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Good Afternoon. Washington might be running out of time, but while Congress fumbles, Wall Street’s watching Texas step into the big leagues with its own stock exchange, Pfizer strike a deal in the Oval, and gold hit record highs as investors sprint for cover. Let’s get into it.
—Rosie, Wyatt, Evan & Conor
💰 Markets
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🔍 Section Focus
🔥 What’s Hot: 🔥
Texas Stock Exchange (TXSE): The SEC just gave Dallas the green light to challenge Wall Street’s turf. Think less Patagonia vests, more cowboy boots and without the actual trading floor.
🥶 What’s Not: 🥶
Stock Buybacks: It’s the start of blackout season, by mid-October, 80% of S&P 500 firms can’t buy back shares. Translation: the market has to walk without its favorite crutch at a time when a government shut down may kick out its other leg.
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🇺🇸 U.S. News
1. Texas Stock Exchange Wins SEC Approval
The News: The SEC approved the Dallas-based Texas Stock Exchange (TXSE) to operate, clearing the way to list shares next year. TXSE has raised ~$160M from backers including BlackRock, Citadel Securities, and Charles Schwab, and will run as a fully electronic venue. Their main pitch? Rules and governance friendlier than NYSE/Nasdaq e.g., a $4 minimum price to remain listed and Texas laws that raise thresholds for shareholder proposals and limit suits against directors. Texas has been courting corporates such as Tesla and even launched a corporate court to rival Delaware.
Why It Matters: A credible third venue could mean lower fees, looser proxy frictions, and leverage in negotiations with NYSE/Nasdaq. For investors, more venues can sharpen competition on spreads, market-making, and listing standards, but also risks fragmented liquidity if big IPOs don’t anchor there. Index inclusion and broker routing will decide whether TXSE is real or regional. What to watch: first flagship listings/IPO calendar, market-maker commitments, and how S&P/Russell handle index eligibility. No word on whether TXSE will require listed companies to swear chili does not have beans.
Source: wsj.com
2. Pfizer, Trump Strike Drug Pricing Pact
The News: Pfizer agreed Tuesday to sell a majority of its primary care drugs and some specialty brands to Americans at discounts averaging 50% (up to 85%) via a new platform slated to go live in early 2026, TrumpRx.gov. The deal also puts all Pfizer drugs for Medicaid at “most-favored nation” prices, matching those paid in other wealthy countries. In return, Pfizer secured a three-year reprieve from Trump’s looming 100% pharma tariffs. The drugmaker pledged $70B in new R&D and U.S. projects, while the industry trade group PhRMA announced $500B in U.S. infrastructure investments.
Why It Matters: For patients, this could mean meaningful savings at the pharmacy counter, especially for Medicaid recipients. For Pfizer, it avoids tariffs while buying goodwill in Washington. For investors, pricing concessions may squeeze margins, but regulatory certainty boosts stability. What to watch: whether other drugmakers follow suit, and if private insurance markets see similar discounts. For now, TrumpRx.gov promises lower prices and hopefully fewer headaches at the register than figuring out your health plan’s deductible.
Source: politico.com
3. Buyback Blackout Season Kicks In
The News: About one-third of S&P 500 companies are restricted from repurchasing their own stock due to pre-earnings rules. That share will climb to 80–85% by mid-October, marking the peak of the corporate buyback blackout period. Companies typically suspend buybacks in the weeks leading up to earnings to avoid accusations of trading on non-public information.
Why It Matters: For investors, the pause removes a major source of demand just as markets face Fed uncertainty, a looming shutdown, and volatile energy prices. Less buyback support often means thinner cushions under stock prices, especially for firms that rely heavily on repurchases to prop up earnings per share. What to watch: mid-October, when blackout intensity peaks and volatility historically rises. For now, Wall Street will have to survive a few weeks without its favorite buyer, its own companies.
Source: finance.yahoo.com
4. Markets Hold Steady as Shutdown Looms, Gold Hits Record
The News: With a U.S. government shutdown expected to start after midnight, Wall Street indexes barely budged Tuesday. Meanwhile, gold surged to an all-time high of $3,843/oz, up 11.4% in September, its best monthly run since 2011, as traders sought safety and braced for Fed rate cuts.
