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Fed officials signal patience on rate cuts as CPI holds above 2% target
Multiple Federal Reserve officials spoke Tuesday reiterating a data-dependent approach to monetary policy, with Chair Powell noting that while inflation has cooled significantly, the central bank needs more confidence before easing.
S&P 500 pushes above 5,200 as mega-cap tech leads session gains
The S&P 500 climbed 0.4% to session highs above the 5,200 level, led by gains in NVIDIA, Microsoft and Apple. The NASDAQ 100 outperformed, adding 0.7% as investors positioned ahead of Wednesday's CPI report.
10-year Treasury yield slides to 4.27% ahead of Wednesday's CPI print
US government bonds rallied in morning trade, pushing the benchmark 10-year Treasury yield down 3.2 basis points to 4.27%. The 2s10s yield curve steepened modestly as short-end yields declined less.
Dollar index retreats 0.2% on softer ISM services; EUR/USD reclaims 1.0850
The US dollar weakened against most major peers after ISM services data came in slightly below expectations at 51.5, raising questions about the breadth of US economic strength. EUR/USD climbed back above the 1.0850 handle.
NVIDIA options market pricing 8% move on earnings next week; implied vol spikes
Options traders are bracing for a significant earnings reaction from NVIDIA, with the options market implying an 8.1% move in either direction following the company's fiscal Q3 results scheduled for September 25 after the close.
OPEC+ holds November output targets unchanged; WTI crude settles near $78
OPEC+ ministers agreed to maintain current production quotas through November, disappointing some traders who had hoped for supply cuts following recent price weakness. WTI crude settled around $78 per barrel.
China GDP beats consensus at 5.3% YoY; Hang Seng adds 0.5% on open
China's economy expanded 5.3% year-on-year in Q2, beating the 5.1% consensus estimate. Industrial output and retail sales both surprised to the upside. Hong Kong's Hang Seng index opened higher by 0.5% on the data.
UK CPI falls to 2.3% — first time at Bank of England target since 2021
UK consumer price inflation fell to 2.3% in August, the first reading at or below the Bank of England's 2% target since early 2021. The data increases expectations for a rate cut at the November MPC meeting.
Bitcoin reclaims $63,000 amid renewed ETF inflows and risk-on appetite
Bitcoin climbed back above $63,000 for the first time this week, supported by a record $485M in net inflows to US spot Bitcoin ETFs on Monday. Ethereum also gained, adding 0.8% to trade near $3,420.
Goldman Sachs raises S&P 500 year-end target to 5,600 on earnings resilience
Goldman Sachs equity strategists raised their S&P 500 year-end price target from 5,400 to 5,600, citing stronger-than-expected Q2 earnings results and resilient consumer spending. The bank maintained its 2026 target of 6,000.
ECB expected to deliver 25bp rate cut Thursday; EUR/USD steady ahead of decision
The European Central Bank is widely expected to cut its key interest rates by 25 basis points at Thursday's meeting, following easing inflation and slowing Eurozone growth. EUR/USD traded near 1.0845, little changed.
Apple unveils iPhone 17 lineup; stock climbs 0.8% on strong pre-order outlook
Apple held its annual hardware event at Apple Park, announcing the iPhone 17 lineup featuring a new camera architecture and AI-powered features. Pre-orders open Friday. Analysts cited improved upgrade cycle as a bullish catalyst.
Microsoft announces $3B AI infrastructure investment in Southeast Asia
Microsoft announced a $3 billion investment in cloud and AI infrastructure across Indonesia, Malaysia, and Thailand over the next four years, its largest commitment to the region. The investment includes training 2.5 million people in AI skills.
Gold hits one-week high as geopolitical tensions lift safe-haven demand
Gold spot prices climbed 0.5% to a one-week high near $2,341/oz, supported by ongoing Middle East tensions and a softer US dollar. Analysts noted technical support at the $2,300 level.
ExxonMobil and Pioneer complete $60B merger; creates largest US shale producer
ExxonMobil completed its $60 billion acquisition of Pioneer Natural Resources, creating the largest oil producer in the Permian Basin with output of over 1.3 million barrels per day. Exxon expects $3B in synergies by 2027.
Biotech Moderna falls 8% after Phase 3 trial miss; rivals rally
Moderna shares tumbled over 8% after its mRNA-based cardiovascular drug failed to meet its primary endpoint in a Phase 3 clinical trial. Rival vaccine makers saw modest gains on the news.
Instacart parent Maplebear prices IPO at $30 per share; values firm at $9.9B
Maplebear Inc., the parent company of grocery delivery platform Instacart, priced its IPO at $30 per share, raising approximately $660 million. The offering values the company at $9.9 billion, below its 2021 private valuation of $39 billion.
Japan yen holds near 150; Bank of Japan official hints at rate path uncertainty
The Japanese yen held near the 150 per dollar level as a Bank of Japan board member said the timing of further rate hikes remains highly uncertain, citing global economic headwinds. USD/JPY traded at 149.78.
Natural gas jumps 2% on forecasts of cooler-than-normal US temperatures
US natural gas futures surged over 2% as weather forecasts shifted toward below-normal temperatures across the central and eastern United States for the first two weeks of October, boosting heating demand expectations.
Warren Buffett's Berkshire Hathaway increases stake in Occidental Petroleum to 28%
Berkshire Hathaway disclosed it purchased an additional 7.3 million shares of Occidental Petroleum, bringing its total stake to approximately 28%. Berkshire also holds warrants to acquire another 83.9 million shares.