AI disruption fears slam another pocket of the market. Plus, Apple explores a new wearable
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- AI tech stocks surged, driven by Meta's Muse agentic product and beneficiaries like Intel, Micron, CrowdStrike, and Palo Alto Networks.
- Rising oil prices, with WTI crude rallying to around $95 per barrel, are limiting market gains to select AI stocks.
- Financial sector, particularly retail brokers like Schwab, experienced sell-offs due to fears of AI agents facilitating cash sorting into higher-yielding products.
- Goldman Sachs is reportedly in talks to acquire credit firm Palmer Square for $37 billion to expand in the collateralized loan obligation market.
- Apple is reportedly developing a screenless health and fitness tracker, potentially launching by 2028, to compete with wearables like Whoop.
- Apple's shares are trading higher, nearing a new record close, following its recent hardware event and preorders for the foldable iPhone Duo.
- Upcoming earnings reports include KB Home, Cintas, Paychex, General Mills, and Cracker Barrel.
- Key economic data includes S&P Global U.S. Manufacturing and Services PMI for September.