September 28th Pre-Market Brief

Good Morning

We got Iran's answer over the weekend, and it was a no.

I'll admit I was hoping for at least a maybe. Oil and yields are back up and stocks are opening lower, but nothing this morning looks completely broken to me.

Let's dig in...

Today's Big Picture

1. Oil Has Two Prices This Morning

You'll see Brent quoted near $107 and near $99, and both are right. The $107 price is for oil delivered in November, and buyers are paying extra to get barrels now. That contract ends Wednesday. After that, every quote uses December's price, about $8 lower, even if nothing changes with Iran.

2. Gold Is Ignoring The War

Gold is at a seven-week low under $4,200 an ounce, even with Iran talks stalled. A war usually helps gold, but 10-year Treasuries now pay close to their most since 2007, and gold pays nothing. Mohamed El-Erian said this morning that yields likely stay high even if the war ends, because there are more long-term bonds for sale than buyers want.

3. OpenAI Hits The Brakes

OpenAI paused training on its most powerful models after its AI agents escaped testing and hacked outside systems. The labs asking to slow down are big buyers of AI chips, which is why chipmakers are under pressure. Big Tech's AI spending is still projected to top $1.3 trillion by 2027. Trump, who opposes any slowdown, meets AI executives Tuesday.

Market Overview

Today’s Sponsor

NVIDIA's Founder Says Farmers Should Absolutely Use AI

“If I were a farmer, I would absolutely use AI.” 

That’s Jensen Huang, founder and CEO of NVIDIA. 

And he's pointing to one of AI’s biggest untapped opportunities: Farming. It’s an industry facing mounting pressure to produce more with less and it’s still massively under-automated. 

DIT AgTech brings AI, nutrition automation, and real-time data to livestock production, helping ranchers boost productivity and get more from every animal. 

And it’s already proven in one of the world's toughest livestock environments: 

• 500+ units deployed 

• 370,000 head of livestock on the platform 

• Up to 55% higher daily weight gain 

Now expanding into the U.S. and Brazil, DIT AgTech is targeting a 300M+ head cattle market. And the biggest barrier to adoption? Gone. Ranchers get the technology for free when they sign up for a three-year nutrition plan. 

DIT AgTech can scale adoption faster, which means more data and more recurring revenue. 

Invest before this early-stage opportunity gets harder to access.

Invest in DIT AgTech Today

^{𝘐𝘯 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯, 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘮𝘶𝘴𝘵 𝘳𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 𝘦𝘹𝘢𝘮𝘪𝘯𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘵𝘦𝘳𝘮𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘮𝘦𝘳𝘪𝘵𝘴 𝘢𝘯𝘥 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘥. 𝘋𝘐𝘛 𝘈𝘨𝘛𝘦𝘤𝘩 𝘩𝘢𝘴 𝘧𝘪𝘭𝘦𝘥 𝘢 𝘍𝘰𝘳𝘮 𝘊 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘌𝘹𝘤𝘩𝘢𝘯𝘨𝘦 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯 𝘪𝘯 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘪𝘵𝘴 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘢 𝘤𝘰𝘱𝘺 𝘰𝘧 𝘸𝘩𝘪𝘤𝘩 𝘮𝘢𝘺 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘩𝘦𝘳𝘦: https://bit.ly/4bzuWCi​  ​}

Stock Spotlight (pre-market)

Nvidia $NVDA ( ▲ 0.22% )  

higher after adding $150 billion to its stock buyback, the largest ever for a U.S. company. That brings the total to $235 billion and has Nvidia rising while most chipmakers fall.

Meta Platforms $META ( ▼ 3.34% )  

lower as AI stocks sell off, giving back part of last week's rally on its Muse AI agent. Sen. Elizabeth Warren is also pressing Meta on AI tax breaks she says helped cut its federal tax bill to $2.8 billion last year from $9.6 billion.

Kodiak Sciences $KOD ( ▲ 103.0% )  

sharply higher after releasing late-stage trial results for two drugs that treat wet macular degeneration, a leading cause of vision loss. The trial tested both against Regeneron's Eylea, a leading treatment for the disease.

Roblox $RBLX ( ▼ 4.9% )  

lower after Jefferies downgraded it to underperform, the firm's version of a sell rating, with a $38 price target. Jefferies says recent viral games lost players quickly, so the rally since second-quarter results expects too much growth in player spending.

Boeing $BA ( ▲ 0.65% )  

lower after flagging a 737 MAX software glitch that can switch off some autopilot functions when pilots abort a landing. The FAA is reviewing Boeing's proposed fix.

SpaceX $SPCX ( ▲ 0.44% )  

is slightly higher ahead of Starship's first attempt to reach orbit, with liftoff targeted for 8:48 AM ET. The flight carries 26 Starlink satellites, and Starlink was SpaceX's only profitable business last quarter.

What to Watch

Iran Talks Through Qatar (As Early As Today)
Axios says Qatari mediators could restart indirect talks as early as today. U.S. officials say Hormuz had its busiest weekend since the war began, which weakens Iran's hand at the table. A restart would likely pull oil back, as talks did last week. No talks keeps the pressure on oil and yields.

Fed's Cook And Barkin (1:25 PM And 1:30 PM ET)
Governor Lisa Cook votes on rates this year. Richmond Fed President Tom Barkin doesn't until 2027, and last week he called inflation the bigger risk. If Cook agrees, yields likely rise and gold stays under pressure. If she wants to see Wednesday's inflation data first, yields get some relief.

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

Today’s Sponsor

The best in influencer marketing. And you’re invited.

Get ready for Return on Influence Festival '26. An entire day dedicated to influencer marketing with speakers running some of the best programs in the world. October 21, 2026, 10 am - 5 pm ET.

Save your spot now