Early Look

Friday, September 25, 2026

After a mixed close to cap Thursday's session, U.S. stock futures are pointing to a higher open Friday, with Nasdaq futures leading the advance, up 146.50 points or 0.48% to 30,913, S&P 500 futures up 19.00 points or 0.24% to 7,786, and Dow futures adding 94.00 points or 0.18% to 51,811. In Asian markets, The Nikkei Index added to extend the week's gains while the Shanghai and the Hang Seng Indices both slipped. In Europe, the German DAX is up modestly to begin the final session of the week, while the FTSE 100 is edging higher alongside firmer energy names.

The 10-year Treasury yield ticked up 5 basis points to 5.16%, keeping pressure on rate-sensitive equities, while the dollar strengthened against the euro, with EUR/USD slipping 0.0066 to 1.1382, and the yen weakening to 158.26 per dollar. Gold surged $41.30 or roughly 1.0% to $4,339 an ounce, a fresh cycle high, while oil retreated — Brent crude fell $1.24 to $98.98 and NYMEX crude dropped $1.59 to $93.02 — as demand concerns outweighed geopolitical support. On the equity side, Akamai Technologies (AKAM) is surging 21% premarket on Anthropic partnership headlines, Nike (NKE) is down 1.56% after Bank of America downgraded the stock to Underperform and slashed its price target to $30 from $47, and Zscaler (ZS) fell 3.4% after announcing a chief revenue officer change late Thursday.

Eaton (ETN) announced an agreement to acquire COL Group for an enterprise value of €810 million, expanding data center and utility manufacturing capacity across EMEA with the deal expected to close in Q1 2027, while DraftKings (DKNG) faces regulatory scrutiny after Massachusetts gaming regulators said they would examine the company's use of artificial intelligence to target losing gamblers following a New York Times investigation. Tesla (TSLA) began deliveries of its Semi truck to initial customers at its Sparks, Nevada plant, reiterating a target of 50,000 units per year, though the company disclosed neither pricing nor near-term production volumes at Thursday's webcast event.

• The Dow Jones Industrial Average fell 161.61 points, or 0.31%, to 51,349.98.
• The Nasdaq Composite  rose 8.57 points, or 0.03%, to 30,478.86.
• The Russell 2000 Index fell 3.09 points, or 0.11%, to 2,835.57.

• 8:30 AM ET    Durable Goods – Less Transports for Aug
• 10:00 AM ET    University of Michigan Confidence, Sept-final
• 10:00 AM ET    University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET    Baker Hughes Weekly rig count data

• TD Cowen 3rd Annual Energy Conference, 9/23-9/25, in Austin, TX

• Danish intelligence warns Russia could launch an attack on a NATO member within months, adding to a growing chorus of European security alerts.
• A private survey shows China's exports to the U.S. jumped ahead of the Trump-Xi summit, though the leaders exchanged warm words at the state dinner with little substantive progress on key bilateral issues.

• Scholastic (SCHL) tumbled 12% in premarket trading following the company's latest quarterly results.
• YouTube, a unit of Alphabet (GOOGL), says it remains focused on internal safety efforts after Meta Platforms (META) calls for the platform to join a legal settlement.

• Tesla (TSLA) has begun deliveries of its Semi electric trucks to an initial set of customers at its Sparks, Nevada plant, nearly nine years after CEO Elon Musk first unveiled the vehicle, with the company reiterating plans to produce 50,000 units annually at the facility but declining to disclose pricing or near-term production volumes.
• MGM Resorts (MGM) is in discussions to acquire Barry Diller's IAC/InterActiveCorp subsidiary IAG People Incorporated (PPLI), which holds a roughly 27% stake in MGM, shortly after People Incorporated withdrew its own bid to acquire MGM Resorts.
• DraftKings (DKNG) faces a regulatory inquiry from the Massachusetts Gaming Commission after a New York Times investigation revealed the company deployed artificial intelligence to target losing gamblers with promotions designed to encourage additional betting.
• Ross Stores (ROST) was reiterated Buy at Citi following London investor meetings with senior management, with CEO Jim Conroy expressing confidence in the company's ability to sustain comparable-store sales growth through fiscal 2027 and noting that sales per square foot remain below TJX Companies' Marmaxx segment, which management does not view as a ceiling.

• Costco (COST) management guided that capital expenditure growth is expected to slow beyond fiscal year 2027.

• Chevron (CVX) price target raised to $250 from $218 at HSBC, which keeps a Buy rating and projects 2026-28 cash flow from operations rising 15%, 46%, and 23%, respectively, driven by the company's high upstream and liquids skew in a stronger oil price environment.
• Kodiak Gas Services (KGS) seen as increasingly favorable risk-reward by Citi following a greater-than-10% week-to-date selloff, with the stock currently implying only 1.0-1.3 GW of 2030 power capacity versus the company's 2 GW target and ascribing just $6-$10 per share of power value.
• Select Water Solutions (WTTR) climbs 5% in premarket trading following the announcement of an acquisition late yesterday.
• Atlas Energy Solutions (AESI) subsidiary Shackelford contracts with Wyoming Machinery Company for approximately $340.5 million in balance-of-plant equipment and roughly $273 million in 328 MW generator equipment.

• KKR (KKR) has completed the sale of a 16-hotel Japan portfolio operating under the Four Points Flex by Sheraton brand to a leading global institutional investor.
• KBW reiterates Outperform ratings on Essent Group (ESNT) and Radian Group (RDN) after FHA Acting Commissioner Joe Gormley stated the Trump administration is "very comfortable" with current single-family mortgage insurance premium levels, effectively taking an FHA premium reduction off the table heading into 2027.