Why It Matters: As we mentioned yesterday, a shutdown means delayed paychecks, slower loan approvals, and possibly no jobs report Friday, making mortgages, credit, and investment decisions murkier. For investors, equities are calm but gold’s rally shows the flight to safe havens is real, with missing data potentially clouding Fed policy. What to watch: how long the shutdown drags, Wall Street shrugs at a few days but could flinch if the shutdown stretches from days to weeks. For now, gold is the only thing in Washington breaking records for productivity.
Source: reuters.com
5. JPMorgan Aims to Be First Fully AI-Powered Megabank
The News: JPMorgan Chase (JPM) says it’s “fundamentally rewiring” itself for the AI era, rolling out LLM Suite, an internal platform powered by OpenAI and Anthropic. About 250,000 employees—nearly the entire non-branch workforce—already use it, with half logging in daily. The system now goes beyond drafting emails, creating full banking decks in 30 seconds and handling complex multistep tasks. JPMorgan spends $18B annually on tech, and executives say AI will reshape workflows, cut operations staff by at least 10% in five years, and eventually power direct customer interactions.
Why It Matters: For clients, this could mean faster deals, smoother service, and AI concierges guiding interactions. For employees, the shift favors rainmakers with client ties while automating away support roles. For investors, early adoption could widen JPM’s lead and margins before rivals catch up. What to watch: October demos of AI-assisted client tools and any headcount disclosures tied to automation. If Chase accomplishes its vision, it could be the rare banking upgrade that feels like a win for the customer, not just the bottom line.
Source: cnbc.com
🌎 World News
1. Australia Offers Allies Shares in Critical Minerals Reserve
The News: Australia will let allies including the UK buy equity stakes in its new $1.2B strategic minerals reserve, giving them guaranteed access to rare earths and metals vital for clean energy, semiconductors, and defense. The reserve holds lithium and rare earths, sectors where China controls 70–90% of processing capacity. Talks with the UK are underway, and the plan was previewed at a recent G7 technical meeting. Canberra also aims to boost domestic processing so it’s not just exporting raw ore but higher-value materials.
Why It Matters: Securing non-Chinese supply helps stabilize costs of EV batteries, solar panels, and electronics, limiting future price shocks. For allies, shared stakes strengthen supply chains and blunt China’s leverage over global markets. What to watch: how much the U.S. and UK invest, and whether Australia can scale processing fast enough to meet demand. For now, Australia is offering its friends more than shrimp on the barbie, a seat at the rare earth table.
Source: reuters.com
2. Nubank Files for U.S. Bank Charter in Global Push
The News: Brazil’s Nubank, Latin America’s largest digital lender with 123M customers, has applied for a U.S. national bank charter with the OCC. If approved, it would let Nubank offer U.S. customers deposit accounts, credit cards, lending, and digital asset custody. Co-founder Cristina Junqueira has relocated to the U.S. to lead the effort, backed by a board that includes former Brazil central bank chief Roberto Campos Neto and ex-U.S. banking regulator Brian Brooks. Nubank stock trades near $16, close to a 52-week high, valuing the fintech at $77B.
Why It Matters: For U.S. consumers, Nubank could mean lower-cost digital banking, fee-light cards, and more competition for incumbents. For regulators, approving a foreign fintech giant tests how far deregulatory policy will stretch. For investors, Nubank’s growth story shifts from regional dominance to global scale. What to watch: OCC’s review timeline and whether Nubank can win trust in a crowded U.S. neobank market. U.S. banking customers could soon discover what over 100 million Latin Americans already know: less branch, lower fees, and more bang for your buck.
Source: marketwatch.com
3. European Defence VC Raises More Funds for Bigger Guns
The News: Warsaw-based Expeditions, one of Europe’s first VC firms dedicated to defence tech, has already raised €100M+ for its second fund—on track to close at €150M by year-end. That’s a tenfold jump from its debut €15M fund in 2021. Backers include European and U.S. private investors, family offices, and institutions.
Why It Matters: Investor interest in European defence tech is booming, with €1.4B raised in just the first seven months of 2025, compared to only €30M in 2020. Russia’s war in Ukraine set the stage, but a fiery speech by U.S. Vice President JD Vance in Munich this year accelerated the shift, as Europe faces pressure to fund more of its own defence. What to Watch: Startups tackling anti-drone systems, AI defence platforms, and secure communications are among the early winners. With valuations still small compared to legacy giants like Rheinmetall, VCs see room to run.
Source: ft.com
🥸 Dad Joke of the Day
Q: Why was the math book unhappy?
A: It had too many problems.
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