Wall Street News Breakfast FM-Radio | September 29, 2026

Wall Street News Breakfast FM-Radio | September 29, 2026

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Top News

The State Council executive meeting decided to study and introduce policies and measures to stabilize the real estate market and promote employment and income growth .

The People's Bank of China and eight other departments have introduced 19 financial measures to support the expansion and quality improvement of the service industry , proposing to guide financial institutions to make comprehensive use of diversified tools such as credit, bonds, and equity to support the development of "artificial intelligence + software" .

Profits of Chinese industrial enterprises rose 15.7% year-on-year from January to August, with the electronics industry contributing over 60% of the increase, a 1.1- fold increase.

Shanghai has introduced new policies for the housing market , comprehensively strengthening the management of pre-sale of commercial housing, orderly implementing the sale of completed homes, and increasing financing support. Shanghai Securities News: September saw resilient transactions in Shanghai's secondary housing market, with prices showing signs of recovery .

Reports: The US and Iran recently held talks with mediators , focusing on a revised version of Iran's "7-Day Plan"; Trump stated that US and Iranian representatives had exchanged information through the mediators. Iran's Supreme Leader declared the era of Western intervention over. US media reported that Trump was willing to ease sanctions on Iran in exchange for progress on the nuclear issue , which he denied . Iran has reportedly agreed to suspend uranium enrichment . A key Saudi oil pipeline, shut down two weeks ago due to an attack, has resumed exports .

Report: OpenAI cancels plans to release the GPT-6.1 Astra model in October due to security concerns ; executives say the new model represents a security setback.

Nvidia has announced a record-breaking $150 billion share buyback program, with CEO Jensen Huang stating it demonstrates confidence in the long-term opportunities in AI. Nvidia's latest disclosures show that AI demand continues to surge: the company's supply commitments have increased by 135% quarter-over-quarter, and Anthropic has signed contracts worth over $180 billion. Nvidia has also launched an AI security system , co-developed with Anthropic , that monitors intelligent agents in real time and prevents violations in milliseconds.

Zuckerberg: Meta launches new business pillar , providing enterprises with a complete AI technology stack.

Anthropic releases Claude 5.5 model: Sonnet 5.5 offers over 30% speed improvement , reduces single-task cost by up to 30%, and achieves performance close to Opus .

AMD announced its $8.2 billion acquisition of AI startup World Labs , whose founder Fei-Fei Li will become AMD's chief scientist .

SpaceX took a key step toward commercialization: Starship successfully entered orbit for the first time after an engine failure , and deployed the first batch of 26 Starlink V3 satellites , but the mission ended prematurely.

Market Overview

The stalemate in US-Iran talks weighed on US stocks , with the S&P 500 and Nasdaq falling to their lowest levels in over a week; the Dow Jones Industrial Average approached a three-month low, with Boeing plunging nearly 7%, leading the decline among its components; heightened security risks cooled US AI trading , with Meta closing down nearly 5%, Arm down nearly 9%, Intel down nearly 6%, and Coherent down 4.5%; while Nvidia, which launched an AI security system, closed up nearly 2% , and cybersecurity stock Palo Alto Networks rose 4.6%.

US Treasury prices fell, with the 10-year Treasury yield hitting a new high since 2007. Following positive signals regarding the US-Iran nuclear issue, the two-year Treasury yield, which had risen by 10 basis points, narrowed most of its gains. The US dollar index, which had approached a two-month high during the session, gave back most of its gains, while the offshore yuan approached 6.71, recovering from a three-week low.

The stalled US-Iran talks boosted crude oil prices, which rose more than 5% intraday. Crude oil prices briefly dipped after reports that Trump was willing to ease sanctions on nuclear issues , but ultimately closed higher. Gold and silver prices plummeted , hitting near eight-week lows. Gold fell more than 4% intraday , while gold futures closed down 3.5% and silver futures fell nearly 5%. New York copper closed down nearly 2%.

