Morning Preview: October 01, 2026

Early Look

Thursday, October 1, 2026

After a sharp selloff in the final minutes of the trading day Wednesday pushed the S&P 500 into negative territory, U.S. futures are looking mostly higher despite another bounce in oil prices and Treasury yields as the relentless push higher has dragged on investor sentiment. The U.S. bond market just completed its worst quarter this century, with the Treasury selloff pushing yields to two-decade highs as traders brace for higher-for-longer interest rates. The U.S. 10-year Treasury yield went up 87.1 basis points over the September quarter. Still, for the month, the S&P 500 only fell -0.4%, the Dow fell -4.3% and the Nasdaq rose 1.9%; For the quarter, the S&P 500 rose 2.0%, the Dow fell -2.7% and the Nasdaq rose 2.5%. In Asian markets, The Nikkei Index surged 2,203 points or 3.3% to 68,956, the Shanghai Index was closed as its Golden week holiday started, and the Hang Seng Index was also closed. In Europe, the German DAX is down -139 points to 25,059, while the FTSE 100 is down -166 points to 10,439. In earnings news overnight, Micron (MU) shares are little changed after its quarterly beat, while Accenture (ACN) shares rise on results.

While the broader stock markets have been holding up, it appears the AI buildout/narrative is what is keeping this economy going to this point with many negative catalysts being pushed aside including negative market breadth and significantly more 52-week lows vs. 52-week highs the last few weeks. Soaring energy prices such as oil, gasoline (hitting consumer) and diesel (hitting transports) have taken toll on spending, but the soaring yields over the last few weeks is yet to dent the broader market, despite borrowing costs jumping. An interesting observations by @burrytracker (not Michael Burry) noted on X, “The Big Short is about to repeat itself No one is paying attention to housing: 1. Rates have risen for 6 straight weeks 2. Mortgage applications fell 6% in a single week 3. Purchase applications are down 14% from a year ago 4. Refinance applications have fell 56% year over year 5. Serious delinquencies (90+ days past due) just rose for the first time in 5 months, up 19% year over year.” In another Interesting stat: @GlobalMktObserv noted on X, “S&P 500 breadth is flashing a signal not seen since the 2000 Dot-Com Bubble: The S&P 500 is trading within 1% of an all-time high, while over 70% of its stocks are at least -10% below their own highs.”

• The Dow Jones Industrial Average fell -443.87 points, or 0.86%, to 50,906.05
• The Nasdaq Composite gained 63.52 points, or 0.24%, to 26,861.06
• The Russell 2000 Index declined -11.06 points, or 0.39% to 2,796.86

• 8:30 AM ET                  Weekly Jobless Claims…est. +200K
• 8:30 AM ET                  Continuing Claims…est. 1.725M (prior 1.719M)
• 9:45 AM ET S&P Global Manufacturing PMI, Sept-final…prior 57.0
• 10:00 AM ET                Construction Spending M/M for August…est. 0.0% (prior -0.5%)
• 10:00 AM ET ISM Manufacturing PMI for September…est. 55.0
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: NKE

• Monthly Auto sales data for September

• UK S&P Global Purchasing Managers’ Index headline reading edged up to 51.9 in September from 51.7 in August, but its output gauge slowed to 51.5 from 52.1, its second monthly slowdown in a row.
• U.S.-based employers announced 44,281 job cuts in September, declining 18% from August and 20% from the same month a year ago. The number represents the lowest total for the month since 2022, according to a report released from outplacement firm Challenger, Gray & Christmas on Thursday. For the first nine months of the year, employers have announced the elimination of 573,195 jobs, down 39% from the same period a year ago, the lowest total since 2022.

• Casinos (WYNN, MLCO, LVS): Macau gross gaming revenue fell 1.2% year over year in September to 18.1B patacas ($2.24B), according to data from the Gaming Inspection and Coordination Bureau. The gaming revenue tally was below the consensus expectation for 2.2% growth during the month and 17.5% below the mark from August. Notably, the GGR level was the lowest for any month in 2026. For the first eight months of 2026, Macau GGR is up 3.2% year over year to 187.1B patacas ($23.1B).
• McCormick (MKC) Q3 adj EPS $0.86 vs. est. $0.76 and revs $2.02B vs. est. $1.977B; Net Sales increased 17.4% in the third quarter and included a 0.9% favorable impact from currency. Organic sales growth was 1.9%; reaffirms FY26 adjusted EPS view $3.05-$3.13, vs. consensus $3.09 and said it ees reported net sales growth 13%-17%.
• Tesla (TSLA) Spain registrations climb 24.8% Y/y in September to 3,733 cars, an industry group notes; Spain new Tesla registrations climb 9.5% Y/y in Jan-september while Electric cars as a whole climb 36.9%.

