Last updated: September 22, 2026, 10:01 PM ET
Equities Mixed as AI Trade Cools
US stocks ended mixed as buzz about AI products propelled large tech companies, though the broader tape struggled for direction. Nasdaq futures were flat after a global rally in AI-linked stocks stalled in Europe. Earlier in the week, the S&P 500 climbed toward records as traders held onto big AI-fueled gains and oil prices slipped. The Nasdaq jumped 2% to a record close on the strength of AI names. In Asia, regional stocks were poised to extend their winning streak after chipmakers drove the advance, while AI optimism lifted global shares and Taiwan's tech-heavy index hit its highest level after rising more than 60% this year.
Nvidia Valuation Under Pressure
Nvidia's sinking valuation is sending a warning signal about the chipmaker, with shares now selling for half the multiple they fetched in 2025. The valuation reset comes as investors grow more doubtful about the durability of AI growth. Meanwhile, Meta's Muse AI agent is threatening to disrupt financial stocks through rapid adoption. Shares of major banks, insurers and online travel agencies slid on Tuesday as investors bet the agent erodes businesses built on "consumer inertia." Amazon has blocked Meta's Muse model at the door, according to a report.
Treasury Yields and Auctions
Treasury yields opened higher in European trade after a pause in Asia, with geopolitics in focus. Investors demanded the highest yield at a two-year US Treasury auction since 2024, with the notes selling at 4.787%. A popular basis trade in US Treasuries has shrunk to its smallest size in over two years as bond gaps vanished. Traders are loading up on hedges to shield against the possibility that the Federal Reserve runs a shallower rate-hike cycle than expected. Richmond Fed President Tom Barkin warned that it could take time for inflation pressures to pass.
Oil Slides Below $100
Oil extended losses as the US flagged progress in talks with Iran to end their war, with the global benchmark dropping below $100 a barrel. Crude fell to $98 as Saudi Arabia signaled the reopening of the East-West pipeline, a key route for Saudi crude to reach the Red Sea that had been closed for two weeks. Investors anticipated that the damaged Saudi pipeline may be close to reopening. The price slide followed a spike above $100. Oil traders are betting on declines at a record pace, flocking to options on Brent crude as disruptions ease. Prices gained early Tuesday as optimism faded around potential US-Iran talks, and rose further as Hormuz shipping risks persisted. Bonds sank as oil climbed past $100 in an earlier session. Saudi Aramco has told Asian refiners informally they will soon be able to pick up oil from Yanbu. Russian oil flows dipped as US sanctions and returning Saudi supplies loom. Record supertanker rates are spreading to smaller vessels across the fleet.
Diesel Export Ban Debate
President Trump said he supports banning diesel exports to bring down prices, with diesel setting records because of the war in Iran. Trump weighed the restriction and said a decision would come "fast." He backed the ban as conflicts in the Middle East push fuel costs higher. The refining-stocks rally stalled as talk of the ban swirled, with this year's big rally in US refiner shares running into headwinds. A temporary ban on diesel exports has become a live policy question.
Paramount-Warner Deal Clears
Paramount resolved a lawsuit filed by a group of states, clearing the way for David Ellison's acquisition of Warner Bros. Discovery. The settlement between Ellison and the coalition of states unlocked the deal, valued at $111 billion. Paramount Skydance clinched the settlement with states that sued to block it. Bankers are now reaching out to investors ahead of a $49 billion financing sale. The studio will emerge with net debt of about $49 billion, setting up a test in the bond market. Hollywood watchers believe the studio prevailed over states seeking to block the merger. With Paramount and Warner Bros. under his control, David Ellison becomes a Hollywood colossus. A Morning Risk Report noted the settlement, alongside British Columbia suing OpenAI over a mass school shooting. The Ellison empire has drawn a muted reaction in Hollywood, with no sense of triumph or defeat. An antitrust opinion argued the Paramount-Warner case shows pseudo-news no longer works for its purveyors.
