Morning Preview: September 29, 2026

Early Look

Tuesday, September 29, 2026

U.S. stock futures are little changed after falling on Monday as U.S. stocks have remained range bound for the most part, failing to rise to new highs as Treasury yields and oil/diesel prices have risen, but fail to meaningfully fall, as @Bluekurtic noted on X, “42 days would make it the longest streak without a 1%+ down day for the S&P 500 since 2025. Fun fact: 2018 had the longest such streak since 1970.” U.S. stocks closed lower on Monday, with the tech-focused Nasdaq Composite bottoming the pack as investors assessed market valuations and awaited fresh economic data. This morning we get housing data, consumer confidence and monthly JOLTs job data. In Asian markets, The Nikkei Index fell -396 points to 65,481, the Shanghai Index rose 6 points to 3,830, and the Hang Seng Index declined -118 points to 24,523. China stocks closed slightly up on Tuesday, after the country’s cabinet pledged to step up counter-cyclical policy support to address rising economic strains. In Europe, the German DAX is up 128 points to 25,502, while the FTSE 100 rises 34 points to 10,719. Gold prices edge up from 7-week lows and oil prices take a breather. In tech news, Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to its IPO prospectus.

• The Dow Jones Industrial Average fell -346.90 points, or 0.67%, to 51,481.72
• The Nasdaq Composite slumped -248.34 points, or 0.92%, to 26,820.38
• The Russell 2000 Index declined -19.64 points, or 0.69% to 2,817.91

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/M for July
• 9:00 AM ET                  CaseShiller 20 city index M/M for July…est.+0.2%
• 10:00 AM ET                Consumer Confidence for September…est. 89.2
• 10:00 AM ET JOLTS Job openings for August…est. 7.225M (prior 7.271M)
• 10:30 AM ET                Dallas Fed Services Index for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR CNXC

• Deutsche Bank 34th Annual Leveraged Finance Conference, 9/28-9/30, in Scottsdale, AZ
• 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
• China NBS Manufacturing PMI and Services PMI for September

• Lindt & Spruengli (CHLSY) cut its 2026 sales forecast for the second time this year saying Europeans bought less chocolate as temperatures broke records across the continent; now expects organic sales growth of 0% to 2% in 2026, down from its earlier 4% to 6% range.
• PepsiCo (PEP) was downgraded to Neutral from Overweight at JPMorgan saying tracked channel and recent price increase announcements indicate PepsiCo’s trends in North America have likely continued to underperform management expectations
• Vail Resorts (MTN) Q4 EPS ($5.27) vs. est. ($5.35); revenue $278.1Mm vs. est. $269.3Mm; resort EBITDA loss ($122.4Mm) vs est ($128.68Mm); FY net Income guidance $158Mm-$233Mm; FY resort EBITDA guidance $805Mm-$865Mm vs est $834.15Mm.
• Wyndham Hotels & Resorts (WH) Board increase share repurchase authorization by $400M.

• Sable Offshore Corp. (SOC) is working with Midstream and downstream Partners to ease third-party crude sales constraints that emerged in late August and September 2026. October 2026 nominations to its crude purchaser are expected to average 38K gross barrels of oil per day. The estimated exit rate is 45K gross barrels of oil per day before any added volumes from Hondo.
• Shell (SHEL) said it would double production capacity at its LNG Canada facility as part of a bet on growing gas demand in Asia.
• Tronox Holdings (TROX) announced the signing of a cooperation and investment agreement with JX Advanced Metals Corporation (JXAMY) to advance the development of its rare earth and critical minerals business to support growing demand for these minerals.
• Westlake (WLK) said to optimize European chlorovinyls footprint with closure of cologne PVC plant; to close cologne PVC plant in Germany; expects total pre-tax charges of $205M for cologne closure; says $110M of charges expected to be recorded in 2026, remainder in 2027.

