• US INDEX FUTURES: ES -0.1%, NQ +0.3%, YM -0.6%, RUT -0.1%

DAY AHEAD: In the US, the NY Fed SCE and Consumer Credit is due. Meanwhile, the US Treasury is to sell USD 58bln in 3yr notes. Elsewhere, remarks are expected from BoE's Bailey, Ramsden, Greene, and Taylor; ECB's Elderson set to speak. * BROKER MOVES: INTC upgraded at Northland; PTON downgraded at MS. For the full list, click here. * MAJOR MORNING MOVES RECAP: NVS, TSLA, UNFI, UBER, INTC, RGTI, AMGN, PTON. For the full list, click here. * US DAILY CONFERENCE CALENDAR: DLR, FTNT, HPE, MCK, PM, WMT. For the full list, click here.

NEWS:

INDEX

• S&P 500 changes effective prior to the open on Sept. 21: Bloom Energy (BE), Everpure (P) and Illumina (ILMN) to be added, while Molson Coors (TAP), Trade Desk (TTD) and Builders FirstSource (BLDR) to be removed, as part of the quarterly rebalance to ensure the index remains representative of its market-capitalization range.
• S&P 100 changes effective prior to the open on Sept. 21: Dell Technologies (DELL), Palo Alto Networks (PANW), Arista Networks (ANET) and Sandisk (SNDK) to be added, while Honeywell Aerospace (HONA), Nike (NKE), Simon Property Group (SPG) and Colgate-Palmolive (CL) to be removed.
• SPX - HSBC raised its 2026 year-end S&P 500 target to 8100 (prev. 7650).

TECH

• Anthropic - Expected to begin marketing its IPO as early as mid-October, with its prospectus now expected to be made public in late September rather than as early as next week as previously anticipated, Reuters reports, citing sources. Meanwhile, Anthropic has walked away from a potential acquisition of AI startup Decart AI, although the two companies may still pursue other collaboration opportunities, Bloomberg reports, citing sources.
• Apple (AAPL) - Needham said Apple's strategic choices are increasingly viewed as less attractive, with odds 4-to-1 against the stock despite its status as a relative safe haven for AI skeptics; maintains Hold, citing reliance on Google Gemini for core AI functionality as the key “iPhone problem” facing new CEO John Ternus.
• Intel Foundry (INTC), ASML (ASML) - The companies highlight continued progress in bringing High NA EUV lithography into production, with more than 1mln wafers processed to date across tool certification, R&D and volume production; overlay, throughput and availability are meeting expectations, while Intel 18A products using High NA on select layers continue to deliver performance at or above comparable NXE-patterned layers.
• TSMC (TSM), ASML (ASML) - Companies launched an industry initiative to transition to 12-inch EUV photomasks, aiming to establish a 12-inch mask pilot line by 2031 and enable 12-inch High NA EUV systems for advanced-node production by 2033; TSMC plans to use ASML High NA in high-volume manufacturing from 2030, with adoption expected to expand as AI-driven transistor complexity increases.
• ASML (ASML) - Began construction of new Eindhoven campus, strengthening its presence in the Brainport region. Will provide potential capacity for up to 20,000 workplaces.
• Intel (INTC) - PC CPU prices have continued rising since late 2025, with supply chain sources expecting another ~10% increase in early October, Digi Times reports; low-margin small-core products could be headed for EOL as CEO Lip-Bu Tan focuses on improving profitability, while Qualcomm and MediaTek are seen as poised to gain share in IPC and IoT chips. Industry sources said Intel and AMD will each launch major annual products in March 2027 and between June and July 2027, respectively.
• Intel (INTC) - Upgraded at Northland to Outperform from Market Perform with a USD 120 PT. Intel has made "material progress" turning around the business while a shortage of server CPUs is also benefiting the company. The firm believes Intel's Terafab partnership with Elon Musk's SpaceX (SPCX) and Tesla (TSLA) will materially benefit Intel's foundry business and drive the needed scale of its process technology footprint.
• Nvidia (NVDA) - Nvidia-backed Firmus signed a multi-year deal with OpenAI to supply computing capacity to two Malaysian data centers, Reuters reports. This deal increased Firmus' contracted capacity across its customers to over 900 megawatts.
• Palantir (PLTR), Nebius (NBIS) - Palantir Technologies and Nebius Group entered a strategic partnership to provide Palantir's commercial customers with access to Nebius's AI-native compute and cloud infrastructure. Nebius will serve as Palantir's preferred sovereign AI infrastructure partner, with Nebius compute and inference endpoints to be integrated within Palantir's enterprise perimeter following an integration period, giving eligible customers control over their compute, data, and models. The companies also plan to accelerate new compute capacity deployments for Palantir customers, including modular data centers at sites with existing power availability.
• ByteDance - Founder Zhang Yiming is personally overseeing development of a new AI model designed for real-time spatial video generation, with a launch potentially as soon as October; the effort is aimed at competing with Meta and Alphabet in technology with applications in robotics and autonomous systems.
• Palo Alto Networks (PANW) - Downgraded at Phillip Securities to Neutral from Accumulate with a USD 346 PT (prev. 320), citing share price performance. While "bullish" on Palo Alto, the firm notes that the stock rallied about 160% from its February low to an August peak of USD 396, driven by AI-related catalysts and easing software valuation concerns.
• IonQ (IONQ) - Sees FY26 revenue of USD 450-460mln. FY26 outlook includes contributions from SkyWater Technology from July 31, 2026, through Dec. 31, 2026, and reflects elimination of estimated intercompany revenue under the pre-existing commercial agreement.
• Strategy (MSTR) - Strategy did not purchase or sell Bitcoin from Aug 31 to Sep 7.
• Google Cloud (GOOGL), Accenture (ACN) - Companies launched a unit to put AI engineers on-site with customers, WSJ reported.
• Uber (UBER) - Filed for Euro-denominated five parts senior notes offering; size not disclosed, according to a SEC filing. Separately, Uber President and COO Andrew Macdonald purchased 70,000 shares for USD 5.31mln in open-market transactions at weighted average prices of USD 75.65 and USD 76.44; directly held stake rises to 426,320 shares.
• GlobalFoundries (GFS) - Finalised USD 375mln R&D award from US Department of Commerce, with funding of up to USD 375mln over five years to advance quantum technology.
• Rigetti Computing (RGTI) - Secured a USD 100mln in US Commerce Department funding to accelerate superconducting quantum computing R&D under the CHIPS Act, with projects focused on scaling readout electronics, cryogenic capacity and high-connectivity chip fabrication; the Department will receive a minority, non-controlling equity stake in Rigetti.
• Huawei, Xiaomi (XIACF) - Companies have launched new foldable smartphones ahead of Apple's (AAPL) product launch later this week, Reuters reports. Huawei released its Mate XT2 series, featuring its Kirin 9050 Pro chip, while Xiaomi announced its Xiaomi 18 Fold.

