Wall Street News Breakfast FM-Radio | October 1, 2026

Wall Street News Breakfast FM-Radio | October 1, 2026

Huajian Good Morning Voice

Please upgrade to the latest version of the Jianwen app to successfully listen to the following audio.

Top News Picks

On October 1, Qiushi magazine published an important article by the General Secretary of the CPC Central Committee entitled "Strengthening Inclusive, Basic, and Safety-net-oriented People's Livelihood Construction" .

China's official PMIs both rose into expansion territory in September : manufacturing at 50.1 and non-manufacturing at 50.2. China's RatingDog manufacturing PMI rose to a five-month high of 52.1 in September , while the services PMI accelerated its expansion for the second consecutive month.

Following a revision in statistical methodology, the Federal Reserve's preferred inflation gauge, the core PCE price index, rose 3% year-on-year in August , below expectations ; Goldman Sachs postponed its forecast for a Fed rate hike to December . August saw the fastest growth in US consumer spending in over a year . The final reading of the annualized quarter-on-quarter growth rate of US Q2 real GDP was revised upward to 2.2% , with consumption and AI investment being the main drivers. The US ADP employment report for September showed an increase of 90,000 jobs, exceeding expectations and reversing a three-month slowdown.

The Federal Reserve voted 6-1 to approve stress test reforms : capital requirements will be halved in terms of volatility, with the sole dissenting vote warning of compromised resilience. An internal investigation into the Fed's $2.4 billion headquarters renovation revealed no illegal or irregular activities , but management deficiencies drove up costs; Trump denies responsibility, threatening Powell with a government lawsuit to force him to resign as Fed governor .

South Korea has announced its first batch of investment plans in the United States : $200 billion to be invested in energy projects , including eight nuclear power plants, a gas-fired power plant in Texas, and an LNG project in Alaska.

Iran says it has received a response from the United States to its proposal ; reports indicate that the content of the "seven-day plan" is undisputed, and the differences in US-Iran negotiations have narrowed to the "order of implementation."

A passenger plane flying from the UAE to Israel made an unusual detour en route. The Israeli Defense Minister said the plane was the site of an "attempted terrorist attack." The Israeli Prime Minister said the pilot "intentionally crashed" the plane, the suspect has been arrested, and security services have been instructed to prepare for potential threats.

Russia has extended its diesel export ban until the end of October . Reports indicate that under pressure from the midterm elections, Trump held emergency consultations with advisors regarding the diesel export ban .

The US regulator FTC has reportedly intensified its investigations into AI giants such as Anthropic and OpenAI , with officials stating that this will not hinder AI dominance.

Google unveils its next-generation flagship AI model , Gemini 4 Argon , returning to the forefront of AI, but access is limited .

EDA giant Synopsys has partnered with OpenAI on chip design AI , sending its stock price up more than 7% during trading.

Micron's Q4 revenue nearly quadrupled year-over-year , and its Q1 guidance exceeded expectations . The CEO stated that industry supply shortages will be more severe in 2027 and 2028 than this year, but the gross margin guidance was less favorable . The stock initially rose but then fell in after-hours trading.

DeepSeek's open-source Ascend version of the "AI toolkit" rivals NVIDIA's CUDA, with performance approaching the hardware's limits.

Is the "strongest weight loss drug in history" here? Eli Lilly's trial shows that combination therapy can achieve up to 23% weight loss , far exceeding the efficacy of single drugs.

Market Overview

Following the US PCE results, the three major US stock indexes opened higher but closed mixed . The S&P 500 and Dow Jones Industrial Average fell for the third consecutive month, while the Nasdaq rebounded. In September, the Dow Jones Industrial Average fell for the first time in six months, the S&P 500 declined, and the Nasdaq rose for the second consecutive month. In the third quarter, the S&P 500 and Nasdaq rose for the second consecutive quarter, while the Dow Jones Industrial Average fell for the second consecutive quarter. The Meta Index fell nearly 2%, but rose nearly 27% in September , marking its largest monthly gain in nearly four years. In the third quarter, Microsoft rose nearly 40% , the best performing among the "Big Seven" tech stocks.