• Merck (MRK) received FDA approval for Welireg (belzutifan) combined with Lenvima (lenvatinib) for previously treated adult patients with advanced clear cell renal cell carcinoma.
• Citi cut its price target on Acadia Pharmaceuticals (ACAD) to $33 from $40 and slashed its remlifanserin probability of success to 20% from 35% after the RADIANT Phase 2 ADP readout missed on its primary endpoint with a modest effect size of 0.26.
• Moderna (MRNA) CEO detailed the company's strategic approaches and development plans for its cancer vaccine pipeline, according to The Wall Street Journal.
• Regenxbio (RGNX) presented three-year durability data for surabgene lomparvovec in non-proliferative diabetic retinopathy, with a majority of Dose Level 3 participants achieving greater than a two-step DRSS improvement and no vision-threatening events or additional diabetic retinopathy treatment required.

• GE Aerospace (GE) was awarded a $199.7M U.S. Air Force contract, while Northrop Grumman (NOC) received a separate $123.8M U.S. Navy contract.
• ArcelorMittal (MT) remains unable to restart Ukraine operations following strikes that knocked the facility offline, according to Bloomberg.
• Citi views Dover (DOV) shares as an attractive entry point at a discount to long-term averages, citing durable multi-year upcycle potential at its SWEP unit and capacity expansions underway in Tulsa and globally supportive of mid-single-digit organic growth and double-digit EPS growth.
• Trane Technologies (TT) is positioned for sustained double-digit EPS growth driven by data center HVAC demand, energy efficiency investment, and a 25%-plus operating leverage framework, according to Citi following recent management meetings.

• Akamai Technologies (AKAM) surges 21% in premarket trading following Anthropic partnership headlines late yesterday.
• Zscaler (ZS) shares slip 3.4% premarket after the company announced a Chief Revenue Officer change late yesterday.

Mid-Morning Look

Thursday, September 24, 2026

U.S. stock markets opened at the lows following another day of higher oil prices, rising Treasury yields and some weakness in the AI sector this time after Oracle news (more below), but has pared losses with gains in Healthcare, Energy and Communications sectors while technology and Materials lag. Philadelphia Federal Reserve President Anna Paulson said on Thursday additional interest rate hikes may be needed to bring high inflation back to the US central bank's 2% target. Paulson, who is a voting member of the central bank's rate-setting Federal Open Market Committee, said "looking ahead, if conditions evolve as I expect, some modest further tightening may be warranted" to help get inflation back to the desired levels.

The euro extended losses against the US dollar to fresh 2 month lows of 1.1362, while Treasury yields jumped early before paring gains; gold prices hit one week lows and oil prices resume their upward momentum. Oil prices rose as diplomatic talks between the US and Iran showed little sign of progress. The moves follow the Fed raising interest rates for the first time in three years last week, and signalled further rate hikes this year. The US 10-year and 30-year Treasury yields hovered at a near two-decade highs. Oracle (ORCL) shares fall alongside BE and OWL after Bloomberg reported that Oracle sent OWL, the developer of its data center being built in New Mexico, a notice citing force majeure. Shares of BE also declined in reaction as Project Jupiter — the New Mexico AI campus — is planned to run on a very large Bloom fuel-cell microgrid.

• New home sales up 6.4% from previous month to SAAR of 684,000 in August vs. est. 620K; sales of new single-family homes in the U.S. jumped 6.4% from the previous month to a seasonally adjusted annualized rate of 684,000 in August, marking the highest level of sales since the start of the year and beating market expectations of 620,000 homes.
• August building permits revised to -2.1% from -2.7%, annual rate to 1.403M units from 1.394M units.

• REIT Sector: JP Morgan made several changes this morning as they upgraded WELL, EGP, MAC and REG to Overweight while downgrading ARE to Underweight citing downside risk to 2027 FFO/share estimates and GLPI and COLD to Neutral in a sweeping REIT sector ratings reshuffle. WELL was raised arguing that Street focus has shifted back to the company's multi-year outsized same-store NOI growth trajectory after a period of valuation-driven overhang. EGP upgraded on improving shallow-bay industrial leasing fundamentals and 2027–28 FFO growth potential it views as competitive across the REIT universe. SAFE was downgraded to Underweight as believes Safehold shares could be challenged in a "higher-for-longer" interest rate environment and SKT cut to Neutral from Overweight.
• Metals & Mining sector: KGC shares fell along with other gold and silver miners (AEM, AG, CDE, B, NEM) as precious metal prices decline again amid a rising US dollar and Treasury yields; separately, KGC said it now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86M gold equivalent ounces ("Au eq. oz.") expected per year.

• KNF +4%; after activist investor Starboard Value wants the company to commit to narrowing the gap between its EBITDA amortization margins and those of its peers in the next few years/wants them to evaluate strategic alternatives including a potential sale.
• META +2%; keynote from Connect last night showcase focused more on hardware (new Muse gadget +VR goggles + audio-only smart glasses) rather than genuine AI utility. META did announce more partnerships with retailers that Muse will seamless connect to.
• NBIS +4%; was upgraded to Outperform from Neutral at BNP Paribas and raised tgt to $399 from $260, while Bank America raised its FY27 and FY28 revenue estimates to $12.7B and $27.3B, above Street's $12.2B and $24.9B, respectively.
• P +18%; unveiled a broader growth strategy and issued a preliminary FY2028 outlook above analyst expectations as sees FY28 revs of $7B-$7.3B, implying 39%-45% growth and above the $6.37B consensus estimate, while non-GAAP operating income is projected at $1.7B-$1.9B, up 80%-100%.

