September 30th Pre-Market Brief

Good Morning

Stocks are opening green after inflation came in under forecast. It's also the last day of the quarter, and I'm not sad to see this one go.

Bonds got beat up all quarter and the S&P is treading water. I'll take it.

Let's dig in...

Today's Big Picture

1. Inflation Held Steady, and a December Hike Is Still Likely

The Fed's preferred inflation gauge came in below forecasts, mostly because the government revised July's number lower. Growth was stronger than expected, with spring GDP revised up and private hiring topping estimates. Traders pulled back on an October hike but still expect one in December.

2. Washington Won't Slow AI Down

Yesterday's White House AI pledge is voluntary, so nothing requires safety testing before new models launch. AI labs want an antitrust exemption so they can slow down together, and senators in both parties are pushing back. Without it, each lab keeps racing, and buying chips, on its own.

3. The IPO Market Is Waiting on Anthropic

Oura shelved its IPO yesterday after buyers balked at a roughly $15.6 billion valuation. This year's new listings now trade barely above their offer prices, after sitting well above them in June. Some fund managers are saving cash for Anthropic's possible November debut, so smaller deals may keep slipping.

Market Overview

Today’s Sponsor

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Explore the Investment

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Stock Spotlight (pre-market)

Boeing $BA ( ▲ 1.78% )  
higher premarket after winning the Navy's F/A-XX fighter jet contract, worth more than $20 billion. The sixth generation jet will replace the Navy's F/A-18 Super Hornets.

Northrop Grumman $NOC ( ▼ 4.37% )  
lower premarket after losing the F/A-XX contract to Boeing. Northrop was the only other company bidding for it.

Concentrix $CNXC ( ▼ 2.24% )  
getting hit hard premarket after third quarter revenue and its outlook for this quarter both fell short of estimates. The customer service outsourcer said its shift to AI is weighing on revenue.

Moderna $MRNA ( ▲ 3.13% )  
lower premarket after Citi downgraded it to sell, saying the valuation can't be justified after a big run this year. Citi's price target is less than half of Tuesday's close.

Robinhood $HOOD ( ▼ 0.21% )  
higher premarket after announcing 24/7 trading in select U.S. stocks, weekends included, starting next year. It also rolled out AI tools that let customers build their own trading agents.

Cal-Maine Foods $CALM ( ▲ 1.77% )  
lower premarket after the egg producer posted a wider loss than expected. It lost $1.26 a share in its fiscal first quarter, versus the 77 cents analysts forecast.

What to Watch

Micron Earnings (After the Close)

Micron forecast $50 billion in quarterly revenue, and analysts expect slightly more. Trivariate's Adam Parker says the stock likely needs a huge beat just to be modestly rewarded. Watch the pricing outlook, since Apple is reportedly planning layoffs as memory costs climb.

Fed's Cook and Kashkari Speak Today

Cook said Monday the job market can handle more hikes, and Kashkari has pushed for them since summer. Both speak today, after a cooler inflation report. If both sound patient, December replaces October as the likelier month for the next hike.

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

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