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Major Averages Decline as 30-Year Bond Yield Hits Highest Level Since 2002
The major averages edged downward as borrowing costs continued to climb. The 30-year bond yield hit the highest level since 2002 and while some of stock weakness is being mitigated by a dip in oil prices, the commodity continues to trade at elevated levels with tensions between the U.S. and Iran unresolved.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:OpenAI has scrapped the launch of its upcoming GPT-6.1 model amid security concerns, WSJ reportsMetaannounced Muse for Small BusinessOura said it is postponing its IPO due to "uncertainty" in the IPO marketCarMaxreported upbeat Q2 earnings and revenue and said it plans to resume share repurchases in Q3Carnivalreported better-than-expected Q3 results and provided upbeat FY26 guidance2. WALL STREET CALLS:Deutsche Bank upgraded Netflix, sees attractive entry point after selloffPepsiCowas downgraded for a second straight day, with JPMorgan citing a stalled U.S. turnaroundMizuho upgraded Stitch Fixto Neutral with short case played outMonday.comdowngraded to Neutral at JPMorganGoosehead Insuranceupgraded to Buy at Texas Capital after Muse-driven selloff3. AROUND THE WEB:OpenAI is targeting $30B in new funds at a $1.4T valuation, Bloomberg reportsKalshi is in talks with Tiger Global and Dragoneer to raise $1B in funding, Reuters reportsDisneyis laying off several hundred staff across multiple departments, Variety saysAI research leaders at OpenAI, Anthropic, Microsoft, and Metaare calling for oversight into automated AI research, WSJ reportsAnthropic plans to spend $518B on cloud/infrastructure obligations, Reuters says4. MOVERS:Iovance Biotherapeuticsgained after raising its outlook for FY26Perella Weinbergincreased after the Wall Street Journal reported that Piper Sandleris in talks to acquire the companyOraclewas higher after announcing a new storage service for cloud with NetAppuniQurefell in New York after announcing additional data from its studies of ifezuntirgene inilparvovecXeriswas lower after Bloomberg reported that Lundbeck has expressed interest in acquiring Xeris5. EARNINGS/GUIDANCE:AAR Corp.reported Q1 results and provided guidance for Q2 and FY27IDT Corp.reported Q4 results, with EPS higher year-over-yearBWX Technologiesprovided guidance for FY26 and FY30SmartStop Self Storageraised its outlook for FY26Jefferies Financialreported Q3 results, with EPS and revenue beating consensusINDEXES:The Dow fell 131.59, or 0.26%, to 51,349.92, the Nasdaq lost 22.84, or 0.09%, to 26,797.54, and the S&P 500 declined 12.85, or 0.17%, to 7,670.84.
Major Averages Dip as 30-Year Bond Yield Hits Highest Level Since 2002
The major averages were fractionally lower near noon, adding to yesterday's declines as the 30-year bond yield hits the highest level since 2002. The losses may be somewhat mitigated by a dip in oil prices, though the commodity still remains above $90 per barrel amid continued tensions between the U.S. and Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:OpenAI has scrapped the launch of its upcoming GPT-6.1 model amid security concerns, WSJ reportsMetaannounced Muse for Small BusinessOura said it is postponing its IPO due to "uncertainty" in the IPO marketCarMaxreported upbeat Q2 earnings and revenue and said it plans to resume share repurchases in Q3Carnivalreported better-than-expected Q3 results and provided upbeat FY26 guidance2. WALL STREET CALLS:Deutsche Bank upgraded Netflix, sees attractive entry point after selloffPepsiCowas downgraded for a second straight day, with JPMorgan citing a stalled U.S. turnaroundMizuho upgraded Stitch Fixto Neutral with short case played outMonday.comdowngraded to Neutral at JPMorganGoosehead Insuranceupgraded to Buy at Texas Capital after Muse-driven selloff3. AROUND THE WEB:Piper Sandlerhas been in talks to acquire Perella Weinberg Partners, WSJ reportsJoost van Dreunen, an industry expert, told Bloomberg that Robloxwill benefit from the Take Two'sNovember's release of "Grand Theft Auto VI"Googlehas challenged two orders from the EU to help AI rivals access its services and search engine competitors use its search engine data, Reuters reportsAI research leaders at OpenAI, Anthropic, Microsoft, and Metaare calling for oversight into automated AI research, WSJ reportsAnthropic plans to spend $518B on cloud/infrastructure obligations, Reuters says4. MOVERS:Iovance Biotherapeuticsgains after raising its outlook for FY26Sweetgreenincreases after naming Baz as its first Chef in ResidenceOraclehigher after announcing a new storage service for cloud with NetAppuniQurefalls in New York after announcing additional data from its studies of ifezuntirgene inilparvovecImmix Biopharmalower after pricing its 11.36M share offering5. EARNINGS/GUIDANCE:AAR Corp.reported Q1 results and provided guidance for Q2 and FY27IDT Corp.reported Q4 results, with EPS higher year-over-yearBWX Technologiesprovided guidance for FY26 and FY30SmartStop Self Storageraised its outlook for FY26Jefferies Financialreported Q3 results, with EPS and revenue beating consensusINDEXES:Near midday, the Dow was down 293.73, or 0.57%, to 51,187.78, the Nasdaq was down 21.83, or 0.08%, to 26,798.55, and the S&P 500 was down 19.07, or 0.25%, to 7,664.62.