• DBX -4%; was downgraded to Sell from Neutral at Citigroup saying the stock’s current valuation reflects too much success for Dropbox's pivot to AI storage infrastructure.
• DK -6%; shares fell after announces $400M convertible senior notes offering due 2031.
• MGM -10%; after Barry Diller's People Inc (PPLI) withdrew its proposal to purchase all public shares of MGM. People Inc, which owns a ~27% stake in MGM, had proposed to buy remaining shares for $48.30 each, valuing company at more than $18 billion.
• ORCL -6%; after Bloomberg reported that Oracle sent OWL, the developer of its data center being built in New Mexico, a notice citing force majeure. Shares of BE also declined in reaction as Project Jupiter — the New Mexico AI campus — is planned to run on a very large Bloom fuel-cell microgrid.
• SFIX -22%; shares tumbled as Q4 revs rose 4.2% y/y to $324.4M slightly below est. $325.5M, while net loss narrows but guides Q1 revs $323M-$328M below the consensus $360.7M and guides year revs $1.31B-41.36B vs. est. $1.4B; said Q4 Active clients fell -1.4% y/y to 2,277,000.
• TRU -2%; announced that CFO Todd Cello will step down after 29 years with the company, including nine years in the role. Cello will remain CFO through December 31, 2026, and serve as a full-time advisor through March 1, 2027, to support the transition.
• VKTX -14%; after announced the pricing of its concurrent public offerings of 7.85M shares of common stock, at a public offering price of $35.00 per share (off $41.65 closing price), and $225.0 million aggregate principal amount of 2.00% convertible senior notes due 2032.

Closing Recap

Friday, September 25, 2026

US equity futures bounced back overnight across the board. Rising yields continued to pressure the rate-sensitive names but investors broadly seem to be adjusting expectations. Durable goods were in-line and core durable goods slightly softer but didn’t move equities pre-market.  Gains began to evaporate shortly after the open, though, and the indices waffled between gains and losses as Treasury rates continued their upward trajectory. In sentiment today, the Fear and Greed Index remained in Fear territory at 38/100 versus 30 (Fear) last week, but well off last month’s 59 (Greed) level.

 By mid-morning, breadth favored decliners by 7:6 with IWM (-0.26%) versus SPY (+0.19%) and QQQ (+0.22%). SPY breadth was neutral while QQQ breadth favored advancers by 5:4. Sector performance tilted negative with Technology (+0.83%), Industrials (+0.45%) and Materials (+0.02%) outperforming while Real Estate (-0.41%), Energy (-0.93%) and Communications (-1.04%) paced the underperformers with 3 sectors gaining versus 8 declining.

Heading into the final hour of trading, equities held gains broadly, though larger-cap names NVDA, META, NFLX and TSLA were lower.  Breadth favored advancers by 10:7 with both SPY and QQQ breadth also favoring advancers.  IWM underperformed but remained in the green. Separately, Fars news reported around the time oil prices settled that an informed source said headlines about another round of negotiations are false and were being pushed in the US to manage oil and market prices. The market did not react in any meaningful way.

• Durable Goods Less Transports for August +0.3% versus estimate +0.6%.
• University of Michigan Sentiment, Sept-final 48.1 versus estimate 47.6.
• University of Michigan 1-yr and 5-yr inflation expectations 4.6% versus estimate 4.7% and 3.4%, in-line, respectively.
• Baker Hughes Weekly rig count up 3 at 455 (up 31 versus a year ago).

• Gold futures bounced overnight and remained to the upside, though finished off the highs and with a loss for the week. Some pointed to the decline in oil prices and hopes for a deal with Iran as a supporting factor for gold today, but the headwind will remain rising rates.  December gold futures settled +$23.20/oz, or +0.54%, at $4,321.20.

• Pool supply retailer LESL shares initially fell after reports that the company is preparing to file for Chapter 11 bankruptcy as soon as next week as it grapples with declining sales and a heavy debt load.
• Shares of MH drifted lower after announcing proposed an offering of senior secured notes and refinancing of credit facilities.
• Microcap Dog & pet product company BARK gapped higher initially after news GNK Holdings seeks a non-binding shareholder interest in potential $11.00 per share cash tender offer.
• COST shares gained despite mixed earnings and guidance reported last night.
•  NKE-owned Converse told employees it’s pausing all marketing this week after an earlier ad sparked outrage.
• SMG agreed to acquire the Black Kow brand and provided guidance for FY26 and FY27.

• GWW shares fell after Barclays cut Q3 and Q4 EPS estimates.

• Reuters reported that F’s F-150 truck production at Michigan plant will be down for nearly one week per internal memo.
• The EU delayed a vote on TSLA’s FSD until at least December.
• TSLA is beginning deliveries of its Semi trucks to the first set of customers this week, executives said ​at its plant in Sparks, Nevada, almost nine years after CEO Elon ‌Musk unveiled the electric big rigs.

• JPM begins phased rollout of data security center for third-party data management.
• BX's top PE executive, Joseph Baratta, is preparing to leave the firm, according to people familiar with the matter, the latest in a series of departures by senior leaders.

• CIFR initially popped after announcing a $5B, 10-year Barber Lake data center lease extension with an unnamed AI lab; to bear the first $359.3m of cost overruns.
• MSTR proposed daily dividends on preferred stock; Strategy is seeking shareholder approval to shift four preferred-stock series.
• Shares of AGO lifted following an upgrade from Roth Capital due to the company confirming their Brightline Florida OpCo bonds would be unaffected by Chapter 11.
• M&A website sparked a rally in PYPL shares after stating, “a U.S technology company based on the West Coast may be evaluating an all-stock takeover of PayPal after talks between the Stripe/Advent consortium ended.”
• COIN CEO Brian Armstrong notes SPCX’s grok is the leading Ai for agentic traders on Coinbase.

•  Amster Howard reports 9.0% stake in RWT as of September 18 - SEC filing.

• JNJ said tremfya® (guselkumab) is the first and only il-23 inhibitor to show significant improvement in spinal pain and stiffness in Landmark axial psoriatic arthritis (PSA) study.
• Shares of PGTX moved higher after a WSJ article highlighted the company in an article about “the Peptide Boom” along with JNJ, ABBV and TAK
• ADRX, an IPO on its 1^st day of trading, gaining nearly +30% from its $17.00 IPO pricing.
• RGNX’s stock initially moved upwards after reporting positive three-year durability data for surabgene lomparvovec in diabetic retinopathy at Retina Society Meeting.
• BMY announced the first presentation of results for zenbexus (iberdomide) in combination with daratumumab from phase 3 excaliber-rrmm trial in relapsed or refractory multiple myeloma.
• FDA approves RHHBY’s gazyva (obinutuzumab) to reduce relapse risk in pediatric/adult idiopathic nephrotic syndrome patients 2+ years.
• FDA approves INCY’s atebrioz (zilurgisertib) for fibrodysplasia ossificans progressiva in adults & pediatric patients 12 years+. 

