[BRIEFING.COM] Wednesday's session ended on a decidedly weaker note after a sharp final-hour selloff erased earlier gains, putting an exclamation point on a September marked by increasingly narrow market leadership. The S&P 500 (-0.3%) and DJIA (-0.9%) finished near their session lows, while the Nasdaq Composite (+0.2%) held onto a slim gain despite giving back most of an earlier 1.0% advance.

The reversal left the S&P 500 down 0.5% for September and the DJIA down 4.3%, while the Nasdaq Composite still finished the month with a 1.9% gain. That divergence reflected one of the defining features of September: strength in mega-cap growth and AI-related stocks contrasted with considerably weaker performance across much of the broader market. That pattern was evident again for much of today's session. The Vanguard Mega Cap Growth ETF rose 0.4% and finished September up 3.2%, while the information technology sector (+0.6%) was the day's best-performing sector and gained 4.4% for the month.

Software stocks were particularly strong, with the iShares Expanded Tech-Software Sector ETF (IGV) gaining 1.2%. Semiconductor stocks were little changed today, leaving the PHLX Semiconductor Index flat, but the group was one of September's clear standouts with a 9.5% monthly gain.

Micron (MU 1065.11, +0.03, +0.00%) will put that strength back in focus when it reports earnings after today's close, with investors looking for indications that strong memory pricing and AI-related demand can continue to support growth as capital spending rises.

There were several pronounced moves elsewhere in the technology landscape. Hewlett Packard Enterprise (HPE 63.89, +2.40, +3.90%) was a standout after raising its Networking outlook and increasing its expected Juniper cost synergies ahead of its Networking Investor Day. Jabil (JBL 286.76, -32.08, -10.06%), meanwhile, was among the session's weakest stocks despite better-than-expected results and an upbeat outlook, as elevated expectations surrounding its AI-driven growth prospects tempered the response.

The communication services sector (flat) surrendered a sizable earlier gain as Meta Platforms (META 725.18, -13.61, -1.84%) and Alphabet (GOOG 340.74, +3.42, +1.01%) sold off sharply into the close, contributing to the broader market's late retreat. Still, the sector gained 4.3% in September.

The consumer discretionary sector (+0.1%) was the only other S&P 500 sector to finish above its flat line today, supported by strength in Amazon (AMZN 249.15, +2.48, +1.01%).

Weakness was much more pronounced elsewhere by the close. The consumer staples sector (-1.7%) finished at the bottom of the standings, followed by the health care (-1.4%), industrials (-1.3%), and financials (-1.2%) sectors. Moderna (MRNA 192.57, -10.89, -5.35%) was a notable laggard in the health care sector after being downgraded to Sell from Neutral at Citigroup.

Breadth deteriorated substantially as the session progressed, with decliners ultimately outpacing advancers by roughly 9-to-5 on the NYSE and by a slim margin on the Nasdaq. The Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.5%) also finished lower, extending their September losses to 5.3% and 4.3%, respectively. Their monthly declines stand in sharp contrast to the gains for mega-cap growth, technology, and semiconductor stocks and underscore just how concentrated the market's September leadership became.

Earlier support came from slightly cooler-than-expected inflation data. The August PCE Price Index increased 0.3% month-over-month (Briefing.com consensus: 0.4%), while the core PCE Price Index rose 0.2% (Briefing.com consensus: 0.3%). The data increased expectations for the Fed to leave rates unchanged at its October meeting, although Treasury yields remained elevated and provided little relief for the broader market as inflation still remains firmly above the Fed's target. 

Crude oil also moved higher after yesterday's sharp decline, settling $1.28 higher (+1.4%) at $90.54 per barrel. CNBC reported that crude oil exports through the Strait of Hormuz have returned to pre-war levels, although refined-product flows remain constrained.

Ultimately, the final session of the third quarter captured many of the trends that defined September. Mega-cap growth, technology, and AI-related stocks produced substantial gains, but that strength was accompanied by significant weakness across smaller companies and many areas of the broader market. Wednesday's late selloff only sharpened that contrast, leaving the Nasdaq higher for the month even as the S&P 500, DJIA, Russell 2000, and S&P Mid Cap 400 all finished September in negative territory.

