Morning Preview: September 25, 2026

Early Look

Friday, September 25, 2026

After a mixed close to cap Thursday’s session, U.S. stock futures are pointing to a higher open Friday, with Nasdaq futures leading the advance, up 146.50 points or 0.48% to 30,913, S&P 500 futures up 19.00 points or 0.24% to 7,786, and Dow futures adding 94.00 points or 0.18% to 51,811. In Asian markets, The Nikkei Index added to extend the week’s gains while the Shanghai and the Hang Seng Indices both slipped. In Europe, the German DAX is up modestly to begin the final session of the week, while the FTSE 100 is edging higher alongside firmer energy names.

The 10-year Treasury yield ticked up 5 basis points to 5.16%, keeping pressure on rate-sensitive equities, while the dollar strengthened against the euro, with EUR/USD slipping 0.0066 to 1.1382, and the yen weakening to 158.26 per dollar. Gold surged $41.30 or roughly 1.0% to $4,339 an ounce, a fresh cycle high, while oil retreated — Brent crude fell $1.24 to $98.98 and NYMEX crude dropped $1.59 to $93.02 — as demand concerns outweighed geopolitical support. On the equity side, Akamai Technologies (AKAM) is surging 21% premarket on Anthropic partnership headlines, Nike (NKE) is down 1.56% after Bank of America downgraded the stock to Underperform and slashed its price target to $30 from $47, and Zscaler (ZS) fell 3.4% after announcing a chief revenue officer change late Thursday.

Eaton (ETN) announced an agreement to acquire COL Group for an enterprise value of €810 million, expanding data center and utility manufacturing capacity across EMEA with the deal expected to close in Q1 2027, while DraftKings (DKNG) faces regulatory scrutiny after Massachusetts gaming regulators said they would examine the company’s use of artificial intelligence to target losing gamblers following a New York Times investigation. Tesla (TSLA) began deliveries of its Semi truck to initial customers at its Sparks, Nevada plant, reiterating a target of 50,000 units per year, though the company disclosed neither pricing nor near-term production volumes at Thursday’s webcast event.

• The Dow Jones Industrial Average fell 161.61 points, or 0.31%, to 51,349.98.
• The Nasdaq Composite  rose 8.57 points, or 0.03%, to 30,478.86.
• The Russell 2000 Index fell 3.09 points, or 0.11%, to 2,835.57.

• 8:30 AM ET   Durable Goods – Less Transports for Aug
• 10:00 AM ET   University of Michigan Confidence, Sept-final
• 10:00 AM ET   University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET   Baker Hughes Weekly rig count data

• TD Cowen 3rd Annual Energy Conference, 9/23-9/25, in Austin, TX

• Danish intelligence warns Russia could launch an attack on a NATO member within months, adding to a growing chorus of European security alerts.
• A private survey shows China’s exports to the U.S. jumped ahead of the Trump-Xi summit, though the leaders exchanged warm words at the state dinner with little substantive progress on key bilateral issues.

• Scholastic (SCHL) tumbled 12% in premarket trading following the company’s latest quarterly results.
• YouTube, a unit of Alphabet (GOOGL), says it remains focused on internal safety efforts after Meta Platforms (META) calls for the platform to join a legal settlement.

• Tesla (TSLA) has begun deliveries of its Semi electric trucks to an initial set of customers at its Sparks, Nevada plant, nearly nine years after CEO Elon Musk first unveiled the vehicle, with the company reiterating plans to produce 50,000 units annually at the facility but declining to disclose pricing or near-term production volumes.
• MGM Resorts (MGM) is in discussions to acquire Barry Diller’s IAC/InterActiveCorp subsidiary IAG People Incorporated (PPLI), which holds a roughly 27% stake in MGM, shortly after People Incorporated withdrew its own bid to acquire MGM Resorts.
• DraftKings (DKNG) faces a regulatory inquiry from the Massachusetts Gaming Commission after a New York Times investigation revealed the company deployed artificial intelligence to target losing gamblers with promotions designed to encourage additional betting.
• Ross Stores (ROST) was reiterated Buy at Citi following London investor meetings with senior management, with CEO Jim Conroy expressing confidence in the company’s ability to sustain comparable-store sales growth through fiscal 2027 and noting that sales per square foot remain below TJX Companies’ Marmaxx segment, which management does not view as a ceiling.

• Costco (COST) management guided that capital expenditure growth is expected to slow beyond fiscal year 2027.

• Chevron (CVX) price target raised to $250 from $218 at HSBC, which keeps a Buy rating and projects 2026-28 cash flow from operations rising 15%, 46%, and 23%, respectively, driven by the company’s high upstream and liquids skew in a stronger oil price environment.
• Kodiak Gas Services (KGS) seen as increasingly favorable risk-reward by Citi following a greater-than-10% week-to-date selloff, with the stock currently implying only 1.0-1.3 GW of 2030 power capacity versus the company’s 2 GW target and ascribing just $6-$10 per share of power value.
• Select Water Solutions (WTTR) climbs 5% in premarket trading following the announcement of an acquisition late yesterday.
• Atlas Energy Solutions (AESI) subsidiary Shackelford contracts with Wyoming Machinery Company for approximately $340.5 million in balance-of-plant equipment and roughly $273 million in 328 MW generator equipment.

• KKR (KKR) has completed the sale of a 16-hotel Japan portfolio operating under the Four Points Flex by Sheraton brand to a leading global institutional investor.
• KBW reiterates Outperform ratings on Essent Group (ESNT) and Radian Group (RDN) after FHA Acting Commissioner Joe Gormley stated the Trump administration is “very comfortable” with current single-family mortgage insurance premium levels, effectively taking an FHA premium reduction off the table heading into 2027.

• Merck (MRK) received FDA approval for Welireg (belzutifan) combined with Lenvima (lenvatinib) for previously treated adult patients with advanced clear cell renal cell carcinoma.
• Citi cut its price target on Acadia Pharmaceuticals (ACAD) to $33 from $40 and slashed its remlifanserin probability of success to 20% from 35% after the RADIANT Phase 2 ADP readout missed on its primary endpoint with a modest effect size of 0.26.
• Moderna (MRNA) CEO detailed the company’s strategic approaches and development plans for its cancer vaccine pipeline, according to The Wall Street Journal.
• Regenxbio (RGNX) presented three-year durability data for surabgene lomparvovec in non-proliferative diabetic retinopathy, with a majority of Dose Level 3 participants achieving greater than a two-step DRSS improvement and no vision-threatening events or additional diabetic retinopathy treatment required.

• GE Aerospace (GE) was awarded a $199.7M U.S. Air Force contract, while Northrop Grumman (NOC) received a separate $123.8M U.S. Navy contract.
• ArcelorMittal (MT) remains unable to restart Ukraine operations following strikes that knocked the facility offline, according to Bloomberg.
• Citi views Dover (DOV) shares as an attractive entry point at a discount to long-term averages, citing durable multi-year upcycle potential at its SWEP unit and capacity expansions underway in Tulsa and globally supportive of mid-single-digit organic growth and double-digit EPS growth.
• Trane Technologies (TT) is positioned for sustained double-digit EPS growth driven by data center HVAC demand, energy efficiency investment, and a 25%-plus operating leverage framework, according to Citi following recent management meetings.

• Akamai Technologies (AKAM) surges 21% in premarket trading following Anthropic partnership headlines late yesterday.
• Zscaler (ZS) shares slip 3.4% premarket after the company announced a Chief Revenue Officer change late yesterday.