Market Snapshot
| Dow | 46601.57 | -1.20 | (0.00%) | | Nasdaq | 23043.40 | +255.02 | (1.12%) | | SP 500 | 6753.71 | +39.13 | (0.58%) | | 10-yr Note |
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| | NYSE | Adv 1632 | Dec 1105 | Vol 1.14 bln | | Nasdaq | Adv 3022 | Dec 1647 | Vol 11.02 bln |
Industry Watch
| Strong: Information Technology, Utilities, Industrials, Consumer Discretionary |
| | Weak: Energy, Real Estate, Consumer Staples, Financials |
Moving the Market
Early strength in the information technology sector, with increasing strength elsewhere as the session progresses
Buy-the-dip action results in record highs for the S&P 500 and Nasdaq Composite.
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Tech rally leads to record highs for S&P 500, Nasdaq Composite
08-Oct-25 16:30 ET
Dow -1.20 at 46601.57, Nasdaq +255.02 at 23043.40, S&P +39.13 at 6753.71
[BRIEFING.COM] The S&P 500 (+0.6%) and Nasdaq Composite (+1.1%) both notched record intraday and closing highs today, supported by a strong, wire-to-wire performance from the information technology sector (+1.5%).
While the broader market largely advanced as well, certain pockets of weakness in the market saw the DJIA close on its flat line.
The technology sector was primed for upward momentum before the opening bell, as NVIDIA (NVDA 189.06, +4.02, +2.17%) CEO Jensen Huang joined CNBC, offering generous remarks about the prospects of OpenAI and other AI companies while also stating that the "demand of computing has gone up substantially."
Chipmaker names delivered on the early hype today, with the PHLX Semiconductor Index advancing 3.4% on the day. Advanced Micro Devices' (AMD 235.56, +24.05, +11.37%) impressive gain was the best in the S&P 500, building on momentum from earlier in the week after announcing a partnership with OpenAI.
Dell (DELL 164.53, +13.66, +9.05%) also expanded upon news catalysts from earlier this week, capturing another sizable gain after announcing an increase to its long-term annual revenue growth expectations yesterday.
While the information technology sector held several of the best-performing S&P 500 names today, it is also home to the biggest laggard in Fair Isaac (FICO 1695.01, -184.54, -9.82%). FICO's recent rally stalled after Equifax (EFX 239.68, +1.69, +0.71%) countered its new Mortgage Direct License Program with a 50% price cut on VantageScore 4.0 and free access for customers purchasing FICO scores through 2026.
In total, six S&P 500 sectors would finish in positive territory, with the industrials (+0.9%), utilities (+0.7%), and consumer discretionary (+0.6%) sectors also capturing nice gains.
Meanwhile, the energy sector (-0.6%) finished with the widest loss despite crude oil futures settling today's session $0.85 higher (+1.4%) at $62.57 per barrel.
Major banking names weighed on the financials sector (-0.5%), while the consumer staples sector (-0.5%) gave back some of yesterday's gain, and the real estate sector (-0.5%) continued to slip this week.
Though breadth figures slightly deteriorated throughout the afternoon as losses widened in the retreating sectors, advancers still held an edge at the close. Advancers outpaced decliners by a roughly 8-to-5 ratio on the NYSE and a nearly 2-to-1 clip on the Nasdaq.
Smaller cap indices such as the Russell 2000 (+1.0%) and S&P Mid Cap 400 (+1.0%) outperformed today, garnering some buy-the-dip attention after facing pressure this week.
While today's action resulted in strong finishes and record highs for the S&P 500 and Nasdaq Composite, it was relatively quiet from a news flow perspective.
The release of the September FOMC minutes did little to the standing of the major averages or the market's expectations for further easing this year.
The minutes showed that most officials believe it will likely be appropriate to ease policy further before year-end and also highlighted that markets viewed recent data and FOMC communications as signaling little change in the baseline outlook, though downside risks to the labor market were seen as having increased.
Tomorrow's jobless claims data is unlikely to be released amid the ongoing government shutdown, leaving the market lacking in macro developments, though earnings reports will begin to ramp up.
U.S. Treasuries finished Wednesday on a slightly lower note after retreating from their morning highs. The 2-year note yield settled up one basis point to 3.58%, and the 10-year note yield finished unchanged at 4.13%.