U.S. Treasuries gave participants a head fake today when yields moved quickly lower following some better-than-feared PCE inflation data in the August Personal Income and Spending report at 8:30 a.m. ET. The realization that a 3.4% PCE inflation rate (3.0% for core) is still well above the Fed's 2.0% target soon set in, however, and that initial move was unwound. The 2-year note yield finished unchanged at 4.89% (+55 basis points this month), and the 10-year note yield settled up four basis points to 5.30% (+56 basis points this month).

• Nasdaq Composite: +15.6% YTD
• Russell 2000: +12.7% YTD
• S&P 500: +11.8% YTD
• S&P Mid Cap 400: +8.8% YTD
• DJIA: +5.9% YTD

[BRIEFING.COM] The S&P 500 (+0.3%) is looking to close in positive month-to-date territory (+0.1% month-to-date) by holding on to today's modest gain. The DJIA (-0.4%) is on pace for a sizable retreat (-3.9% month-to-date), while the Nasdaq Composite (+0.9%) holds a sturdy 2.5% month-to-date gain.

Much of the Nasdaq's outperformance this month can be attributed to strength in mega-cap stocks (the Vanguard Mega Cap Growth ETF is up 3.7% month-to-date) and semiconductor stocks (the PHLX Semiconductor Index is up 9.7% month-to-date).

Semiconductor names will come into focus after the close as Micron (MU 1070.48, +5.40, +0.51%) is set to report earnings, heading into its Q4 report with elevated expectations, as revenue consensus of $51.33 bln exceeds its guidance ceiling and investors look for gross margin near the approximately 86% forecast. The FY27 first-quarter outlook, HBM and data-center SSD growth, and strategic customer agreement disclosures will help determine whether strong memory pricing and profitability can endure as capital spending rises.

Micron's Q4 report will hinge on whether its FY27 outlook supports continued earnings growth as pricing gains moderate and expectations remain elevated. Strategic customer agreements could strengthen revenue visibility and protect profitability through a future downturn, although their price ceilings may temper upside if memory shortages intensify. The key test is whether HBM and data-center SSD growth can sustain strong margins and free cash flow as capital spending rises, while capacity additions and softer PC and mobile demand complicate the longer-term supply-demand balance.

[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+0.9%) remain higher, though off their best levels of the session, while the DJIA (-0.4%) is charting session lows this afternoon. Crude oil futures settled today's session $1.28 higher (+1.4%) at $90.54 per barrel.

CNBC reports that crude oil exports through the Strait of Hormuz have reached pre-war levels, but refined products remain constrained.

[BRIEFING.COM] The S&P 500 (+0.30%) is in second place this afternoon, up about 23 points.

Briefly, S&P 500 constituents ServiceNow (NOW 134.24, +4.30, +3.31%), Huntington Ingalls (HII 267.49, +7.85, +3.02%), and Accenture (ACN 182.30, +5.18, +2.92%) dot the top of the standings. ACN rises as UBS highlights strong AI-alliance bookings with NVIDIA, OpenAI and Palantir, suggesting AI is driving growth rather than disintermediating its core business ahead of earnings, while HII gains after it was awarded a $5.1 billion overhaul contract for the USS Harry S. Truman, alongside the start of the work and a new 10-vessel unmanned Navy award, reinforcing strong backlog and demand visibility.

Meanwhile, Moderna (MRNA 191.63, -11.83, -5.81%) falls after Citigroup downgrade their view on the stock to Sell citing valuation and aggressive oncology assumptions.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.94%) is atop the major averages, up about 252 points.

Gold futures settled $7 higher (+0.2%) at $4,186.70/oz, as softer inflation data and dovish Fed expectations pressured the dollar and reduced expectations for near-term rate hikes. Lower rates and a weaker dollar supported bullion, though elevated Treasury yields remained a headwind.

Meanwhile, the U.S. Dollar Index is up less than +0.1% to $101.42.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.27%) is down about 138 points this afternoon, the only major average in the red.

A look inside the DJIA shows that Sherwin-Williams (SHW 322.66, -7.78, -2.35%), Merck (MRK 146.71, -2.57, -1.72%), and Visa (V 359.82, -6.06, -1.66%) are some of today's top decliners.

