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10-Year Treasury Yield Falls Below 5.2%, Financial Stocks Under Pressure
The yield on the 10-year Treasury note slipped below 5.2% for the first time in nearly two weeks on Tuesday, and yet sentiment in equities remained cautious, with little support from large financials ringing in the start of the Q3 earnings season.Energy was the best-performing sector in the S&P 500 as WTI crude oil gained for the fourth consecutive session, rising above $94 per barrel amid escalating conflict between Saudi Arabia and Yemeni Houthis. Healthcare was the worst-performing sector in the benchmark index, dragged down by disappointing Q3 results out of Johnson & Johnson. Financials were also under pressure, with shares of JPMorganending the day down nearly 1% after a rare earnings miss. Citiand Wells Fargofared worse, dropping 5.6% and 3.1% on earnings. In Tech, Semiconductor Equipment names were dragged down by a disappointing investor day presentation by Applied Materials, which shed 7% on the day, though Semiconductors - with the exception of more losses by Micron- largely held steady.In the opening hour of the evening session, S&P e-minis are a little changed while the Nasdaq 100 contract is down by 0.1%. Precious metals are holding steady, though the U.S. Dollar has pared some of its recent gains ahead of Wednesday's key CPI data.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -AZZ Inc.up 1.8%ALSO HIGHER -Liquidiaup 46.1% after settlement agreement with United TherapeuticsGameStopup 2.2% after insider buyLOWER -Biomea Fusiondown 31.5% after announcing Phase 1 GLP-131 clinical trial results for BMF-650Tarsus Pharmaceuticalsdown 2.7% after registering stock for holdersBank of Americadown 2.1% after disclosing $1.2B fine from the Treasury Department due to money laundering allegations
Nasdaq Composite Falls 1.3% as Tech Stocks Struggle
S&P 500 slipped for the second consecutive day while losses on the tech-dominant Nasdaq Composite accelerated, with the index finishing lower by 1.3% on Thursday. Technology was by far the worst-performing sector in the benchmark S&P as AI buildout theme was thumped by a Financial Times report, stating that OpenAI's annualized revenues were closer to $50B at the end of September - well below the $70B figure previously circulated. Micron, Sandisk, Intel, Broadcom, Seagate, AMDand Oraclewere among the 20 worst stocks in the S&P 500, with losses of at least 4%. Meanwhile, software and IT services stocks such as Accentureand Gartner- names viewed to be most exposed to AI disruption - rallied by at least 5%.In the opening hour of the evening session, S&P e-minis and Nasdaq 100 contracts are up a decimal. In commodities, WTI Crude Oil was off the highs but still above $91 per barrel. Energy prices rallied sharply this morning on reports that U.S. may conduct heavy strikes on Iran before the US midterm elections.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Park Aerospace Corp.up 2.7%Oil-Dri Corporation of Americaup 1.0%ALSO HIGHER -XORTX Therapeuticsup 23.9% as company outlines anticipated clinical trial application for XRx-026Humanaup 12.7%, Clover Healthup 10.9% after CMS published 2027 MA - Medicare Part C - and Part D Star RatingsGinkgo Bioworks Holdings, Inc.up 1.0% after announcing it will provide autonomous lab access to NSF X-Labs researchersLOWER -AT&Tdown 6.6%, T-Mobiledown 6.6%, Verizondown 6.2% following announcement by SpaceXthat it has acquired a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band.Alignment Healthcaredown 23.1%, CVS Healthdown 3.1%, Cignadown 1.8%, Elevance Healthdown 1.6% after CMS published 2027 MA - Medicare Part C - and Part D Star RatingsBraemar Hotels & Resortsdown 3.3% after FY27 guidanceAmerican Expressdown 1.8% after announcing consent to Federal Reserve and OCC compliance orders
S&P 500 Ends Three-Day Gain as 10-Year Treasury Yield Hits New High
S&P 500 broke a string of three consecutive gaining sessions, backing away from yesterday's record highs. Investors took greater caution as the yield on the 10-year Treasury note hit a fresh 24-year high of 5.36% before relatively strong demand in today's 10-year auction drove that rate back down to 5.28%, driving some relief into the equity space.Healthcare was the best-performing sector in the S&P 500 on Wednesday while Basic Materials and Industrials were the two worst areas of the market. Precious metals stocks were also weighed down by multi-week lows in Gold and Silver prices. Tech was mixed again, with profit-taking among some of the biggest cybersecurity names that had seen record highs overnight, as Palo Alto Networksfell 3% and CrowdStrikefell 5% . Computer hardware names were generally higher however, paced by 4% gains in Everpure. Also of note, Micronrebounded to post 4% gains after opening the day 3% lower due to labor action in Taiwan.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Applied Digitalup 4.1%Richardson Electronicsup 1.8%ALSO HIGHER -Wolfspeedup 20.8% after announcing a $1.5B 30-year loan from Department of WarvTv Therapeuticsup 5.5% after securing Orphan Drug Designation for HPPDLattice Semiconductorup 2.0% after announcing Arm collaboration on AI data center infrastructureDOWN AFTER EARNINGS -Resources Connectiondown 12.6%Levi Straussdown 1.6%ALSO LOWER -MicroVision.down 7.2% after FY26 outlookONE Gasdown 1.4% after downgrade to Hold at JefferiesCostco Wholesaledown 0.3% after September SSS data
Major Averages Decline After Fed Meeting Minutes Release
