September 23rd Pre-Market Brief

Good Morning

The Nasdaq closed at another record Tuesday, and I'm glad to see it. Futures are a little lower this morning, with oil back above $100 and bond yields climbing again.

Xi Jinping lands in Washington today, a day before his summit with Trump.

Let's dig in...

Today's Big Picture

1. The AI Spending Lifting Stocks Could Keep The Fed Hiking

AI spending accounts for roughly a fifth of U.S. economic growth this year. Building data centers means competing for the same workers, power and materials, which can push prices up. Chicago Fed President Austan Goolsbee says if that overheats the economy, there's "no ambiguity" about how the Fed responds. So strong AI news could now lift bond yields along with chip stocks.

2. A Diesel Export Ban Could Raise Gas Prices

Trump backed a diesel export ban Tuesday, with diesel at a record above $6.50 a gallon. Refiners would cut output by almost 2 million barrels a day, per S&P Global, which means less gasoline too. Trump himself said gas prices could feel it, and analysts put the hit near 25 cents a gallon. U.S. diesel futures are flat this morning, so traders aren't betting on cheaper diesel yet.

3. Muse Threatens Companies That Profit When Customers Stay Put

Schwab and Allstate fell Tuesday on fears AI agents like Meta's Muse will move customers to better deals automatically. For Schwab, the risk is cash parked in low-paying accounts, the easiest money for an agent to move. To do that, Muse needs your logins, and fewer than 1 in 10 people trust Meta with them, per Oppenheimer.

Market Overview

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Stock Spotlight (pre-market)

Worthington Enterprises $WOR ( ▲ 1.36% )  

biggest premarket gainers after an upbeat outlook and first-quarter results that beat estimates. The CEO pointed to fast growing demand for its tanks used in data center cooling systems.

Cracker Barrel $CBRL ( ▲ 1.36% )  

higher after fourth quarter profit of 99 cents a share came in several times above estimates. It was new CEO David Deno's first report, and the company expects sales at existing restaurants to grow next fiscal year.

General Mills $GIS ( ▲ 0.11% )  

edging higher after first-quarter profit of 75 cents a share beat the 72 cents analysts expected. Revenue of $4.4 billion also topped forecasts, and the company kept its full year outlook.

IonQ $IONQ ( ▲ 0.57% )  

sharply higher after testing what it calls the first system that fixes quantum computing errors in real time. IonQ says it's a practical path to commercial quantum computers, and Rigetti Computing $RGTI ( ▼ 0.06% ) and D-Wave Quantum $QBTS ( ▼ 1.82% ) are rising with it.

Maplebear $CART ( ▼ 2.52% )  

higher after Instacart opened its grocery platform to Meta's Muse agent. That puts Instacart inside the top app on Apple's U.S. App Store, days after Amazon blocked Muse from its site.

McDonald's $MCD ( ▲ 1.0% )  

higher after setting new targets for wider profit margins by 2030. It also pledged up to $8.5 billion through 2036 for franchisee upgrades, with details at its 9:30 AM ET investor day.

What to Watch

Pezeshkian At The UN (This Morning)
An Iranian official says the Strait of Hormuz could reopen within a week if the U.S. lifts its blockade. If Pezeshkian repeats that from the UN podium, oil could slip back under $100. If he doesn't, Trump's own timeline has a deal coming after November's midterms.

Xi Lands In Washington (Today)
Trump greets Xi Jinping at Joint Base Andrews today, and Nvidia's Jensen Huang joins Thursday's state dinner. Chip export limits aren't on the agenda, per U.S. Trade Representative Jamieson Greer. Watch rare earths instead, since China's magnet shipments to the U.S. fell in August despite the truce.

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