US and European stock markets : The S&P 500 closed down 0.77% at 7683.69 points, the Dow Jones Industrial Average closed down 0.67% at 51481.51 points, and the Nasdaq Composite closed down 0.92% at 26820.381 points. The European STOXX 600 index closed roughly flat at 638.68 points.

A-shares : The Shanghai Composite Index closed down 1.67% at 3823.62 points. The Shenzhen Component Index closed down 3.44% at 12858.75 points. The ChiNext Index closed down 4.53% at 3139.82 points.

Bond Market : By the close of trading, the yield on the benchmark 10-year U.S. Treasury note was around 5.24%, up about 8 basis points for the day; the yield on the 2-year U.S. Treasury note was around 4.93%, up about 8 basis points for the day.

Commodities : WTI November crude oil futures rose 0.21% to $92.60 per barrel. Brent November crude oil futures rose 0.92% to $105.28 per barrel. COMEX September gold futures fell 3.52% to $4135.4 per ounce. COMEX September silver futures fell 4.71% to $61.22 per ounce. COMEX September copper futures fell 1.93% to $6.566 per pound.

News Details

Global heavyweight

China

A spokesperson for the Department of American and Oceanian Affairs of the Ministry of Commerce explained the outcomes of the eighth round of China-US trade consultations . Both sides agreed to reduce tariffs on approximately $30 billion worth of goods imported from each other on a reciprocal basis. Both sides agreed that, under the China-US trade consultation mechanism, Vice Premier He Lifeng and Finance Secretary Bessant, as their respective lead negotiators, would establish an artificial intelligence dialogue, and held their first dialogue, exchanging views on the risks and benefits of artificial intelligence. Both sides agreed to hold the next dialogue before the end of November this year. Both sides agreed to establish communication channels for artificial intelligence-related matters.

The Ministry of Commerce released information regarding the China-US Trade Council and the "$30 billion for $30 billion" reciprocal tariff reduction framework . Both sides agreed to provide reciprocal tariff reductions on approximately $30 billion worth of imported goods (based on 2024 bilateral trade volume), subject to compliance with their respective domestic laws and procedures. More than 90% of these products will be exempt from all previously imposed tariffs and will enjoy most-favored-nation (MFN) tariff treatment.

The State Council executive meeting announced plans to study and introduce policies to stabilize the real estate market and promote employment and income growth . The meeting pointed out the need to introduce a series of practical and effective incremental policies, optimize fiscal expenditure arrangements, make good use of local government debt carryforward limits, comprehensively utilize and adjust monetary policy tools as needed, increase relending quotas for technological innovation and upgrading, and support for agriculture and small businesses, and study and introduce policies to stabilize the real estate market and promote employment and income growth.

The People's Bank of China and eight other departments issued the "Guiding Opinions on Financial Support for the Expansion and Quality Improvement of the Service Industry," outlining 19 measures to strengthen financial support for the service industry, increase financial support for productive and consumer services , and enhance and optimize financial services.

Profits of Chinese industrial enterprises increased by 15.7% year-on-year from January to August, with the electronics industry contributing over 60% of the increase, a 110% increase . Driven by the accelerated construction of computing infrastructure, profits in the optical fiber manufacturing and optical cable manufacturing industries increased by 5.3 times and 100% respectively. In the fields of high-performance servers, workstations, and optoelectronic communications, profits in the computer assembly manufacturing, computer peripheral equipment manufacturing, industrial control computer and system manufacturing, and communication system equipment manufacturing industries increased by 3.9 times, 2.6 times, 1.3 times, and 48.7% respectively.

Shanghai has introduced new policies to strengthen financing support for the housing market . Four departments in Shanghai jointly issued the "Implementation Opinions on Implementing the 'Notice on Improving the Sales System for Commercial Housing'". The document introduces measures in six aspects: comprehensively strengthening the management of pre-sale of commercial housing, orderly implementing the sale of existing commercial housing, promoting the lead bank system, increasing financing support, optimizing land supply, strengthening quality supervision, and standardizing market order. These measures aim to steadily advance the reform of the commercial housing sales system and accelerate the construction of a new model for real estate development.

