📊 The Nasdaq hit a fresh record as traders looked past climbing yields. It rose 1.05% to close at 27,477.31, while the S&P 500 added 0.66% and the Dow gained 0.18%. The 10-year Treasury yield pushed up more than 3 basis points to 5.311%. 🚀 SpaceX ($SPCX) climbed 7.63% to lead the AI trade higher after Morgan Stanley called the stock cheap and getting cheaper. Musk also floated rebranding its AI unit from SpaceXAI to SpaceXSI, following Trump's September 29 directive that the government say "super intelligence" instead of artificial intelligence. 🍺 Ambev ($ABEV) jumped 8.70% to $3.25 as Brazil's election results lifted the country's assets. Flávio Bolsonaro narrowly edged Lula in Sunday's first round and is now favored in the October 25 runoff. The iShares MSCI Brazil ETF ($EWZ) surged 12.54% for its best day since March 2020. 🚚 C.H. Robinson ($CHRW) dropped 10.85% to $140.61 on a $5.8 billion stock-and-cash deal for RXO ($RXO), which surged more than 20%. RXO holders get $17.25 cash plus 0.0856 CHRW shares, valuing the company at $30.25 a share, a 29% premium. 🔌 Taiwan Semiconductor ($TSM) advanced 2.5% to a 52-week high of $485 after Elon Musk confirmed his chip venture Terafab will partner with it on Texas factories. Intel ($INTC), which had previously announced its own Terafab tie-up, fell 4%. 🛢️ Oil fell, with Brent settling down 1.89% at $100.32 and WTI off 1.8% to $89.43. ISM services came in at 54.9, roughly in line, though new export orders plunged 9.4 points to 46.9 for their first contraction in eight months. September Fed minutes are up next. 👨🏻💻 Researched and written daily by @timemino
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2 Comments
solomon @ambessa · 21mEdited
this is madness. yield curve keep climbing at record value and the stock market is up no matter what ! it is like going to a big party and then an awful headache the next day....
Tim Emino
@timemino · 40m
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