Today's Top Stories
7 stories
Business
Condé Nast CEO Roger Lynch Departs to Lead Mattel
Roger Lynch is stepping down after more than seven years running Condé Nast to become the chief executive of toy maker Mattel. Lynch takes the reins as Mattel pushes further into Hollywood ambitions and aims to transform itself into a broader entertainment company(wsj].
The New York Times ↗
Health
Eli Lilly's Obesity Drug Combo Trial Shows Mixed Results
Eli Lilly shares experienced volatile trading after releasing mid-stage trial data for "EloraTZP," a combination of its investigational amylin receptor agonist and tirzepatide. While the combination achieved significantly higher weight loss than tirzepatide alone (23.3% versus 14.8%), the therapy also triggered more frequent adverse events, causing the stock to drift lower late in the session.
CNBC ↗Policy
FTC Opens Antitrust Probe Into AI Giants Including OpenAI and Anthropic
The Federal Trade Commission has launched an investigation into major artificial intelligence developers, including Anthropic and OpenAI. The probe marks a fresh regulatory challenge for the rapidly expanding AI sector as scrutiny intensifies over model training, data usage, and market dominance.
Reuters ↗Business
Hertz Hires PJT Partners to Navigate Looming Debt Maturities
Hertz Global Holdings has retained restructuring adviser PJT Partners to work on extending the maturities of its debt. Some of the car rental company's obligations are slated to come due in just two months(bloomberg].
Bloomberg ↗
Deals
Walgreens Nears $9 Billion Sale of Boots to Sycamore Partners and Weston Family
Walgreens owner is nearing a deal to offload British pharmacy chain Boots to private-equity firm Sycamore Partners and the billionaire Weston family. The transaction values the business at approximately $9 billion, including debt(wsj].
Wall Street Journal ↗
Central Banks
Federal Reserve Watchdog Clears $2.5 Billion Renovation Project of Criminal Wrongdoing
An independent inspector general report released Wednesday concluded that a nearly $2.5 billion Federal Reserve building renovation was poorly managed, but found no evidence of illegal activity or misconduct. The watchdog made no referrals to the U.S. attorney general(nytimes].
The New York Times ↗
Energy
Strait of Hormuz Crude Exports Recover to Prewar Levels, Kpler Data Shows
Crude oil exports transiting the Strait of Hormuz have rebounded to a seven-day average of 13.5 million barrels per day, matching prewar baselines thanks to U.S. military escorts and pipeline rerouting. However, refined product shipments remain severely constrained, underpinning a global fuel supply squeeze(cnbc].
CNBC ↗Markets at a Glance
vs. previous closeLevels as of 3:19 PM EDT. Source: Yahoo Finance; may be delayed.
The Market Today
U.S. markets finished a strong quarter on a mixed note on Wednesday as softer-than-expected inflation data vied with rising Treasury yields and shifting rate-cut expectations. The S&P 500 added 0.31% and the Nasdaq climbed 0.84%, while the Dow Jones fell 0.42% and the Russell 2000 was flat. Meanwhile, the 10-year Treasury yield rose 4 basis points to 5.29% and WTI crude gained 1.35% to $90.59 a barrel Source.
Since the Open
vs. this morning's brief- The S&P 500 continued a tight upward drift, moving from 7,691.26 to 7,694.37 (+0.04% since the morning).
- The Nasdaq extended its intraday gains, rising from 26,900.18 to 27,023.79 (+0.46%).
- The Dow Jones reversed its morning gains, sliding from 51,434.85 down to 51,134.11 (-0.58%).
- The 10-year Treasury yield ticked higher by another 7 basis points from 5.23% to 5.29% as the bond sell-off resumed.
- WTI crude and gold both pulled back from morning highs, settling at $90.59 (-0.51%) and $4,183.40 (-1.07%), respectively, while Bitcoin fell 1.78% to $83,648.32.
Your Watchlist
vs. previous close- Apple (AAPL): Apple reportedly plans to launch a new smart-home hub on October 13 Source and launched Apple Pay in India via a partnership with Axis Bank Source. Apple shares traded up 1.89% today.
- Microsoft (MSFT): Microsoft stock is on track to close out its biggest quarterly gain in 28 years Source, supported by strong performance in software and artificial intelligence demand. Microsoft shares advanced 1.60% today.