INDUSTRIALS

• Bombardier - Trump said Bombardier should be barred from selling aircraft in the US unless it builds products domestically, accusing Canada of unfairly restricting US companies; calls for “Buy American” policies across aircraft, liquor and other products.
• Northrop Grumman (NOC) - Awarded USD 111.35mln Navy contract for Virginia-class submarine turbine generator maintenance, overhaul, repair and long-lead material; contract value could reach USD 253.3mln with options, with work through Aug. 2031 or Aug. 2034 if all options exercised.
• L3Harris Technologies (LHX) - Awarded a USD 139.01mln Navy contract modification for submarine low-profile photonics masts, spares and engineering support, with work through Sept. 2030.
• General Dynamics (GD) - Awarded a USD 149.6mln Navy contract action for USS Pinckney maintenance, modernization and repair, with work through Sept. 2028.
• Boeing (BA) - Awarded a USD 241.34mln Navy delivery order for repair of flight control surfaces on F/A-18 E/F and EA-18G aircraft, with work through Sept. 2032. Meanwhile, NTSB investigators are examining aircraft speed, weather and the lack of a runway safety system in the Miami crash involving an Amazon (AMZN) cargo flight operated by 21 Air; the Boeing 767 overran the runway by ~1,300 feet, with officials indicating the aircraft may have been approaching too fast.
• Lockheed Martin (LMT) - Upgraded at UBS to Buy from Neutral with a USD 674 PT (prev. 581). The firm says growth in missiles and munitions can drive 9% annual revenue growth through 2028 for Lockheed. This is above consensus estimates and does not appear priced into the stock given the company's 15% discount to the S&P 500, the firm said. UBS sees double-digit earnings upside to consensus in 2028 and believes budget concerns are overdone. It believes the stock has "material upside." Separately, Sweden's Defence Minister says Sweden will buy Lockheed's Rocket System.
• Eaton (ETN) - Upgraded at UBS to Buy from Neutral with a USD 515 PT (prev. 450). The firm cites the company's strong sales growth and improving margins for the upgrade. Eaton's margins should meaningfully improve in Q3 and beyond given its proactive pricing actions and better execution. UBS projects a 46% increase in the company's earnings power over the next two years.
• GE Aerospace (GE) - Agreed to acquire Consolidated Precision Products for USD 11.75bln, funded with USD 7bln cash and new debt, with the deal expected to close in H2 2027 and be accretive to adjusted EPS and free cash flow in the first year; transaction aims to expand casting capacity amid strong demand across commercial engines, aftermarket and defense.
• ZIM (ZIM) - Hapag-Lloyd and FIMI said they plan to revise their proposed USD 4.2bln cash acquisition following talks with Israeli officials; details of the revised terms have not been finalized.
• Airbus (EADSY) - Expected to win narrowbody jet order from Air Cairo, Bloomberg reports; Air Cairo set to buy 15 Airbus A320 family jets, deal expected to be finalised this week. Meanwhile, Airbus is planning its first A350F freighter flight in late September.

