Good Afternoon. Today marks 24 years since the September 11 attacks, a tragedy that claimed nearly 3,000 lives and continues to weigh on families, first responders, and communities. We will never forget where we were that day and how it felt. If you’re a first responder, thank you. And if you know someone who is, please thank them for us. On to today’s news.

—Rosie, Wyatt, Evan & Conor

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1. Wall Street Hits Records as Tesla, Micron Lead Rally

The News: U.S. stocks surged Thursday, with all three major indexes closing at record highs. The S&P 500 climbed 0.8% to 6,584, the Nasdaq rose 0.7% to 22,041, and the Dow jumped 1.35% to 46,105. Tesla rallied 5% while Micron surged 9% after Citigroup hiked its price target to $175. Traders are pricing in a 93% chance the Fed cuts rates by at least 25 basis points next week, with sticky inflation and jobless claims at a four-year high adding urgency.

Why It Matters: Tesla’s surge vaulted Elon Musk back into the top spot as the world’s richest man For investors, Micron’s breakout and the semiconductor index’s new high reinforce chips as the market’s backbone, powering everything from AI to smartphones. The Fed may dominate headlines, but don’t overlook sector momentum, tech’s continued strength could be the straw that breaks the camel’s back for the bears.
Source: reuters.com

2. Mortgage Rates See Biggest Drop in a Year

The News: The average 30-year fixed mortgage rate fell to 6.35% this week, down from 6.5%, marking the steepest weekly decline in a year, according to Freddie Mac. Fifteen-year fixed rates also eased, sliding to 5.5% from 5.6%. Mortgage applications jumped 9.2%—the strongest pace in three years—with refinance activity up 12.2% and nearly half of all new applications. Purchase applications climbed 6.6%, as homebuyers rushed to lock in cheaper rates. The data suggests housing’s long slump may be easing, with supply ticking higher and annual price growth leveling off.

Why It Matters: After years of affordability pain, buyers are seeing the first real relief, with demand rebounding as supply inches higher and prices start to come down. For investors, mortgage lenders and homebuilders could be early winners if lower rates spark a recovery in sales and refinancing volumes. Keep in mind the story we covered the other day about lumber future prices falling 25% too. Housing isn’t fixed, but at least the market’s worst headaches are starting to ease.
Source: foxbusiness.com

3. Opendoor Soars 69% on CEO Shake-Up, Meme Frenzy

The News: Opendoor shares rocketed up to 69% Thursday after a sweeping leadership overhaul. Shopify’s former COO Kaz Nejatian was named CEO, with co-founder Keith Rabois returning as chairman and Eric Wu rejoining the board. Rabois and Wu also pledged $40 million through Khosla Ventures. The shake-up follows activist pressure and months of meme-stock hype fueled by hedge fund manager Eric Jackson, who’s touted the company as a “100-bagger.” Shares have climbed more than 1,500% since June, transforming Opendoor from penny-stock near delisting into meme stock obsession.

Why It Matters: Executive swaps usually don’t trigger rallies like this—but meme status changes the playbook. Opendoor is betting on AI to make home buying and selling simpler, though its core iBuying model still faces market risks. For investors, this is small part fundamentals, and a larger part activist influence, insider cash, and social-media momentum combining into a GameStop-style surge. High short interest and options trading add fuel to the run. When a CEO change is worth more than EBITDA, you know this rally is running more on vibes than on valuation.
Source: cnbc.com

4. Amazon developing AR glasses to challenge Meta

The News: Amazon is developing two pairs of smart glasses, one for consumers and one for its 390,000 delivery drivers, in a direct challenge to Meta’s Ray-Ban lineup. The consumer model, codenamed Jayhawk, is expected in 2026–27, with built-in display, camera, speakers, and Alexa integration. The driver-focused Amelia glasses, launching as soon as next year, will project navigation and package instructions directly into the lens to cut delivery times and costs. Meta, which holds 73% of the global smart glasses market, has sold over 2 million pairs since 2023.