Private Credit and Fund Redemptions
Apollo Global Management is limiting redemptions from a private credit fund after 14.7% of investors looked to exit. The firm capped withdrawals at 5%. Oaktree's Howard Marks warned that the US displays a complete lack of fiscal discipline, and efforts to push down long-term rates face structural obstacles. Deutsche Bank's asset manager DWS is considering emergency curbs on German property funds as investors pull money from open-ended retail vehicles.
Kalshi, Prediction Markets Face Scrutiny
A flurry of nearly identical trades worth $5 billion drew scrutiny at Kalshi, with the rapid trades—all at nearly $5,500—occurring in a single market. The CFTC warned prediction markets to reel in risky "mention" bets on what high-profile people might say. Polymarket is pressing Europe to treat its bets as financial products, seeking regulation as a financial service.
IPOs and Listings
A pair of companies delayed their IPOs, sending a ripple of anxiety through the US market ahead of Anthropic's debut. Anthropic released a cheaper AI model, sharpening its pitch to investors ahead of a blockbuster listing. The National Stock Exchange of India paid about 1.86 billion rupees ($19.4 million) to 20 banks for its IPO. Life Insurance Corp. of India was the biggest bidder in the NSE's $2.4 billion offering, with 470 million rupees in bids. The long-delayed listing faces rising scrutiny amid a regulatory crackdown. BlackRock, Capital Group and Schroders are among investors poised to buy into the GCash owner's IPO, priced below the maximum. Spanish miner Abenojar Tungsten is considering a London IPO this year. African mobile payments group Airtel Money is preparing to file paperwork for an $800 million London listing, one of the city's biggest in recent years.
Bond Markets and Sovereign Issuance
Sysco drew about $90 billion of orders for the US dollar portion of its $17 billion global bond offering. Demand surged at an auction of South African government bonds ahead of a policy meeting. BlackRock and Vanguard's municipal bond ETFs recorded their largest inflows after a bond rout. UK government borrowing surged to £18bn in August, a "dismal" figure that deals a blow to the chancellor ahead of the Budget. Treasury Secretary Scott Bessent's boasts about the bond market drew scrutiny, with one measure showing negative returns. A Bloomberg analysis offered a tantalizing answer to why rates are so high, arguing it is probably not about the size of the debt. Poland's Grupa Kety may refinance €450 million in bridge debt for its biggest-ever takeover with a maiden bond offering.
Housing and Consumer
KB Home cut its margin outlook, saying it now expects annual gross profit margin of 16.0% to 16.5% as housing conditions worsen. One pool of multifamily apartment mortgages issued in 2021 is already 53% delinquent, a warning sign for real-estate bargains. Auto Zone posted fiscal fourth-quarter profit of $931.6 million, with further growth expected. Thor Industries reported a 31% profit drop in a challenging fiscal 2026 and said it is bracing for more headwinds in fiscal 2027. Travel group TUI tightened its earnings guidance, citing strong vacation demand in the fourth quarter. Door Dash agreed to pay $131.5 million to resolve a New York City investigation into minimum-pay law compliance, including $12.3 million in direct payments.
Deals and Corporate News
Royal Caribbean is nearing a deal for Sandals that would value the resorts at more than $6 billion, the largest transaction in the cruise operator's history. Warburg Pincus and Clayton Dubilier & Rice are in advanced talks to buy Canaccord's UK wealth division at a £1bn-plus valuation. A US government and Gulf billionaire consortium is backing a Todd Boehly bid for Lukoil assets, aiming to unseat Carlyle. Abu Dhabi's XRG is exploring an acquisition of a stake in the Shell-led LNG Canada project. New World Development is in talks to sell its 50% stake in a Hong Kong hotel to UOL for HK$3 billion. Rusal is seeking buyers for its Jamaica and Guyana assets. Aliko Dangote has hired Engineers India for a $16 billion Kenya refinery. Smiths Group shares jumped on strong results, making it one of the top FTSE 100 gainers. Mercedes-Benz will integrate Wayve's system into at least some models as it aims to close the AI gap with Chinese rivals. Volkswagen's profit warning failed to derail optimism about European auto stocks, with so much bad news already priced in. Ineos idled three UK chemical plants in Hull as gas prices soared.