- Nasdaq Composite: +19.33% YTD
- S&P 500: +14.8% YTD
- Russell 2000: +11.4% YTD
- DJIA: +9.5% YTD
- S&P Mid Cap 400: +5.4% YTD
Reviewing today's economic data:
- The weekly MBA Mortgage Index fell 4.7% to follow last week's 12.7% drop. The Refinance Index was down 7.7% while the Purchase Index was down 1.2%.
Record highs despite lack of macro developments
08-Oct-25 15:30 ET
Dow +20.18 at 46622.95, Nasdaq +235.81 at 23024.19, S&P +38.24 at 6752.82
[BRIEFING.COM] The S&P 500 (+0.6%) and Nasdaq Composite (+1.0%) look to close in on record closing highs, while the DJIA (+0.1%) looks to eke out a slight gain for the day.
Today's session featured a lack of macro developments, with the September FOMC meeting minutes having little effect on the major averages or the market's current expectations for further easing this year.
While the market will not receive tomorrow's jobless claims data amid the ongoing government shutdown, investors will have several earnings reports to assess before the open, including Delta Air Lines (DAL 57.36, +0.73, +1.29%) and PepsiCo (PEP 138.92, -1.87, -1.33%).
DJIA returns to flat line
08-Oct-25 15:05 ET
Dow +11.99 at 46614.76, Nasdaq +197.78 at 22986.16, S&P +31.91 at 6746.49
[BRIEFING.COM] While the S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) have both captured new record highs this afternoon, the DJIA now sits on its flat line as losses widen in today's underperforming sectors.
After spending most of the session in positive territory, the financials sector (-0.3%) now sits at session lows, with most major banking names trading in negative territory.
The DJIA also faces losses in several of its components within the consumer staples sector, including Walmart (WMT 102.75, -0.49, -0.47%), Procter & Gamble (PG 151.02, -1.52, -1.00%), and Coca-Cola (KO 66.14, -0.64, -0.97%).
Stocks hold gains as Fed Minutes signal likely rate cuts this year, inflation risks persist
08-Oct-25 14:30 ET
Dow +73.91 at 46676.68, Nasdaq +226.79 at 23015.17, S&P +39.54 at 6754.12
[BRIEFING.COM] The major averages held firm after the FOMC minutes showed that most officials believe it will likely be appropriate to ease policy further before year-end. The S&P 500 (+0.59%) hovered near session highs.
A majority of participants, however, emphasized lingering upside risks to inflation, citing recent readings that have drifted further from the 2% target, ongoing uncertainty surrounding tariffs, and the possibility that inflation could remain elevated longer than expected even after this year's tariff effects fade. Others noted that they now see less upside risk to inflation than they did earlier in the year.
The minutes also highlighted that markets viewed recent data and FOMC communications as signaling little change in the baseline outlook, though downside risks to the labor market were seen as having increased.
Treasury yields are narrowly higher compared to pre-minutes, with the yield on the 10-yr up less than one basis point at 4.136%.
Gold surges to record $4,070 as safe-haven demand and Fed cut bets fuel rally
08-Oct-25 13:55 ET
Dow +92.46 at 46695.23, Nasdaq +207.80 at 22996.18, S&P +36.55 at 6751.13
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.91%) hosts the best gains on Wednesday afternoon with the FOMC's September Meeting Minutes due at the top of the hour.
Gold futures settled $66.10 higher (+1.7%) at $4,070.50/oz, as investors sought safety amid renewed geopolitical tensions and growing expectations of imminent Fed rate cuts. A weaker dollar, persistent central-bank buying, and steady ETF inflows further supported the metal's record climb.
Meanwhile, the U.S. Dollar Index is up about +0.4% to $99.01.
Figma Extends Sharp Rally After OpenAI Highlights ChatGPT Integration
Recent IPO Figma (FIG) continues to rally sharply higher after its collaborative design platform was spotlighted by OpenAI CEO Sam Altman during the company's "ChatGPT Inside" developer event yesterday. Shares have now surged more than 30% since the event, though the stock still remains well below post-IPO highs.
- The new Figma app in ChatGPT, featured on Figma's blog and at OpenAI's event, lets users convert brainstorming sessions or uploaded sketches into FigJam diagrams like flowcharts and wireframes, directly within ChatGPT.