• BMRA may offer up to $250M of common stock, Preferred stock, debt securities, and warrants per SEC filing

• JBL shares were aloft after last night’s SEC filing that said Akamai had authorized Jabil to buy about $1.7B of memory components under contract manufacturing agreement.
• Peru’s mining minister said his country expected to add 1M metric tons of annual copper output within 5-6 years. FCX

Technology

Internet, Media & Telecom
      •   VIAV shares were higher after announcing the company had achieved CMMC Level 2 certification    for aerospace and defense product lines.
      •   META misled New Mexico consumers, jury finds in trial over Cambridge Analytica scandal.
      •   META bolsters muse safety warning after Security vulnerability found per The Information

• MSFT introduced a new Copilot with home, code, and autopilot agent; says cowork, code, and autopilot run on usage-based billing.
• AI cloud company Nscale raised $3.36B in pre-IPO convertible financing supported by investors including NVDA, funds managed by APO, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council.
• Despite drifting significantly off of morning highs, shares of AKAM remained ~+5% higher in afternoon trading after the company announced a seven-year, $11.6 billion cloud services commitment from Anthropic on Thursday night.
• SONY and UMG sue Suno, accusing it of 'model laundering per The Verge.
• US prosecutors have closed an investigation into deals CRWD made with a distributor without taking further action per Bloomberg.
• Anthropic is asking shareholders to approve a Palantir-style structure granting its 7 co-founders 50.1% of voting power if three retain minimum stakes per The Information.
• GOOGL CEO Neal Mohan has rejected the idea of joining META’s multistate settlement agreement related to child safety, CNN reports.

• AMD saw its stock price lift moderately high following a PT raise by BofA, to $720 from $620.
• SKHYs Solidigm eyes a 2027 IPO that could value it at $150B, sources note.

Street Recommendations

Friday, September 25, 2026

B. RILEY

• PGEN B. Riley last night initiated coverage of Precigen with a Buy rating and $12 price target. Precigen is a newly commercial-stage immuno-oncology company whose lead product, Papzimeos, is the first and only FDA-approved therapy for adult recurrent respiratory papillomatosis, the analyst tells investors in a research note. The firm says the approval on August 14 carried no confirmatory trial requirement. Papzimeos' commercial launch is tracking ahead of recent rare oncology launches with sales in the second full quarter of $53.1M, says Riley.

BARCLAYS

• LGND Barclays analyst Glen Santangelo initiated coverage of Ligand with an Overweight rating and $345 price target. The firm says Ligand is "differentiated" with a focus on aggregating biopharma royalties. With "ample" balance sheet capacity and the investment team expansion, the company can generate long-term annual revenue growth over 20% with "significantly less clinical binary risk," the analyst tells investors in a research note.
• CRL Barclays raised the firm's price target on Charles River to $330 from $300 and keeps an Overweight rating on the shares after meeting with management. The firm says "appropriately conservative" estimates position Charles River for upside, while the company's new strategy provides "plenty of levers" to pull through 2030. The company has "ample opportunity" for acquisitions that would continue to reshape the business into higher growth markets, the analyst tells investors in a research note.
• GIS Barclays raised the firm's price target on General Mills to $37 from $36 and keeps an Equal Weight rating on the shares. The firm says the company is gaining or holding share in only two of its ten core categories.
• GWW Barclays lowered the firm's price target on Grainger to $1,172 from $1,185 and keeps an Underweight rating on the shares. The firm expects the company's fiscal 2026 gross margins to hit the lower end of guidance.
• HUM Barclays analyst Andrew Mok upgraded Humana to Overweight from Equal Weight with a price target of $515, up from $407. The firm cites greater conviction in Humana's Medicare star ratings for the upgrade. The star ratings release around October 8 will be a catalyst for the stock, the analyst tells investors in a research note. Barclays has an "increasingly constructive view" that Humana will flip several contracts to bonus status, including H5216, which covers 2.4M lives. The company enters the BY28 ratings cycle in a "much stronger position" than it did a year ago, contends the firm. It increased the probability that Humana's H5216 contract is upgraded to 75%.

BERNSTEIN

• CF Bernstein initiated coverage of CF Industries with an Outperform rating and $162 price target. The company has created shareholder value by growing nutrient per share, using excess cash generated from growth in nitrogen fertilizer demand to invest in low-cost capacity additions, the analyst tells investors in a research note. Bernstein sees CF's nutrient per share growth continuing. "Supportive" cyclical conditions will allow the company to generate excess cash and reinvest in buybacks and blue ammonia, contends Bernstein.
• MMM Bernstein upgraded 3M to Market Perform from Underperform with a price target of $171, up from $145. The company's ability to innovate has been "structurally transformed" through its research and development factory approach that manages product commercialization like a portfolio, the analyst tells investors in a research note. Bernstein also thinks 3M's previous issues that impacted R&D effectiveness will no longer impact the company on a go forward basis.
• COST Bernstein lowered the firm's price target on Costco to $1,143 from $1,144 and keeps an Outperform rating on the shares. The firm notes Costco delivered a beat in Q4 but says MFI growth remains the biggest question over the next 12 months as the U.S. market is relatively saturated while Costco doesn't expect any Asian store openings in the near term. Fundamentally, Bernstein maintains its conviction in Costco. Should there be any weakness in MFI growth in the near term, the firm expects it to be offset by other levers including retail media growth. Bernstein recommends buying on weakness in the event of a meaningful selloff on the back of MFI growth deceleration.