Meanwhile, Alphabet (GOOGL 350.30, +9.38, +2.75%) rises to the top of the average.

The DJIA is now -1.19% lower week-to-date.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (-0.1%) continue to move in a steady range at midday.

Expectations for the Fed to hold rates steady at the October FOMC meeting have continued to rise following this morning's cooler-than-expected August PCE price index. The CME FedWatch tool now assigns a 60.7% probability to an unchanged policy rate, up from 49.1% yesterday and 29.1% a week ago.

However, the move has had little effect on Treasury yields, with the 10-year note yield currently up three basis points to 5.29%.

[BRIEFING.COM] The major averages remain little changed from previous levels, though the DJIA (-0.1%) has slipped slighlty below its baseline at midday. The move coincides with decliners now outpacing advancers by a slim margin on the NYSE. 

Meanwhile, Hewlett Packard Enterprise (HPE 64.89, +3.40, +5.53%) is sharply higher today and reached a new all-time high after raising its Networking outlook and outlining priorities for long-term growth ahead of its Networking Investor Day. Notably, HPE raised its FY27 Networking outlook again, just weeks after lifting it with its Q3 (Jul) results, while also increasing its expected Juniper cost synergies. HPE's Networking business is becoming an increasingly important growth engine as AI infrastructure spending expands beyond compute into switching, routing and connectivity. Q3 already showed demand running well ahead of revenue, with normalized orders up 36% versus 10% revenue growth. What stands out most is the pace of the revisions, with HPE raising its FY27 Networking outlook again just weeks after lifting it alongside Q3 results and now laying out a stronger growth framework through FY29. Juniper is also broadening HPE's reach across data center networking, routing, campus and security, while the higher synergy target points to solid integration execution and provides another lever to support margins as the combined business scales.

[BRIEFING.COM] The S&P 500 (+0.6%) and Nasdaq Composite (+1.0%) hold solid gains just before midday as mega-cap tech stocks provide firm leadership. Mixed action across the broader market has kept the DJIA (+0.1%) in close proximity to its flat line throughout the session.

Equity futures moved higher this morning following slightly cooler-than-expected inflation readings in the August Personal Income and Spending report. The PCE Price Index increased 0.3% month-over-month (Briefing.com consensus: 0.4%), while the core PCE Price Index, which excludes food and energy, rose 0.2% (Briefing.com consensus: 0.3%).

Breadth figures have tightened since the open, with advancers holding just a slim advantage over decliners on the NYSE while advancers outpace decliners by a roughly 3-to-2 ratio on the Nasdaq.

Five S&P 500 sectors trade higher, led by the communication services (+1.4%) and information technology (+1.2%) sectors as the "Magnificent Seven" cohort trades mostly higher today with several sturdy gains in the mix. Alphabet (GOOG 347.89, +10.57, +3.13%) and Apple (AAPL 337.46, +8.06, +2.45%) are among the standouts, and the Vanguard Mega Cap Growth ETF is up 1.0%, helping the market-weighted S&P 500 (+0.6%) outperform the S&P 500 Equal Weighted Index (-0.1%).

The energy sector (+0.8%) is another standout as crude oil rises $2.03 (+2.3%) to $91.41 per barrel amid a relatively quiet morning of geopolitical headlines. Losses are relatively modest across the six S&P 500 sectors that trade lower, limited to 0.6% or narrower.

[BRIEFING.COM] The major averages continue to move higher this morning as tech leadership remains firm. There are a handful of notable stock-specific moves tied to earnings this morning, though none of the companies have a market-moving market cap.

Jabil (JBL 296.55, -22.29, -6.99%) is volatile after posting a sizable Q4 beat and issuing Q1 and FY27 guidance above FactSet consensus, as elevated expectations for its AI-driven outlook overshadow the upbeat results.  The stock's volatility indicates that those headline numbers were not sufficiently above the elevated expectations already embedded in the shares. The underlying opportunity remains substantial, but the increasing concentration in Intelligent Infrastructure raises exposure to hyperscaler spending, customer-program timing, and capacity-ramp execution.

