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Thursday, September 25

Noteworthy macro moves today: Ethereum -3.7%. US 2Y Treasury Bond -0.1%. US 10Y Treasury Bond -0.3%. Noteworthy US mega-cap moves today: UnitedHealth Group Inc (UNH) -1.6%. Alphabet Inc (GOOGL) -1.4%. Alphabet Inc (GOOG) -1.4%. 

Recent economic data releases from the U.S. indicate a mixed outlook, with initial jobless claims falling to 218,000—well below expectations of 235,000—and marking the lowest level in two months. Additionally, durable goods orders unexpectedly rose by 2.9% for August against forecasts of a decline; however, corporate profits increased by only 0.2%, which was less than anticipated following previous declines.

In Europe, consumer sentiment remains low as France's index held steady at an unchanged value of 87 amid political uncertainties; however, Germany’s GfK Consumer Climate Indicator improved slightly but still reflects cautious spending behavior among households due to inflation concerns and geopolitical tensions affecting recovery prospects.

Market reactions have been notable: major European indices are down significantly today amidst ongoing caution regarding interest rates and potential impacts on growth stemming from recent comments made by Federal Reserve officials about equity valuations being "fairly highly valued." This has contributed to broader sell-offs across global markets including tech stocks that were already under pressure after disappointing earnings reports related to AI investments.

Ethereum (ETH/USD) [-3.5%]
Ethereum's price has dropped significantly today, falling below the $4,000 mark for the first time since August 8, 2025. This decline occurs amid broader market volatility, with the Crypto Fear & Greed Index reflecting a prevailing 'Fear' sentiment. Over the past 24 hours, approximately 134,702 traders were liquidated, totaling around $427.63 million, with Ethereum accounting for a substantial portion of these liquidations. Notably, $100 million worth of ETH longs were liquidated in just one hour. In contrast, over 210,000 ETH were purchased by ten whales, totaling around $863 million. Recent macroeconomic data showing stronger-than-expected U.S. GDP growth and declining jobless claims may influence risk assets, but they have not reversed Ethereum's current trend. Additionally, Ethereum's supply on exchanges has reached a nine-year low of 14.8 million ETH.

iShares Silver Trust (SLV) [+2.3%]
iShares Silver Trust (SLV) has experienced a price increase of 2.3% in pre-market trading on Thursday. Spot silver has reached $45 per ounce, marking its highest level since May 2011, with a notable increase of over $5 this month. Concurrently, the U.S. dollar has strengthened against major currencies, reaching multi-week highs due to robust economic data and comments from Federal Reserve officials suggesting potential future rate cuts, which typically exert downward pressure on silver prices. Despite this, silver prices have risen by 2.1% today. Additionally, geopolitical tensions related to oil sanctions may be influencing market dynamics, leading investors to seek safe-haven assets like silver. Platinum has also seen a significant increase of 2.86%, reflecting broader market dynamics that often influence precious metals, including silver.

OKLO | -15.1% | -2.1B
Oklo Inc | Electric Utilities
Oklo Inc (OKLO) has seen a notable decline of 15.1% in pre-market trading following the initiation of coverage by Goldman Sachs, which assigned a Neutral rating and set a price target of $117, suggesting potential downside from current levels. Concurrently, the company conducted full-scale flow testing of a fuel assembly prototype at the U.S. Department of Energy's Argonne National Laboratory to validate its designs. Social media activity has highlighted significant insider selling, with Director Michael Klein selling 50,000 shares for approximately $6.65 million and CEO Jacob DeWitte selling 25,000 shares for about $3.03 million. Commentary from Jim Cramer described OKLO as a "great concept," but advised investors to "ring the register," which may have contributed to the negative sentiment surrounding the stock.

JBL | -4.8% | -1.2B
Jabil Inc | Electronic Manufacturing Services
Jabil Inc. reported its fourth quarter results, revealing a core EPS of 3.29, surpassing the consensus estimate of 2.95. Revenue for the quarter reached 8.25 billion, exceeding expectations of 7.67 billion. Looking ahead, Jabil projects Q1 revenue between 7.7 billion and 8.3 billion, with adjusted EPS forecasted between 2.47 and 2.87. For fiscal year 2026, the company anticipates core EPS of 11.00 and revenue of 31.3 billion, both above consensus estimates. Adjusted free cash flow is expected to exceed 1.3 billion for FY26. The performance is attributed to strong AI-driven demand across various sectors, although challenges persist in the Automotive and Renewables segments.

IONQ | -4.2% | -622.1M
IONQ Inc | Technology Hardware, Storage & Peripherals
IONQ Inc has experienced a notable decline of 4.2% in pre-market trading. The company recently announced it achieved an algorithmic qubit score of #AQ 64 on its Tempo quantum system, three months ahead of schedule, making it the first to reach this milestone. This advancement suggests the system can handle over 18 quintillion computational possibilities and shows significant performance improvements over IBM's quantum systems in multiple algorithm categories. However, negative sentiment has emerged on social media, with criticism directed at the CEO and concerns regarding his credibility, particularly following a substantial sale of his shares. Additionally, Jim Cramer’s remarks about IONQ being among bubble stocks may have influenced trading behavior. Broader market trends are reflected in the Russell 2000 Index, which has also declined, potentially affecting IONQ's stock performance.

SNX | -4.2% | -529.2M
TD Synnex Corp | Technology Distributors
TD Synnex Corp reported fiscal Q3 results with revenue of $15.65 billion, exceeding analyst expectations of $15.11 billion and reflecting a year-over-year increase of 6.6%. Adjusted earnings per share (EPS) reached $3.58, surpassing the consensus estimate of $3.05 and showing a significant rise from last year's EPS of $2.86. The company's net income for the quarter was $226.79 million, up from $178.56 million in the same period last year. Following the earnings announcement at 6:00 AM NY time, the stock experienced a decline of 2.3% within 50 minutes. Additionally, the Russell 2000 Index has declined by 0.75%, which may be influencing the overall market environment affecting TD Synnex's recent price movement of -3.1%. Looking ahead, the company projects Q4 revenue between $16.5 billion and $17.3 billion, with a non-GAAP EPS forecast of $3.45 to $3.95.

ORCL | -3.0% | -24.5B
Oracle Corp | Systems Software
Oracle Corporation's stock has dropped significantly following the initiation of a Sell rating by Redburn, which set a target price of 175. Analysts expressed concerns that the market overestimates Oracle's contracted cloud revenues, suggesting that the projected 60 billion value from its five-year cloud revenue guide is overly optimistic. Concurrently, Oracle announced an $18 billion bond offering, exceeding initial guidance of 15 billion, intended for general corporate purposes. This bond issuance has also raised caution among investors. Social media discussions highlighted Oracle's accumulated debt of over 100 billion, raising concerns about its financial commitments. Additionally, the Nasdaq 100 Index declined, reflecting broader market sentiment that may be influencing Oracle's recent price movement.

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