BMO CAPITAL

• OKTA BMO Capital raised the firm's price target on Okta to $230 from $187 and keeps an Outperform rating on the shares. After the company's Oktane 2026 event, the firm is remaining positive on identity's likely expanding total addressable market and Okta's position within the market segment, the analyst tells investors in a research note. Okta's AI portfolio can lead to meaningful additive growth as well as more share for existing Okta solutions and new logos wins, the firm added.
• ACAD BMO Capital lowered the firm's price target on Acadia Pharmaceuticals to $34 from $36 and keeps an Outperform rating on the shares. The company's RADIANT miss is a near-term headwind to shares, but future development remains promising, the analyst tells investors in a research note. Investors should not discount the potential for remlifanserin to show success in both Alzheimer's Disease Psychosis and Lewy Body Dementia Psychosis, the firm added.
• DRI BMO Capital lowered the firm's price target on Darden to $220 from $225 and keeps a Market Perform rating on the shares. The company's Q1 earnings were in line with consensus as stronger restaurant margins offset higher G&A costs, the analyst tells investors in a research note. Blended comps matched consensus as shortfalls at Olive Garden and LongHorn were offset by better Other Business and Fine Dining, though the reduced price target reflects a more uncertain consumer backdrop, the firm added.
• COST BMO Capital keeps an Outperform rating and $1,315 price target on Costco after its Q4 earnings beat. Key US and Canadian renewal rates remained positive, while global renewal rates inflected positive, the analyst tells investors in a research note. The stock is trading at its cheapest valuation in three years despite remarkably consistent top- and bottom-line results, which should remain supported by accelerating square footage growth and new e-commerce partnerships, the firm added.

BOFA

• NKE As previously reported, BofA analyst Lorraine Hutchinson downgraded Nike to Underperform from Neutral with a price target of $30, down from $47. The firm, which sees downside risk to earnings estimates and valuation as Nike's turnaround takes longer than expected, cut its FY27 and FY28 EPS estimates by 11% and 12%, respectively, and now expects sales declines through FY27. The firm notes that its FY27 EPS forecast is 14% below Visible Alpha consensus.
• AKAM BofA raised the firm's price target on Akamai to $185 from $175 and keeps a Buy rating on the shares after the company announced that Anthropic has committed to a $11.6B CPU cloud deal over the next seven years. The $11.6B revenue will start with a steady ramp from FY27-28, followed by $1.7B per year thereafter, and Akamai laid out a potential $9B expansion opportunity on top of that, the analyst tells investors. In addition, there is a warrant component and Anthropic has the right buy 3.1M shares at $111.33, added the analyst, calling the news "a game changer for Akamai."
• AMD BofA raised the firm's price target on AMD to $720 from $620 and keeps a Buy rating on the shares. Agentic AI requires compute across the system and the Anthropic/Akamai CPU infrastructure deal "further supports CPU importance in the agentic era," says the analyst, who models the server CPU total addressable market growing from $61B calendar year 2026 to $211B in calendar 2030. The firm raised its calendar 2027 and 2028 estimates for AMD by 2% and 3%, respectively.
• KMB BofA lowered the firm's price target on Kimberly-Clark to $120 from $122 and keeps a Buy rating on the shares. The firm reduced its Q3 organic sales estimate to down 3% year-over-year from up 0.7% due to headwinds from a China social media backlash, North America innovation launch delay, and North America professional distribution disruption.
• GRAB BofA analyst Sachin Salgaonkar lowered the firm's price target on Grab Holdings to $4.50 from $4.90 and keeps a Buy rating on the shares. The firm is factoring in the higher interest rate environment and reducing its FY27 EBITDA multiples for delivery and mobility, driving its price target adjustment.

CANACCORD

• BB Canaccord lowered the firm's price target on BlackBerry to $9.50 from $10.30 and keeps a Hold rating on the shares. BlackBerry's Q2 results reinforce that QNX is the core investment story, with record $80.3M revenue, 87% gross margins, FY27 guidance raised to $320M, and the first Alloy Kore design win adding more than $100M to royalty backlog, more than offsetting continued weakness in Secure Communications, the analyst tells investors in a research note.
• META Canaccord raised the firm's price target on Meta Platforms to $950 from $930 and keeps a Buy rating on the shares. Meta's Muse momentum is strengthening, with more than 2.5M downloads in its first two weeks, expanding distribution across retail, glasses, Mac, and a dedicated device, and multiple potential monetization paths, the analyst tells investors in a research note.

CITI

• ALLY Citi lowered the firm's price target on Ally Financial to $50 from $58 and keeps a Buy rating on the shares. The firm cites uncertainty around the company's net charge off losses and a higher assumed cost-of-equity amid higher interest rates for the target cut.
• SO Citi analyst Ryan Levine lowered the firm's price target on Southern Company to $104 from $114 and keeps a Buy rating on the shares. The company continues to announce new data center deals, the analyst tells investors in a research note.
• DRI Citi analyst Jon Tower lowered the firm's price target on Darden to $247 from $248 and keeps a Buy rating on the shares. The firm updated the company's model post the fiscal Q1 report. It views the shares as attractively valued.
• CBRL Citi raised the firm's price target on Cracker Barrel to $44 from $42 and keeps a Sell rating on the shares. The firm updated the company's model post the fiscal Q4 report.
• AMC Citi raised the firm's price target on AMC Entertainment to $2.20 from $1.80 and keeps a Sell rating on the shares. The company disclosed quarter-to-date revenue of $1.33B, above consensus, due to higher attendance, the analyst tells investors in a research note. Citi cites the better results for the target boost. It still has concerns over AMC's leverage and the "secular headwinds" facing the box office.