PCE data failed to sustain the sell-off in US Treasuries . Following the PCE data, the US Treasury yield curve steepened, and long-term yields continued to hit multi-year highs : the 2-year US Treasury yield hit a one-week low during the session before rebounding, while the 10-year and 30-year US Treasury yields both hit new highs since 2002; amid inflation concerns , global government bonds recorded their worst quarterly performance since Trump's election as president in 2024 .

Following the US PCE data, the US dollar index hit a daily low before rebounding and approaching a two-month high. Bitcoin briefly broke through $85,000, rising more than 3% from its daily low, before giving back most of its gains, but still up more than 6% in September.

Crude oil rebounded on Wednesday, marking its third consecutive month of gains. Brent crude rose more than 3% at one point during the session, driven by the Middle East situation, which fueled a double-digit rebound in crude oil prices in the third quarter , with Brent crude rising more than 40% for the quarter. Gold prices rose initially but then retreated. After the release of the US PCE data, gold futures extended their gains, rising nearly 2% at one point, before turning negative. September's price fell more than 6%, reversing a two-month winning streak. New York copper ended a three-month losing streak, rising nearly 6% in the second quarter and marking its second consecutive quarter of gains.

US and European stock markets : The S&P 500 closed down 0.25% at 7651.54 points, down 0.45% in September, and up 2.03% in the third quarter; the Dow Jones Industrial Average closed down 0.86% at 50906.05 points, down 4.29% in September, and down 2.7% in the third quarter; the Nasdaq Composite closed up 0.24% at 26861.06 points, up 1.86% in September, and up 2.47% in the third quarter. The European STOXX 600 index closed down 0.50% at 634.89 points, down 2.49% in September, and down 0.69% in the third quarter.

A-shares : The Shanghai Composite Index closed up 0.31% at 3842.19 points. The Shenzhen Component Index closed down 0.11% at 12887.62 points. The ChiNext Index closed down 0.23% at 3135.28 points.

Bond Market : By the close of trading, the yield on the benchmark 10-year U.S. Treasury note was around 5.28%, up about 4 basis points during the day, up about 53 basis points in September, and up about 81 basis points in the third quarter; the yield on the 2-year U.S. Treasury note was around 4.89%, up about 1 basis point during the day, up about 55 basis points in September, and up about 72 basis points in the third quarter.

Commodities : WTI November crude oil futures rose 1.16% to $90.42 per barrel, up 5.43% in September and 30.1% in the third quarter. Brent November crude oil futures rose 0.92% to $103.53 per barrel, up 14.41% in September and 41.98% in the third quarter. COMEX October gold futures rose 0.19% to $4155.6 per ounce, down 6.22% in September and up 3.3% in the third quarter. COMEX October silver futures fell 0.94% to $60.098 per ounce, down 9.25% in September and up 1.04% in the third quarter. COMEX October copper futures rose 0.24% to $6.559 per pound, down 0.52% in September and up 5.92% in the third quarter.

News Details

China

A reception celebrating the 77th anniversary of the founding of the People's Republic of China was held in Beijing, where President Xi Jinping delivered an important speech . He emphasized that since the beginning of this year, China's economy has forged ahead despite pressure, demonstrating strong resilience and vitality, and the cause of the Party and the country has achieved new progress and new results. We must adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, further deepen reform and opening up, better coordinate development and security, promote the sustained and positive development of the economy, effectively guarantee and improve people's livelihoods, strive to achieve the annual goals and tasks, and achieve a good start to the 15th Five-Year Plan.

Xinhua News Agency: Qiushi magazine published an important article by the General Secretary of the CPC Central Committee on October 1, entitled "Strengthening Inclusive, Basic, and Safety-Net-Based Livelihood Construction." The article points out that we must adhere to a people-centered approach, strengthen inclusive, basic, and safety-net-based livelihood construction, realize, safeguard, and develop the fundamental interests of the broadest masses of the people, focus on solving the urgent needs and concerns of the people, improve the basic public service system, raise the level of public services, enhance their balance and accessibility, and solidly promote common prosperity.

