Morning Preview: October 05, 2026

Early Look

Monday, October 5, 2026

U.S. futures are edging lower to start the week as Treasury yields remain elevated, though the Nasdaq remains around all-time highs as Technology and AI stocks help lead markets. The market has remained remarkably resilient amid recent turmoil in the bond market and the ongoing war in the Middle East. Last week, the S&P 500 fell 0.3%, the Dow fell 1.3% and the Nasdaq climbed 0.5%. Recall for the month of September, which closed out last week, the S&P 500 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%. Highlights this week include the Federal Reserve will release the minutes from its last meeting on Wednesday and then the unofficial start to earnings seasons with PEP, DAL earnings. On the economic calendar today, investors will monitor the PMI Composite Final and ISM Services Index for clues on the strength of the economy and the outlook for interest rates. In Asian markets, The Nikkei Index surged 1,637 points or 2.4% to 69,946, the Shanghai Index remain closed for Golden Week, and the Hang Seng Index rose 68 points to 24,040. In Europe, the German DAX is down -35 points to 25,194, while the FTSE 100 rises 24 points to 10,486.

• The Dow Jones Industrial Average rose 250.40 points, or 0.49%, to 51,176.96
• The Nasdaq Composite jumped 319.27 points, or 1.19%, to 27.190.86
• The Russell 2000 Index advanced 26.27 points, or 0.94% to 2,832.90

• 9:45 AM ET S&P Global Services PMI, Sept-final…prior 58.7
• 10:00 AM ET                Employment Trends for September
• 10:00 AM ET ISM Non-Manufacturing PMI for September…est. 55.0

• Earnings After the Close: None

• Iran said it will not reopen the Strait of Hormuz until the U.S. meets seven conditions outlined in an earlier agreement, Reuters reported. The position could prolong disruptions in one of the world’s key energy corridors, keeping investors focused on potential effects on oil prices, shipping, and inflation.

• Harley-Davidson (HOG) was upgraded from Neutral to Buy at Citigroup and raised tgt to $33, while raising its Q326, Q426, 2027, and 2028 estimates. Citi has been cautious for several years, and for good reason, but the facts on the ground have changed enough to warrant a more constructive view.
• The U.K. is preparing to impose tariffs on Chinese electric-vehicle imports as it seeks to maintain access to a European manufacturing initiative, the Times of London reported Sunday.

• Redwire (RDW) was awarded a follow-on contract by Axiom Space to develop and deliver two Roll-Out Solar Array (ROSA) wings for the second module of Axiom Station. Redwire is also developing ROSA wings for the station’s first module, which is expected to launch in 2028.
• U.S. solar manufacturers are nearing commercialization of tandem solar panels, a technology that could generate 25% more energy than conventional panels by stacking multiple materials, potentially reducing land and roof requirements while challenging China’s dominance as companies including First Solar (FSLR) and Hanwha Qcells advance toward commercial production – NY Times.
• Vistra (VST) shares rise as the U.S. will lend the company about $4.2 billion to boost its nuclear power generation, a person familiar with the matter said on Saturday. US Energy Secretary Chris Wright will make the announcement on Monday at Vistra’s nuclear plant along Lake Erie in Ohio, said the person, who spoke on the condition of anonymity, reported Reuters.

• Virtu Financial (VIRT) upgraded to Overweight from Neutral at JPMorgan with an $84 price target.
• Auto Insurance companies in focus (ALL, PGR, TRV) after the WSJ reported Sens. Elizabeth Warren and Josh Hawley are investigating how major home and Auto insurers process claims after a Wall Street Journal report found rising odds that some policyholders receive no payout. The lawmakers asked six large insurers for data and explanations, putting additional scrutiny on claims practices that could affect insurers’ regulatory and reputational risks. U.S. property and casualty insurers reported $31.2B of underwriting profits for the first half of this year, nearly triple the $10.9B for the same period last year https://tinyurl.com/yhpc73kp

• Foxconn reported a 47% y/y surge in Q3 revenue, beating estimates on strong AI demand; said Q3 revs were T$3.03T ($95.4B), well above estimate of T$2.83 trillion; reported September ​revenue of $1.16T, up 38.42% year-on-year.
• Intel (INTC) shares fell in premarket trading on Monday after Elon Musk signaled that Taiwan Semi (TSM) is in talks to help run his chip venture, Terafab. Elon Musk stated on X that TSMC and Terafab are in discussions, though he noted that TSMC could supplement rather than replace Intel’s role. Intel joined the Terafab project, which also includes SpaceX and Tesla, in April.
• Qualcomm (QCOM) and Huawei agreed to a multi-year patent licensing deal covering 5G, computing, AI, and networking technologies. The agreement includes cross-licenses to their respective patent portfolios, while Qualcomm will also acquire certain Huawei U.S. patents covering computing, AI, networking, and other technologies, subject to regulatory approvals.
• Schneider Electric (SBGSY) agreed to acquire U.S. engineering software company PTC (PTC) for around $22.6B, as it builds up its data centre business amid booming demand. The $205/share offer implying an enterprise value of $23.7B, represents a 42.3% premium to PTC’s last closing price.
• OpenAI CEO Sam Altman said his company remains fundamentally divided with rival Anthropic over how aggressively artificial intelligence should be regulated, arguing that society should tolerate some harms in exchange for the technology’s broader benefits and widespread availability.