GUGGENHEIM

• ENTX Guggenheim last night initiated coverage of Entera Bio with a Buy rating and $11 price target. The firm says its bullish view on Entera shares is driven by "enthusiasm" for the company's N-tab platform. The platform opens up multiple large commercial opportunities for Entera to develop peptides that can be delivered orally and overcome the limitations of current injectable approaches, the analyst tells investors in a research note. Guggenheim says the company's pipeline is led by EB613, which will be starting a single Phase 3 trial by the end of the year in women with postmenopausal osteoporosis.

HOVDE GROUP

• PRK Hovde Group initiated coverage of Park National with a Market Perform rating and $190 price target.

HSBC

• BP HSBC analyst Kim Fustier upgraded BP to Buy from Hold with a price target of $51.30, up from $46. The firm believes the company will be under "much less strategic pressure" to sell assets to reduce liabilities, since its deleveraging will not be mainly reliant on divestments. HSBC expects BP to deleverage faster than previously forecasted and upgraded the shares following "substantial" increases in its commodity price estimates. The firm upped its Brent assumption to $90 per barrel for 2026 from $80 and 2027 price to $85 from $65.
• CVX HSBC raised the firm's price target on Chevron to $250 from $218 and keeps a Buy rating on the shares. HSBC upped estimates in the global integrated oil group citing its "substantial" increase in earnings estimates. The firm upped its brent oil assumption to $90 per barrel for 2026 from $80 and 2027 expectation to $85 from $65.
• E HSBC analyst Sadnan Ali raised the firm's price target on Eni to EUR 25.50 from EUR 24 and keeps a Hold rating on the shares. HSBC upped estimates in the global integrated oil group citing its "substantial" increase in earnings estimates. The firm upped its brent oil assumption to $90 per barrel for 2026 from $80 and 2027 expectation to $85 from $65.
• EQNR HSBC raised the firm's price target on Equinor to NOK 395 from NOK 335 and keeps a Hold rating on the shares. HSBC upped estimates in the global integrated oil group citing its "substantial" increase in earnings estimates. The firm upped its brent oil assumption to $90 per barrel for 2026 from $80 and 2027 expectation to $85 from $65.
• XOM HSBC raised the firm's price target on Exxon Mobil to $172 from $158 and keeps a Hold rating on the shares. HSBC upped estimates in the global integrated oil group citing its "substantial" increase in earnings estimates. The firm upped its brent oil assumption to $90 per barrel for 2026 from $80 and 2027 expectation to $85 from $65.
• SHEL HSBC analyst Kim Fustier raised the firm's price target on Shell to 4,240 GBp from 3,650 GBp and keeps a Buy rating on the shares. HSBC upped estimates in the global integrated oil group citing its "substantial" increase in earnings estimates. The firm upped its brent oil assumption to $90 per barrel for 2026 from $80 and 2027 expectation to $85 from $65.
• TTE HSBC upgraded TotalEnergies to Buy from Hold with a price target of EUR 93, up from EUR 80. The firm says the stock's valuation premium to Shell has disappeared while the company's buybacks could be raised. The analyst cites HSBC's higher commodity price assumptions and Hormuz base case for the upgrade. An extended disruption in the Middle East is more than offset by higher prices and margins, leading to higher earnings revisions and shareholder distributions as well as faster deleveraging for TotalEnergies, contends the firm.
• SNPS HSBC analyst Frank Lee upgraded Synopsys to Buy from Hold with a price target of $700, up from $490. The company's new business model will transform it from a "slow-growth software play to a high-growth AI beneficiary," the analyst tells investors in a research note. HSBC believes the business model changes could lift Synopsys' annual earnings growth from 7% to 28% through 2028, "creating significant re-rating potential." The design intellectual property royalty model will drive significant earnings growth, contends the firm.

JEFFERIES

• GPOR Jefferies downgraded Gulfport Energy to Hold from Buy with a price target of $180, down from $239. With near-term natural gas price risk "biased to the downside from a warm winter and associated gas growth," the firm views Gulfport's added leverage for acreage bolt-ons as "poorly timed," the analyst tells investors. The doubling of price per location degrades returns, the analyst added.
• CRK Jefferies initiated coverage of Comstock Resources with a Hold rating and $14 price target. Comstock is the equity most sensitive to changes in front-month natural gas prices, says the analyst, who views the risk/reward as "better than downbeat sentiment would suggest," but contends that elevated financial leverage and costly exploration add equity volatility "in both directions."

JPMORGAN

• GENI JPMorgan initiated coverage of Genius Sports with an Overweight rating and $8 price target, representing 40% upside from current levels. The stock's risk/reward is positive following the 47% drop year-to-date, the analyst tells investors in a research note. The firm says Genius offers a "scarce combo" of diversified above-market growth, improving profitability, and an attractive valuation. The company has "optionality" from the prediction markets that is not reflected in Street estimates, adds JPMorgan.
• LION JPMorgan analyst Alexey Philippov initiated coverage of Lionsgate Studios with an Underweight rating and $9 price target. The firm says Lionsgate is the only publicly traded, pure-play Hollywood studio with a 5%-6% share of the domestic box office and a platform agnostic content licensing model. Consensus estimates "leave little room for error," the analyst tells investors in a research note. JPMorgan also believes Lionsgate's "elevated" debt will weigh on its equity value. It assigns a "modest" 20% probability that the studio is sold in the next 12 months.
• COST JPMorgan lowered the firm's price target on Costco to $1,015 from $1,100 and keeps an Overweight rating on the shares. The company's results were generally in-line with expectations, the analyst tells investors in a research note. The firm says that while Costco's total member growth is a source of concern for the bears, this is mostly in the context of the stock's valuation. Costco remains the most consistent share gainer in the group with the most visible long term unit story, contends JPMorgan.
• PLNT JPMorgan sees a "tactical trading opportunity" in shares of Planet Fitness following the 18% selloff week-to-date. The recent launch of personal AI agents have caused volatility in frequency auto-pay based subscription models as awareness around cancellation capabilities picked up momentum, the analyst tells investors in a research note. JPMorgan believes "much of the unwarranted reaction" stems from the recurring "sell first, ask questions later" playbook seen during previous phases of various AI disruptions. The firm believes confidence around Planet Fitness' fundamentals could improve with the company's Q3 results. It keeps an Overweight rating on the stock with a $62 price target.
• STZ JPMorgan analyst Drew Levine lowered the firm's price target on Constellation Brands to $133 from $165 and keeps a Neutral rating on the shares ahead of the fiscal Q2 report on October 6. The firm reduced the company's Q2 and fiscal 2027 earnings estimates to reflect lowered beer margins. Constellation faced softer than expected consumption trends through the summer selling season and incremental inflation headwinds, the analyst tells investors in a research note.
• ACN JPMorgan raised the firm's price target on Accenture to $200 from $179 and keeps an Overweight rating on the shares as part of a fiscal Q4 preview. The firm reduced Accenture's earnings estimates on higher interest expense to fund inorganic growth.
• AKAM JPMorgan raised the firm's price target on Akamai to $167 from $158 and keeps a Neutral rating on the shares. The company's large deal with Anthropic affirms the differentiation of its platform and ability to drive favorable economics on capacity, the analyst tells investors in a research note.