- For Figma, the integrated app provides visibility to ChatGPT's massive user base and underscores the strength of its flagship design platform, with room to expand future AI capabilities as its beta tools like Make and Buzz mature.
- ChatGPT can also suggest the Figma app when diagramming would be useful, further boosting visibility.
- OpenAI said it will open app submissions next year, paving the way for new monetization channels, potentially benefiting early entrants like Figma.
Briefing.com Analyst Insight
While the mention at OpenAI's event has sparked enthusiasm among investors, there are still some concerns. The company reported Q2 results in early September, with Q3 revenue guidance of $263-265 mln implying a slowdown to about 33% growth from 41% in Q2. FY25 guidance of $1.021-1.025 merely met analyst forecasts, which failed to satisfy high-growth expectations. Following the strong run, its forward P/S ratio is even more lofty, north of 27x. That said, the event brings more enthusiasm to the name and could open new opportunities as AI-assisted design adoption accelerates.
Marex soars on strong outlook, fueled by client growth, clearing balance gains, Prime Services (MRX)
Marex Group (MRX) is seeing strong upside this morning following the release of its Q3 revenue and EPS guidance, which has lifted the stock sharply after a roughly 27% decline since the end of July. CEO Ian Lowitt highlighted that the company wanted to proactively address investor questions about Q3 performance given recent stock movements.
- Q3 revenue is estimated at $475-$485 mln, reflecting more than 20% growth yr/yr.
- Clearing Client Balances grew 4% in Q3 to $13.3 bln, continuing a trend of sequential quarterly growth since 1Q24.
- Q3 EPS guidance is $0.92-$0.97, with adjusted profit before tax projected at $96-$101 mln, marking growth of over 20%.
- New client additions have maintained momentum into October, with US client assets surpassing $10 bln, a record high.
- These gains were achieved despite a challenging trading environment, as CME and ICE exchange volumes fell more than 15% on average in Q3 compared with Q2.
Briefing.com Analyst Insight:
MRX’s guidance signals robust operational strength amid a tougher market backdrop. The company is leveraging both organic growth and strategic acquisitions to fuel results, following a strong Q2 in which revenue rose 18.5% yr/yr to $500.1 mln and adjusted profit before tax jumped 16% to a record $106.4 mln. The Agency and Execution segment drove much of this momentum with a 59% revenue surge, reflecting growth in Securities and expanding Prime Services. Meanwhile, Clearing revenue rose 12% in Q2, aided by market volatility and the addition of Aarna Capital Limited in March 2025. Acquisitions remain a core component of MRX’s growth strategy, including Agrinvest in Brazilian agricultural commodities, Hamilton Court Group, and Winterflood Securities, helping the firm diversify and expand its service footprint. Overall, MRX is demonstrating resilience in volatile markets, maintaining sequential balance growth, and successfully integrating acquisitions -- factors that underpin its strong Q3 guidance and ongoing momentum into Q4.
Penguin Solutions Under Pressure Despite EPS Beat as Cautious Guidance Weighs on Shares (PENG)
Penguin Solutions (PENG) is under heavy pressure after reporting its Q4 (Aug) results last night. This AI infrastructure provider delivered another EPS beat, though the upside was narrower than recent quarters, while the company missed revenue expectations for the second consecutive quarter, extending a streak of softer top-line performance.
- Q4 revenue rose 9% yr/yr to $338 mln; Advanced Computing fell 7% to $138 mln, while Integrated Memory jumped 38% to $132 mln.
- New AI infrastructure wins included major financial institutions and an international deployment for SK Telecom, with non-hyperscaler HPC/AI revenue up 75% yr/yr, reflecting strong enterprise adoption and customer diversification.
- FY26 revenue guidance calls for about 6% revenue growth (+/-10%), and assumes no hyperscale hardware revenue and the wind-down of the Penguin Edge business, creating roughly a 14-point drag on growth.
- Advanced Computing sales guided for -15% to +15%, while gross margin is expected to ease to around 29.5% (+/-100 bps) versus 31% in FY25 as the company winds down its higher-margin Edge business.
- PENG announced a $75 mln expansion to its share repurchase authorization, though the move is not helping boost sentiment today.
