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Adani Enterprises and Jabil Sign MoU for 50:50 Joint Venture
Adani Enterprises Limited, AEL, the company of the Adani Group, and Jabil have signed a non-binding Memorandum of Understanding, MoU, setting out the framework for a proposed 50:50 joint venture to manufacture and assemble artificial intelligence, AI, and data center equipment in India. The proposed joint venture remains subject to execution of definitive agreements and satisfaction of applicable approvals and customary conditions. Mike Dastoor, Chief Executive Officer, Jabil, said: "The signing of this MoU is the next step forward in our shared efforts to establish a scaled AI infrastructure manufacturing platform in India, a market we believe will become increasingly important for both domestic and global AI infrastructure demand. Integrating Jabil's 60 years of engineering and manufacturing expertise with Adani's significant infrastructure and energy capabilities, we can bring our rack-level data center solutions to more hyperscalers in India and around the world. We look forward to building on the work we started together in June."
Stock Futures Rise, Alphabet Shares Up 2%
Stock futures rose to start the new month and new quarter as investors continue to buy AI-related stocks. Stocks look to be starting October higher despite persistent oil and rate concerns, with the 10-year Treasury yield climbing to 5.34%, its highest level since 2002.In pre-market trading, S&P 500 futures rose 0.42%, Nasdaq futures were up 0.55%, and Dow futures added 0.39%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Alphabetup 2% after unveiling its latest Gemini modelConstellation Energyup 4% after the company said it signed a 20-year power purchase agreement with AmazonNu Holdingsup 6% after the company said it's not pursuing a deal with Monzo BankOracleup 2% following a report that said Tencentagreed to a five-year lease across the firm's data centers in Southeast AsiaVicorup 14% after raising its Q3 sequential growth guidance to more than 30% from more than 20%Rocket Labup 5% after Citi initiated coverage with a Buy ratingUP AFTER EARNINGS -Accentureup 17%McCormickup 4%Jabilup 1%DOWN AFTER EARNINGS -Microndown 1%Acuitydown 4%Progress Softwaredown 1%LOWER -Liquidiadown another 14% after a court ruling on patent infringement claims, falling further after a plunge yesterday
U.S. Personal Spending Increased 0.6% in August
The major averages had a mixed day after data showed inflation slowed last month. Inflation-adjusted U.S. personal spending increased 0.6% month-on-month in August, the most since March 2025, accelerating from a 0.1% rise in July. The core PCE price index, the Federal Reserve's preferred gauge of underlying inflation in the U.S. economy, increased by 0.2% from the previous month in August, less than market expectations of a 0.3% rise. From the previous year, the core PCE price index rose by 3%, below forecasts of 3.3%.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Boeinghad secured a 6th generation F/A-XX Strike Fighter deal for over $20BConagra Brandsreported upbeat Q1 results and reiterated its FY27 outlookJabilreported better-than-expected Q4 earnings and revenue and provided an upbeat core earnings outlook for Q1 and FY27HP Enterpriseraised its FY27 Networking revenue growth view and announced a $1.2B order from Vultr to deploy AMDHelios AI Rack by HPE systems at Vultr's cloud data center locationsRobinhoodannounced Robinhood Agents and extended equities trading to 24-72. WALL STREET CALLS:Modernadowngraded to Sell from Neutral at CitiTargetupgraded to Buy at HSBC on potential earnings upsideMobileyedowngraded to Equal Weight at BarclaysOppenheimer upgraded Niceas AI disruption fears ease, platform improvesFICOdowngraded to Neutral at BofA after FHFA removed "home field advantage"3. AROUND THE WEB:Xbox CEO Asha Sharma said the Microsoftgaming unit is "not for sale," NY Times reportsTSMCis looking into potentially investing in Texas to expand its chip production in the U.S., Reuters saysParamount Skydancehas been discussing to investors about the debt it will be selling to fund its Warner Bros. Discoverybuyout, but the longer it has been discussing, the more it has to pay, Bloomberg saysFordCEO Jim Farley said a supplier issue that affected F-150 pickup-truck output in recent days has been resolved, but the snag has impacted the company's Q3 wholesale numbers, Reuters reportsOpenAI employees warned executives months before a model-testing incident that its newest AI systems were not being adequately monitored or secured, but leadership prioritized meeting release timelines and did not add security protocols, NY Times reports4. MOVERS:Sagimet Biosciencesgained after reporting results from its Phase 3 ASC40-304 OLE trialMongoDBincreased after its board authorized an additional $1B in stock buybacksUiPathwas higher after expanding its partnership with SnowflakeLiquidiadropped after the U.S. District Court for the District of Delaware ruled that two of six '327 patent claims brought by United Therapeuticswere valid and infringed by LiquidiaGeneral Millswas lower after naming McNabb to succeed Harmening as CEO5. EARNINGS/GUIDANCE:FactSetreported Q4 results and provided guidance for FY27, with CEO Sanoke Viswanathan calling it a "strong" quarterCal-Maine Foodsreported Q1 results, with EPS and revenue lower year-over-yearConcentrixreported Q3 results and provided guidance for both Q4 and FY26Conduentprovided guidance for FY27 and FY28Workdayreaffirmed guidance for Q3 and FY27INDEXES:The Dow fell 443.87, or 0.86%, to 50,906.05, the Nasdaq gained 63.52, or 0.24%, to 26,861.06, and the S&P 500 declined 19.30, or 0.25%, to 7,651.54.
