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Market Headlines 👀 

• Nvidia (NVDA) plans to invest up to $100 billion in OpenAI to help build next-generation data centers and AI infrastructure.

• Oracle (ORCL) part of the agreement, Oracle will assume oversight of TikTok’s algorithmic operations within the United States.

• Meta platforms (META) is reportedly in discussions with Oracle regarding a $20 billion computing infrastructure deal.

• Apple (AAPL) stock posted a healthy gain today, effectively erasing its year-to-date losses.

• Pfizer (PFE) announces it will acquire obesity drugmaker start up Metsera for about $7.3b.

Earnings 💸

• Costco (COST) earnings Thursday.

A note from Roku 📣

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Holiday performance starts now.

S&P 500 Heatmap 🔥 

Movers and Shakers 📷 

📈 Top Gainers

❇️ $NVDA ( ▼ 2.82% )(Nvidia): Rose after the company announced a $100 billion investment in OpenAI and strong demand for AI data centers.
❇️ $AAPL ( ▼ 0.64% ) (Apple): Advanced as Wedbush raised its price target due to higher-than-expected demand for the iPhone 17.
❇️ $MTSR ( ▼ 1.08% )(Metsera): Surged following Pfizer’s announcement of a planned acquisition, reflecting increased interest in weight-loss treatments.
❇️ $TER ( ▼ 0.37% )(Teradyne): Rallied after an analyst price target upgrade, with broader strength in semiconductor equipment names like Applied Materials and ASML.
❇️ $PFE ( ▲ 0.37% )(Pfizer): Gained in tandem with its Metsera acquisition news and optimism in the biopharma sector.
❇️ $HOUS ( ▲ 1.65% )(Anywhere Real Estate): Jumped on news that Compass intends to acquire the firm, boosting the real estate sector.

🔻 Top Decliners

🔻 $CVNA ( ▼ 3.26% )(Carvana): Fell as ongoing concerns over future profitability and competitive pressures weighed on the stock.
🔻 $KEN ( ▲ 0.21% )(Kenvue): Dropped sharply after reports surfaced linking Tylenol use in pregnancy to autism, drawing regulatory scrutiny.
🔻 $COMP ( ▲ 0.25% )(Compass): Declined despite announcing plans to acquire Anywhere Real Estate, as investors questioned deal economics.
🔻 $COIN ( ▼ 3.58% )(Coinbase): Slipped alongside a broad retreat in cryptocurrency prices and renewed uncertainty in the digital asset sector.

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Recap Around the Street 🧠

The S&P 500 is a big fan on Modern English these days, singing “I Melt [Up] With You”. The index continues to drift higher, with few headlines getting in the way, liquidity remaining abundant, earnings revisions still moving higher, and positioning still having room to get longer (latest tick on the DB Consolidated positioning on 9/16 was the 66th percentile). The index is slightly overbought on the RSI. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, September 23rd: Pending home sales; Powell speech

• Wednesday, September 24th: MBA mortgage applications index; New home sales

• Thursday, September 25th: Weekly US jobless claims; Durable goods; final Q2 GDP estimate

• Friday, September 26th: Personal income and spending (PCE)

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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