Markets Finish the Week Strong: U.S. stocks closed out a winning week Friday, led by enthusiasm for AI, despite the government shutdown delaying the monthly jobs report. The Dow Jones Industrial Average (^DJI) briefly touched 47,000 before trimming gains to close up 0.5% at a record high. The S&P 500 (^GSPC) rose modestly to another record, while the Nasdaq Composite (^IXIC) ended down 0.3%, dragged lower by Tesla shares. For the week, all three major indexes posted gains exceeding 1%.
Cryptocurrencies Advance: Bitcoin (BTC) hovered just below $123,000, nearing new highs amid market uncertainty and seasonal tailwinds. Ether (ETH) climbed above $4,500, supported by broader risk-on sentiment.
Oil and Energy Markets: Chevron (CVX) traded flat after a fire at its El Segundo refinery. WTI crude rose 0.6% to $60, Brent crude gained 0.5% to $64, though oil fell roughly 7% for the week, its largest weekly decline since June.
Gold Hits Record High: Gold continued its rally, reaching a new record of $3,906.10 per ounce.
Industrials and Utilities Reach All-Time Highs: Industrials (XLI) and Utilities (XLU) both hit record levels Friday as the AI trade spread beyond tech.
Treasury Yields: The 10-year Treasury yield edged up to 4.09%, while the 30-year held steady at 4.6%.
Jobs Report Delayed: The September jobs report was postponed; economists had expected roughly 50,000 new jobs and an unchanged 4.3% unemployment rate. The ISM services index eased but remained at 50, signaling continued expansion despite weaker employment data.
Fed Outlook: Futures show a 97% chance of another Fed rate cut in October, according to CME FedWatch.
Russell 2000 Gains: The Russell 2000 rose 1.5%, bringing its year-to-date gain to nearly 12% and supporting broader market optimism.
Amazon and Cloud Optimism: DA Davidson's Gil Luria reiterated a Buy rating on Amazon (AMZN), citing improving momentum in AWS cloud sales. Goldman Sachs' Eric Sheridan also maintained a Buy, highlighting continued optimism around cloud growth.
Applied Materials Warns of Revenue Hit: Applied Materials (AMAT) shares slipped after the chipmaker warned of a $600 million hit to fiscal 2026 revenue due to tightened U.S. export restrictions affecting semiconductors, aircraft, and medical equipment.
Tesla Stock Climbs on Q3 Deliveries: Tesla (TSLA) rose following a strong third-quarter global delivery report. Analysts noted the expiration of the $7,500 federal EV tax credit likely pulled forward U.S. sales.
Hitachi Jumps on OpenAI Partnership: Hitachi (6501.T) shares surged 9%, its largest gain since April, after announcing a strategic partnership with OpenAI (OPAI.PVT), reflecting growing collaboration between Japanese tech firms and U.S. AI leaders.
Quantum Computing Stocks Rally: The quantum computing sector surged this week: Rigetti Computing and Quantum Computing each gained 27%+, D-Wave Quantum rose 23%, Arqit Quantum jumped 37%, and IonQ added 9%, extending prior gains.
Boeing Faces 777X Delay: Boeing (BA) may push commercial service for its 777X aircraft to 2027. Shares rose slightly Thursday but fell early Friday. Fair Isaac (FICO) rallied after announcing a direct-licensing program, leading the S&P 500.
Rivian Delivers Strong Q3, Shares Dip: Despite a 32% jump in Q3 deliveries that beat expectations, Rivian (RIVN) shares fell on weak forward guidance before rebounding slightly.
Rumble Gains on AI Partnership: Rumble (RUM) rose after unveiling a partnership with Perplexity, an AI-powered search and answer platform.
USA Rare Earth Surges: USA Rare Earth (USAR) spiked following reports that the company is in "close talks" with the White House.
GameStop Plans Asset Sale: GameStop (GME) declined after filing plans to sell a mix of assets, including common stock and debt, for an undisclosed amount.
Johnson & Johnson Upgraded: Wells Fargo upgraded Johnson & Johnson (JNJ) to Buy, citing strong medicine sales projections and U.S. manufacturing expansion. Goldman Sachs CEO David Solomon expects U.S. economic growth to strengthen into 2026 despite labor and geopolitical challenges.