Yangtze Optical Fibre and Cable (YOFC) shares plunged 16% in Hong Kong, with UBS initiating coverage with a "Buy" rating: Concerns about overcapacity are overestimated, and the tight supply and demand situation for high-end optical fiber will continue into 2027-28 . Hengtong Optic-Electric's proposed 6.6 billion yuan private placement triggered a sharp correction in the optical fiber sector. The structural demand for high-end optical fiber from AI data centers will support high prices, and bottlenecks in core equipment will delay the deployment of new capacity. UBS significantly raised its 2026-28 net profit forecasts for YOFC's H shares by 116%-158%, far exceeding the market consensus of 7%-19%.

Duan Yongping has bought more Moutai shares, this time 30,000 shares at a cost of over 36.9 million yuan. He previously boasted that he would bet 100 million yuan over ten years . Duan posted on Xueqiu (a Chinese investment platform) that he had "bought some" Guizhou Moutai, purchasing 30,000 shares. After the announcement, Moutai's stock price immediately rose in the afternoon, closing up 0.56% that day, but had already fallen 4.28% in September . This is Duan Yongping's third public increase in holdings this year. In August, he stated on Xueqiu that he was willing to "bet 100 million yuan with any domestic fund, holding Moutai, for a ten-year period," but the bet never materialized, and the original post has since disappeared.

overseas

Has the "7-Day Plan" returned to the negotiating table? The US and Iran reportedly held talks with mediators recently, with Iran's Supreme Leader stating that the era of Western intervention is over . Reports indicate that Qatari mediators are expected to meet with the Iranian Foreign Minister and US representatives in New York on September 28th or 29th, focusing on a revised version of the "7-Day Plan" proposed by Iran last week. Iranian media reports that the Iranian Foreign Minister will meet with mediators in New York on Monday. The Iranian Foreign Minister demanded an explanation from the US for rejecting Iran's "7-Day Plan," as previous statements by the US Permanent Representative to the UN suggest the US has not even read the relevant documents. Reports also indicate that Iranian officials are pessimistic about a pre-election agreement between the US and China and the reopening of the Strait of Hormuz, believing that the possibility of escalating conflict after the election is high.

Federal Reserve Governor Tim Cook: AI-driven productivity gains may not be enough to offset recent inflation . Cook believes that large-scale data center investments have already pushed up electricity and water costs by about 5%; of the $2 trillion in AI capital spending pledged by businesses, only a small portion has been spent so far, and the subsequent disbursement of funds will exacerbate price pressures. The wealth effect in the stock market driven by AI is also stimulating consumption, further offsetting the mild deflation brought about by productivity gains.

Lagarde dampens ECB rate hike expectations: Rising long-term bond yields will dampen economic growth and inflation . Lagarde stated that eurozone inflation is expected to rise further due to the energy crisis, but there are currently no clear signs that rising energy costs have been transmitted to broader economic price pressures. Long-term bond yields have risen significantly since the ECB's last meeting, which will slow economic growth and limit the transmission of high energy costs to inflation, resulting in a cost pass-through effect lower than the central bank's September forecast.

From ICU to KTV! The volatile "AI narrative" is leaving US stock investors exhausted . In just two weeks, the Nasdaq 100 has experienced an extreme rollercoaster ride: first, it lost $600 billion in market capitalization due to the "AI threat theory," then recovered $3 trillion thanks to the surge in popularity of Meta Assistant! Analysts believe that market sentiment is shifting wildly between panic and greed, detached from fundamentals. The dramatic shock has driven Nvidia's valuation to a ten-year low, exacerbating the divergence between bulls and bears, and high volatility driven by narratives has become the long-term norm for investors. Micron will release its earnings report this week, and regardless of the results, the wild swings in market sentiment are unlikely to subside.

Report: OpenAI has cancelled its planned October release of the GPT-6.1 Astra model due to security concerns . An executive at OpenAI responsible for security systems stated that GPT-6.1 Astra represents a regression in two areas and is not yet ready for release.