Conagra (CAG 13.37, -0.76, -5.38%) is also firmly lower after its Q1 (Aug) results this morning. EPS of $0.41 marked its largest beat in several quarters, while sales declined 1.4% to $2.60 bln, roughly in line with expectations. Congara also reaffirmed its FY27 guidance for organic sales declines of 1-3%, adjusted operating margin of 10.0-10.5% and EPS of $1.40-1.50, as it continues to advance CEO John Brase's priorities to restore margins, increase investment, reduce complexity and rebalance capital allocation.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.9%), and DJIA (flat) are largely holding on to their solid early gains this morning.

Mega-cap stocks continue to provide solid leadership, with the Vanguard Mega Cap Growth ETF now up 1.0%. The consumer discretionary sector (+0.7%) has moved firmly higher in recent trading as Amazon (AMZN 250.57, +3.90, +1.58%) has widened its gain, while Tesla (TSLA 350.96, -1.88, -0.53%) has cut its early loss in half. This morning, Tesla entered into several credit agreements, totaling $30 billion dollars.

Elsewhere in the sector, Airbnb (ABNB 161.32, +4.36, +2.77%) is one of the top-performing S&P 500 components after introducing a new tool that allows users to get travel recommendations from people they know, plan trips with AI, and book new services from meal delivery to baby gear.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.9%), and DJIA (+0.1%) are higher this morning, supported by positive breadth and solid leadership from the market's largest mega-cap stocks.

Five of the "Magnificent Seven" names trade higher, with Alphabet (GOOG 346.39, +9.07, +2.69%) and NVIDIA (NVDA 231.72, +4.51, +1.98%) among the standouts, helping the information technology (+1.3%) and communication services (+1.3%) sectors sit atop the sector standings. The Vanguard Mega Cap Growth ETF is up 0.6%, although the S&P 500 Equal Weight Index is flat, reflecting a more subdued showing outside the largest stocks.

Despite the solid gain in NVIDIA, semiconductor stocks are mixed overall, leaving the PHLX Semiconductor Index near its flat line.

The energy sector (+0.7%) is another outperformer as crude oil recoups some of yesterday's losses, currently up $1.38 (+1.5%) to $90.76 per barrel. The materials sector (+0.2%) also holds a modest gain.

Meanwhile, the remaining seven S&P 500 sectors trade lower, although the losses are generally modest. The real estate sector (-0.6%) is the only group down more than 0.5%.

On the data front, the Chicago PMI expanded to 58.8 in September (Briefing.com consensus 53.2), from the prior level of 47.1.

Equity futures continue to point to a modestly higher open after this morning's inflation data came in better than feared. 

The August Personal Income and Spending report showed income up 0.2% month-over-month (Briefing.com consensus: 0.4%), spending up 0.9% (Briefing.com consensus: 0.7%), the PCE Price Index up 0.3% (Briefing.com consensus: 0.4%), and the core PCE Price Index up 0.2% (Briefing.com consensus: 0.3%).

On a year-over-year basis, the PCE Price Index was up 3.4%, unchanged from July, which was revised down from 3.7%; and the core PCE Price Index was up 3.0%, also unchanged from July, which was revised down from 3.3%.

The key takeaway, though, is that PCE inflation, no matter how you slice it, is still far above the Fed's 2.0% inflation target, so the idea that the Fed may raise rates again before the end of the year is bound to remain a lively one.

The S&P 500 futures currently trade 27 points above fair value.

Asian markets finished mostly higher on Wednesday, with easing oil prices, stronger Chinese economic data, and renewed technology buying supporting sentiment. Japan's Nikkei 225 surged 2.1%, while the Topix gained 1.7%, led by SoftBank Group (+6.6%) following reports that OpenAI is seeking at least $30 bln in new funding, while Fujikura (+5.9%), Taiyo Yuden (+2.3%), and Kioxia (+1.2%) also advanced. China's Shanghai Composite rose 0.3%, while the Shenzhen Component slipped 0.1% after Beijing unveiled additional stimulus measures, including mortgage subsidies and expanded central-bank funding support, though investors still want stronger measures to boost domestic demand. China's September manufacturing PMI improved to 50.1 from 49.8, while the non-manufacturing PMI rose to 50.2 from 49.0 and the private RatingDog manufacturing PMI climbed to 52.1. Hong Kong's Hang Seng Index reversed early losses to gain 0.4%, supported by Wuxi Biologics (+5.1%), Z.AI (+4.6%), Akeso (+2.1%), and Xiaomi (+0.4%). Mainland Chinese markets will remain closed from October 1 through October 7 for the National Day holiday.

