share of $17.55, above analysts’ estimates of $16.87 and revs of $44.5B, topping expectations of $42.79B driven by strong AI demand and growth across various sectors.
• EDA sector: SNPS signs $1B+ multi-year custom silicon deal with AMZN which will use Synopsys silicon IP and engineering software across its custom chip portfolio, including Nitro, Graviton and Trainium. Amazon will also become the lead customer for Synopsys’ application-optimized silicon IP business.
• AD tech sector: Wells Fargo noted AdExchanger, which focuses on programmatic advertising and data-driven marketing, published an article outlining how TTD ads are currently being blocked on Apple Devices running iOS 27. The issue appears to have been flagged to Apple's WebKit team on 9/21 and had yet to be resolved as of 9/28. The firm says given this primarily affects Mobile Safari, KEYB estimate this would have a LSD% impact if the issue continues into 4Q26E and 2027E.

• AMAT announced that KIOXIA Corporation, a leading global supplier of flash memory and solid state drives (SSDs), will join Applied's EPIC Center in Silicon Valley as an innovation partner to advance next-generation memory technologies.
• CBRS shares declined after reports that OpenAI's latest GPT6.1 SOL Ultrafast is NOT running on Cerebras but is instead running at a low batch size on Nvidia GPUs (per SemiAnalysis comments). OpenAI is its biggest customer by revenue backlog, and the two companies specifically announced Cerebras would be powering Ultrafast mode when it was launched in August.
• MBLY was downgraded from Overweight to Equal Weight at Barclay’s and cut tgt to $9 from $14 saying while near-term results have held in, resulting in near-term positive revisions, larger proof points for MBLY's advanced content and leverage to the AV theme have not materialized.
• TSM is evaluating a potential investment in Texas to expand chip production in the United States, as the potential investment would be in addition to the $265B that TSMC has committed to its operations in Arizona, Reuters reported.

Street Recommendations

Wednesday, September 30, 2026

• AMT Barclays analyst Brendan Lynch raised the firm's price target on American Tower to $199 from $198 and keeps an Overweight rating on the shares. The firm sees two main drivers for edge computing at tower sites: access to stranded power, and workloads requiring deterministic low-latency. This creates a new growth vector for the tower companies, the analyst tells investors in a research note.
• CCI Barclays raised the firm's price target on Crown Castle to $86 from $84 and keeps an Overweight rating on the shares. The firm sees two main drivers for edge computing at tower sites: access to stranded power, and workloads requiring deterministic low-latency. This creates a new growth vector for the tower companies, the analyst tells investors in a research note.
• SBAC Barclays lowered the firm's price target on SBA Communications to $207 from $208 and keeps an Overweight rating on the shares. The firm sees two main drivers for edge computing at tower sites: access to stranded power, and workloads requiring deterministic low-latency. This creates a new growth vector for the tower companies, the analyst tells investors in a research note.
• FICO Barclays analyst Manav Patnaik lowered the firm's price target on FICO to $935 from $1,700 and keeps an Overweight rating on the shares. The firm says that with the pricing grids having only been finalized on September 9, Federal Housing Finance Agency Director Bill Pulte's tweet to remove the 20 point discount and put VantageScore 4.0 in the same pricing grid as Classic FICO comes as a "complete surprise." The news "gives already bearish investors even more than they were bargaining for," the analyst tells investors in a research note.

• LITE Bernstein initiated coverage of Lumentum with an Outperform rating and $1,220 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.
• COHR Bernstein initiated coverage of Coherent with an Outperform rating and $350 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.
• CIEN Bernstein analyst Daniel Zhu initiated coverage of Ciena with an Outperform rating and $440 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.
• ANET Bernstein initiated coverage of Arista Networks with an Outperform rating and $250 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.
• CSCO Bernstein initiated coverage of Cisco with a Market Perform rating and $110 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.
• GLW Bernstein analyst Daniel Zhu initiated coverage of Corning with a Market Perform rating and $140 price target. The firm rolled out coverage of the U.S. networking group with a positive view. Networking and optical companies will be "structural winners" within AI infrastructure, the analyst tells investors in a research note. Bernstein believes there is more upside than downside to AI spend expectations, and sees the risk/rewards on exposed stocks as positive. While an overbuild is still possible, demand continues to exceed supply and the assumptions needed to underwrite continued investments do not appear aggressive compared to the pace of adoption, the firm contends.