Nvidia demonstrates its confidence with a massive $150 billion share buyback program, setting a new record for US companies . Nvidia announced an additional $150 billion in share buybacks, surpassing Apple's previous record of $110 billion. Nvidia CEO Jensen Huang stated that this move demonstrates confidence in the long-term opportunities in AI. Boosted by this news, Nvidia's stock price rose more than 1% in pre-market trading and continued to climb after the market opened.

Zuckerberg: Meta launches new business pillar, providing enterprises with a complete AI technology stack . The new business pillar, the "Meta Enterprise Platform," aims to help enterprises leverage AI for business growth and transformation. Zuckerberg stated that Meta will rely on its capabilities in advanced AI models, intelligent agents, large-scale infrastructure, and enterprise services. Initially, the platform will focus on launching a series of products including the Muse intelligent agent, Meta Business Agent, Muse API, and Muse Code.

Anthropic releases Claude 5.5: Sonnet 5.5 boasts over 30% speed improvement and a 30% reduction in single-task cost, with performance approaching Opus . Claude Sonnet 5.5 is a faster and lower-cost complement to Opus 5.5, and is the fastest Sonnet model to date. At low or medium effort levels, it surpasses the best score of Sonnet 5 at approximately one-tenth the cost. It also features network security protection and fallback mechanisms similar to Anthropic's strongest model. According to tests by the independent platform Artificial Analysis, Sonnet 5.5's capabilities are close to Opus 5.5, but at the highest inference intensity, its average output token consumption per task is the highest among all models.

AMD announced its $8.2 billion acquisition of AI startup World Labs, with founder Fei-Fei Li becoming AMD's chief scientist . World Labs focuses on spatial intelligence and 3D environment simulation. Following the transaction, Li will become AMD's executive vice president and chief scientist. This move signifies AMD's intention to internalize its model research capabilities as a driving force for chip design and to directly compete with Nvidia in physical AI fields such as robotics and simulation.

SpaceX has taken a key step in its commercialization: Starship successfully entered orbit for the first time after an engine failure, though the mission ended prematurely . SpaceX's flagship rocket, Starship, successfully entered Earth orbit for the first time, marking a crucial milestone after nearly a decade of development and an investment of over $15 billion. Despite one engine shutting down prematurely, engineers successfully completed orbital ignition after a reassessment. During its time in orbit, SpaceX deployed its first V3 version of Starlink satellites, an initial deployment of 26 satellites.

Selected Views

Only a few stocks are rising! Goldman Sachs warns: US stock market breadth is at its worst since the 2000 dot-com bubble, and bond volatility shows a rare divergence . Goldman Sachs partner Flood believes that AI leaders are propping up the index, while the median stock index has fallen 16% from its peak. Goldman Sachs' head of derivatives trading, Garrett, warns that the bond volatility MOVE index is at an extremely high percentile, while the VIX remains low. BTIG strategist Krinsky points out that hedge funds are increasing total leverage while decreasing net leverage, highlighting the contradiction of "increasing exposure without increasing direction," and warns that "something must be compromised."

JPMorgan Chase: The valuation correction of the seven major US tech stocks is nearing its end, but a return to a "one-man show" is unlikely . Valuations of large-cap tech stocks like the Mag7 have fallen to 10-year lows, and the P/E premium of hyperscale cloud providers relative to the S&P 500 has compressed to more than one standard deviation. The AI capital expenditure cycle will continue, with earnings growth supporting tech stock performance, but the rally will further spread to the semiconductor and other supply chains. The bank recommends overweighting semiconductors and underweighting software, believing that US stocks are likely to resume their upward trend after oil price and interest rate volatility eases.

Private Equity Q4 Outlook: Technology Remains the Core Theme, But "Cheap Stocks Are Not Performing Well, and Performing Stocks Are Not Cheap," Making Stock Selection Increasingly Difficult . Kou Zhiwei of Chongyang Investment bluntly stated that the current A-share market is characterized by "cheap stocks not performing well, and performing stocks not being cheap," making stock selection increasingly difficult. He suggests focusing on individual stocks rather than the overall index. Four private equity professionals generally believe that the market is likely to further improve in Q4, with technology remaining the core theme, but the focus will shift from a broad-based rally to internal differentiation. Ding Ying of Kangmande suggests focusing on stocks with continued improvement in performance in 2027; the turning point in the pharmaceutical sector has a higher certainty than in real estate and consumer goods.