• In economic data:
  • China's September Manufacturing PMI increased to 50.1 (expected 50.1; prior 49.8).
  • China's September Non-Manufacturing PMI increased to 50.2 (expected 49.2; prior 49.0).
  • China's September Composite PMI increased to 50.7 (prior 49.5).
  • China's September RatingDog Manufacturing PMI increased to 52.1 m/m (expected 51.7; prior 51.5).
  • Japan's August Retail Sales increased 2.7% yr/yr (expected 3.3%; prior 3.7%).
  • Japan's August Industrial Production decreased 1.7% m/m (expected 1.4%; prior -0.2%).
  • Japan's August Housing Starts increased 6.1% yr/yr (expected 6.9%; prior 8.2%).
  • Japan's August Construction Orders decreased 3.6% yr/yr (prior -13.4%).
  • South Korea's August Retail Sales decreased 1.8% (prior -2.6%).
  • South Korea's August Industrial Production decreased 4.8% m/m (expected 0.5%; prior 0.5%) and 2.2% yr/yr (expected 4.0%; prior 4.0%).
  • Australia's August Building Approvals decreased 6.1% m/m (expected -1.6%; prior -1.9%).
  • Australia's August Monthly CPI Indicator increased to 4.00% (expected 4.10%; prior 3.50%).

European markets trade mixed, with easing energy-supply concerns providing some relief while fresh inflation data keeps the broader rate outlook in focus. Germany's DAX 40 slips 0.1% after an early gain, with Heidelberg Materials (+1.7%) and MTU Aero Engines (+1.6%) among the leaders while investors await German inflation data. France's CAC 40 falls 0.4% after September consumer inflation accelerates to 3.0%, its highest since February 2024, while household goods consumption declines 0.5% in August. Airbus (+1.4%), Safran (+1.3%), and L'Oral (+0.8%) advance, while TotalEnergies (-2.4%) and Publicis (-1.1%) lag. London's FTSE 100 gains 0.1% after second-quarter UK GDP growth is revised up to 0.5% from 0.4%, with Severn Trent and United Utilities (+3.0%) and Antofagasta (+3.2%) leading strength. Improved Middle East energy flows and another release from US emergency reserves are pressuring crude prices, weighing on BP (-1.7%) and Shell (-1.0%) while providing some relief from the energy-driven inflation pressures hanging over global markets.

• In economic data:
  • Germany's August Retail Sales increased 1.3% m/m (expected 1.6%; prior -3.2%) and decreased 0.4% yr/yr (expected 0.1%; prior -2.2%).
  • Germany's August Import Price Index increased 1.0% m/m (expected 0.6%; prior 0.2%) and 8.3% yr/yr (expected 8.0%; prior 6.8%).
  • Germany's September Unemployment Rate was 6.4% (expected 6.4%; prior 6.4%).
  • Germany's September Unemployment Change was 12K (expected 1K; prior 5K).
  • The U.K.'s Q2 GDP increased 0.5% qtr/qtr (expected 0.4%; prior 0.6%) and 1.4% yr/yr (expected 1.2%; prior 0.9%).
  • The U.K.'s Q2 Business Investment increased 1.8% qtr/qtr (expected 1.7%; prior 3.0%).
  • The U.K.'s Q2 Current Account deficit was GBP19.9 billion (expected GBP25.6 billion; prior GBP21.1 billion).
  • France's September CPI decreased 0.3% m/m (expected -0.5%; prior 0.7%) and increased 3.0% yr/yr (expected 2.8%; prior 2.4%).
  • France's August PPI increased 1.0% m/m (prior 1.3%) and 4.8% yr/yr (prior 3.5%).
  • France's August Consumer Spending decreased 0.5% m/m (expected 0.0%; prior 0.4%).
  • Italy's September Consumer Confidence fell to 91.2 (expected 94.0; prior 94.5).
  • Italy's September Business Confidence increased to 91.9 (expected 90.5; prior 90.2).
  • Italy's September CPI increased 0.7% m/m (expected 0.2%; prior 0.5%) and 4.2% yr/yr (expected 3.8%; prior 3.3%).