- Nvidia (NVDA): Nvidia shares rose 1.45% today following constructive developments at a White House AI meeting and ongoing discussion surrounding its historic buyback announcement.
- Amazon (AMZN): Amazon gained 1.42% today following a $1 billion-plus chip design licensing deal signed between its AWS unit and Synopsys Source.
- Alphabet (GOOGL): Alphabet shares climbed 2.43% today as Morningstar selected the company's new Chicago building for its headquarters move Source.
- Meta (META): Meta shares slipped 0.93% today amid heightened competitive pressure from OpenAI's Muse model announcements Source.
- Tesla (TSLA): Tesla shares edged up 0.09% today following reports that the SEC cleared its auto-vote plan for wide use Source alongside its ongoing $30 billion credit line expansion Source.
- JPMorgan Chase (JPM): JPMorgan shares fell 0.81% today alongside broader weakness in select financial stocks.
- Exxon Mobil (XOM): Exxon shares rose 1.45% today after the company and other energy peers successfully defeated a consumer lawsuit over plastic recycling claims Source.
Tomorrow's Calendar
Thursday, October 1 · times ETEconomic data & events
Earnings
After today's close
Thursday, October 1
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Technology & AI: The tech-heavy Nasdaq outperformed, rising 0.84% to close out a solid quarter driven by software and AI-related names, despite fresh regulatory headwinds from the FTC's newly opened probe into AI developers [Source](reuters, cnbc].
- Energy & Commodities: WTI crude advanced 1.35% to $90.59 a barrel even as Kpler data showed Middle East crude shipments recovering toward prewar levels Source. Refined products remained constrained, keeping diesel concerns elevated.
- Fixed Income: Treasury yields faced broad upward pressure despite softer-than-expected August PCE inflation data, with the 10-year yield rising 4 basis points to 5.29% as traders looked ahead to upcoming labor data [Source](cnbc].
Macro & Policy
- Inflation & Fed Expectations: The Commerce Department reported that the personal consumption expenditures (PCE) price index rose 0.3% in August, bringing the 12-month rate to 3.4%, while core PCE rose 3% annually—both coming in lighter than anticipated Source. The cooler inflation prints reduced market expectations for an immediate October rate hike by the Federal Reserve, though longer-dated bond yields continued to climb [Source](cnbc].
- Geopolitics & Trade: The U.S. trade court opened a probe into the Trump administration's "forced labor" tariffs [Source](reuters], marking another legal challenge to global trade actions [Source](nytimes]. Meanwhile, the U.S. military formally concluded Operation Inherent Resolve in Iraq after 12 years [Source](ap].
- Regulation: The UK's Financial Conduct Authority pulled back on mandatory climate reporting rules for listed companies, joining global regulators walking back strict environmental transparency requirements [Source](ft].
What to Watch
- U.S. Unemployment Claims: Scheduled for release at 8:30 AM ET on Thursday, October 1 (forecast: 201K, previous: 197K) [Source].
- ISM Manufacturing PMI: Due at 10:00 AM ET on Thursday, October 1 (forecast: 54.8, previous: 54.6) [Source].
- FOMC Member Waller Speaks: Scheduled for 10:00 AM ET on Thursday, October 1 [Source].
- Corporate Earnings: Accenture reports before the opening bell on Thursday, followed by Nike and Micron Technology after the close [Source].
