ADDX GO Market Morning Wrap - 27th Sep
Stock Market
On Friday Eastern Time, the U.S. stock market rebounded after three days of declines, with all three major indices closing higher.
(Intraday chart of the three major indices, Source: TradingView)
At the close, the Dow Jones Industrial Average rose 0.65% to 46,247.29 points, the S&P 500 gained 0.59% to 6,643.70 points, and the Nasdaq increased 0.44% to 22,484.07 points.
Friday’s rebound ended a three-day losing streak for the major indices, though they still posted weekly losses. The Nasdaq and S&P 500 fell 0.65% and 0.31% this week, respectively, marking their first weekly declines in four weeks. The Dow was down 0.15% for the week.
(Weekly Performance of the Three Major Indices)
Pre-market data showed the August PCE price index rose 2.7% year-over-year and 0.3% month-over-month, in line with expectations. The core PCE price index, a key Fed gauge, rose 2.9% year-over-year and 0.2% month-over-month, also meeting forecasts.
“After three days of market pullback, this data was enough to bring buyers back,” said David Russell, global head of market strategy at TradeStation. “Yesterday’s jobless claims and GDP revision tempered dovish expectations, but today’s PCE eased some concerns. No bad news is good news.”
Despite President Trump announcing new tariffs on Thursday, the market avoided sharp swings. “Investors have grown numb to endless tariff news this year,” said Dylan Bell, CIO at CalBay Investments. “We’ve seen the government negotiate deals and back off high tariffs. Investors now view tariffs as bargaining chips.”
However, the market was dragged by continued declines in software giants like Oracle and other AI-related stocks, raising doubts about the AI trade’s momentum. Oracle fell over 2% on Friday, with a weekly loss exceeding 8%. Tesla rose 4% after Wedbush raised its price target from $500 to $600.
Global Hotspots
Sources: Trump Considers Long-Range Weapons for Ukraine but No Commitment
On September 26, President Trump told Ukrainian President Zelenskyy he would consider providing U.S. long-range weapons and lifting restrictions on their use against Russian targets but made no firm commitment.
Zelenskyy requested more long-range missiles, including Tomahawks, for strikes inside Russia. Trump said he was “not opposed” but didn’t confirm lifting the ban, signaling a potential softening of his Ukraine aid stance, though uncertainty remains.
White House: New Drug Tariffs Don’t Apply to Trade Agreement Partners
On September 26, the White House clarified that new tariffs on pharmaceuticals won’t apply to countries with U.S. trade agreements. Per Reuters, White House officials said the U.S. will honor the 15% tariff cap for partners like the EU and Japan.
On September 25, Trump announced on Truth Social that starting October 1, the U.S. will impose 50% tariffs on kitchen cabinets, bathroom vanities, and building materials; 30% on furniture; and 100% on patented and branded drugs.
Trump: U.S. May Change World Cup Host Cities
On September 25, Trump said he might replace 2026 World Cup host cities if deemed unsafe. He criticized Seattle and San Francisco, set to host matches, as being run by “radical leftists who don’t know what they’re doing,” adding, “We’ll make sure they’re safe.”
Saudi Arabia: No Ties with Israel Without Palestinian State
During the 80th UN General Assembly, Saudi Foreign Minister Faisal told that Saudi Arabia won’t normalize relations with Israel without a Palestinian state.
Norway’s Foreign Minister Eide echoed this, saying Spain, Norway, and others recognized Palestine recently because waiting for a peace process hands Israel veto power, as it’s the least willing to advance peace.
Iran: Will Halt IAEA Cooperation if “Snapback” Sanctions Triggered
Iran’s Supreme National Security Council Secretary Ali Larijani said Iran will stop cooperating with the IAEA if the “snapback” sanctions mechanism is activated. Larijani warned Trump against military action, saying Iran won’t yield.
He stressed Iran has no intent to build nuclear weapons, but U.S. and Israeli attacks have made negotiations a “laughable farce.”
Moody’s Upgrades Spain to A3
Moody’s raised Spain’s rating to A3 with a revised outlook, projecting potential growth of 1% to 1.6% and a moderate decline in debt levels to ~100% or below by 2027.