HEALTHCARE

• Novo Nordisk (NVO) - Said Phase 3 STEP Young trial of once-weekly semaglutide in children aged 6 to under 12 with obesity met its primary endpoint, showing superior BMI reduction vs placebo at week 68; 40.4% of semaglutide-treated children were no longer classified as having obesity vs 0% for placebo, with both groups receiving diet and exercise interventions. Meanwhile, Novo Nordisk halted two Phase 3 trials of ziltivekimab in heart failure patients after an independent data monitoring committee found a “low likelihood of a different outcome”; the setback follows the drug’s failure to reduce cardiovascular events in the ZEUS trial, while a separate trial in patients recovering from a heart attack remains on track for H1 2027.
• Novartis (NVS) - Said Phase 3 Lp(a)HORIZON study of pelacarsen missed its primary endpoint of reducing cardiovascular events vs placebo, despite substantially lowering Lp(a) levels; the trial was the first pivotal Phase 3 study to test whether lowering Lp(a) reduces cardiovascular risk in patients with established cardiovascular disease.
• Roivant (ROIV) - Said Phase 2 PHocus trial of mosliciguat in pulmonary hypertension associated with interstitial lung disease met its primary endpoint, showing a placebo-adjusted 56.3% reduction in PVR at Week 16; secondary endpoints also met, with 6MWD improving 35.2 meters and NT-proBNP falling 357.7pg/mL, while effects strengthened through Week 24 and mosliciguat was well tolerated with a favorable safety profile.
• Boston Scientific (BSX) - Said a cybersecurity incident identified Aug. 25th caused a global operational disruption, impacting manufacturing and the processing and shipment of customer orders; while distribution centers are now operating at or above normal levels and manufacturing has resumed across most facilities, the company expects the incident to materially impact Q3 and FY26 results and said it is unlikely to meet its previously issued net sales growth and adjusted EPS guidance ranges.
• AstraZeneca (AZN) - Phase III tozorakimab data showed a 29%-34% reduction in moderate-to-severe COPD exacerbations, with statistically significant and clinically meaningful reductions reported in the OBERON and TITANIA trials.
• Amgen (AMGN) - Downgraded at BMO Capital to Market Perform from Outperform. The firm cites valuation as the reason for the downgrade, saying Amgen's commercial execution "is now the base case," with the shares up 34% YTD. Despite its commercial performance, Amgen continues to face significant loss-of-exclusivity headwinds. BMO adds that while MariTide is an important product, clarity is needed on its competitive profile before the firm can get comfortable with the consensus peak sales estimate.
• Pharvaris (PHVS) - Said Phase 3 CHAPTER-3 trial of deucrictibant XR for HAE attack prevention met its primary and all secondary efficacy endpoints with statistical significance, reducing mean monthly attack rates by 83% across all HAE types and 87% in Type 1/2 patients; no treatment-related serious adverse events were reported, with FDA and other marketing applications planned from H1 2027.
• Definium Therapeutics (DFTX) - FDA granted Breakthrough Therapy designation to DT120 ODT for major depressive disorder, supported by Phase 3 Emerge data showing an 8.1-point placebo-adjusted improvement in MADRS score at Week 6 from a single 100-microgram dose, with efficacy sustained through Week 12.
• Doximity (DOCS) - Downgraded at Freedom Capital to Hold from Buy with a USD 27 PT (prev. 24). The firm notes that Doximity cut its fiscal 2027 EBITDA outlook to reflect another step-up in AI compute and product investment. The firm believes Doximity's fiscal Q1 results validate the revenue side of the AI thesis, but at the expense of margins.
• Intellia Therapeutics (NTLA) - FDA accepted BLA for lonvo-z and grants Priority Review, with PDUFA action date set for March 10, 2027; no advisory committee is currently planned, and approval would make lonvo-z the first in vivo CRISPR-based therapy and only one-time treatment for HAE.
• Quantum Cyber (QUCY) - Purchased Nvidia (NVDA) A100 AI compute cluster to power its swarm operating system.