Commodities and Energy
Copper advanced for a sixth day toward a record as falling inventories and pre-holiday buying signaled tight supplies in China. Corn was moderately lower as traders waited to see if China would buy US supplies ahead of a summit. US natural gas futures recovered much of Monday's losses as softening production supported prices. China's gold imports are at record levels this year, exceeding 1,000 tons on strong investment demand. The world's second-largest economy shelled out almost $160bn on bullion in eight months. European Energy Exchange, the world's biggest power bourse, is considering listing new weather futures for renewable energy. South Korea extended fuel price caps for a three-day holiday as the fiscal cost mounts. Senegal's capital Dakar has been hit by power cuts as the grid strains under fuel-supply and equipment failures. Energy market talk covered Shell, BP and more.
Currencies and Rates
Traders are shielding themselves as currencies sleep and markets brace for a GFC-generation impact. The yen carry trade is shaping global markets as Japan's central bank tightens monetary policy and investors who leveraged the trade face risk. Goldman Sachs analysts said Turkish investors exiting money market funds are shifting into lira deposits.
Banking and Regulation
Standard Chartered CEO Bill Winters said the bank had shut down accounts of Russian "bad guys" involved in money laundering. Glencore last month told Mizuho Bank it believes Radiant World fraudulently sent a fake email purporting to be from Glencore, according to a court filing. A Kremlin-backed forgery scheme funneled $69bn through global banks. Turkey arrested high-profile finance executive Emre Tezmen and four others at the heart of a funds scandal. Borsa Istanbul is removing a factoring company at the center of the crackdown from its indexes. A podcast examined the "Ponzi-like scheme" making waves on the Bosphorus. Billionaire Gautam Adani's group firms settled one of the probes into a US short-seller's allegations with India's regulator. India's SEBI is using AI to police traders and fight market fraud from its Mumbai headquarters. India's proprietary trading slumped on liquidity woes and trading curbs, with the closing auction struggling with thin liquidity. Private capital investors are competing head-on with insurers at Lloyd's of London, shaking up the market. US officials are moving to rein in utility profits as power bills rise. Labour MPs are calling to close a loophole that trimmed a billionaire's tax bill by £18mn, with Quadrature Capital's Suneil Setiya having been liable for a higher rate of stamp duty. Traditional banks want online-only operators to fund community hubs required to mitigate branch closures. A Financial Services roundup covered SoFi settling card payments on a stablecoin, Lennar, SoftBank and more. Auto and transport market talk covered Auto Zone, Thor Industries and diesel prices. Tech, media and telecom market talk covered Samsung Electronics, Meta and Singtel.