New Epstein Documents Released, Musk Named
On September 26, U.S. media reported that new documents from Jeffrey Epstein’s estate handed to Congressional investigators show the convicted sex offender’s ties to Elon Musk in his final years.
Released by House Oversight Committee Democrats, a “suspected Epstein itinerary” noted Musk’s planned visit to Epstein’s Virgin Islands estate on December 6, 2014, with a note: “Is this still on?” Other records show Epstein’s post-conviction ties to prominent U.S. figures. Musk and others haven’t responded to comment requests.
Citi Research: Tariffs May Slow U.S. Consumption
Citi Research warned that rising U.S. tariffs, at their highest in decades with $30 billion collected monthly in August, could weaken consumption and import demand. Core goods prices in the CPI have risen over 1.5 points since early 2025.
Citi expects stronger inflation pass-through, with firms passing tariff costs to consumers, leading to softer U.S. consumption and imports in coming quarters. Global growth is projected to dip below 2% in H2 2025, rebounding to 2.5% in 2026.
Company News
Apple Developing ChatGPT-Like App for Internal Siri Testing
Sources say Apple has built a ChatGPT-like iPhone app to test and prepare for a major Siri upgrade next year. Codenamed Veritas (Latin for “truth”), the app is used internally by Apple’s AI team to test Siri’s new features, like searching personal data (e.g., songs, emails) and performing in-app tasks (e.g., photo editing).
There are no plans to release it to consumers yet. $AAPL
FAA to Grant Boeing Limited Authority
On September 26, the FAA announced that starting September 29, 2025, Boeing will be granted limited authority to issue airworthiness certificates for some 737 MAX and 787 aircraft. $BA
Anthropic: International Staff to Double, AI Team to Grow Fivefold
U.S. AI startup Anthropic said its commercial client base grew from under 10,000 to over 300,000 in two years, with demand for its Claude AI model surging across industries and regions. Anthropic plans to double its international staff and expand its applied AI team fivefold in 2025.
Forex & Commodities
WTI crude futures rose 1.14% to $65.72/barrel, up 5.3% for the week. Brent crude futures gained 1.02% to $70.13/barrel, up 5.2% weekly.
COMEX gold futures rose 0.5% to $3,789.8/oz, up 1.89% for the week; COMEX silver futures surged 2.77% to $46.365/oz, up 6.92% weekly.
At the New York close, the dollar index fell 0.28% to 98.19, with most non-U.S. currencies rising.
Key Events
Silver Hits 14-Year High, Platinum 12-Year Peak
Amid Fed rate cuts and rising geopolitical risks, precious metals are seeing an unprecedented rally. On September 26, silver broke $46/oz, a 14-year high, up over 30% in six months. Gold hovered near record highs, while platinum surged 11.5% in a week, crossing $1,500/oz for a 12-year peak.
Analysts attribute silver’s rise to its dual role as a precious and industrial metal, supported by a slowing economy, rising inflation, loose liquidity, and expectations of a post-preventive rate-cut rebound. Strong demand for platinum in auto catalysts and EV batteries also drives its surge. While precious metals are a commodity market focus, institutions warn of volatility risks.
Cryptocurrency
Bitcoin rose 0.38% in 24 hours to $109,617.92.
Ethereum (ETH-USD) gained 3.54% to $4,030.28.
XRP (XRP-USD) rose 0.95%, BNB (BNB-USD) gained 0.96%, Solana (SOL-USD) rose 5.22%.
Dogecoin (DOGE-USD) increased 3.43%, Cardano (ADA-USD) rose 2.41%.
Key Events
Goldman Sachs Trader: Bitcoin’s “Monday Flash Crash” a Leading Signal
Goldman Sachs trader Paolo Schiavone warned that Monday’s Bitcoin flash crash was the first sign of a market shift, signaling a cooling of the three-week risk asset frenzy.
On September 26, Schiavone noted that momentum trades paid off during the rally, but the pace is slowing, and markets need to “decelerate” short-term.