• KMX BofA raised the firm's price target on CarMax to $50 from $45 and keeps an Underperform rating on the shares after the company reported fiscal Q2 sales and earnings above Street estimates. The firm remains Underperform on valuation with CarMax trading at a premium to franchise dealer peers, the analyst noted.
• FICO BofA downgraded FICO to Neutral from Buy with a price target of $700, down from $1,400, following the FHFA's decision to place VantageScore 4.0 and Classic FICO on the same loan level pricing adjustment pricing grid. Equivalent VS and Classic FICO scores will now receive the same LLPA treatment, potentially enabling lenders using VS to achieve more favorable loan pricing than under the prior framework, which should increase the incentive to test or adopt VS4.0 and "removes a home field advantage for FICO," the analyst tells investors. The firm believes the revised grid adds another risk to score volumes, pricing, and market share, all of which are on top of less leeway on headline Score price increases given persistant regulatory scrutiny.
• NTAP BofA analyst Wamsi Mohan raised the firm's price target on NetApp to $220 from $200 and keeps a Neutral rating on the shares after having attended the 2026 INSIGHT event in Las Vegas. The firm is applying a higher multiple on the incremental addressable market from AI that can support higher growth, the analyst tells investors following the event.

• DOW Citi downgraded Dow Inc. to Neutral from Buy with a price target of $30, down from $35. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• LYB Citi analyst Patrick Cunningham downgraded LyondellBasell to Neutral from Buy with a price target of $63, down from $72. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• CE Citi lowered the firm's price target on Celanese to $58 from $60 and keeps a Buy rating on the shares. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• EMN Citi lowered the firm's price target on Eastman Chemical to $76 from $81 and keeps a Buy rating on the shares. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• HUN Citi analyst Patrick Cunningham lowered the firm's price target on Huntsman to $9 from $11 and keeps a Neutral rating on the shares. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• OLN Citi lowered the firm's price target on Olin to $17 from $19 and keeps a Neutral rating on the shares. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• WLK Citi lowered the firm's price target on Westlake to $67 from $85 and keeps a Neutral rating on the shares. The firm no longer has conviction on upside for polyethylene prices, even at $100 per barrel crude. Citi believes demand weakness is limiting the polyethylene price upside stemming from the higher oil and global feedstock costs. The analyst downgraded Dow and Lyondellbasell and lowered estimates across the commodity chemicals citing weakness in demand.
• JAZZ Citi initiated coverage of Jazz Pharmaceuticals with a Buy rating and $325 price target. The firm believes the company's oncology "transformation" is underappreciated at current share levels. Citi believes Jazz's oncology growth, led by Ziihera, will drive over 50% of sales by 2032.
• NUVB Citi initiated coverage of Nuvation Bio with a Buy rating and $12 price target. The firm views the company as an emerging oncology leader. The company's Ibtrozi launch and late-stage safusidenib development offer a "compelling growth story," the analyst tells investors in a research note.
• TNDM Citi analyst Joanne Wuensch lowered the firm's price target on Tandem Diabetes to $20 from $24 and keeps a Neutral rating on the shares. Citi also opened an "upside 90-day catalyst watch" on Tandem. The stock is down 25% in the last month and short interest has risen to 18%, the analyst tells investors in a research note. The firm believes the company's pump share in new patients should increase over the next 12 months.
• HWM Citi added an "upside 90-day catalyst watch" on Howmet Aerospace while keeping a Buy rating on the shares with a $329 price target. Citi sees an "even more compelling" risk/reward for the shares following the recent selloff. It believes Howmet remains one of the top aerospace and defense compounders.

• VALE JPMorgan raised the firm's price target on Vale to $22 from $21 and keeps an Overweight rating on the shares. The firm updated the company's model.
• ANNX JPMorgan raised the firm's price target on Annexon to $15 from $14 and keeps an Overweight rating on the shares. Topline 15-month data from the Phase 3 ARCHER II study of vonaprument in geographic atrophy is expected in Q4, the analyst tells investors in a research note. At current share levels, JPMorgan sees the ARCHER II readout as "essentially as a free call option" with no value for the update accounted for in shares.