Sources
59 articles- The New York TimesCondé Nast C.E.O. Leaves to Run Mattel
- BloombergHertz Taps PJT Partners to Extend Debt as Maturities Loom
- CNBCSenate Democrats sink 'toothless' stock trading ban, data center bill in last act before election recess
- CNBCWall Street is closing out a strong quarter. Plus, Lilly's mixed obesity drug trial data
- CNBC10-year Treasury yield are higher as traders look past inflation data, await jobs report
- WSJTreasury Yields Hit Fresh Highs
- The New York TimesHe Was a Tech Investor Before There Was a Silicon Valley
- BloombergAI Brings Out Bull, Bear In Same Person: Rowland
- CNBCCrude oil exports through the Strait of Hormuz hit prewar levels, but fuel shipments remain constrained
- The New York TimesTrump’s New Tariffs Get a Familiar Day in Court
- MarketWatchAdding Lilly’s new drug to Zepbound helped people lose more weight — but there were more side effects
- WSJComex Gold Ends the Quarter 3.30% Higher at $4155.60
- ReutersS&P 500, Nasdaq climb as soft inflation dampens Fed rate hike expectations - Reuters
- BloombergPassengers Avert Crash Tackling Pilot Who Stabbed Colleague
- BloombergUS Formally Concludes Operation Inherent Resolve in Iraq
- WSJWalgreens Owner Nears Deal to Sell British Pharmacy Chain Boots
- The New York TimesFed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
- Financial TimesMI5 warns universities to cut ties with Chinese organisation
- Financial Times18,000 feet in 90 seconds: Inside Flydubai’s near-catastrophe
- WSJCondé Nast CEO Roger Lynch Steps Down to Join Mattel
- APTrump hails the US military’s exit from Iraq after its 12-year mission - AP News
- MarketWatchThis chart shows that buying and holding stocks beats ‘sell in May and go away’ and other gimmicks
- ReutersFTC opens probe into AI giants including Anthropic and OpenAI - Reuters
- Financial TimesUK retreats on climate reporting rules for listed companies
- WSJMarketers Are Rebranding as ‘Engineers’ to Survive the AI Era
- MarketWatchMedicare Advantage plans will be cheaper next year. Here’s the new cost.
- WSJMexico Tightens Money-Laundering Rules After U.S. Pressure
- ReutersUS trade court probes Trump's 'forced labor' tariffs - Reuters
- ReutersUS inflation rises below expectations in August, gives the Fed breathing space - Reuters
- WSJA Guide to Owning Bonds When They Are Selling Off
- MarketWatchThese bond strategies can help you get a safe 5% return on your cash
- Financial TimesBond markets resume sell-off after strong US data
- APLanguage feud over Creole and French roils the tiny island of Guadeloupe - AP News
- Financial TimesWhat we know about the Flydubai flight to Israel
- APThe world’s largest oat milk producer has joined an unusual climate journalism campaign - AP News
- APNo criminal wrongdoing in Federal Reserve building renovation, watchdog says, but it was mismanaged - AP News
- ReutersApple plans to launch new smart-home hub on Oct 13, Bloomberg News reports
- ReutersApple Pay launches in India with Axis Bank partnership
- BloombergApple Is Finally Ready to Enter Its Next Big Category: the Smart Home
- CNBCHere are Wednesday's biggest analyst calls: Nvidia, SpaceX, Apple, Tesla, Target, Amazon, Microsoft & more
- The New York TimesAt A.I. Event, Trump Asks Meta, OpenAI and Microsoft to Make Safety Decisions Themselves
- MarketWatchMicrosoft’s stock is on track to post its biggest quarterly gain in 28 years
- BloombergDeepSeek Unveils Huawei AI Chip Tools That May Replace Nvidia’s
- MarketWatchNvidia’s historic buyback announcement underscores a sharp divide in Big Tech
- Barron'sHow Nvidia’s Big Win at Trump’s AI Lunch Will Help the Stock
- ReutersAmazon, GoodRx target US prescription subscribers as health insurance coverage slips
- Barron'sAmazon Stock Has 46% Upside. Muse and Dots Threats Are ‘Overstated.’
- ReutersSynopsys, Amazon Web Services sign chip design licensing deal worth more than $1 billion
- BloombergMorningstar Picks Google’s New Chicago Building for HQ Move
- The New York TimesHow Meta Uses A.I. Data Centers to Avoid Billions in Federal Taxes
- CNBCMeta Platforms President Dina Powell McCormick goes one-on-one with Jim Cramer
- Barron'sMeta Stock Slides as Muse Faces OpenAI Threat
- Barron'sSpaceX Just Got a Little Closer to a Tesla Merger
- ReutersTesla lines up $30 billion credit lines as capex, AI push accelerate
- ReutersSEC clears Tesla-crafted auto-vote plan for wide use, worrying activists
- BloombergWells Fargo Hires JPMorgan’s David Harkin to Co-Lead Tech Deals
- BloombergMideast Crude Oil Flows Hit 98% of Pre-War Level, JPMorgan Says
- BloombergJPMorgan Hires Three for Natural Resources Banking Team
- ReutersExxon, others defeat consumer lawsuit over plastic recycling claims
This brief was written by AI (Google Gemini) from the articles listed above and may contain errors. It is for information only and is not investment advice. Check the original reporting before making decisions.