Politics and Policy
Republican Senator John Curtis of Utah urged Congress to investigate Donald Trump Jr., calling for the Senate Judiciary Committee to subpoena him. President Trump threatened Iran's "annihilation" in his UN speech, while a GOP senator called for a Don Jr. probe. Trump used his UN address to threaten Iran's annihilation and celebrate Venezuela. A fact-check examined his remarks about oil reserves, the drug trade and his peace efforts. The speech came at a time of tumult amid the war in Iran and eroding alliances. Trump's UN speech and China talks put tariffs, AI and energy in focus. Republicans in tight Senate races called for an end to the Iran war, with Representative Ashley Hinson of Iowa and Mike Rogers of Michigan distancing themselves. Hispanic voters abandoning Trump are transforming the midterm map, with Texas and Florida the places to watch. A veterans benefits bill stalled after the House's swift departure. The Trump administration removed 750,000 people from Obamacare markets over fraud claims, a measure Vice President JD Vance said would save $2.2 billion. Brazil's Lula warned against meddling at the UN as Trump looms over the vote. Fourteen countries are expected to label Latin American cartels as terrorists at UNGA, mirroring Trump. German leaders are preparing to deny the far-right AfD access to a secret war plan. The White House has labeled critics terrorists since the killing of Charlie Kirk. Americans' pervasive distrust is shaping the 2026 election. The president is recasting the US government as an instrument of prejudice. The White House press pool was explained amid Trump's changes after he banned three news outlets. Late-night hosts mocked the press ban, with Jon Stewart asking, "Have you tried presidenting better?" Trump returned to TV as networks carried his UN speech live amid a pool-coverage suspension. UNGA brought traffic and chaos to New York City. Japan's prime minister will meet Trump to discuss China's economic and military rise. China's Xi Jinping is seeking to extend a truce with Trump during a US summit. Trump and Xi will discuss AI risks and competition. China's continued control of rare earths looms over the Trump-Xi meeting as manufacturers struggle with constrained supplies. Xi's visit to Washington comes amid a White House TV feed shutdown. The conversation about AI is at a fever pitch. The UN is searching for its next leader as António Guterres steps down in December after two terms.
Tech, AI and Society
An opinion piece argued it is not too late to avoid potential AI disasters akin to Covid-19 and 9/11. A rogue AI threat loomed over UN talks on digital cooperation. OpenAI, Google and others recently disclosed breaches by their AI systems. AI researchers at Aisi, OpenAI, Anthropic and Google Deep Mind report burnout and mental toll over fears of threats to society. The machinists union shows how workers are negotiating for a say in how AI is deployed. An opinion piece warned that mathematics is not just a game to let AI solve, citing history. A fake AI image of Trump kissing a woman spread despite being debunked. An army of paid creators is carpeting the web with political content. AI energy demand is accelerating China's quest for nuclear fusion, with scale, supply chains and self-sufficiency pushing the country to the cutting edge. Google-backed Proxima Fusion is pushing for a local supply chain as the US dominates funding. Planet Labs opened a Berlin factory as military demand booms, with Germany leading Europe's drive to reduce dependence on America for space-based capabilities. SpaceX's Falcon 9 phaseout is spurring a hunt for new ways to launch payloads. Texas halted data center permits, expanding environmental scrutiny less than a year after Governor Greg Abbott welcomed data centers. South Korea's music industry is embracing robotics and AI, betting on robots and AI. Hut 8 eliminated most traditional job titles, including VPs and SVPs. Praxis, a crypto-backed "digital nation," says it has found a home in Uruguay. Self-driving systems are getting so good that drivers may overestimate the technology, raising safety concerns.
Media and Entertainment
Billy Bush has joined Fox News as a contributor, a decade after the "Access Hollywood" tape scandal that cost him his "Today" show job in 2016. Rosie O'Donnell said ABC delayed a skit as it readied a Trump suit, asking her to hold off on a sketch mocking the president. Jeff Zucker cameoed in "Primetime" and called "To Catch a Predator" "important" as the show reconsiders the early 2000s NBC hit. Gap is getting into the boy-band business, making a foray into "fashiontainment." Discount caviar is everywhere, with the luxury food having an identity crisis as DTC brands pop up overnight. A Hollywood shift roundup covered Car Max job cuts and OpenAI's push for US leadership in global AI safety standards. Ella Langley's "Choosin' Texas" toppled Mariah Carey's chart record, holding the No. 1 spot on the Billboard chart for a 23rd nonconsecutive week.