• CC Mizuho analyst John Roberts lowered the firm's price target on Chemours to $18 from $20 and keeps an Outperform rating on the shares. The firm says fundamental supply/demand for TiO2 "appears problematic" in the medium- to longer-term. It cites no visibility into near-term improvement for the target cut.
• TROX Mizuho lowered the firm's price target on Tronox to $4.50 from $5.50 and keeps an Underperform rating on the shares. The firm says fundamental supply/demand for TiO2 "appears problematic" in the medium- to longer-term. It cites no visibility into near-term improvement for the target cut.

• RACE Morgan Stanley lowered the firm's price target on Ferrari to $456 from $460 and keeps an Overweight rating on the shares. The firm expects Ferrari's Q3 to show a sequential improvement in volume trends from the first half, though remaining in negative territory due to the ongoing model changeover cycle, the analyst tells investors in a preview.
• MDB Morgan Stanley analyst Sanjit Singh said that despite a "surprising CEO transition," MongoDB's investor day highlighted a faster pace of innovation, evidence of AI monetization, a raise of its three-year growth outlook and progress penetrating the AI ecosystem. While acknowledging near-term uncertainty, the firm contends that the growth and profitability outlook "looks attractive" and it keeps an Overweight rating and $430 price target on MongoDB shares.
• HOOD Morgan Stanley analyst Michael Cyprys says Robinhood's annual Active Trader Summit featured another broad set of product announcements, including "the two key products" the firm was watching, namely bringing agentic trading directly into the experience and announcing U.S. perpetual futures. Active trader enhancements were also broader than we expected, adds the analyst, who has an Overweight rating and $150 price target on Robinhood shares.

• UFPI Oppenheimer analyst Tyler Batory initiated coverage of UFP Industries with a Perform rating. The company is structurally better today than in the past, the firm believes. Value-added mix is higher, its Deckorators segment is scaling, and the balance sheet carries net cash that can be deployed into M&A and/or repurchases. However, management has guided units flat to slightly down this year, and EBITDA margin is more than 400 bps below its 12.5% long-term goal, notes Oppenheimer. The firm thinks this reflects its cyclical business and exposure to depressed end-market demand. While comps ease and there was organic growth in Q2, Oppenheimer still forecasts that EBITDA declines the rest of this year. These factors, combined with a valuation multiple near historical averages, suggest the risk/reward is balanced at current levels.
• CVCO Oppenheimer initiated coverage of Cavco Industries with an Outperform rating and $720 price target. The firm thinks the shares currently reflect organic shipments that are down, gross margin near trough levels, and uncertainty around the sustainability of recent demand improvement. Oppenheimer expects organic growth to turn positive starting in Q3 supporting higher ASP and margin recovery through FY28. The El Mirage project adds capacity in FY28, while share repurchases and M&A should continue given Cavco's net cash position, adds the firm. Oppenheimer expects this combination of higher earnings and improving fundamentals to support multiple expansion.
• SKY Oppenheimer initiated coverage of Champion Homes with a Perform rating. The firm believes the company should benefit from an attractive industry backdrop for manufactured housing, rising backlog, underutilized capacity, and an expanding captive retail platform that provides additional opportunities for M&A. However, Oppenheimer's estimates are largely below consensus, a margin recovery still requires stronger volume and execution, and shares trade above Champion's historical average valuation. With the benefits of recent retail expansion still developing, the firm sees balanced risk/reward at current levels.