McDonald's Monopoly Returns: McDonald's (MCD) is bringing back its Monopoly promotion in the U.S. for the first time in nearly a decade. Analysts say it could boost sales, app engagement, and customer loyalty, with Jefferies calling the return a "positive catalyst."
OpenAI Becomes World's Most Valuable Startup: OpenAI has reportedly surpassed Elon Musk's SpaceX and ByteDance, reaching a $500 billion valuation following a $6.6 billion secondary stock sale involving current and former employees and investors including Thrive Capital, Dragoneer, T. Rowe Price, SoftBank, and the UAE's MGX.
Jeff Bezos on AI Bubble: Amazon founder Jeff Bezos warned that investor excitement around AI may be turning into a bubble. Speaking at Italian Tech Week in Turin, he noted that "every experiment and every company" is getting funded, but stressed that AI remains a real and transformative force.
Rick Perry's Fermi Soars 55% After $683 Million IPO, Riding AI Energy Boom
Fermi Inc., the energy-focused REIT co-founded by former U.S. Energy Secretary Rick Perry, surged 55% on the day of its Nasdaq debut after raising $682.5 million in its IPO—underscoring investor enthusiasm for AI-linked energy plays. Shares closed at $32.53, well above the $21 offering price, giving the Amarillo-based firm an estimated market value near $19.3 billion. The company's flagship "Project Matador," a 5,000-acre advanced energy and data center campus leased from Texas Tech University, aims to deliver one gigawatt of power by 2026 and expand to 11 gigawatts by 2038 using natural gas, solar, and nuclear sources.
Elon Musk Calls for Netflix Boycott Amid Backlash Over Animated Show
Elon Musk has sparked fresh controversy by urging his followers to cancel Netflix subscriptions, criticizing the streamer over what he called a "transgender woke agenda." His comments, tied to the animated series Dead End: Paranormal Park, have fueled online debates and contributed to a roughly 4% dip in Netflix shares this week—though analysts say the financial impact will likely be limited.
Earnings Spotlight: Constellation Brands (STZ)
Constellation Brands, Inc. (STZ) is set to report its second-quarter fiscal 2026 results on Oct. 6, 2025. The alcoholic beverage giant is anticipated to post declines in both revenue and earnings for the quarter. The Zacks Consensus Estimate for fiscal second-quarter earnings stands at $3.37 per share, reflecting a 21.9% drop from the same quarter last year. Over the past 30 days, this consensus has decreased by 16.4%. Revenue is projected at $2.5 billion, down 15.8% from the prior-year quarter's reported figure. In the previous quarter, Constellation Brands delivered an earnings surprise of -3.6%. Over the trailing four quarters, its earnings have beaten estimates by an average of 3.6%.
What to Watch Ahead:
Investors face a busy week with a slate of important earnings reports and economic updates.
Economic:
Monday (10/6): no reports
Tuesday (10/7): Consumer Credit, Trade Balance
Wednesday (10/8): EIA Crude Oil Inventories, MBA Mortgage Applications Index
Friday (10/10): Treasury Budget, University of Michigan Consumer Sentiment
Earnings:
Monday (10/6): Constellation Brands Inc. (STZ), Aehr Test Systems Inc. (AEHR), Spire Global Inc. (SPIR), Brand Engagement Network Inc. (BNAI)
Tuesday (10/7): McCormick & company Inc. (MKC), Penguin Solutions Inc. (PENG), Saratoga Investment Corp. (SAR)
Wednesday (10/8): AZZ Inc. (AZZ), Resources Connection Inc. (RGP), Richardson Electronics Ltd. (RELL), Bassell Furniture Industries Inc. (BSET)
Thursday (10/9): Applied Digital Corp. (APLD), Apogee Enterprises Inc. (APOG), Delta Air Lines Inc. (DAL), Helen of Troy Ltd. (HELE), Levi Strauss & Co. (LEVI), PepsiCo Inc. (PEP), Neogen Corp. (NEOG), Tilray Brands Inc. (TLRY), VinFast Auto Ltd. (VFS)
Friday (10/10): no reports
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