Morning Preview: September 30, 2026

Early Look

Wednesday, September 30, 2026

Stock index futures are looking higher as the recent rally in Treasury yields looked to take a breather, though oil prices edge higher as Wall Street turns their attention to several key economic reports, including the all important core PCE inflation report at 8:30 am et along with GDP data. Major U.S. indexes finished modestly lower on Tuesday as longer-dated Treasury yields continued to climb to fresh 20-year highs, though AI-linked stocks bucked the trend. The yield on the benchmark 10-year Treasury note climbed to 5.278%, near its highest level since 2007, while the 30-year yield hit its highest mark since 2002. Along with a slide in oil prices Tuesday, Federal Reserve Vice Chair John Williams pushed back against market pricing for back-to-back hikes, taking the implied probability of an October rate rise from around 70% to sub-50%. In Asian markets, The Nikkei Index surged 1,272 points or 1.94% to settle at 66,753, the Shanghai Index rose 11 points to 3,842 before its Golden Week holiday kicks off as markets will remain closed until mid-next week, and the Hang Seng Index gained 89 points to 24,613. In Europe, the German DAX is down -44 points to 25,355, while the FTSE 100 rises 13 points to 10,650. Reminder China Golden Week starts this week on 10/1-10/7 as their markets are closed.

• The Dow Jones Industrial Average fell -131.59 points, or 0.26%, to 51,349.92
• The Nasdaq Composite dropped -22.84 points, or 0.09%, to 26,797.54
• The Russell 2000 Index declined -9.99 points, or 0.35% to 2,807.92

• 8:15 AM ET ADP Private Payrolls for September…est. +70K (prior +38K)
• 8:30 AM ET                  Personal Income M/M for August…est. +0.4%
• 8:30 AM ET                  Personal Spending M/M for August
• 8:30 AM ET PCE Price Index M/M for August…est. +0.4% (prior +0.2%)
• 8:30 AM ET PCE Price Index Y/Y for August…est. +3.7% (prior +3.7%)
• 8:30 AM ET                  Core PCE Price Index M/M for August…est. +0.3% (prior +0.2%)
• 8:30 AM ET                  Core PCE Price Index Y/Y for August…est. +3.3% (prior +3.3%)
• 8:30 AM ET                  Gross Domestic Product (GDP) Q2-final…est. +1.5%
• 8:30 AM ET GDP Consumer Spending for Q4-final…est. +2.3%
• 8:30 AM ET GDP Price Deflator for Q2-final…est. +6.4%
• 8:30 AM ET GDP PCE Price Index M/M for Q2-final…est.
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q2-final…est. +3.6%
• 8:30 AM ET                  Advance goods Trade Balance for August…est. (-$115.0B)
• 9:45 AM ET                  Chicago PMI for September…est. 51.2 (prior 47.1)
• 10:00 AM ET                Dallas Fed PCE for August
• 10:30 AM ET                Weekly EIA Inventory Data

• Earnings After the Close: BSET MU PRGS

• G2E Global Gaming Expo Meetings, 9/29-10/1, in Las Vegas
• RBC Capital 2026 Global Communications Infrastructure Conference, 9/29-9/30, in Chicago
• William Blair Biotech Conference, 9/29-9/30, in Chicago, IL

• Cal-Maine Foods (CALM) reports Q1 EPS loss (-$1.26), vs. consensus loss (-$0.76) as conventional egg prices dropped sharply; Q1 revs fell -41% y/y to $539.61M, missed consensus $561.56M; said Specialty Shell Eggs sales declined due to lower selling prices and higher feed and production costs; said expects over 60% growth in Prepared Foods capacity by H1 fiscal 2028.
• Carnival Corp (CCL) files for mixed shelf offering; size not disclosed
• Century Casinos (CNTY) agrees to sell Century mile and Century Downs properties for about $16.4M on Sept 24; intends to use sale proceeds to reduce indebtedness.
• GameStop (GME) CEO Ryan Cohen reveals the purchase of 447,000 of co’s Class A stock for prices between $23.4753 and $23.4499 per share, roughly worth about $10.56M. Cohen’s direct holdings now stand at 40.95 mln shares, representing a 8.12% stake in GME.
• Hormel Foods Corporation (HRL) announced it has entered into a definitive agreement to acquire Brakebush Brothers, LLC, a leading value-added chicken company, from the Brakebush family for the purchase price of approximately $1.055 billion.