• ARRY Piper Sandler lowered the firm's price target on Array Technologies to $4 from $5 and keeps a Neutral rating on the shares. Heading into Q3, the firm expects tracker company to hold book-to-bill greater than 1.0-times, with new offtake signings resilient at 4.9 gigawatts direct current in Q2, down just 8% year-over-year, and models solar additions peaking in 2028 against Solar Energy Industries Association's flat outlook through 2031. Section 232 was unveiled in August but is not effective until December 4, so Piper expects module orders to stay low as developers work through safe-harbored equipment and take longer to lock 2029-2030 scope and pricing. It reads this as pushouts, not cancellations.
• FSLR Piper Sandler analyst Dimple Gosai lowered the firm's price target on First Solar to $251 from $260 and keeps an Overweight rating on the shares. Heading into Q3, the firm expects tracker company to hold book-to-bill greater than 1.0-times, with new offtake signings resilient at 4.9 gigawatts direct current in Q2, down just 8% year-over-year, and models solar additions peaking in 2028 against Solar Energy Industries Association's flat outlook through 2031. Section 232 was unveiled in August but is not effective until December 4, so Piper expects module orders to stay low as developers work through safe-harbored equipment and take longer to lock 2029-2030 scope and pricing. It reads this as pushouts, not cancellations.
• NXT Piper Sandler lowered the firm's price target on Nextpower to $110 from $116 and keeps an Overweight rating on the shares. Heading into Q3, the firm expects tracker company to hold book-to-bill greater than 1.0-times, with new offtake signings resilient at 4.9 gigawatts direct current in Q2, down just 8% year-over-year, and models solar additions peaking in 2028 against Solar Energy Industries Association's flat outlook through 2031. Section 232 was unveiled in August but is not effective until December 4, so Piper expects module orders to stay low as developers work through safe-harbored equipment and take longer to lock 2029-2030 scope and pricing. It reads this as pushouts, not cancellations.

• MDB Stifel lowered the firm's price target on MongoDB to $385 from $465 and keeps a Buy rating on the shares. While noting that management "unexpectedly" increased its top-line long-term targets at the company's analyst day, the firm says it does not expect a meaningful re-rate in the stock until Atlas shows sustainable acceleration and a permanent CEO is named.
• SYK Stifel lowered the firm's price target on Stryker to $330 from $360 and keeps a Buy rating on the shares. Management highlighted two incremental, unanticipated pressures complicating the second half outlook at a competitor's healthcare conference earlier this month, notes the analyst, who is tweaking the firm's model to reflect that early September management commentary.

• CRL UBS resumed coverage of Charles River with a Buy rating and $357 price target. UBS assumed coverage of the contract research organization industry with a constructive view on fundamentals, citing its survey of 50 biopharma sponsors and analysis of research and development spending. The firm expects CRO market growth of 5.2%-6.2% per year through 2030. It believes internalizing non-human primate supply should drive operating margin expansion and earnings accretion for Charles River.
• ICLR UBS analyst Kevin Caliendo resumed coverage of Icon with a Neutral rating and $195 price target. UBS assumed coverage of the contract research organization industry with a constructive view on fundamentals, citing its survey of 50 biopharma sponsors and analysis of research and development spending. The firm expects CRO market growth of 5.2%-6.2% per year through 2030. It believes client-specific challenges could constrain Icon's bookings and margin growth.
• MEDP UBS resumed coverage of Medpace with a Neutral rating and $673 price target. UBS assumed coverage of the contract research organization industry with a constructive view on fundamentals, citing its survey of 50 biopharma sponsors and analysis of research and development spending. The firm expects CRO market growth of 5.2%-6.2% per year through 2030. It believes Medpace's "CRO-high valuation" and continued bookings volatility limit the stock's risk/reward.
• CERT UBS resumed coverage of Certara with a Neutral rating and $10 price target. UBS assumed coverage of the contract research organization industry with a constructive view on fundamentals, citing its survey of 50 biopharma sponsors and analysis of research and development spending. The firm expects CRO market growth of 5.2%-6.2% per year through 2030. It believes Certara's turnaround is in the early innings and would like to see more evidence of a recovery in software revenue growth before recommending the shares.
• BLDP UBS lowered the firm's price target on Ballard Power to $2.15 from $6.50 and keeps a Neutral rating on the shares. While ongoing cost discipline and exposure to data center-related demand provide a path toward improved profitability, the pace and magnitude of the path remain uncertain, the analyst tells investors in a research note.
• NESR UBS analyst Josh Silverstein tells investors in a research note that National Energy Services' two-day selloff of 20% creates provides an attractive entry for the best growth stock amongst oilfield services. The firm maintains a Buy rating and $46 price target.

