Calendar

This Week – We count 11 Fed speakers with Powell Monday mattering most. End of quarter rebalancing work likely mostly done. Bond market feels like the driver all week.

Friday – Non-Farm Payrolls

Trading Observations

• Jobless claims rose 6k to 225k in Sept. 28 week compared with median est. 221k, Labor Department data show

• Waiting game for September NFP tomorrow as market debates 25 vs 50 bp Fed rate cut for Nov

• Open AI completed their raise, I think even Kraft foods invested in the company!

• 5690 holds for now, and the level to watch is 5640 below.  5765 is clear resistance now

• SOX ended a 3 day red streak, NVDA with bullish comments on Blackwell demand last night.

• BULLS edge higher to 55.7% from 52.5% (over 60 usually a headwind)

Futures

DOW -164

S&P -15

Nasdaq -88

10-Year Yield

Oil

Consumer/Financial Healthcare

PYPL - completed its first business payment using its proprietary stablecoin as a way to demonstrate how digital currencies can be used to improve often-clunky commercial transactions.

Berkshire sold another 8.5M BAC shares.

LEVI weaker after it missed on Q3 revenue, lowered top-line outlook for Q4 and trimmed FY revenue growth guidance against what takeaways flagged were some expectations for a raise. More positive commentary revolved around DTC strength in core business, GM expansion and strategic alternatives for Dockers.

HIMS down after FDA removed LLY weight-loss drug from shortage list.

HUM – PT cut to $280 from $400 at Oppenheimer

Technology

NVDA CEO said in interview with CNBC that demand for company's chips is "insane" and talked up expanded partnership with ACN to help companies use AI technology. https://seekingalpha.com/news/4155755-nvidia-ceo-said-blackwell-demand-is-insane

GOOGL: Google Eyes Using Nuclear Energy to Power Data Centers: Nikkei

NOW - Maintain Outperform rating; however, Baird removing Top Pick designation due to:1) consensus long, 2) high current valuation, and 3) some modest Fed risk.

LRCX shares to begin trading on stock split (10-for-1) adjusted basis today

PANW – Baird met with PANW at HQ. The phantomization strategy is gaining momentum, with recently expanded Deloitte partnership to deepen platform reach, setting the stage for higher customer lifetime-value.

AMZN – MS out this am saying Buy on Recent Weakness

Industrials 

Albany International (AIN) cutting guidance - updates expectations for aerospace business and the company's 2024 full year outlook - FY Guidance (Dec 2024): Adjusted EBITDA $230M-250M vs prior guidance $260M-290M and consensus $272.0M, sees Adjusted EPS $2.90-3.40 (with H2 EPS weighted towards Q4) vs prior guidance $3.55-4.05 and consensus $3.76

BA - Boeing has cut health care coverage for 33,000 of its workers and their families as machinists union strikes continue to halt production in the Pacific Northwest.

ChargePoint Holdings (CHPT) downgraded to underweight from overweight at JPM

EVgo, Inc. (EVGO) upgraded to overweight from neutral at JPM

Garbage – William Blair initiates CWST, RSG, WM - Casella Waste Systems (CWST) initiated outperform, Republic Services (RSG) initiated outperform, Waste Management (WM) initiated outperform

RTX Corp. (RTX) upgraded to hold from sell at Deutsche Bank

Shoals Technologies (SHLS) upgraded to neutral at Citi

Stellantis (STLA) downgraded to equal-weight at Barclays

TSLA said on Thursday it would recall most Cybertrucks in the U.S. due to delayed rear-view camera images that could impair driver visibility and increase crash risks, adding that a software update would resolve the issue.

TSLA - Tesla Plans 4 New Batteries In 2026, Including For a Robotaxi

Nuclear, Uranium Stocks - Constellation Energy rises 2.6% premarket; Vistra Energy +2.8%; NuScale Power +3.1%. Among uranium miners, Cameco climbs 2.6%; NexGen Energy rises 1.3%