• Dow Chemical (DOW) and Lyondell (LYB) both downgraded to Neutral from Buy at Citigroup as they say they no longer have conviction on asymmetric upside for PE prices, even at $100 crude. While they pencil in the consultants’ October price increase of 5cpp, they believe demand weakness continues to cap the upside stemming from the higher oil & global feedstock costs. Citigroup also lowers estimates broadly across EMN and CE, noting the weakness in demand across the commodity and intermediates coverage.
• Kenon Holdings Ltd (KEN) agrees to acquire 25% interest in district heating & cooling business in US for about $450M; $1.40B committed debt financing for vicinity acquisition, non-recourse; purchase price for acquisition is based on a total enterprise value for 100% of vicinity of $2.92B.
• Talen Energy (TLN) names Terry Nutt Chief Executive Officer as Mac McFarland to retire as CEO Dec 31, 2026; to serve as Senior advisor through March 2027; company also announces $1.5B accelerated share repurchase.

• Evergrande Property Services said China Evergrande Group and CEG Holdings, its controlling shareholders, have entered an exclusivity agreement with a selected bidder for a potential sale of their shares in the company.
• Robinhood’s (HOOD) said it would offer weekend round-the-clock trading in select US stocks and ETFs. Up to 25% trading on busy days occur outside regular hours since 2023 launch of 24-hour weekday trading.

• Moderna (MRNA) was downgraded to Sell from Neutral at Citigroup following an outsized run (+222%; XBI index: -2%; S&P500: flat) since INTerpath-001’s interim topline, while raise PT to $80 from $60. Citi says while intismeran could become a market leading therapy in melanoma, believes the Re-rating now reflects successful expansion in many tumor types and unrealistic implied sales.
• Sagimet Biosciences (SGMT) announced positive 52-week results from the Phase 3 ASC40-304 OLE clinical trial of denifanstat in patients with moderate to severe acne vulgaris, conducted by license partner Ascletis BioScience in China; also prices 8.8M series a common shares at $10 per share.
• Takeda (TAK) announced new data from three Phase 3 LATITUDE psoriasis studies of zasocitinib (TAK-279), an investigational, next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, in adults with moderate-to-severe plaque psoriasis. Results demonstrate zasocitinib’s superior efficacy compared to deucravacitinib and reinforce the potential for zasocitinib to deliver rapid, durable and consistent skin clearance in a convenient once-daily pill.

• Applied Materials, Inc. (AMAT) announced that KIOXIA Corporation, a leading global supplier of flash memory and solid state drives (SSDs), will join Applied’s EPIC Center in Silicon Valley as an innovation partner to advance next-generation memory technologies.
• Concentrix (CNXC) Q3 adj. EPS $2.92 vs. est. $2.71; revenue $2.45B vs. est. $2.48B; adj. EBITDA $363Mm vs est $355.87Mm; adj. operating Income $309Mm vs est $299.62Mm; adj. operating margin 12.6%; Q4 revenue guidance $2.41B-$2.46B vs. est. $2.52B; Q4 adj. operating Income guidance $310Mm-$320Mm vs est $326.04Mm; Q4 adj. EPS guidance $2.86-$2.98 vs. est. $3.05; FY revenue guidance $9.827B-$9.877B vs. est. $9.96B; FY adj. operating Income guidance $1.206B-$1.216B vs est $1.156B.
• Taiwan Semiconductor Manufacturing Co. (TSM) is evaluating a potential investment in Texas to expand chip production in the United States, as the potential investment would be in addition to the $265B that TSMC has committed to its operations in Arizona, Reuters reported.
• Workday, Inc. (WDAY) reiterating its fiscal 2027 Q3 and full-year financial guidance; announces reduction of about 2.5% of current workforce; estimates charges of $65M-$80M related to reorganization.