| | | Market Snapshot
| Dow | 46519.51 | +78.62 | (0.17%) | | Nasdaq | 22844.06 | +88.89 | (0.39%) | | SP 500 | 6715.34 | +4.15 | (0.06%) | | 10-yr Note |
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| | NYSE | Adv 1318 | Dec 1412 | Vol 1.13 bln | | Nasdaq | Adv 2661 | Dec 1932 | Vol 9.70 bln |
Industry Watch
| Strong: Materials, Information Technology, Industrials, Communication Services |
| | Weak: Energy, Utilities, Real Estate, Consumer Staples, Consumer Discretionary, Health Care |
Moving the Market
Market continues to be unfazed by government shutdown, with the S&P 500 and Nasdaq Composite capturing new record highs shortly after the open
Technology sector limiting losses at the index level despite broader market weakness
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Stock market continues to overlook government shutdown
02-Oct-25 16:30 ET
Dow +78.62 at 46519.51, Nasdaq +88.89 at 22844.06, S&P +4.15 at 6715.34
[BRIEFING.COM] The stock market opened on a strong note, lifting the S&P 500 (+0.1%) and Nasdaq Composite (+0.4%) to fresh intraday record highs. With little news to drive action amid the ongoing government shutdown, the market moved sideways for most of the day, but some late afternoon buying interest helped the major averages notch record closing highs as well.
The DJIA (+0.2%) notched a record closing high, though it failed to surpass its all-time high level from last Tuesday. Meanwhile, the small-cap Russell 2000 (+0.7%) outperformed, and the S&P Mid Cap 400 (+0.1%) captured a modest gain after spending most of the day in negative territory.
Only four S&P 500 sectors finished in positive territory, though a healthy gain in the top-weighted information technology sector (+0.5%) masked broader losses and contributed to the Nasdaq Composite's outperformance.
Chipmakers fueled much of the move, propelling the PHLX Semiconductor Index (+1.9%) to another record high, while Fair Isaac (FICO 1784.68, +271.97, +17.98%) topped the S&P 500 leaderboard after unveiling a direct license program that allows tri-merge resellers to calculate and distribute FICO Scores directly to clients.
The materials (+1.1%), communication services (+0.3%), and industrials (+0.2%) sectors also finished with gains.
The energy sector (-1.0%) widened its week-to-date loss to 4.0% (the worst among the eleven S&P 500 sectors), as crude oil futures settled today's session $1.31 lower (-2.1%) at $60.48 per barrel. Occidental Petro (OXY 44.23, -3.49, -7.31%) moved lower after news that Berkshire Hathaway Inc. (BRK-B 495.96, -2.24, -0.45%) entered into an all-cash agreement to acquire the company's chemical unit, OxyChem, for $9.7 billion.
Tesla (TSLA 435.97, -23.49, -5.11%) also moved lower today after reporting over 497,000 vehicles delivered in Q3. The headline figure was record-setting, but it was largely pulled forward by the expiration of the $7,500 EV tax credit, raising questions around Q4 demand. The consumer discretionary sector retreated 0.7% in response despite broader strength throughout its other components.
On the macro front, Senate Majority Leader Thune said that it is unlikely that the Senate will have enough votes over the weekend to reopen the government, meaning the shutdown is on course to continue into next week. The shutdown has done little to keep the major averages from pushing further into record territory so far, though the blackout of key economic data today certainly added to the lethargy of today's action.
Nonetheless, the data that the market did receive before the nearly cemented odds of another rate cut later this month, keeping the market trending higher as earnings season approaches.
U.S. Treasuries finished Thursday with modest gains, pressuring yields on 5s, 10s, and 30s to their lowest closing levels in two weeks. The 2-year note yield settled up one basis point to 3.55%, and the 10-year note yield settled down two basis points to 4.09%.
- Nasdaq Composite: +18.3% YTD
- S&P 500: +14.2% YTD
- Russell 2000: +10.2% YTD
- DJIA: +9.3% YTD
- S&P Mid Cap 400: +5.1% YTD
Market looks to end muted session on a positive note
02-Oct-25 15:30 ET
Dow +119.24 at 46560.13, Nasdaq +107.85 at 22863.02, S&P +9.35 at 6720.54
[BRIEFING.COM] With five sectors now in positive territory just before the close, the S&P 500 (+0.2%) and Nasdaq Composite (+0.5%) are in position to capture record closing highs to go along with their record intraday highs from earlier in the session. While the DJIA (+0.3%) has not eclipsed its intraday high today, it too trades above its record closing level.