China's official PMIs both rose into expansion territory in September: manufacturing at 50.1 and non-manufacturing at 50.2 . September brought positive signals to the Chinese economy. The manufacturing PMI returned above the 50% threshold for the first time in three months, with the production index rising to 51.7% month-on-month. Both the PMIs for medium-sized and small enterprises rebounded compared to August. The non-manufacturing PMI jumped 1.2 percentage points to 50.2% month-on-month, with the construction industry seeing a significant jump of 3.4 percentage points, returning to expansion territory. The composite PMI rose to 50.7% in September, indicating a clear recovery in overall economic momentum at the end of the quarter.

China's RatingDog manufacturing PMI rose to a five-month high of 52.1 in September, while the services PMI accelerated for the second consecutive month . The RatingDog composite output index rose to 52.4 in September from 52.1 in August, a three-month high. Both the manufacturing and services sectors saw comprehensive improvements in output, new orders, exports, and employment, while business confidence also rose to a four-month high.

The day after the mortgage interest subsidy policy was implemented, the six major state-owned commercial banks collectively announced "no application required to enjoy the subsidy." The Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BOCOM), and Postal Savings Bank of China (PSBC) issued announcements regarding the implementation of the mortgage interest subsidy policy. All six banks stated that they are actively promoting the commercial personal housing loan interest subsidy program, optimizing processing procedures, simplifying formalities, and providing subsidy services to customers who meet the policy requirements. The six banks emphasized that no fees will be charged during the process of applying for commercial personal housing loan interest subsidies.

Benchmarking against NVIDIA's CUDA, DeepSeek open-sources its Ascend-based "AI toolkit," with performance approaching hardware limits . DeepSeek announced the open-sourcing of its complete infrastructure components for Huawei's Ascend platform, including the TileLang programming language, comparable to NVIDIA's CUDA, and five major computing and communication components. Tested performance has approached the hardware's limits. Huawei and DeepSeek are jointly advancing a 128-card supernode solution based on the Ascend 950. Media commentators suggest that these tools could become a potential alternative to NVIDIA's software ecosystem.

overseas

Following revisions to the statistical methodology, the Federal Reserve's preferred inflation gauge, the US core PCE price index, rose 3% year-on-year in August, below expectations; August consumer spending saw its fastest growth in over a year . The August core PCE month-on-month increase also fell short of expectations, with both the July year-on-year and month-on-month increases revised downwards. Traders reduced their bets on a Fed rate hike in October. CME Group data shows that financial markets now expect a 39% probability of a rate hike at the Fed's October meeting, down from approximately 45% before the PCE data release; the probability of a rate hike in December is 90%.

The final reading of the US Q2 annualized quarter-on-quarter GDP growth rate was revised upward to 2.2%, with consumption and AI investment being the main drivers . The Q2 annualized quarter-on-quarter GDP growth rate was significantly revised upward from the initial estimate of 1.5%. Consumer spending growth rose to 3.8%, and non-residential fixed investment grew by 9%, with AI-related investment being a key contributor; however, imports grew by 12.6%, which lowered GDP growth by nearly 1.7 percentage points.

The US ADP employment report, often referred to as the "mini-nonfarm payrolls," showed that the US private sector added 90,000 jobs in September, exceeding expectations and reversing a three-month slowdown . This figure significantly higher than the market expectation of 75,000 and a substantial rebound from the revised 36,000 in August, ending three consecutive months of slowing ADP employment growth. Wage growth remained resilient, with wages for job-hoppers increasing by 7.3% year-on-year. The market will focus on the official nonfarm payrolls report to be released on Friday, with economists expecting another 90,000 jobs added in September.

The U.S. goods trade deficit unexpectedly widened to $132.6 billion in August, a new high in more than a year . A 16.6% surge in imports of industrial goods was the main driver of the widening deficit, and net exports may further drag down third-quarter GDP. Full U.S. government trade data, including services trade, will be released on October 6.

