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Tuesday, September 30

Noteworthy macro moves today: Oil (WTI) -1.6%. Noteworthy US mega-cap moves today: Visa Inc (V) +1.1%. Exxon Mobil Corp (XOM) -1.0%. 

The U.S. financial markets are currently facing heightened uncertainty due to the looming threat of a government shutdown, which could disrupt key economic data releases such as the upcoming Nonfarm Payrolls report scheduled for October 3rd. Congressional leaders have failed to reach an agreement on funding measures, with Vice President JD Vance indicating that a shutdown is imminent unless negotiations progress swiftly.

In Europe, recent macroeconomic indicators show mixed results; Germany's retail sales fell by 0.2% in August against expectations of growth, and unemployment remained steady at 6.3%. Meanwhile, inflation rates across several German states showed upward pressure in September but still reflect broader concerns about consumer spending amid ongoing geopolitical tensions and tariff announcements from the Trump administration affecting various imports.

Additionally, gold prices reached new highs around $3,871 per ounce amidst safe-haven buying driven by market volatility linked to potential fiscal disruptions in the U.S., while oil prices continued their decline following oversupply fears exacerbated by OPEC+ production increases planned for November. The overall sentiment remains cautious as investors await further developments regarding both domestic policy decisions and international trade dynamics.

Energy Select Sector SPDR Fund (XLE) [-0.9%]
Concerns over a potential U.S. government shutdown are affecting financial markets, including the Energy Select Sector SPDR Fund (XLE), as it may delay key economic data releases and create uncertainty around fiscal policies impacting oil demand. Crude oil prices have fallen sharply due to oversupply worries, particularly following OPEC's plans for increased output in November and the resumption of exports from Iraq’s Kurdistan region after a two-and-a-half-year hiatus. This backdrop contributed to a negative daily return for XLE. Among its holdings, Exxon Mobil Corp reported a job cut plan affecting 3-4% of its workforce, aligning with similar actions from other major oil companies amid declining crude prices. Brent crude prices dropped significantly, exacerbating challenges for the sector. Additionally, WTI oil prices declined, further influencing the performance of XLE.

Bitcoin (BTC/USD) [-1.0%]
Concerns over a potential U.S. government shutdown are currently affecting market sentiment, contributing to Bitcoin's daily return of approximately -1.0%. The uncertainty surrounding funding agreements has increased volatility in financial markets and could delay key economic data releases. In the last ten hours, social media highlights include BlackRock's IBIT surpassing Deribit as the leading Bitcoin options venue. Additionally, MicroStrategy acquired 196 BTC for $22 million, bringing its total holdings to over 640,000 BTC, valued at around $71.8 billion. Recent inflows into Bitcoin and Ethereum ETFs totaled $954.20 million, with Bitcoin accounting for $564.60 million. Furthermore, Bitcoin holders can now stake BTC on Starknet, with the Starknet Foundation backing this initiative with significant incentives. Ethereum has also mirrored Bitcoin's decline, dropping by approximately 1.4%.

SATS | +7.2% | +1.6B
EchoStar Corp | Alternative Carriers
EchoStar Corp (SATS) has seen its share price increase significantly following reports that Verizon is in discussions to acquire its AWS-3 wireless spectrum licenses, which are crucial for 5G technology. This news, first reported by Bloomberg approximately 14 hours ago, has generated considerable buzz on social media, with users expressing excitement about the potential deal. The AWS-3 spectrum is valued at $9.8 billion on EchoStar's books and follows previous asset sales to AT&T and SpaceX. The ongoing negotiations have contributed to a notable rise in EchoStar's stock, with reports of a 15% jump after hours following the announcement. The discussions underscore the importance of the spectrum sale in the context of EchoStar's financial strategy amidst regulatory pressures.

SPOT | -3.8% | -5.3B
Spotify Technology SA | Movies & Entertainment
Spotify Technology SA is undergoing a leadership transition, with founder Daniel Ek stepping down as CEO to become Executive Chairman effective January 1, 2026. Co-presidents Gustav Söderström and Alex Norström will assume the roles of co-CEOs, reporting to Ek. This structural change formalizes an operational framework that has been in place since 2023. Following the announcement, Spotify shares declined significantly, dropping approximately 4%. Additionally, Goldman Sachs downgraded the stock from Buy to Neutral, while maintaining a price target of 770, citing a neutral risk/reward balance despite expectations of mid-teens revenue growth driven by premium pricing and user expansion. Conversations on social media also reflected this downgrade.

V | +1.2% | +8.0B
Visa Inc | Transaction & Payment Processing Services
Visa Inc. has announced the election of Bill Ready, currently CEO of Pinterest, to its board of directors, effective September 29, 2025. Ready brings a robust background in the payments industry, having held significant roles at Google, PayPal, and Braintree. This appointment expands Visa's board to 12 members. Concurrently, Visa has launched a pilot program that allows businesses to prefund cross-border payments using stablecoins through Visa Direct. This initiative, revealed at SIBOS 2025, aims to expedite transactions and improve liquidity management by reducing settlement times from days to minutes. Participating entities, including banks and financial institutions, can utilize stablecoins for payouts while recipients will continue to receive payments in their local currency. The pilot is expected to transition into limited availability by April 2026.

FCX | +2.0% | +1.1B
Freeport-McMoRan Inc | Copper
Freeport-McMoRan Inc. has seen its stock price rise by 2% following an upgrade from Bank of America Merrill Lynch, which has changed its rating from Neutral to Buy, setting a price target of 42. This upgrade suggests that key risks associated with the stock are already reflected in its current price. In addition, Freeport-McMoRan is planning to divest 12% of its local operations in Indonesia, signaling strategic adjustments within its business framework. Social media discussions corroborate this news, highlighting the upgrade and reiterating the price target without any new material information from a conversation with President and CEO Kathleen Quirk.

WOLF | +26.2% | +908.7M
Wolfspeed Inc | Semiconductors
Wolfspeed Inc. has emerged from Chapter 11 bankruptcy, achieving a significant reduction in total debt by approximately 70% and lowering annual cash interest expenses by about 60%. The company has extended its debt maturities to 2030 and announced plans to utilize its 200mm manufacturing capacity for self-funded growth supported by free cash flow generation. In conjunction with these financial changes, Wolfspeed appointed five new directors to its board as part of its reorganization strategy. Social media discussions highlighted the cancellation of old stock and the issuance of 25.8 million new shares, down from 156 million, while trading resumed under the same ticker. Following these developments, shares reportedly spiked intraday, reflecting heightened market activity and attention around the company's improved financial position and liquidity to supply silicon carbide chips essential for electric vehicles and other applications.

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