The S&P 500 futures now trade 24 points above fair value following this morning's data dump. 

Just released, personal income increased 0.2% month-over-month in August (Briefing.com consensus 0.4%), from a downwardly revised prior increase of 0.3% (from 0.4%).

Personal spending rose 0.9% (Briefing.com consensus 0.7%), from a downwardly revised previous increase of 0.1% (from 0.2%).

The PCE Price Index rose 0.3% in August (Briefing.com consensus 0.4%), from a downwardly revised prior increase of 0.1% (from 0.2%).

The Core PCE Price Index, which excludes food and energy, rose 0.2% (Briefing.com consensus 0.3%), from a downwardly revised prior increase of 0.1% (from 0.2%).

The third estimate of Q2 GDP was revised up to 2.2% from the second estimate of 1.5% (Briefing.com consensus 1.5%).

The GDP Chain Deflator was revised down to 6.1% from the second estimate of 6.4% (Briefing.com consensus 6.3%).

Advance Retail Inventories increased by 0.3% in August, from the upwardly revised previous increase of 0.8% (from 0.7%).

Advance international trade in goods showed the deficit widening to $132.6 billion in August, from a prior deficit of $118.8 billion.

Advance wholesale inventories increased by 0.7% in August, from the prior increase of 1.3%.

The S&P 500 futures currently tradein-line with fair value.

Just released, the ADP Employment Change Report saw 90K jobs added in September (Briefing.com consensus 58K), from a downwardly revised prior increase of 36K (from 38K).

Equity futures point to a flattish opening this morning as investors await a full slate of economic data and some consequential earnings reports after the close. The economic calendar is headlined by the August Personal Income and Spending report, which includes the PCE Price Index (Briefing.com consenus 0.4%), the Fed's preferred inflation gauge.

Stocks are coming off a mostly lower session in which weak breadth and participation overshadowed a solid showing from semiconductor and other AI-infrastructure stocks. The major averages did recover from their session lows following dovish commentary from New York Fed President John Williams, a voting FOMC member, who indicated there was no urgency for another policy adjustment. Those remarks helped temper expectations for another rate hike, with the CME FedWatch Tool now pricing in a 43.7% probability of a hike at the October FOMC meeting, down from 70.9% before his comments.

The semiconductor group will remain in focus today, particularly with Micron (MU 1,067.95, +2.87, +0.3%) scheduled to report earnings after the close. The report should provide another important read on demand trends surrounding the AI infrastructure buildout following yesterday's relative strength in the group.

On the U.S. data front:

• 09/26 MBA Mortgage Applications Index -6.0%; prior -1.5%

Today's remaining economic calendar:

• 8:15 AM ET: September ADP Employment Change; Briefing.com consensus 58K; prior 38K
• 8:30 AM ET: August Personal Income; Briefing.com consensus 0.4%; prior 0.4%
• 8:30 AM ET: August Personal Spending; Briefing.com consensus 0.7%; prior 0.2%
• 8:30 AM ET: August PCE Prices; Briefing.com consensus 0.4%; prior 0.2%
• 8:30 AM ET: August PCE Prices - Core; Briefing.com consensus 0.3%; prior 0.2%
• 8:30 AM ET: Q2 GDP - Third Estimate; Briefing.com consensus 1.5%; prior 1.5%
• 8:30 AM ET: Q2 GDP Deflator - Third Estimate; Briefing.com consensus 6.3%; prior 6.4%
• 8:30 AM ET: August Adv. Retail Inventories; prior 0.7%
• 8:30 AM ET: August Adv. Intl. Trade in Goods; prior -$118.8B
• 8:30 AM ET: August Adv. Wholesale Inventories; prior 1.3%
• 9:45 AM ET: September Chicago PMI; Briefing.com consensus 53.2; prior 47.1
• 10:30 AM ET: 09/26 EIA Crude Oil Inventories; prior +2.97M

In corporate news:

• Boeing (BA 192.12, +4.44, +2.4%) won a U.S. Navy contract worth over $20 billion to design, build and deliver sixth-generation F/A-XX aircraft.
• Jabil (JBL 310.10, -8.74, -2.7%) beat EPS expectations by $0.35, beat on revenues, guided Q1 EPS above consensus with revenues above consensus, and guided FY27 EPS above consensus with revenues above consensus.
• Robinhood Markets (HOOD 119.66, +3.44, +3.0%) is higher after unveiling AI-powered Robinhood Agents and plans for perpetual futures, earnings contracts and 24/7 weekend equities trading.

