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Tuesday, September 23

Noteworthy macro moves today: Gold +1.0%. Platinum +3.4%.

Recent economic data releases have shown mixed signals from major European economies. In Germany, the HCOB Services PMI rose to 52.5 in September, indicating a return to growth after several months of contraction and surpassing expectations; however, manufacturing activity continues to decline with the Manufacturing PMI dropping unexpectedly to 48.5. Meanwhile, France's private sector is facing challenges as both its Composite and Manufacturing PMIs fell below expected levels for September.

In U.S. markets, stock indices reached record highs following recent Federal Reserve interest rate cuts aimed at supporting a softening labor market amid persistent inflation concerns. Investors are closely monitoring upcoming speeches by Fed officials including Chair Jerome Powell later today, which may provide further insights into future monetary policy direction amidst ongoing geopolitical tensions that could influence risk sentiment.

Additionally, gold prices continue their upward trajectory due in part to safe-haven demand driven by these geopolitical risks alongside investor anticipation of additional Fed rate cuts this year—factors contributing significantly toward maintaining bullish momentum within commodity markets despite fluctuations across equity indices globally.

SPDR Gold Shares (GLD) [+0.9%]
Gold prices reached a record high today, driven by heightened expectations of further U.S. rate cuts ahead of Federal Reserve Chair Jerome Powell's upcoming speech. Spot gold rose to 3,783.21 per ounce, while December gold futures increased significantly. Recent comments from New Fed Governor Stephen Miran emphasized the need for aggressive rate cuts, contrasting with more cautious views from other officials. This environment has resulted in strong demand for gold, particularly from institutional investors and in India, where physical gold premiums surged to a 10-month high. Additionally, SPDR Gold Trust reported an increase in holdings to 1,000.57 tons, marking a more than three-year high. Social media discussions highlighted these developments, with posts noting significant price movements and optimism surrounding potential rate cuts.

PCOR | +6.1% | +668.3M
Procore Technologies Inc | Application Software
Procore Technologies Inc. has appointed Ajei Gopal as Chief Executive Officer, succeeding founder Tooey Courtemanche, who will transition to Chair of the Board. Gopal brings over 35 years of technology leadership experience and will officially assume his role on November 10, 2025, following the announcement of the company's third-quarter financial results. Procore reaffirmed its revenue guidance for the third quarter of fiscal 2025 at $326 million to $328 million and for the full fiscal year 2025 at $1.299 billion to $1.302 billion, aligning closely with consensus estimates. The company highlighted its operational strength and growth potential under Gopal's leadership. At 4:05 PM NY time, Procore reiterated its revenue guidance for fiscal year 2025 between $1.3 billion and $1.3 billion.

SRE | +3.7% | +2.0B
Sempra | Multi-Utilities
Sempra has announced a strategic agreement to sell a 45% equity interest in Sempra Infrastructure Partners for $10 billion in cash. This transaction, expected to close in the second to third quarter of 2026, is projected to enhance Sempra's financial strength and fund its capital plan through 2029. The deal involves affiliates of KKR and the Canada Pension Plan Investment Board, and it implies an equity value of $22.2 billion for Sempra Infrastructure Partners, with an enterprise value of $31.7 billion. Additionally, Sempra reaffirmed its adjusted earnings per share guidance for fiscal year 2025 at $4.30 to $4.70 and for fiscal year 2026 at $4.80 to $5.30, aligning with its long-term growth expectations.

AZO | -2.4% | -1.7B
Autozone Inc | Automotive Retail
AutoZone Inc. reported its fourth-quarter results, revealing a net income of approximately $837 million, which fell short of the estimated $870 million. Quarterly sales reached about $6.24 billion, slightly below expectations. Earnings per share (EPS) were reported at $48.71, missing the consensus estimate by over 4%. The operating profit decreased by nearly 8% to $1.2 billion, while gross profit was recorded at $3.22 billion. Despite a same-store sales increase of 5.1%, domestic same-store sales rose by 4.8%, with international same-store sales up by 7.2%. Following these results, AutoZone shares declined by about 3% in premarket trading. Notably, the company has now missed earnings expectations for four consecutive quarters, although it approaches its five-year highs.

IONQ | +3.3% | +522.2M
IONQ Inc | Technology Hardware, Storage & Peripherals
IONQ Inc has announced a significant technological milestone, successfully demonstrating the frequency conversion of photons from visible wavelengths to telecom wavelengths on a prototype system. This achievement, supported by the Air Force Research Lab, enables quantum information transmission over existing fiber optic infrastructure, facilitating long-distance connections between quantum computers. Notably, IONQ is the first in the quantum sector to accomplish this conversion. The company recently delivered a trapped-ion quantum computer with an integrated photonic interface to the Air Force Research Lab in New York. Social media discussions have highlighted this milestone, emphasizing its importance for the development of quantum technologies and IONQ's commitment to innovation. Additionally, a recent post noted the completion of IONQ's AQ64 project five months ahead of schedule, generating anticipation for an official announcement.

BA | +2.4% | +3.3B
Boeing Co | Aerospace & Defense
Boeing Co has seen significant developments that coincide with its recent price increase. U.S. lawmakers are in Beijing negotiating a potential agreement for China to purchase more Boeing jets, with Ambassador David Purdue highlighting the importance of Boeing's presence in the Chinese market. Concurrently, President Trump announced that Uzbekistan Airways has signed a deal for up to 22 Boeing 787 Dreamliners, valued at approximately $8.5 billion, which is projected to support around 35,000 jobs in the U.S. Additionally, reports suggest that Turkey's President Erdogan is preparing to order hundreds of Boeing aircraft, seeking local production agreements exceeding $10 billion, contingent on Trump's approval. Social media discussions indicate that Boeing may be nearing a deal for the sale of up to 500 jets in China, with negotiations reportedly in their final stages. These developments reflect a robust international interest in Boeing's offerings.

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