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U.S. markets paused amid mixed earnings and evolving geopolitics: the S&P 500 and Nasdaq traded near recent highs while the Dow lagged as cyclical names faltered. Volatility ticked up with safe-haven gold and silver surging, bond yields edging higher, and commodities like copper rallying on supply tightness. Major catalysts: AI valuations, rare-earth curbs and the Gaza ceasefire.
A fragile, first-phase Gaza ceasefire and hostage-release deal has been announced and is being implemented, prompting global diplomatic responses and cautious optimism. Markets and policymakers are reacting as parties begin steps outlined in the agreement.
34,400 – IRS employees furloughed amid the US government shutdown.
The U.S. federal government shutdown deepens, with lawmakers convening amid escalating operational impacts. Federal agencies are scaling back services, and the IRS has moved to furlough a large portion of staff.
Political pressure mounts over military pay as the shutdown threatens troop paychecks; lawmakers and families press leadership for solutions. The House speaker signals resistance to emergency action, intensifying strains on enlisted forces.
Costco sets new record members — Sales momentum intact
Costco reported another month of rising membership and strong sales, underscoring resilient consumer spending and fuelling investor confidence in the retail giant’s membership-led moat.
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Federal Reserve minutes show policymakers split: many back further cuts but concerns about inflation persist. Markets are parsing nuance in the Fed’s deliberations as investors weigh the path for rates.
Major global financial institutions warn of overheating in AI valuations, cautioning investors on a potential sharp correction. Central banks and the IMF flagged stretched prices and systemic risks tied to AI exuberance.
Jefferies reveals $715M exposure to failed First Brands — Scrutiny rises
Jefferies disclosed large exposure tied to the collapse of First Brands, raising concerns about risk management and potential knock-on losses for lenders and investors tied to the bankruptcy.
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Beijing has broadened controls on rare-earth exports, tightening oversight of materials critical to defense and chips. The measures increase geopolitical leverage ahead of high-level U.S.-China talks and are roiling supply-sensitive markets.
U.S. safety regulators have opened probes into Tesla’s Full Self-Driving tech after multiple incidents; the news is hitting the stock and prompting fresh scrutiny. Investors reacted quickly to escalating enforcement action.
China broadened rare-earth export controls and tightened licensing for related technologies; the IRS announced adjusted 2026 tax brackets and the US faces piecemeal funding moves amid a protracted shutdown.
Intel has begun production at its advanced Arizona fabs and unveiled Panther Lake, its first chips built on the 18A process — a pivotal step in its turnaround. The moves aim to reassure customers and reclaim manufacturing leadership.
TSMC’s sales surged as AI demand lifts orders, with the foundry beating estimates for September. The results underscore the continued chip-cycle strength tied to accelerated AI infrastructure spending.
“I’m far more worried than others.”
— Jamie Dimon
Institutional inflows into spot Bitcoin ETFs continue to tighten supply while major fund managers amass holdings, signaling growing mainstream crypto adoption. The surge is reshaping liquidity and asset allocation dynamics.
Precious metals are surging: gold topped $4,000 an ounce and silver pierced $50, driven by safe-haven buying amid geopolitical and macro uncertainty. The metals rally reflects investor hedging against policy and market risk.
HSBC moved to take Hang Seng Bank private in a major Hong Kong deal, and the market has reacted nervously to the price tag. The transaction marks a strategic Asia bet that is reshaping investor sentiment in bank stocks.
Ferrari’s capital-markets update and Elettrica reveal disappointed investors, triggering a steep share-price fall. The company also trimmed its electrification targets, stoking questions about luxury EV demand and strategy.
Delta beat expectations, raised guidance and its stock jumped as travel momentum rebounded. The results offer a bullish read-through for airlines and travel-related stocks amid resilient demand.
Air traffic control staff shortages and shutdown-driven absences are exacerbating flight delays across the U.S., straining the aviation system. Transportation officials warn of a significant rise in disruptions if the standstill continues.
Copper is rallying sharply on supply tightness and demand from electrification and AI infrastructure, prompting analysts to flag more upside and miners nearing buy points. The metals move is supporting commodity-sensitive equities.
The travel industry is taking a direct hit from the shutdown and airline failures: trade groups quantify huge weekly losses, while bankruptcies strand tourists and pressure regulators. The sector faces both near-term cash hits and reputational risks.
Apple is preparing technical and API changes to comply with Texas’ new age-verification law while warning of privacy risks. The moves set an early template for how big tech will adapt to state-level digital regulation.
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