The majors printed fresh all-time highs Monday—three straight wins for the S&P 500—after headlines of a $100B NVDA investment in OpenAI to scale data centers kept AI euphoria humming.
What’s driving today
- Powell on deck + PMIs: After last week’s 25 bp cut and guidance for 2 more this year, the street wants clarity: how fast do cuts come if labor softens but inflation stays sticky? Some Fed voices say the first cut reduces urgency; Gov. Stephen Miran is pushing for faster.
- PMIs (flash): Composite seen ~54.6 (expansion >50). Manufacturing eyed ~52.2, Services ~54.0.
- Fed path (implied): ~90% odds for another 25 bp in October, ~75% for December.
Earnings spotlight — MU after the bell
- Micron (MU): Street leans bullish into prints after raised Q4 guide tied to AI memory demand/tight supply. MU’s tone could set the near-term tech tape.
Single-stock/sector notes
- Kenvue (KVUE): Bounces after a record low.
- Firefly Aerospace (FLY): Slips on wider loss/miss in first report since its Nasdaq debut.
Energy check
- Crude rebounds on firmer EU activity but both benchmarks still riding a 5-session losing streak on oversupply worries.
- Flows: Iraq–Kurdistan–Turkey export deal (~230 kbpd) in view; IEA sees supply rising faster in ’25 with potential surplus expanding in ’26.
Tape take
- New ATH 602.87 with a close at 602.20 (+0.59%) = bulls still in control.
- Line in the sand: Sustained break below 580 would dent momentum.
- Key catalyst risk: MU tonight.
Quick board
- Bitcoin: ~$112k
- Gold: ~$3,780/oz
- Silver: ~$44.10/oz
Live Sessions (don’t miss)
- Today: AC&I Live Trading — we’re in chat now.
- Tomorrow: Open-to-all Live Market Analysis — quick pre-market read, levels, and setups. Reminder: that’s tomorrow morning—see OP chat for link/details.
Keep stacking your gains.™
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