September's US jobs report came in below expectations this morning. Futures for SPY and QQQ moved higher on the miss. Markets are pricing in a faster path to rate cuts. That tailwind runs directly against a global bond selloff that has pushed US 10-year Treasury yields to their highest since 2002. The two forces are pulling in opposite directions, and the tension is visible across asset classes today.
Euro-area inflation adds pressure from the other side of the Atlantic. HICP rose to 3.8% in September, a third consecutive monthly increase. German HICP reached 3.3% over the same period. Rate cut hopes in Europe are fading with each print.
Broadcom is chasing NVIDIA with a $60bn financing plan aimed at AI customers, the biggest corporate story of the morning. The plan would help hyperscalers including , , , and fund chip purchases. It underlines that AI infrastructure spending remains on an aggressive growth track regardless of macro headwinds.
Nike is attracting attention from multiple directions. Short interest stands at 8.4% of free float. Analysts cut the consensus price target to $42.41 today, and StoneX reiterated a Hold. The stock has lost 44.8% year-to-date and its RSI sits at 34, deep in oversold territory.
Dutch new-car registrations fell to 27,882 in September, the smallest September on record since 2011 and 22% below a year ago. That reading, from ORTEX Alt Data's Dutch vehicle registration series, sits alongside the rising inflation figures as a sign of squeezed household budgets across the euro area. India tells a different story: vehicle export sales hit 304,857 units, up 32% year on year.
Modine Manufacturing completed a $946M spin-off with Gentherm today. Wells Fargo initiated Ares Management with an Overweight rating and a $136 price target.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