KEYBANC

• CMCSA KeyBanc downgraded Comcast to Underweight from Sector Weight with an $18 price target. The firm thinks every Comcast key metric is likely to be worse than expected. The company's broadband net additions are deteriorating, its EBITDA is getting worse in Q4, and its theme parks decline is likely more material than anticipated, the analyst tells investors in a research note. KeyBanc does not view the spin-off of NBC Universal as a catalyst for the stock, saying the fundamentals both businesses key assets are "deteriorating and multiple compression is still possible." The firm sees risk to the stock with its estimates well below consensus.

MIZUHO

• TSEM Mizuho analyst Vijay Rakesh initiated coverage of Tower Semiconductor with an Outperform rating and $300 price target. The firm says optical connectivity is key to scaling bandwidth from 800G to 1.6T and 6.4T, unlocking the next wave of AI data center performance. Tower is the leading, fastest-growing foundry for silicon photonics chips inside optical connectivity transceivers, a market Mizuho estimates at $8.5B by fiscal 2029, the analyst tells investors in a research note. The firm believes Tower is outpacing rivals on capacity and share gains.
• CRL Mizuho raised the firm's price target on Charles River to $295 from $264 and keeps a Neutral rating on the shares following the investor day. The company introduced intermediate-term financial targets that were ahead of expectations, the analyst tells investors in a research note. The firm believes the outlook reflects increased confidence that recent recovery in biopharma demand is durable and supports a return to sustainable growth.
• COST Mizuho lowered the firm's price target on Costco to $1,065 from $1,100 and keeps an Outperform rating on the shares following the earnings report. The company posted solid comps with "slower, yet respectable" membership growth, the analyst tells investors in a research note. The firm still sees upside in the shares.
• DRI Mizuho raised the firm's price target on Darden to $245 from $235 and keeps an Outperform rating on the shares. The company's Q1 report shows the World Cup and Cyclospora impact are in the past, the analyst tells investors in a research note.
• ZS Mizuho analyst Gregg Moskowitz raised the firm's price target on Zscaler to $220 from $210 and keeps an Outperform rating on the shares after the company announced the promotion of Ross Tackett to Chief Revenue Officer. The firm sees "continuity, not disruption." "While investors are questioning the absence of a formal guidance reiteration, our sense is that management deemed it unnecessary given Mr. Tackett's integral role in developing the outlook," the analyst tells investors in a research note.

MORGAN STANLEY

• SNX Morgan Stanley analyst Erik Woodring raised the firm's price target on TD Synnex to $359 from $334 and keeps an Overweight rating on the shares after the company "handily beat" expectations with fiscal Q3 results and guided Q4 above buyside expectations. Growth durability looks increasingly underwritten into FY27, adds the analyst, who believes the stock is "too cheap."
• BEN Morgan Stanley raised the firm's price target on Franklin Resources to $35 from $34 and keeps an Equal Weight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• BLK Morgan Stanley lowered the firm's price target on BlackRock to $1,479 from $1,488 and keeps an Overweight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• IVZ Morgan Stanley analyst Michael Cyprys raised the firm's price target on Invesco to $31 from $30 and keeps an Equal Weight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• TROW Morgan Stanley lowered the firm's price target on T. Rowe Price to $110 from $116 and keeps an Equal Weight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• VCTR Morgan Stanley analyst Michael Cyprys raised the firm's price target on Victory Capital to $115 from $91 and keeps an Equal Weight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• VRTS Morgan Stanley lowered the firm's price target on Virtus Investment to $120 from $130 and keeps an Underweight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.
• WT Morgan Stanley raised the firm's price target on WisdomTree to $27 from $21 and keeps an Equal Weight rating on the shares. The firm is "modestly" raising Q3 EPS estimates by about 3% on average across its asset managers coverage and would "stay selective" into Q3 results as a choppy tape limits market-driven upside despite improving flows and expense discipline, the analyst tells investors in a preview for the group.

NEEDHAM

• PDFS Needham analyst Charles Shi initiated coverage of PDF Solutions with a Buy rating and $60 price target. PDF is the only end-to-end semiconductor data analytics platform that spans fabless, foundry, outsourced semiconductor assembly and test, and equipment, the analyst tells investors in a research note. Needham says that with the yield burden shifting more to fabless due to advanced packaging and multi-foundry sourcing, PDF is positioned to gain share as the operator of the data platform and the provider of data analytics that is built on its data advantage. "Strong network effects inherent in its platform should propel PDFS' growth for years to come," contends the firm.
• WLTH Needham initiated coverage of Wealthfront with a Buy rating and $13 price target. The company is currently the only public pure-play robo-advisor, offering both cash management and investment accounts, also scaling a recently launched mortgage business, the analyst tells investors in a research note. Wealthfront runs a genuinely differentiated, high-margin automated wealth platform with a favorable multi-decade demographic tailwind behind it, and it can continue expanding the product suite to meet customer needs as the "digital native" population progresses along their financial journey, the firm added.