From an index level perspective, today's action has been muted, as the ongoing government shutdown prevented today's economic data releases, while a lack of earnings reports and light corporate newsflow kept the market moving sideways for much of the session.
Senate Majority Leader Thune said that it is unlikely for the Senate to have enough votes over the weekend to reopen the government, meaning the shutdown is on course to continue into next week.
Major averages back in positive territory
02-Oct-25 15:00 ET
Dow +112.19 at 46553.08, Nasdaq +96.76 at 22851.93, S&P +8.24 at 6719.43
[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.4%), and DJIA (+0.3%) are back in positive this afternoon, looking to close in on record closing highs after a long midday spent at or beneath their baselines.
The materials (+0.9%), information technology (+0.6%), and industrials (+0.2%) sectors trade higher, while the communication services and energy sectors have risen to their flat lines.
Only the energy sector (-0.9%) holds a loss wider than 0.5%, as crude oil futures settled today's session $1.31 lower (-2.1%) at $60.48 per barrel.
S&P 500 lags despite gains in Coinbase, Block; Equifax sinks on FICO platform news
02-Oct-25 14:25 ET
Dow +135.33 at 46576.22, Nasdaq +95.63 at 22850.80, S&P +10.42 at 6721.61
[BRIEFING.COM] The S&P 500 (+0.16%) is in last place on Thursday afternoon, up about 10 points.
Briefly, S&P 500 constituents Coinbase (COIN 372.60, +26.43, +7.63%), Block (XYZ 76.67, +3.27, +4.46%), and CF Industries (CF 89.60, +3.17, +3.67%) dot the top of the standings. COIN rises amid strength in the crypto market, while XYZ caught a positive note from Jefferies this morning.
Meanwhile, Equifax (EFX 234.79, -19.05, -7.50%) is solidly lower after FICO (FICO 1828.06, +315.35, +20.85%) announced a new platform to bypass credit bureaus.
Gold pulls back from record highs as traders weigh Fed signals, stronger dollar
02-Oct-25 14:00 ET
Dow +58.43 at 46499.32, Nasdaq +74.82 at 22829.99, S&P +2.60 at 6713.79
[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (+0.33%) is in first place, up about 75 points.
Gold futures settled $29.40 lower (-0.8%) at $3,868.10/oz, as traders took profits after recent record highs and digested mixed signals on U.S. monetary policy. The Fed is still expected to cut rates soon amid weak private payrolls and a government shutdown, but cautious comments from policymakers cooled safe-haven demand.
Meanwhile, the U.S. Dollar Index is up about +0.2% to $97.89.
Berkshire Hathaway makes largest deal since Alleghany, adding steady earnings via OxyChem (BRK.B)
Berkshire Hathaway (BRK.B) announced an all-cash agreement to acquire Occidental Petroleum’s (OXY) chemical business, OxyChem, for $9.7 bln, its largest deal since the $11.6 bln purchase of Alleghany in 2022. The transaction expands BRK.B’s relationship with OXY, in which it already owns a 28% equity stake, while also giving OXY a significant balance sheet boost through debt reduction and capital return.
- OxyChem produces chemicals for water treatment, vinyl chloride (plastics), calcium chloride (road treatment), and other industrial products.
- OxyChem generated $213 mln in Q2 pretax earnings, flat yr/yr, supported by strong export demand for caustic soda and PVC.
- The acquisition of OxyChem marks BRK.B’s biggest acquisition in two years, reflecting Buffett’s selective M&A activity amid high valuations.
- The transaction also strengthens BRK.B’s portfolio with a steady, cash-generating industrial business that complements its energy and insurance units.
- OXY will use $6.5 bln for immediate debt repayment, plus $1.5 bln after-tax, cutting interest expense by $350 mln annually.
- Proceeds support OXY’s buybacks, dividend growth, and a post-CrownRock debt target below $15 bln.
- The divestiture refocuses OXY on upstream oil and gas, especially in the Delaware Basin, Midland Basin, and New Barnett. OXY's recent Permian sales raised $950 mln for debt reduction.