• Constellation Energy (CEG) shares rise after the power company and Amazon (AMZN) announce a 20-year power-purchase agreement. The deal is expected to spur over $3 billion in infrastructure investments, add 190 MW new emission-free capacity coming online between 2030 and 2032. The deal supports expansion of Calvert Cliffs nuclear plant, Maryland.
• Corteva (CTVA) spinoff of Vylor clears after California bid to block separation fails; The appeals court sent California’s bid to delay the separation back to the district court without weighing its merits. On remand, the district court rejected California’s request to block the separation.
• TC Energy (TRP) upgraded to Buy at Goldman Sachs noting the stock has pulled back from its highs earlier this year on the back of market concerns around the pace of gas/power demand growth and broader pressure on multiples from higher rates, but GSCO sees the selloff as overdone for three reasons. Goldman expects TRP to announce further US Natural gas pipeline projects over the coming quarters as it executes on its pre-FID backlog, with potential supplementing growth projects on its Canada gas footprint.

• Inogen (INGN) agreed to divest its U.S. oxygen rental business to Rotech Healthcare for total estimated cash consideration of up to $25M. The transaction is expected to close in Q4 2026, and Inogen also entered into a long-term supply agreement with Rotech that is expected to expand access to its oxygen concentrators through Rotech’s distribution network.
• Sanofi (SNY) reached an agreement with Regeneron Pharmaceuticals (REGN) to jointly develop and commercialize new immunology drugs; the deal is worth up to $8B, including $1B upfront with Regeneron to jointly develop four long-acting immunology therapies.

• Accenture (ACN) forecast full-year revenue growth above estimates, highlighting strong client demand for its consulting business and AI-related services as it now expects annual revenue growth between 3% and 6%, compared with analysts’ average estimate of 3.9%; reported Q4 revs $18.7B vs. est. $18B, with Q4 new bookings of $22.2B and sees Q1 revs $18.95B-$19.6B vs. est. $19.4B.
• Broadcom (AVGO) to lend Anthropic up to $42 billion to lease its chips, as Anthropic’s IPO prospectus documents extensive partnerships with a handful of big tech firms. The company’s relationship with Anthropic spans compute supply, equipment leasing and financing — giving the semiconductor company a central role in Anthropic’s infrastructure buildout.
• Google (GOOGL) unveiled Gemini 4 Argon, its new Frontier model and the top model in the Gemini 4 Generation. Pricing: $2 per 1M input tokens and $10 per 1M output tokens, with cached input priced 95% lower. Argon can generate up to 1M output tokens in a single trajectory, up from 64K previously. Google says Argon is competitive with OpenAI’s Astra and Anthropic’s Opus 5.5 across coding, enterprise work and cybersecurity.
• Progress Software (PRGS) Q3 adj. EPS $1.69 vs. est. $1.52; revenue $246Mm vs. est. $247.3Mm; adj. operating Income $105.3Mm vs est $95.55Mm; Q4 revenue guidance $297Mm-$305Mm vs. est. $258.3Mm; Q4 adj. EPS guidance $1.24-$1.33 vs est $1.45; FY revenue guidance raised to $1.044B-$1.052B vs. est. $1.01B.
• Synopsys (SNPS) provides FY26-FY30 financial targets; sees FY27 adjusted EPS $19.04-$19.12, vs. consensus $17.69 and sees FY27 revenue $11.1B-$11.2B, vs. consensus $10.8B; said intends to repurchase $1B in shares over coming months.
• Take-two Interactive (TTWO) enters new long-term Xbox publisher license agreement with Microsoft (MSFT) as the agreement grants Take-two rights to develop and sell Xbox compatible products.
• Tencent (TCEHY) signed its largest overseas lease deal with Oracle (ORCL) to access about 100,000 advanced AI chips that were not available in China, the Financial Times reported. Tencent this year agreed to a five-year lease across multiple Oracle data centers in south-east Asia. The deal is estimated to be worth about $7 billion, with an upfront payment of about 30%, the report said.
• Blaize (BZAI) announces restructuring plan to focus resources on core growth areas; restructuring plan to reduce workforce by about 26%; restructuring plan expected to generate annualized savings of $7.50M-$8.40M