Health, Science and Society
A new study identified more than 1 million people taking weight-loss drugs without a medical reason. Scientists are developing imaging techniques and blood tests that one day may enable diagnosing C.T.E. in living patients. Hayden Panettiere's death was caused by an overdose of fentanyl and other drugs, a coroner said. Italy's overcrowded prisons overheated as temperatures approached 90 degrees Fahrenheit. A nor'easter in September is unusual, and forecasters watched whether one could slam the East Coast. A group-travel guide offered tips on splitting expenses without fighting. Patagonia is offering $100 to customers who help others plan to vote, after suing the Trump administration this month. MIT overtook Princeton as No. 1 in the U.S. News rankings. The National Book Awards longlists are no longer national, a study in tedious political orthodoxy. A book review examined Charles Spencer's "Swan Song: Diana, My Sister." Takeaways from the memoir revealed Diana's struggles nearly 30 years after her death. Earl Spencer's book blasted the royal family's treatment of Diana. Alexandria Ocasio-Cortez offered her most detailed answer on a 2028 presidential run, saying "life doesn't wait for you to be ready." Many Democrats are avoiding Kamala Harris, but Abdul El-Sayed is welcoming her. The next generation of American scientists is fading away under Trump policies, even as the administration racks up "wins" in its anti-woke crusade.
International and Legal
The Supreme Court gave parents custody of a baby in a surrogacy fight after a surrogate refused to have an abortion following a serious diagnosis. The F.B.I. shut down an inquiry into a top ally of Senator Susan Collins, closing it last year after senior bureau officials questioned the case. A video analysis found that a federal immigration officer was standing to the side during an ICE shooting in Austin. The Trump administration's policy of deporting migrants to third countries is under scrutiny after sending people with no ties to Costa Rica there. A US F-16 crashed near a German air base, injuring the pilot. North Korea tested a new hypersonic weapon as Kim Jong Un rebuffed talks, with the upgraded missile system set to cause an "incurable headache" for adversaries. Pakistan's Interior Minister Mohsin Naqvi met his Iranian counterpart as US talks remained stalled. Netanyahu falsely accused Mayor Zohran Mamdani of supporting Hamas after a CNN interview. France and Luxembourg fatally wounded the EU's Russia sanctions regime. Top UK graft prosecutors joined a Trump-linked Venezuela oil baron during a Swiss probe into Alejandro Betancourt. The US is proposing a $10bn fund with Arab allies to bypass Hormuz and build new energy infrastructure. Canada's transport overhaul aims to boost trade with Europe and Asia. Indonesia will form a new body to oversee land reform and settle conflicts. China's church crackdown has left other victims, including Cherie Geng, who is trying to free her pastor husband.
Strategy and Opinion
An opinion piece argued Republicans are "running on empty," with the party's panicky rush to ban diesel exports revealing electoral trouble. A WSJ analysis warned to beware oil's second strike on inflation, alongside notes on AI for lawyers, sovereign-debt ratings and the decline of grandmothers. Risky small caps have lost their performance edge as interest rates rise, after investors flocked into small caps for most of this year. A piece on negative-beta stocks noted a surge near tech-bubble levels, with "fewer ziggers, more zaggers." Dividend cuts send a bearish signal, with a note on whether the market has found its Muse. RBC analysts warned that luxury earnings estimates are too optimistic. A ruling that Next can pay store staff and warehouse workers differently for equal-value work showed equal pay law cannot ignore the labour market. Frugal Germany would appear to have the fiscal headroom to spend its way to recovery if politics does not spoil it. Britain's new Labour government has considered a proposal from Keir Starmer on a fiscal rule exemption to boost building projects. A Bloomberg piece examined how AI complicates diversification for pension and sovereign wealth funds with billions of dollars. A FirstFT newsletter covered the Kremlin forgery scheme, North Korea's hypersonic test and other risks. An FT newsletter also examined how development aid pays back in trade. A Bloomberg piece weighed whether climate change or AI poses the bigger risk, both human-caused and frightening. A NYT piece noted the decades have not lessened Earl Spencer's anger over the House of Windsor's treatment of Diana.