Briefing.com Analyst Insight:
This deal underscores Buffett’s preference for stable, cash-flowing businesses, with OxyChem offering dependable earnings and global demand tailwinds. OXY, meanwhile, gains balance sheet flexibility, enhances capital returns, and sharpens its oil and gas focus. The structure appears mutually beneficial, though BRK.B’s restraint in deal-making highlights its disciplined approach in a pricey market.
AngioDynamics sharply higher on beat-and-raise Q1 report; Med Tech drives bullish outlook (ANGO)
AngioDynamics (ANGO) is trading sharply higher after delivering a beat and raise Q1 report this morning. The MedTech company, focused on vascular health and cancer therapies, posted modest EPS upside, with revenue also above estimates, increasing 12.1% to $75.7 mln, its second straight quarter of double-digit growth after five consecutive quarters of year-over-year declines.
- Growth was broad-based, with management highlighting Med Tech markets as critical to the company's future. ANGO has reshaped its portfolio to compete in large, faster-growing markets where its technologies can differentiate and capture share.
- Med Tech revenue jumped 26% yr/yr to $35.3 mln, its fourth consecutive quarter of 20%+ growth, driven by standout performances in Auryon atherectomy (+20%), Mechanical Thrombectomy (+41%), and NanoKnife (+27%). Med Device sales increased 2.3% to $40.4 mln.
- Gross margin expanded 90 bps to 55.3%, driven by mix shift toward higher-margin Med Tech products and pricing initiatives, though the company still reported a loss as it continues investing in R&D to support future growth.
- Management struck a particularly bullish tone on long-term growth drivers, pointing to thrombectomy, NanoKnife, and Auryon as areas where it sees significant market share gains and expanding opportunities.
- Guidance was raised early in the fiscal year: FY26 revenue of $308-313 mln (from $305-310 mln), adjusted EBITDA of $6-10 mln (from $3-8 mln), and EPS loss narrowed to $(0.33)-$(0.23) from $(0.35)-$(0.25).
Briefing.com Analyst Insight
This was a strong start to FY26 for ANGO, building on the momentum carried over from late FY25. Its MedTech segment is leading the way, with thrombectomy and NanoKnife adoption continuing to accelerate. While the company is still reporting losses, the early guidance raise and upbeat commentary provide a clear boost in investor sentiment for FY26.
Levi Strauss Eyes Big Q3 as Back-to-School and Brand Overhaul Fuel Investor Optimism (LEVI)
Levi Strauss has been breaking out to fresh 52-week highs ahead of its Q3 (Aug) earnings on October 9, building on strong momentum from its Q2 beat-and-raise in July. The back-to-school season, a critical driver of demand for jeans and jackets, is a major factor for the upcoming report.
- Shares have rallied sharply since April, with bullish positioning likely ahead of Q3.
- Positive read-through from American Eagle's (AEO) strong Q2 results (40% of sales from denim) adds to optimism.
- CEO Michelle Gass, who took over in Jan 2024, is credited with accelerating the company's turnaround.
Levi's is making progress in its transformation into a DTC-first apparel brand, with direct-to-consumer now over 50% of total sales. The company is expanding beyond core denim into a broader lifestyle brand — including tops, dresses, outerwear, and non-denim bottoms — while improving profitability and SKU discipline.
- LEVI has exited Denizen, footwear, and is selling Dockers to sharpen focus on its higher-margin core brand.
- Marketing efforts — including celebrity partnerships with Beyoncé (REIIMAGINE campaign), Troye Sivan, and major global festivals — are driving cultural relevance and brand heat.
- Women's and international segments are also gaining share.
Briefing.com Analyst Insight:
Levi's comeback story is gaining credibility under new leadership. While macro headwinds persist, LEVI's premium pricing, DTC shift, and effective brand positioning are helping it outperform peers. The stock's recent run reflects rising confidence, but Q3 will be a key test. We're finally seeing a durable pivot from a legacy brand into a modern, lifestyle-forward apparel company — and the Street is noticing.
Tesla cruises past Q3 delivery estimates, but tax credit pull-forward clouds Q4 outlook (TSLA)
Tesla’s (TSLA) Q3 Production & Deliveries beat expectations decisively: the company delivered over 497,000 vehicles in Q3 -- a Q3 record that easily topped the FactSet Consensus estimate of 456,000 and reflected a sharp qtr/qtr increase. The company also set an energy-storage deployment record, underscoring growing momentum in its Energy business.