An internal investigation into the Federal Reserve's $2.4 billion headquarters renovation has concluded: no illegal or irregular activities were found, but management deficiencies drove up costs . The report from the Fed's internal oversight body listed management flaws such as the failure to submit construction cost estimates and a lack of bidding processes, indicating that these issues pushed the project cost from the initial budget of $1.3 billion to $2.4 billion. Warsh Research responded by announcing that the General Services Administration will take over the project and launch an independent audit. This construction controversy was previously central to Trump's pressure on former Fed Chairman Powell and sparked heated debate about the Fed's independence.

The Federal Reserve voted 6-1 to approve stress test reforms: capital requirements volatility will be halved, with the sole dissenting vote warning of compromised resilience . The Fed formally approved two final rules aimed at increasing transparency and reducing capital requirement volatility by approximately 50%. The new rules will solicit public opinions on stress test scenarios and will calculate the capital buffer by averaging the results of two consecutive years of testing; this averaging mechanism will take effect in 2028. This reform is the result of years of negotiation within the banking industry, and industry groups welcomed it. Fed Governor Barr warned that the reforms will weaken the binding force of stress tests and reduce the overall resilience of the banking system.

South Korea has announced its first major investment plan in the US: $200 billion to be invested in energy . President Trump announced a massive South Korean investment plan in the United States, with South Korea committing $200 billion to US energy projects, including eight nuclear power plants, a Texas gas-fired power plant, and an Alaskan LNG project. This is the first phase of the $350 billion commitment made under the US-South Korea trade agreement. According to the trade agreement reached last year, South Korea pledged to invest $350 billion in the United States.

Iran says it has received a response from the United States regarding the proposal; reports indicate that the content of the "seven-day plan" is undisputed, and the main point of contention in the US-Iran negotiations has narrowed to the "order of implementation." US-Iran negotiations are still progressing, with both sides continuing to exchange views through Qatar. Iranian Foreign Minister Araqchi has received the US response to the "seven-day plan," and the current disagreement focuses primarily on the order of implementation of the various measures, rather than the content of the plan. Araqchi has briefed the Iranian cabinet on the situation, and further consultations are needed to arrange subsequent negotiations.

A passenger plane flying from the UAE to Israel made an unusual detour en route, prompting an emergency meeting by the Israeli Prime Minister! Israeli media reports that the plane's return was not due to hijacking . According to reports, on September 30th, a civilian airliner flying from Dubai, UAE to Tel Aviv, Israel reported a suspected security incident en route that morning. The possibility of a hijacking was subsequently ruled out. Israeli security sources later revealed that the plane issued an emergency signal, "clearly due to a dispute on board."

Russia has extended its ban on diesel exports until the end of October .

South Korean stocks had the worst Q3 globally, falling nearly 19% in three months, largely due to massive liquidations in AI memory trading . The South Korean stock index plunged 18.8% in the third quarter, but is still up about 60% year-to-date. Samsung Electronics and SK Hynix experienced concentrated selling in July, with leveraged liquidations further amplifying the decline, and AI memory trading underwent valuation reassessment. Analysts believe that chip stock valuations have clearly fallen after the sell-off, but rising global bond yields and potential oversupply risks may still limit valuation expansion, while AI infrastructure investment continues to support chip demand.

The US Federal Trade Commission (FTC) has reportedly intensified its investigation into AI giants such as Anthropic and OpenAI, with officials stating that it will not hinder AI dominance. According to a report on Wednesday, the FTC , which launched its investigation weeks ago, is currently drafting "civil investigation requests" that would compel executives from AI labs like Anthropic and OpenAI to testify about their products and potential risks. An FTC official stated, "We want to maintain AI dominance, and our investigation should not hinder this goal in any way."