Reviewing overnight developments:

According to Nikkei, Asian markets finished mostly higher, supported by easing oil prices, stronger Chinese economic data, and renewed technology buying.

In news:

• Beijing announced additional stimulus measures, including mortgage subsidies and expanded central-bank funding support.
• Mainland Chinese markets will be closed from October 1 through October 7 for the National Day holiday.

In economic data:

• China's September Manufacturing PMI 50.1 (expected 50.1; prior 49.8), Non-Manufacturing PMI 50.2 (expected 49.2; prior 49.0), and Composite PMI 50.7 (prior 49.5); September RatingDog Manufacturing PMI 52.1 m/m (expected 51.7; prior 51.5)
• Japan's August Retail Sales 2.7% yr/yr (expected 3.3%; prior 3.7%); August Industrial Production -1.7% m/m (expected 1.4%; prior -0.2%); August Housing Starts 6.1% yr/yr (expected 6.9%; prior 8.2%); August Construction Orders -3.6% yr/yr (prior -13.4%)
• South Korea's August Retail Sales -1.8% (prior -2.6%); August Industrial Production -4.8% m/m (expected 0.5%; prior 0.5%) and -2.2% yr/yr (expected 4.0%; prior 4.0%)
• Australia's August Building Approvals -6.1% m/m (expected -1.6%; prior -1.9%); August Monthly CPI Indicator 4.00% (expected 4.10%; prior 3.50%)

Equity Markets:

• Japan's Nikkei: +2.1%
• Hong Kong's Hang Seng: +0.4%
• China's Shanghai Composite: +0.3%
• India's Sensex: -0.1%
• South Korea's Kospi: -0.5%
• Australia's All Ordinaries: +0.9%

European markets are mixed as easing energy-supply concerns provide some relief while fresh inflation data keeps the rate outlook in focus.

In news:

• Improved Middle East energy flows and another release from U.S. emergency reserves are pressuring crude prices.
• Investors are awaiting Germany's inflation data.

In economic data:

• Germany's August Retail Sales 1.3% m/m (expected 1.6%; prior -3.2%) and -0.4% yr/yr (expected 0.1%; prior -2.2%); August Import Price Index 1.0% m/m (expected 0.6%; prior 0.2%) and 8.3% yr/yr (expected 8.0%; prior 6.8%); September Unemployment Rate 6.4% (expected 6.4%; prior 6.4%); September Unemployment Change 12K (expected 1K; prior 5K)
• U.K.'s Q2 GDP 0.5% qtr/qtr (expected 0.4%; prior 0.6%) and 1.4% yr/yr (expected 1.2%; prior 0.9%); Q2 Business Investment 1.8% qtr/qtr (expected 1.7%; prior 3.0%); Q2 Current Account -GBP19.9B (expected -GBP25.6B; prior -GBP21.1B)
• France's September CPI -0.3% m/m (expected -0.5%; prior 0.7%) and 3.0% yr/yr (expected 2.8%; prior 2.4%); August PPI 1.0% m/m (prior 1.3%) and 4.8% yr/yr (prior 3.5%); August Consumer Spending -0.5% m/m (expected 0.0%; prior 0.4%)
• Italy's September Consumer Confidence 91.2 (expected 94.0; prior 94.5) and Business Confidence 91.9 (expected 90.5; prior 90.2); September CPI 0.7% m/m (expected 0.2%; prior 0.5%) and 4.2% yr/yr (expected 3.8%; prior 3.3%)

Equity Markets:

• STOXX Europe 600 : -0.1%
• Germany's DAX : -0.2%
• U.K.'s FTSE 100 : +0.1%
• France's CAC 40 : -0.6%
• Italy's FTSE MIB : -0.3%
• Spain's IBEX 35 : flat