- Q3 deliveries represent roughly 29% qtr/qtr growth from Q2, when deliveries were approximately 384,000, driven largely by a last-minute surge ahead of the $7,500 EV tax-credit deadline on September 30.
- Buyers rushed to take delivery before the deadline, producing a larger-than-expected pull-forward that materially boosted Q3 but increases the risk of softer demand in Q4.
- TSLA is expected to lean on a lower-cost Model Y variant (and regional lineup tweaks such as the China Model Y L) to sustain volume later in the year. These product moves can help offset post-credit weakness but may compress margins or require localized pricing.
- TSLA continues to lose share in key overseas markets -- notably in China where BYD Company (BYDDY) and domestic startups have gained ground.
- TSLA deployed 12.5 GWh of energy-storage products in Q3, another company record and roughly double last year’s quarter. This business is benefitting from utility and hyperscaler demand for storage to support grid resilience and AI infrastructure.
- The company is explicitly banking on robotaxis (early pilots and monitored services are already running) and future humanoid robots as transformational revenue drivers.
- If successful, these could re-rate TSLA from an auto OEM to a high-margin software/robotics platform. However, if delayed or constrained by regulation, safety, or execution issues, the strategy could disappoint relative to lofty expectations.
Briefing.com Analyst Insight:
TSLA delivered an impressive, headline-grabbing Q3 that was largely pulled forward by the expiration of the $7,500 EV tax credit. Therefore, while the raw numbers are strong, they come with a near-term caveat. The upside was predictable (and in part already priced into the rally), which raises the bar for Q4: investors will now watch whether TSLA can hold volumes without the credit and how aggressively it must discount, reprice, or accelerate lower-cost product launches to sustain demand. Energy deployments are an underappreciated bright spot and provide a real diversification path as grid and data-center storage demand grows. Longer-term upside rests on ambitious bets -- robotaxis and humanoid robots -- that could be company-redefining but carry high technical, regulatory, and timing risk.
AES near $38 bln buyout by Global Infrastructure Partners amid rising data center power demand (AES)
AES (AES) is reportedly the target of a potential takeover: Financial Times reported that BlackRock (BLK)-owned Global Infrastructure Partners is nearing a roughly $38 bln deal for AES -- a figure that includes the company’s substantial debt load. The possible transaction highlights how surging data-center demand (driven by AI) is pushing institutional investors into power and renewables assets, making AES an attractive buy despite recent operational headwinds.
- AES operates power plants in the U.S. and 13 other countries, serving utilities, industrials, and intermediaries.
- The reported $38 bln valuation includes about $29-$30 bln of debt, implying an equity value near AES’s current market cap.
- Bloomberg reported in July that AES was exploring a sale; shares are up approximately 20% since but remain down by about 2% year-to-date on weak renewables sentiment.
- Surging AI-driven data center demand is fueling investor interest in utilities, making AES a prime target. A deal could put peers like NextEra Energy (NEE), Exelon (EXC), Duke Energy (DUK), and Dominion Energy (D) on the M&A radar.
- AES's results have been weak, with revenue declining yr/yr for nine straight quarters, but growth is expected to accelerate on data-center demand.
- AES is on track to add 3.2 GW of new projects in 2025 and has signed 1.6 GW of PPAs with data center customers since Q1.
- The company targets 19-21% long-term renewables growth, supporting its strategic appeal.
Briefing.com Analyst Insight:
The FT report that GIP is nearing a $38 bln deal for AES crystallizes a central market theme: infrastructure capital is feverishly reallocating toward assets that can supply the AI-era power surge. For AES, that dynamic overlays an otherwise bumpy operational record -- recent revenue softness and policy-driven sentiment have weighed on the stock and amplified the strategic appeal of a buyout at scale. A purchaser willing to assume AES’s heavy debt load could extract value from the company’s accelerating renewables backlog and data-center PPAs, but risks remain: notably execution on construction, margin pressure from policy/tariff shifts, and geographic/regulatory complexity across 14 countries. If a GIP-led deal completes, it could re-ignite M&A interest across the utility space.
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