Google unveiled its next-generation flagship AI model, Gemini 4 Argon, returning to the forefront of AI but with limited access . Gemini 4 Argon is Google's most advanced model to date, offering significant improvements in programming, cybersecurity, and complex professional tasks. Google stated that its new model will initially be available only to select companies and organizations focused on cybersecurity defense. It will be more widely released after defenders have had the opportunity to patch system vulnerabilities and fix flaws discovered by the model.

EDA giant Synopsys and OpenAI have reached a collaboration agreement on chip design AI, sending Synopsys' stock price soaring over 7% at one point . Synopsys and OpenAI signed a multi-year, legally binding agreement to jointly develop GPT-Synopsys, a specially trained and tuned model designed for chip design tasks. OpenAI will pay Synopsys a subscription fee for the tool, and the two companies will share revenue based on improvements made to chip designs when customers use the product.

Micron's Q4 revenue nearly quadrupled, and Q1 guidance exceeded expectations, but gross margin guidance was weaker, causing its stock to initially rise before falling in after-hours trading . Micron Technology, the leading memory chip manufacturer, reported a 379% year-over-year increase in revenue to $54.229 billion in its fourth fiscal quarter, exceeding market expectations of $51.49 billion. It also projects a median revenue of $61.5 billion for the first fiscal quarter of 2027, higher than the market expectation of $57.02 billion. The CFO stated that the rate of price increases will moderate. The CEO indicated that supply shortages are expected to be more severe in 2027 and 2028 than in 2026. Micron's stock initially rose more than 2% in after-hours trading before turning negative, falling by more than 1% at one point.

Is the "strongest weight-loss drug ever" here? Eli Lilly's trial shows combination therapy achieves up to 23% weight loss, far exceeding the efficacy of monotherapy . Data from Eli Lilly's next-generation weight-loss combination therapy is impressive. In the highest-dose group, patients using the experimental drugs eloralintide and tirzepatide achieved an average weight loss of 23.3% over 48 weeks, significantly higher than the 14.8% achieved with tirzepatide monotherapy. Combinations of different mechanisms are becoming a key direction in the development of next-generation weight-loss drugs. Eli Lilly plans to initiate a Phase 3 trial of the aforementioned combination therapy in the fourth quarter of 2026.

Selected Views

Goldman Sachs strategist warns: Earnings support is stabilizing the stock market for now, but a faster sell-off in U.S. Treasuries could put pressure on US stocks. Goldman Sachs strategist Peter Oppenheimer believes that healthy corporate earnings can still partially offset the pressure of high yields on U.S. stock valuations, and nominal economic expansion is also supporting corporate revenue. However, if bond yields rise rapidly, especially if the pace of adjustment accelerates, this buffer will weaken significantly, and the stock market could quickly come under pressure.

Falling oil prices can't save US Treasury bonds! Goldman Sachs: The link between energy and interest rates is breaking down, and real yields are raising the bar for stock returns . Rich Privorotsky, head of Goldman Sachs' trading desk, believes that the root cause of pressure on interest rates and credit markets may be shifting from the energy shock to fiscal financing needs. High real yields are attracting private capital to risk-free assets, raising the required return threshold for stocks.

With real interest rates rising rapidly, Goldman Sachs warns that "systemic selling pressure" is building in US stocks at the end of the quarter . Goldman Sachs believes that the rapid rise in real interest rates has put more direct pressure on US stocks, with small-cap and financial stocks, which are particularly sensitive to interest rates, experiencing significant pressure. In terms of funding, Goldman Sachs estimates that pension funds may sell approximately $33 billion in stocks at the end of the month and quarter, and CTAs may sell approximately $5.3 billion in Russell 2000 index futures in the coming week. For the market, unless the oil and interest rate issues are resolved, the AI narrative is "virtually irrelevant."

Today's Focus

China

The A-share and Hong Kong stock markets were closed for the National Day holiday.

overseas

South Korean exports in September. Eurozone September final manufacturing PMI. US initial jobless claims last week. US September ISM manufacturing index.

Risk Warning and DisclaimerInvesting involves risk; please exercise caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment decisions made based on this information are at your own risk.