Briefing.com Analyst Insight
Overall, while PENG delivered a strong FY25 with solid top- and bottom-line momentum, the Q4 revenue miss and cautious FY26 guidance are weighing heavily on sentiment. The absence of hyperscaler hardware revenue, lower gross margin, and a more uneven sales cadence highlight the lumpiness of its business. As an AI-focused name that reached multi-year highs before this report, the tempered growth outlook in FY26 is proving hard for investors to digest.
Equifax counters FICO’s direct licensing with deep discounts and free credit scores (EFX)
Equifax (EFX) launched a bold challenge to Fair Isaac Corp's (FICO) recent direct-licensing move, announcing a 50% price cut on its VantageScore 4.0 mortgage credit score and free access for customers who buy FICO scores through 2026. The announcement follows the FHFA’s decision to allow Fannie Mae (FNMA) and Freddie Mac (FMCC) to purchase loans underwritten with VantageScore 4.0, marking a pivotal moment in the U.S. credit scoring landscape.
- EFX will offer VantageScore 4.0 mortgage scores at $4.50 per score for two years and provide them free to lenders purchasing FICO scores through 2026.
- FICO recently launched a Mortgage Direct License Program, enabling resellers and lenders to license FICO scores directly, reducing reliance on credit bureaus -- a move viewed as positive for FICO, and negative for EFX and TransUnion (TRU).
- The FHFA’s approval of VantageScore 4.0 for agency-backed loans significantly expands its potential use in mortgage underwriting.
- VantageScore 4.0 leverages trending and alternative data (e.g., rent, utility, and telecom payments), offering broader consumer coverage and promoting credit inclusion.
- EFX’s $4.50 price point will likely compress per-score margins initially but could drive higher VantageScore adoption and volumes if lenders and resellers pivot toward the cheaper option.
- FICO’s new direct-licensing program bypasses the credit bureaus, but EFX’s free-with-FICO offer aims to keep lenders tied to bureau platforms and maintain cross-sell opportunities.
Briefing.com Analyst Insight:
EFX’s announcement is a strategic and defensive maneuver aimed at retaining distribution control and accelerating adoption of VantageScore 4.0. By undercutting FICO’s pricing and tying in free access for existing customers, EFX is directly challenging FICO’s new reseller bypass model. The timing -- just after FHFA’s ruling -- maximizes the impact and could help EFX capture meaningful share in mortgage originations. While the $4.50 pricing could trim per-score revenue, there's significant potential upside if adoption grows sharply. The move also reinforces EFX’s positioning as a data-driven, inclusion-focused competitor, aligning with regulators’ push for broader credit access. The bottom line is that EFX's move raises the competitive stakes and could reshape the credit score market, while offering long-term volume growth potential.
James Hardie Sharply Higher on Q2 Guide Up; Marks a Return to Yr/Yr Growth (JHX)
James Hardie (JHX) is sharply higher today after issuing upside Q2 (Sep) guidance this morning ahead of its official earnings report in November. The company guided Q2 revenue of $1.29-1.30 bln and EPS of $0.26-0.27. The Q2 guidance is a nice rebound for the exterior building products maker, following a steep sell-off after its Q1 (Jun) miss earlier in August.
- The Q2 revenue guidance implies 34-35 % yr/yr revenue growth, which would mark a return to growth following 4 consecutive quarters of declines.
- The company noted that its siding & trim business sales exceeded expectations, with organic net sales falling low single digits yr/yr. Distributors and dealers also reduced inventory less than anticipated.
- Recall JHX completed its acquisition of AZEK in July. The integration and synergy remain on track, with AZEK growing mid-single digits in both net sales and sell-through for Deck, Rail & Accessories. Management highlighted opportunities to gain shelf space and cross-sell siding through AZEK's dealer network.
- While single-family construction remains challenging, the improved outlook highlights the value of AZEK and suggests that repair and remodel demand may be more resilient than expected.
Briefing.com Analyst Insight
The large upside in guidance is encouraging and reflects steady performance across both siding & trim and AZEK. Channel trends appear more stable than earlier in the year, helped by more balanced inventory levels. While the broader housing market remains mixed, early synergy progress and increased visibility into siding & trim bode well for JHX in FY26.
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