Industry/Concept

1. Weight Loss Drugs | According to Shanghai Securities News, data from BaiChuan YingFu shows that on September 28, acetonitrile prices surged by 17.46%, with a cumulative increase of approximately 139% since August. Recently, major manufacturers in Shandong have continued to raise their offers, demand for preparative-grade acetonitrile remains strong, regional supply is tight, and the price of acetic acid, a raw material for the synthesis method, is fluctuating at high levels, further pushing up acetonitrile market prices.

2. Solid-State Batteries | According to the Shanghai Securities News, the "15th Five-Year Plan for the Development of the New Battery Industry" has been officially released. The plan proposes that by 2030, China's new battery industry will achieve steady growth in scale; the innovation capability of the entire chain will be continuously enhanced; new breakthroughs will be made in advanced materials; significant progress will be made in the research and development of new battery systems; all-solid-state batteries will initially achieve large-scale application; the cycle life of long-life lithium batteries will reach 15,000 cycles; and the defect rate of leading companies' products will reach the PPB (parts per billion) level; the ecosystem for full-scenario applications will be accelerated; and battery technology will be integrated and innovated with clean energy and energy-consuming terminals.

3. Hydrogen Energy/Fuel Cells | According to China Securities Journal, the world's first thermally coupled seawater direct electrolysis system for hydrogen production and the co-production of strategic marine elements was unveiled in Rizhao City, Shandong Province on September 28, and has achieved more than 1,000 hours of continuous and stable operation. An acceptance group composed of five academicians and several senior experts stated that this achievement marks China's breakthrough in overcoming the global technical challenge of synergistic co-production of hydrogen from seawater and strategic marine elements, achieving a first-mover advantage in this technological breakthrough.

4. Humanoid Robots | According to the China Securities Journal, a press conference for the launch of a domestically produced electronic architecture-equipped intelligent robot was held in Yichang, Hubei Province on September 28th. The world's first fully domestically produced intelligent robot with a domestically produced electronic architecture was officially unveiled. The electronic architecture is the "intelligent nervous system" that determines the upper limit of the overall machine's performance, including the operating system, network, software tools, and AI computing chips. If we consider a robot as a "person," then the electronic architecture is its nervous system—no matter how meticulously the brain thinks, without a nervous system, action is impossible.

5. Artificial Intelligence | According to the China Securities Journal, the People's Bank of China and eight other departments jointly issued the "Guiding Opinions on Financial Support for the Expansion and Quality Improvement of the Service Industry." The opinions propose empowering the innovative development of software and information technology services. They guide financial institutions to comprehensively utilize diversified tools such as credit, bonds, and equity to support the development of "artificial intelligence + software," promoting breakthroughs in intelligent programming tools and industrial software innovation, the construction of basic software ecosystems and open-source communities, and the application of intelligent audiovisual system ecosystems, as well as developing new business models such as intelligent agents as services and models as services. The opinions also aim to improve financial guarantees for the digital transformation of the manufacturing industry and support the development of service providers for this transformation. Furthermore, they aim to actively meet the financing needs in areas such as artificial intelligence technology research and development, the construction of high-quality industry datasets, the expansion of application scenarios, and the cultivation of industrial ecosystems. Financial institutions are encouraged to provide medium- and long-term financing for the construction of digital infrastructure such as information transmission, data, and information technology, and to strengthen financial support for the national computing power layout, edge computing power construction, and intelligent cloud service systems.

Today's Focus

China

The State Council Information Office held a press conference on accelerating the modernization of agriculture and rural areas during the 15th Five-Year Plan period.

overseas

Australian policy rate.

The U.S. Trade Representative attended the G20 Trade Ministers' Meeting.

Trump held an artificial intelligence meeting with tech company CEOs and the Speaker of the House.

The End

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