• CPK Wells Fargo analyst Constantine Lednev raised the firm's price target on Chesapeake Utilities to $136 from $134 and keeps an Equal Weight rating on the shares after hosting CEO, CFO and senior management. Key focus remains on year-end update that will align five-year outlook with peers. The firm anticipates a lumpy, but top quartile growth compound annual growth rate. Florida City Gas and Florida Eastern Pipeline remain catalysts, but risk/reward looks balanced, in Wells' view.
• IOVA Wells Fargo raised the firm's price target on Iovance Biotherapeutics to $18 from $14 and keeps an Overweight rating on the shares. Following the updated guidance and management discussion, the firm notes Iovance's confidence in Amtagvi's second half of 2026 trajectory and 2027 growth. Wells also had positive takeaways on the competitive dynamics surrounding RP1's launch and the upcoming NSCLC data readout.
• FICO Wells Fargo lowered the firm's price target on FICO to $950 from $1,350 and keeps an Overweight rating on the shares. While lenders are still incentivized to pull both a FICO and VantageScore and submit the more favorable one to "game" the GSEs, now more of the time VantageScore is likely to produce better pricing, the firm notes. This will likely result in more lenders reducing the number of FICO pulls. This could also encourage some lenders to move fully away from FICO, argues Wells. That said, FICO's efforts to shift away from per-score pricing should help mitigate any impact, it adds.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: IDT IVA JEF MTN TRAK

• Bank America Future Car Conference 2026, 9/28
• Deutsche Bank 34th Annual Leveraged Finance Conference, 9/28-9/30, in Scottsdale, AZ

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for July
• 9:00 AM ET                   CaseShiller 20 city index M/M for July
• 10:00 AM ET                 Consumer Confidence for September
• 10:00 AM ET JOLTS Job openings for August
• 10:30 AM ET                 Dallas Fed Services Index for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR CNXC

• Deutsche Bank 34th Annual Leveraged Finance Conference, 9/28-9/30, in Scottsdale, AZ
• G2E Global Gaming Expo Meetings, 9/29-10/1, in Las Vegas
• RBC Capital 2026 Global Communications Infrastructure Conference, 9/29-9/30, in Chicago
• William Blair Biotech Conference, 9/29-9/30, in Chicago, IL
• China NBS Manufacturing PMI and Services PMI for September

• 8:15 AM ET ADP Private Payrolls for September
• 8:30 AM ET                   Personal Income M/M for August
• 8:30 AM ET                   Personal Spending M/M for August
• 8:30 AM ET PCE Price Index M/M for August
• 8:30 AM ET PCE Price Index Y/Y for August
• 8:30 AM ET                   Core PCE Price Index M/M for August
• 8:30 AM ET                   Core PCE Price Index Y/Y for August
• 8:30 AM ET                   Gross Domestic Product (GDP) Q2-final
• 8:30 AM ET GDP Consumer Spending for Q4-final
• 8:30 AM ET GDP Price Deflator for Q2-final
• 8:30 AM ET GDP PCE Price Index M/M for Q2-final
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q2-final
• 8:30 AM ET                   Advance goods Trade Balance for August
• 9:45 AM ET                   Chicago PMI for September
• 10:00 AM ET                 Dallas Fed PCE for August
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: BSET MU PRGS

• G2E Global Gaming Expo Meetings, 9/29-10/1, in Las Vegas
• RBC Capital 2026 Global Communications Infrastructure Conference, 9/29-9/30, in Chicago
• William Blair Biotech Conference, 9/29-9/30, in Chicago, IL

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 9:45 AM ET S&P Global Manufacturing PMI, Sept-final
• 10:00 AM ET                 Construction Spending M/M for August
• 10:00 AM ET ISM Manufacturing PMI for September
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: NKE

• Monthly Auto sales data for September

• 8:30 AM ET                   Private Payrolls for September
• 8:30 AM ET                   Manufacturing Payrolls for September
• 8:30 AM ET                   Unemployment Rate for September
• 8:30 AM ET                   Average Hourly Earnings for September
• 10:00 AM ET                 Factory Orders M/M for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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