PIPER SANDLER

• AKAM Piper Sandler raised the firm's price target on Akamai to $158 from $125 and keeps an Overweight rating on the shares after the company announced a material expansion of its existing Anthropic deal for $11.6B, implying about $1.66B ARR that alone is four times larger than the CIS' ARR at the end of Q2 2026 and will reach this run-rate by Q4 2028. The deal can be expanded to up to $20B, and includes Anthropic taking a stake in Akamai. While the firm had been expecting large deals to come in, "the magnitude of this one is impressive and drastically changes the financial profile," as it sees Akamai becoming a "hypergrowth" asset from a "value" asset with CIS onpace to surpass even Security by no later than Q4 2028 at this pace. Piper doesn't believe Akamai is done in executing large CPU or GPU based deals, and continues to want to own the acceleration and transition towards higher-growth Compute.
• META Piper Sandler raised the firm's price target on Meta Platforms to $875 from $785 and keeps an Overweight rating on the shares. The firm is increasingly bullish on Meta following Connect and the launch of the Muse agent. Muse is not included in Piper's estimates, but the firm lays out a forecast that shows $44B in 2030 revenue. Piper sees advertising as a monetization opportunity, plus subscriptions and take rate. Further, product launches and better strategic focus can drive multiple expansion.

RAYMOND JAMES

• AXGN Raymond James raised the firm's price target on AxoGen to $53 from $48 and keeps an Outperform rating on the shares. AxoGen's growth profile remains compelling, led by its rapidly growing Breast segment and greater resource allocation, while BioCircuit/NerveTape could deepen Avance penetration and expand the opportunity despite some modest Axoguard cannibalization, the analyst tells investors in a research note.

STEPHENS

• OKTA Stephens analyst Todd Weller raised the firm's price target on Okta to $240 from $190 and keeps an Overweight rating on the shares. The firm came away from Oktane 2026 with continued conviction in the growth opportunity for identity security and Okta's growth acceleration potential, the analyst tells investors.
• KMX Stephens analyst Jeff Lick raised the firm's price target on CarMax to $74 from $66 and keeps an Overweight rating on the shares ahead of the company reporting fiscal Q2 earnings before market open on Tuesday, September 29. The firm notes that its Q2 and Q3 EPS estimates are above the Street consensus.

TD COWEN

• META TD Cowen raised the firm's price target on Meta Platforms to $865 from $750 and keeps a Buy rating on the shares. TD upped Meta's revenue, EBITDA and earnings estimates following the Connect event. The company announced new audio glasses and an AI charm device, all of which are deeply integrated with the Muse AI agent, the analyst tells investors in a research note. The firm believes the products are the "clearest signs to date" of potential return on investment from Meta's ongoing AI spending. Muse AI represents Meta's clearest potential return on AI investment outside of the core business, contends TD. It estimates worldwide Muse AI revenue rising from $55M in 2026 to $1.8B in 2027 and $27B in 2031.

UBS

• STEM UBS upgraded Stem to Buy from Neutral with an unchanged price target of $7. The company's Q2 "provided the clearest evidence to date" that its software-centric strategy is producing a "sustainable earnings inflection," the analyst tells investors in a research note. UBS points out that Stem's bookings increased 39% quarter-over-quarter while its contracted backlog rose 18%. It believes the market is underestimating Stem's EBTDA growth at current share levels.
• CHE UBS initiated coverage of Chemed with a Buy rating and $650 price target. The firm believes the company can achieve low-double-digit adjusted earnings growth going forward. Based on the current share price, the buy-side is implying 2028 adjusted earnings per share for Chemed of $25.00, which is well below UBS' $31.14 estimate, the analyst tells investors in a research note. The firm says the stock's current valuation offers an attractive entry point.
• TTE UBS analyst Kim Fustier upgraded TotalEnergies to Buy from Neutral with a price target of EUR 93, up from EUR 80. The firm cites its higher commodity price assumptions and Hormuz base case for the upgrade. An extended disruption in the Middle East is more than offset by higher prices and margins, leading to higher earnings revisions and shareholder distributions as well as faster deleveraging for TotalEnergies, contends HSBC.
• PATH UBS analyst Radi Sultan lowered the firm's price target on UiPath to $14 from $15 and keeps a Neutral rating on the shares. UiPath's 2H net-new annual recurring revenue guide is increasingly achievable, with stronger demand in Federal/Defense and the middle market around Intelligent Document Processing/Intelligent Xtraction and Processing, but pricing pushback and continued reliance on core robotic process automation, alongside limited evidence that Coding Agents are driving broad-based acceleration, leave 10% FY28 ARR growth looking difficult to exceed, the analyst tells investors in a research note.

WELLS FARGO

• COST Wells Fargo lowered the firm's price target on Costco to $950 from $1,000 and keeps an Equal Weight rating on the shares. The firm acknowledges the solid Q4, though tariff refunds and richer fuel margins more than explain the beat. Gross margin strength is notable, member growth is normalizing lower, and refund reinvestment continues into FY27, says Wells.
• SHW Wells Fargo lowered the firm's price target on Sherwin-Williams to $340 from $360 and keeps an Equal Weight rating on the shares. Following the company's 2026 Investor Day, the firm believes near-term fundamental concerns regarding rising rates, sluggish demand, and raw material inflation overshadow its consistent delivery of above-market growth through cycles.
• MS Wells Fargo lowered the firm's price target on Morgan Stanley to $223 from $240 and keeps an Equal Weight rating on the shares. The firm is also lowering estimates to reflect slower underwriting, lower FICC trading and one-off headwinds. Morgan Stanley has carry reversals in asset management, which will cause negative performance fees/gain on sale, adds Wells.

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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