October 1st Pre-Market Brief

Good Morning

First day of Q4 and we're opening green. Tech is carrying things again. Micron put up a huge quarter and the stock barely moved, but the rest of the chip names are loving it.

10-year still sitting at its highest level since 2002.

Let's dig in...

Today's Big Picture

1. Long-Term Rates Keep Rising as Fed Hike Bets Fade

The 10-year Treasury yield hit its highest level since 2002 this morning. Mortgage rates are already at their highest since 2023. Investors want more to lend to governments everywhere, and Japan's 10-year yield is at a three-decade high. So even if the Fed holds in October, borrowing costs can keep rising.

2. Micron Says the Memory Shortage Lasts Through 2028

Micron $MU beat estimates by a wide margin, but the stock is flat after it warned higher worker pay will squeeze profits. It plans to nearly double spending on new plants to keep up with demand. That money goes to chip equipment makers, and Japan's Advantest and Lasertec led Tokyo higher overnight. Device makers pay the bill, and Huawei plans to raise smartphone prices to cover memory costs.

3. Oil Above $100 Is Holding Back Most Stocks

Middle East crude shipments are near pre-war levels, yet Brent is back above $100. The shortage has moved to fuel, with Chinese refiners reportedly halting October exports and Russia extending its diesel export ban. In September, the typical S&P 500 stock trailed the index by its third-widest margin since 2003. Bespoke Investment Group says that gap won't close until oil comes down.

Market Overview

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Stock Spotlight (pre-market)

Accenture $ACN ( ▲ 3.53% )  
rallying hard premarket after fiscal fourth-quarter revenue of $18.68 billion beat both its own forecast range and Wall Street's $18.3 billion estimate. It also forecast more revenue and profit growth next year. The stock came into today down about a third this year.

Alphabet $GOOGL ( ▲ 0.38% )  
higher premarket after releasing Gemini 4 Argon, its first major AI model upgrade in nearly a year. Google says it set records on coding tests after the company spent most of 2026 seen as trailing OpenAI and Anthropic.

Vicor $VICR ( ▼ 0.6% )  
rallying hard premarket after raising its third-quarter revenue growth forecast. Royalties from the first company to license its Vertical Power Delivery technology, which powers high end processors, drove the increase.

Synopsys $SNPS ( ▲ 4.78% )  
higher premarket after the chip design software maker forecast 2027 revenue of $11.1 billion to $11.2 billion, above the $10.82 billion analysts expected. It also announced a partnership with OpenAI at its investor day.

Constellation Energy $CEG ( ▲ 5.1% )  
higher premarket after signing a 20 year deal with Amazon $AMZN ( ▲ 0.58% ) to expand output at its Calvert Cliffs nuclear plant in Maryland. The deal makes Amazon a customer for two decades.

Rocket Lab $RKLB ( ▼ 0.03% )  
higher premarket after signing a multiyear deal with Tokyo based satellite company Synspective for 20 launches on its Electron rocket. Rocket Lab says it's the largest commercial contract in Electron's history.

What to Watch

ISM Manufacturing (10:00 AM ET)
This is an early read on whether the fuel squeeze is reaching factories. Economists expect the measure of what factories pay for materials near 72, where anything above 50 means costs are rising. A higher number would push yields higher still.

Fed Vice Chair Philip Jefferson (1:30 PM ET)
He's the highest-ranking Fed official speaking before Friday's jobs report, where economists expect about 80,000 new jobs. Odds of an October hike are down to about one in three. If he sounds patient and hiring lands near forecast, those odds keep falling.

Want to Know about this years upcoming IPO’s?
MarketBeat did an excellent job on this free IPO guide on IPO’s happening this year

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