SmartStop Expects 2027 FFO Per Share to Increase by $0.05 to $0.06
SmartStop expects the investments, together with the associated equity financing, to be modestly accretive to full-year 2026 estimated FFO, as adjusted, per share, and accretive by approximately $0.05 to $0.06 to full-year 2027 estimated FFO, as adjusted, per share. SmartStop has initiated a strategic asset management program to pursue the opportunistic disposition of select wholly owned properties located in noncore markets, initially targeting $75 million to $125 million of property sales beginning in early 2027. These noncore markets are generally markets in which SmartStop owns only a handful of properties and where management believes the Company is unlikely to achieve the scale necessary to realize meaningful operating efficiencies or clustering benefits. SmartStop intends to use net proceeds from these dispositions to recycle capital into its core markets, where greater density allows SmartStop to leverage shared on-site staffing, marketing spend, and revenue management across multiple properties.
SmartStop Raises 2026 FFO Guidance to $2.03 per Share
Consensus $2.02. SmartStop is raising its full-year 2026 guidance for FFO, as adjusted, per share by $0.01, primarily attributable to increased same-store guidance. SmartStop is raising its full-year 2026 same-store guidance ranges as follows: same-store revenue growth to 0.75% to 1.75% from 0.50% to 1.50%; same-store operating expense growth to 0.00% to 1.00% from 0.25% to 1.25%; and same-store net operating income growth to 1.15% to 2.15% from 0.65% to 1.65%.
SmartStop Self Storage REIT Invests Approximately $140 Million in North America
SmartStop Self Storage REIT announced a series of strategic investments totaling approximately $140 million across Canada and the United States. These transactions align with four of the Deca Initiative's growth pillars including Disciplined Capital Allocation, Acquisitions Joint Venture, Third-Party Management further enhanced by bridge investment activity and continued clustering across SmartStop's core markets. These announcements build on a strong second quarter of 2026, in which SmartStop delivered sector-leading FFO, as adjusted, per share growth of 17.6% year-over-year. SmartStop has agreed to invest approximately CAD $74 million into a Canadian joint venture fund. The investment provides SmartStop with a 50% General Partner ownership interest and an approximate 34% Limited Partner ownership interest in 14 self-storage properties in Canada, comprising approximately 961,000 net rentable square feet and 9,600 units; the portfolio is in early lease-up and is approximately 50% physically occupied. The investment is structured as approximately CAD $49 million of LP equity and CAD $25 million of convertible preferred equity bearing a 6.5% coupon, convertible to LP equity in stages over the following 24 months at the Net Asset Value established at close, to provide an LP ownership of approximately 44% at the end of year two. SmartStop also has the opportunity to make additional investments of up to CAD $228 million over the next few years primarily in connection with additional self-storage properties being acquired by the fund. In connection with the investment, SmartStop will provide property management services on properties in the fund under five-year contracts, will receive a Right of First Offer on all fund properties, and has been awarded third-party management contracts on three additional Canadian properties outside the fund, along with exclusivity on future third-party management for future development projects by the fund's affiliates. The investment positions SmartStop as Canada's third-largest self-storage operator, with 70 operating properties, expanding SmartStop's presence in the existing markets of Vancouver, British Columbia, Calgary, Alberta, and the Greater Toronto Area, and establishing a new presence in the markets of Halifax, Nova Scotia and Quebec City, Quebec. Strategic Storage Canada also serves as a Canadian-domiciled vehicle, which can be utilized for future contributions from Canadian self-storage owners in a tax-efficient manner. SmartStop's investment reflects its continued conviction in the Canadian self-storage market. The same-store Canadian portfolio experienced occupancy increases of approximately 75 basis points year-over-year as of August 31, 2026, outperforming trends in SmartStop's U.S. portfolio over the same period. The investment and related transactions pertaining to this closing are subject to approval under the Canadian Competition Act and certain other closing conditions customary in transactions of this nature. SmartStop anticipates completing the transaction in the fourth quarter of 2026. SmartStop expects to acquire two stabilized properties in Las Vegas, Nevada, and Asheville, North Carolina, for approximately $37 million, comprising more than 186,000 net rentable square feet and approximately 1,600 units. These properties add additional clustering within SmartStop's existing footprint in two of SmartStop's top U.S. markets, including being SmartStop's 10th wholly owned asset in the Las Vegas MSA.
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