The major averages closed lower after the release of the Federal Reserve's September meeting minutes. According to minutes from the latest FOMC meeting, most Fed members are seeing increased economic momentum and expect another rate hike by year-end. Many members see higher rates on risk-management grounds, the minutes showed. Of note, the benchmark 10-year Treasury yield rose more than eight basis points to trade as high as 5.356%, reaching its highest level since April 2002.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Chevronwill divest ownership interests in Hess Midstreamand DJ Basin crude assetsConstellation Brandsreported upbeat Q2 results and provided FY27 guidanceSpaceXis seeking to raise $40B to purchase Nvidiachips, FT reportsMicrosoftintends to unveil a new laptop that utilizes Nvidiachips, Reuters reportsAccording to minutes from the last Federal Reserve meeting, most Fed members expect another rate hike by year-end2. WALL STREET CALLS:Marvellupgraded to Buy at TD CowenAppFoliodowngraded to Neutral at UBSFlutter Entertainmentupgraded to Buy at CitiMohawk Industriesdowngraded to Underperform at RBC CapitalCantor upgraded Humanainto this week's Stars announcement by CMS3. AROUND THE WEB:Disney+will stream Super Bowl LXI in 2027, Variety reportsThe Trump administration's HUD is investigating Wells Fargoover nearly a decade of programs aimed at increasing Black homeownership, examining whether the bank's commitments and practices violated fair-lending laws by favoring Black or other minority borrowers, WSJ reportsThe U.S. government, Meta, Google DeepMind, and Isomorphic Labs are committing $1.8B to Biohub's effort to build standardized open biological datasets for AI training, Reuters saysThe FBI removed an Accenturecontractor due to their role in a data breach that exposed the personal details of thousands of FBI employees, Reuters saysA workers' union at Micron'sTaiwan facility has received an authorization from its members to strike over the dispute regarding the company's bonus scheme, Reuters reports4. MOVERS:HPEgained after announcing the first four of its HPE ProLiant Gen13 Servers powered by 6th Generation AMDEPYC Server processorsModernaincreased after entering a multi-year collaboration with Tempus AIand MerckSkyworkswas higher after BofA raised its price target on the stockFarm equipment makers Deere, Caterpillar, CNH Industrial, and Agcofell after the FTC launched a probe into the sector over possible anticompetitive conductFortuna Miningwas lower in New York after reporting production results for Q35. EARNINGS/GUIDANCE:Safe Proreported preliminary Q3 resultsPenguin Solutionsreported Q4 results and provided guidance for FY27Neogenreported Q1 results and raised its outlook for FY27PepsiCoto report Q3 results on October 8Delta Air Linesto report Q3 results on October 9INDEXES:The Dow fell 341.41, or 0.66%, to 51,179.87, the Nasdaq lost 61.20, or 0.22%, to 27,538.69, and the S&P 500 declined 17.16, or 0.22%, to 7,801.77.
Google and Unity Partner to Launch New Gaming Platform
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.AI GAMING PLATFORM:Googleand Unityannounced a strategic partnership for a new, integrated gaming platform coming later this year designed to revolutionize the next era of gaming. Bringing together the power of Google AI, the reach of Google's billion user products, and the world-class game-building expertise of Unity, this initiative will put game creation in the hands of millions of new creators, and bring new experiences to billions of players worldwide. Google and Unity share a fundamental belief - that AI can open the opportunity of game creation to anyone with an idea for a game - and the two companies are teaming up to build that future together.The partnership unites Google's cutting-edge AI research with Unity's industry-leading engine technology to build something new: creation tools anyone can pick up, AI designed for interactive play, and a platform that is built for community driven features. To empower creativity for everyone, Google is deeply committed to working alongside Unity, uniting cutting-edge AI research with industry-leading engine technology. An essential part of this partnership is Google's experimental new Playground platform, available today, which allows users to generate and customize playable games using natural language prompts, with no coding required.Building on Playground, later this year Google and Unity will introduce an expanded creation experience called Unity Spark, a brand new product built from the ground up for a new generation of creators. Playground with Unity Spark will maintain an accessible interface while unlocking robust, professional-level mechanics, high-fidelity 3D capabilities, and the ultimate flexibility of the Unity runtime. This will ensure a comprehensive ecosystem where creators can start with a simple text prompt and eventually grow into building immersive, superlative experiences with Unity as the premier partner.SURFACE EVENT:At a Surface event, Microsoftintroduced laptop-capable AI coding model, noting that DeepSeek's V4 flash model can run on desktops and laptops with just 60 gigabytes of memory. The model outperforms GPT5 on some coding tasks, the company said during the event. Publicly traded companies in memory components include Micron, SanDisk, and SK Hynix.Microsoft also announced that Copilot can access documents and take actions on your PC using local AI models instead of Microsoft's cloud models. The company further said that Meta'sMuse AI model is coming to Windows soon. Microsoft added that Copilot features utilizing hybrid intelligence will launch over the coming months.BIOHUB:The U.S. government, Meta, Google DeepMind, and Isomorphic Labs are committing $1.8B to Biohub's effort to build standardized open biological datasets for AI training, including $300M from the tech companies and more than $500M from the Department of Energy, with additional NIH-funded datasets being incorporated, Reuters' Krystal Hu. The commitments follow the $500M that Biohub, a philanthropic venture of Meta CEO Mark Zuckerberg and his wife, Dr. Priscilla Chan, put into the project in April.PERSONAL AGENT PROTOCOL:Meta, Walmart, Stripe, and other companies are working to simplify the process of bringing AI technology into the business world, with plans to publish a "personal agent protocol," Kate Rooney of CNBC. AI startup Sierra CEO Bret Taylor, who is leading the initiative, told CNBC companies have a lot to do in order to determine how and when personal agents can access information. "Companies will know when it's a personal agent versus an actual person. For a lot of companies there's a risk: you don't want just a random bot that isn't acting on behalf of a person to have access to this service," Taylor said, according to CNBC.
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