U.S. Personal Spending Increased 0.6% Month-on-Month in August
The S&P was higher near noon after new U.S. economic data showed inflation slowed last month. Inflation-adjusted U.S. personal spending increased 0.6% month-on-month in August, the most since March 2025, accelerating from a 0.1% rise in July. The core PCE price index, the Federal Reserve's preferred gauge of underlying inflation in the U.S. economy, increased by 0.2% from the previous month in August, less than market expectations of a 0.3% rise. From the previous year, the core PCE price index rose by 3%, below forecasts of 3.3%.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Boeinghad secured a 6th generation F/A-XX Strike Fighter deal for over $20BConagra Brandsreported upbeat Q1 results and reiterated its FY27 outlookJabilreported better-than-expected Q4 earnings and revenue and provided an upbeat core earnings outlook for Q1 and FY27HP Enterpriseraised its FY27 Networking revenue growth view and announced a $1.2B order from Vultr to deploy AMDHelios AI Rack by HPE systems at Vultr's cloud data center locationsRobinhoodannounced Robinhood Agents and extended equities trading to 24-72. WALL STREET CALLS:Modernadowngraded to Sell from Neutral at CitiTargetupgraded to Buy at HSBC on potential earnings upsideMobileyedowngraded to Equal Weight at BarclaysOppenheimer upgraded Niceas AI disruption fears ease, platform improvesFICOdowngraded to Neutral at BofA after FHFA removed "home field advantage"3. AROUND THE WEB:McDonaldsis using AI to guide its menu prices in the U.S. and certain global markets, Reuters reportsTSMCis looking into potentially investing in Texas to expand its chip production in the U.S., Reuters saysParamount Skydancehas been discussing to investors about the debt it will be selling to fund its Warner Bros. Discoverybuyout, but the longer it has been discussing, the more it has to pay, Bloomberg saysFordCEO Jim Farley said a supplier issue that affected F-150 pickup-truck output in recent days has been resolved, but the snag has impacted the company's Q3 wholesale numbers, Reuters reportsOpenAI employees warned executives months before a model-testing incident that its newest AI systems were not being adequately monitored or secured, but leadership prioritized meeting release timelines and did not add security protocols, NY Times reports4. MOVERS:Sagimet Biosciencesgains after reporting results from its Phase 3 ASC40-304 OLE trialMongoDBincreases after its board authorized an additional $1B in stock buybacksUiPathhigher after expanding its partnership with Snowflake)Mattelfalls after announcing the appointment of Roger Lynch as CEOGeneral Millslower after naming McNabb to succeed Harmening as CEO5. EARNINGS/GUIDANCE:FactSetreported Q4 results and provided guidance for FY27, with CEO Sanoke Viswanathan calling it a "strong" quarterCal-Maine Foodsreported Q1 results, with EPS and revenue lower year-over-yearConcentrixreported Q3 results and provided guidance for both Q4 and FY26Conduentprovided guidance for FY27 and FY28Workdayreaffirmed guidance for Q3 and FY27INDEXES:Near midday, the Dow was down 27.21, or 0.05%, to 51,322.71, the Nasdaq was up 284.71, or 1.06%, to 27,082.25, and the S&P 500 was up 44.81, or 0.58%, to 7,715.65.
Stock Futures Rise, Boeing Up 3%
Stock futures were higher after the Fed's preferred gauge showed core inflation at 3.0% in August, which was lighter than expected.In pre-market trading, S&P 500 futures were up 0.34%, Nasdaq futures were up 0.5%, and Dow futures were up 0.31%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Boeingup 3% after being selected to produce the U.S. Navy's F/A-XX Strike Fighter for over $20BAchieve Life Sciencesup 4% after Stifel initiated coverage with a Buy ratingGameStopup 2% after Chairman and CEO Ryan Cohen purchased $10.6M worth of sharesRobinhoodup 5% after unveiling Robinhood Agents and extending equities trading to 24-7Vandaup 4% after saying Hetlioz met its primary endpoint in a late-stage trial for adults with Delayed Sleep-Wake Phase DisorderDOWN AFTER EARNINGS -Cal-Mainedown 7%Concentrixdown 8%FactSetdown 3%Jabil Circuitdown 3%Conagradown 3%LOWER -Northrop Grummandown 4% after Boeing was selected to build a next-generation fighter jet by the PentagonModernadown 8% after Citi downgraded the stock to Sell
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