Why It Matters: Amazon is betting people will want glasses that blend navigation, shopping, music, and social notifications into one device—effectively turning Alexa into a wearable companion. For investors, this signals Amazon’s ambition to crack hardware again, targeting both enterprise logistics and consumer adoption. The bet: lower shipping costs plus a fresh gadget cycle could open two revenue streams at once. When your delivery driver is wearing AR lenses before you are, you know the tech race is heating up.
Source: entrepreneur.com

5. U.S. Soybean Farmers Face Crisis as China Orders Zero Crops

The News: For the first time in decades, China has placed zero orders for U.S. soybeans heading into harvest season. That’s a seismic shift for America’s 500,000 soybean farmers, who normally book a third of annual sales to China by now. Prices have dropped 40% from recent highs, pushing farm operations like Kentucky grower Caleb Ragland’s into losses exceeding $750,000. With nearly 4.3 billion bushels forecast, one of the largest harvests on record, the market is awash in unsold supply as China sources 71% of its imports from Brazil instead.

Why It Matters: Trade wars don’t just hit balance sheets, they hit the dinner plate. With China shutting the door, farmers face surplus crops and collapsing prices, which can ripple into thinner rural economies at home. Investors are watching commodity markets unravel, with soybeans down sharply and agribusiness stocks exposed to weaker exports. If Washington can’t strike a deal, American farmers may be stuck marketing “Made in the USA tofu” to anyone who’ll buy it.
Source: fortune.com

1. Asian Stocks Hit Records on AI-Fueled Tech Rally

The News: Asian equity markets surged to record highs Thursday, riding a global AI wave sparked by Oracle’s 36% leap after projecting $144 billion in cloud revenue by 2030. Japan’s Nikkei rose 0.8% to fresh records as SoftBank jumped nearly 10% on its Arm stake, while Taiwan’s Taiex gained on a 2.5% bump in TSMC. China’s CSI 300 advanced nearly 2%. The rally came alongside cooling U.S. wholesale inflation, bolstering expectations of a Fed rate cut next week.

Why It Matters: What starts as an AI earnings call in California is now lifting markets from Tokyo to Taipei. Consumers benefit as competition speeds up the rollout of smarter chips and services. For investors, Asia’s record highs highlight how global the AI trade has become, chipmakers, cloud players, and even conglomerates like SoftBank are all riding the same wave. But with valuations running hot and central banks still weighing inflation, momentum cuts both ways.
Source: investing.com

2. Tariff Tensions Spread: Swiss Gold, Mexico Autos

The News: Trade tensions deepened Thursday as Switzerland proposed building a gold refinery in the U.S. to blunt Trump’s 39% tariff on its imports. Mexico announced a 50% tariff on Chinese and other Asian autos, steel, and textiles, covering $52 billion in goods, in what analysts see as a concession to Washington. Meanwhile, Trump asked the EU to slap 100% tariffs on India and China to pressure Russia.

Why It Matters: Remember, Tariffs aren’t just about trade, they’re Trump’s leverage in global power plays. For consumers, that means you pay the price until new trade deals are done. For investors, the stakes go beyond short-term volatility: Mexico’s concession shows how supply chains can be reshuffled under U.S. pressure, while Swiss refiners weigh costly U.S. expansion. If the EU joins in with 100% duties on India & China, global trade could realign overnight. When trade policy doubles as diplomacy, markets get dragged into the negotiations too.
Source: yahoo.finance.com

3. Hyundai Delays U.S. Plant After Immigration Raid

The News: Korean car manufacturer Hyundai said its $5.5 billion “Metaplant” in Georgia will open at least two months late after a U.S. immigration raid detained 475 workers, including about 300 from South Korea. The raid—the largest in U.S. history—has strained ties with Seoul, where officials argue it’s common for Korean firms to send staff abroad to set up factories. South Korea’s president warned the crackdown could discourage foreign investment, casting doubt on Trump’s recent trade deal that secured $26 billion in new projects, including Hyundai’s planned Louisiana steel plant.

Why It Matters: A factory raid isn’t just about visas, it’s about the credibility of America’s pitch as a manufacturing hub. For workers and communities, the delay means 8,500 promised Georgia jobs arrive later, while local supply chains and housing markets wait. For investors, it raises real risk: foreign firms weighing billions in U.S. projects may think twice if labor practices clash with immigration enforcement. That could slow the onshoring boom in EVs, batteries, and steel that markets have been banking on. If “Made in America” starts looking too complicated, “Made elsewhere” may come roaring back.
Source: bbc.com

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