• Goldman’s Sachs (GS) Board has discussed a plan to name John Waldron as its next CEO, the WSJ reported. Under the plan, David Solomon, who has led the bank since 2018, would step down as soon as next year and be executive chair.
• Jefferies (JEF) Q3 EPS $1.08 vs. est. $1.00; net revenue $2.22B vs. est. $2.08B; investment Banking net revenue $1.33B; asset-management fees and investment-return revenue $34Mm vs. $84Mm, reflecting weaker performance across several fund strategies; book value per share $46.55; quarterly dividend $0.40.

• The Centers for Medicare & Medicaid Services (CMS) announced savings for millions of Medicare beneficiaries in 2027, with weighted average MA premiums projected to fall more than 16% from 2026 to 2027, and average prescription drug premiums in Medicare Advantage projected to plummet 38%. Additionally, average premium for stand-alone Part D prescription drug plans is projected to rise by less than $1 per month in 2027. Despite speculation and misleading reports related to the appropriate sunsetting of the Part D Stabilization Demonstration Project.
• Novo Nordisk (NVO) said a real-world study found that adults with type 2 diabetes who escalated their dose of diabetes drug Ozempic to 2 milligrams (mg) from 1 mg had a lower risk of major cardiovascular events compared to those who switched to Eli Lilly’s (LLY) Mounjaro.
• Novo Nordisk (NVO) has signed a licensing deal for a weight-loss treatment being developed by Hengrui Pharma that could be worth up to $2.6 billion. NVO will pay China-based Hengrui $300 million upfront, with the rest of the potential deal value tied to milestones. Novo will obtain exclusive rights to develop, manufacture and commercialize HRS-1596 globally, excluding mainland China, Hong Kong, Macau and Taiwan.
• Staar Surgical (STAA) was upgraded to Buy from Hold at Stifel saying after several years of strong post-COVID growth, the China refractive market experienced a weak 2024 before regaining momentum in 2025, with aggregate refractive revenue growth across the publicly traded ophthalmology operators reaccelerating from only 1% y/y in 2024 to 9% in 2025.
• Summit Therapeutics (SMMT) shares rise 20% pre mkt after AstraZeneca (AZN) will make a $2B equity investment in Summit through convertible preferred shares; says investment is convertible into common stock at $18.36 per share, representing a premium to the day’s closing price. SMMT and AZN entered into a clinical collaboration to evaluate ivonescimab in combination with AstraZeneca’s sonesitatug vedotin in gastrointestinal cancers.

• Anthropic’s IPO prospectus shows sweeping Ai Vision, surging costs; Anthropic IPO could value the company at more than $2 trillion; Anthropic lost $42B in 2025; Ai lab spent $7.33B on compute and infrastructure last year; operating loss widened to $8.06B in 2025 from $2.98B in 2024.
• Gen Digital (GEN) raised its fiscal 2027 outlook to 9%-11% revenue growth, targeting mid- to high-teens non-GAAP EPS growth; says Q2 tracking to higher end of guidance and the full-year outlook, are tracking toward the high end of guidance.
• IDT Corp. (IDT) Q4 adj. EPS $0.94 vs est $0.98; revenue $339Mm vs est $319Mm, +7% YoY; adj. EBITDA $41.2Mm vs est $37.3Mm; FY revenue $1.30B vs. est. $1.28B; FY adj. EBITDA $155Mm; FY adj. EPS $3.82 vs. est. $3.85; guides FY adj EBITDA $176-180Mm vs est $149Mm.
• Meta Platforms (META) is expanding its AI agent Muse to small businesses, adding integrations with tools such as Shopify, QuickBooks, Stripe and Canva to help owners run their businesses and find new customers, as the Facebook-parent aims to diversify its revenue beyond advertising.
• Navitas Semiconductor (NVTS) announced it has been awarded the ALATTIS program to develop next-generation 10 kV silicon carbide power semiconductor technology; has been selected by the U.S. Army to develop next-gen 10 kV silicon carbide power semiconductors for mission-critical military systems.
• Netflix (NFLX) was upgraded to Buy from Hold at Deutsche Bank while trims tgt to $95 from $100 saying the market’s obsession over U.S. time spent on Netflix overlooks the company’s larger total addressable market and healthier international engagement trends. Netflix’s international time spent has increased year-over-year in each of the past four six-month periods.