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Monday, October 6

Noteworthy macro moves today: Gold +1.2%. US Dollar Index +0.5%. STI 30 Index (Singapore) +3.0%.

The ongoing U.S. government shutdown has significantly impacted market sentiment, leading to a lack of key economic data releases that are crucial for assessing the labor market and overall economy. The Bureau of Labor Statistics failed to publish its monthly jobs report due to the shutdown, prompting reliance on alternative private sector indicators that suggest weakening job growth. This uncertainty is contributing to expectations among investors for potential interest rate cuts by the Federal Reserve.

In Europe, political instability following French Prime Minister Sébastien Lecornu's resignation has raised concerns about future governance in France and increased pressure on the euro amid fears of snap elections or ineffective leadership changes. Consequently, this situation contributed to a decline in both EUR/USD exchange rates and European bond yields as markets reacted negatively toward fiscal fragmentation risks within Eurozone countries.

Meanwhile, Japan’s Nikkei index surged nearly 5% after Sanae Takaichi was elected leader of Japan's ruling Liberal Democratic Party (LDP), positioning her potentially as the first female prime minister with pro-stimulus policies expected ahead. However, this development also led to significant selling pressure on the Japanese yen against major currencies like USD/JPY rising sharply amidst speculation regarding renewed monetary easing measures from policymakers under her anticipated administration.

SPDR Gold Shares (GLD) [+1.1%]
Gold prices have reached a record high, with December gold surging significantly to nearly $4,000 an ounce amid the ongoing U.S. government shutdown. This surge is driving demand for safe-haven assets like gold, as investors react to economic uncertainty and expectations of further Federal Reserve rate cuts. Social media discussions have highlighted GLD's recent price movements, linking them to the government shutdown and its impact on economic data. Additionally, GLD is experiencing an "inside day," suggesting a potential consolidation phase. Concurrently, the Nasdaq 100 Index has increased, reflecting broader market dynamics that may also influence GLD's recent price movement of 1.3%.

Invesco Currencyshares Japanese Yen Trust (FXY) [-1.6%]
The Japanese Yen has weakened significantly following the election of Sanae Takaichi as the leader of Japan's ruling Liberal Democratic Party. This political change raises expectations for a continued accommodative monetary policy and a delay in interest rate hikes by the Bank of Japan. As a result, volatility in USD/JPY has increased. Additionally, concerns regarding a potential U.S. government shutdown are influencing market sentiment towards safe-haven assets, such as gold, and affecting currency movements against major currencies, including the Yen. The price of Invesco Currencyshares Japanese Yen Trust (FXY) has dropped notably since Friday, reflecting these developments.

AMD | +35.1% | +126.0B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices (AMD) has announced a transformative multi-year agreement with OpenAI to supply artificial intelligence chips, including 6 gigawatts of AMD Instinct GPUs, starting with a one-gigawatt deployment in the second half of 2026. This partnership is projected to generate tens of billions in annual revenue, with AMD anticipating over $100 billion in new revenue over four years from OpenAI and other customers. OpenAI has the option to acquire up to approximately 10% of AMD's equity at $0.01 per share and has been issued warrants for up to 160 million shares, which will vest based on specific milestones. Following this announcement, AMD's stock has seen significant pre-market trading activity, reportedly increasing by over 25%. The deal positions AMD as a key player in the competitive AI chip market, directly challenging Nvidia's dominance.

MU | +5.6% | +12.2B
Micron Technology Inc | Semiconductors
Micron Technology Inc. has experienced a notable price increase, attributed to a broader upward movement in the Semiconductors sector. Recently, Morgan Stanley upgraded Micron from "equal-weight" to "overweight," raising its price target to 220 from 160. This upgrade reflects the company's strong performance, supported by improving DRAM pricing and reduced concerns regarding high-bandwidth memory for AI applications. Year-to-date, Micron's shares have surged significantly, positioning it among the top performers on the S&P 500. Social media discussions have highlighted the upgrade and its implications, noting a substantial demand for memory chips driven by AI data centers, particularly due to major deals involving tech giants like OpenAI and Nvidia. Additionally, Advanced Micro Devices Inc. saw a significant surge following its own transformative agreement with OpenAI, further influencing sentiment within the semiconductor market.

GILD | +2.8% | +4.1B
Gilead Sciences Inc | Biotechnology
Gilead Sciences Inc. has resolved patent disputes regarding its HIV medication Biktarvy, reaching settlement agreements with Lupin Ltd., Cipla Ltd., and Laurus Labs Ltd. These settlements prevent the entry of generic versions of Biktarvy into the U.S. market before April 1, 2036. The agreements were disclosed on October 6, 2025, following attempts by the generic manufacturers to file abbreviated new drug applications with the U.S. Food and Drug Administration. The patents cover the specific combination of bictegravir, emtricitabine, and tenofovir alafenamide used in Biktarvy tablets. Concurrently, social media discussions have drawn comparisons between Gilead's Trodelvy and other companies' clinical trial results, particularly noting that while AstraZeneca's Datroway met key endpoints in its study, Gilead's Trodelvy is still awaiting overall survival results in the ASCENT-03 trial.

SPRB | +137.4% | +1.2B
Spruce Biosciences Inc | Biotechnology
Spruce Biosciences Inc. has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for its tralesinidase alfa enzyme replacement therapy, targeting Sanfilippo Syndrome Type B. This designation is supported by clinical data showing normalization of cerebral spinal fluid heparan sulfate non-reducing end, a biomarker likely to predict clinical benefit and possibly serve as a basis for accelerated approval. The company plans to submit its Biologics License Application in the first quarter of 2026. Following this announcement, Spruce Biosciences' stock has seen a significant increase in premarket trading, reflecting the market's reaction to this pivotal development.

QUBT | -15.0% | -286.3M
Quantum Computing Inc | Application Software
Quantum Computing Inc. has announced a $750 million private placement of common stock, involving the sale of approximately 37.2 million shares at market rates, which is oversubscribed and led by its largest existing shareholders. The transaction is expected to close around October 8, 2025, and will boost the company's pro-forma cash position to about $1.55 billion, with proceeds allocated for commercialization, strategic acquisitions, production capabilities, and personnel expansion. Following this announcement, shares of Quantum Computing experienced a decline of 12% in pre-market trading. Concurrently, discussions on social media noted that Quantum Computing raised $1.25 billion in private placements over the past two weeks, which significantly exceeds its total revenue for the last five years. This morning, the stock price fell to 24.62, attributed to the recent offering. Mixed sentiments about the quantum stock market were also noted, alongside promotional posts regarding an upcoming IQT Quantum + AI Conference scheduled for October 19-21, 2025, in New York City.

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