CONSUMER DISCRETIONARY

• Tesla (TSLA) - Said FSD Supervised has been approved for use in Slovenia, with rollout to begin soon.
• Sweetgreen (SG) - Upgraded at KeyBanc to Overweight from Sector Weight with a USD 9 PT. The shares have been under significant pressure over the past year-plus, but Sweetgreen is among the more compelling turnaround opportunities in the restaurant group, the firm said. KeyBanc believes the stock should benefit from stabilisation and acceleration in Sweetgreen's same-store sales, aided by its new platforms, including wraps. The company should also see a margin recovery in 2027. The industry has been impacted from food safety issues which were not tied to Sweetgreen, and these likely obscured the company's recent turnaround progress, the firm added.
• Peloton Interactive (PTON) - Downgraded at Morgan Stanley to Underweight from Equal Weight with a USD 4.50 (prev. 5). The company's "top of funnel has meaningfully narrowed" over the past few years with gross subscriber additions falling around 78% from the peak, the firm said. MS believes this reflects structural headwinds for Peloton as consumers are shifting towards strength training and gyms. As the company's USD 50 per month subscription is its core earnings, a declining base will weigh on profitability with time, contends Morgan Stanley. It believes negative estimate revisions, limited near-term catalysts, and an uncertain terminal value will constrain Peloton's multiple.

CONSUMER STAPLES

• United Natural Foods (UNFI) Q4 2026: Adj. EPS 0.69 (exp. 0.62), revenue USD 7.64bln (exp. USD 7.68bln); sees FY27 adj. EPS USD 3.00-3.50 (exp. USD 3.21), revenue USD 31.2bln-31.8bln (exp. USD 31.87bln), adjusted EBITDA USD 730mln-780mln, FCF USD 275mln-325mln; announced USD 200mln share repurchase programme.
• General Mills (GIS) - Maintained FY adj. EPS view of 3.00-3.20 (exp. 3.08).
• Herbalife (HLF) - Board authorised share repurchase program of up to USD 250mln over 3 years.

FINANCIALS

• Jefferies (JEF) - Jefferies Fund accused Radiant World of fraud in London law suit. The news follows an earlier Reuters report that LAM Trade Finance Group II, in which Jefferies (JEF) has a minority stake, applied on Monday for a freezing injunction against Radiant World and its founder in Singapore.
• Circle Internet Group (CRCL) - Agreed to acquire Singapore-based B2B cross-border payments platform Tazapay, adding USD 25bln+ in annualized payment volume, 60+ banking and fintech partners and local payout rails across 100+ markets; deal expected to close in 2027 subject to regulatory approvals, including from Singapore’s MAS, with ~60% of Tazapay’s transaction volume already involving stablecoins.
• Visa (V) - Expanded data offering for blockchain lenders by combining settlement data with onchain lending infrastructure, as stablecoin-linked card programs surge to 160+, up nearly 200% Y/Y, CNBC reports.
• Robinhood (HOOD) - Robinhood strikes deal with Crypto.com in latest prediction-markets push, WSJ reports.

COMMUNICATIONS

• Google (GOOGL) - Google's general counsel says that AI could help give good legal advice, though cannot replace human judgement, Axios reports. Meanwhile, Google rolled out search results changes in Europe to avoid fresh EU antitrust fines; changes give specialised search engines more prominence in search results; will degrade search results for users in Europe and increase cost for businesses
• Netflix (NFLX), Meta (META) - South Africa’s telecom regulator ICASA plans to investigate pricing for OTT services including Netflix and Meta’s WhatsApp, while a separate inquiry will examine pricing by MTN Group (MTNOY), Vodacom, Telkom and Cell C Holdings.

ENERGY

• TotalEnergies (TTE) - Said Papua LNG has achieved key contractual and commercial milestones ahead of a Final Investment Decision, including completion of the EPC tender, planned transfer of operatorship to ExxonMobil (XOM), finalization of the gas agreement with Papua New Guinea, and a joint venture with Kumul Petroleum to commercialize 2.4Mtpa of LNG; TotalEnergies has also signed an LNG offtake heads of agreement, supporting project financing for the 5.6Mtpa project.
• Solaris Energy (SEI) - Sees Q1'27 adjusted EBITDA USD 200-240mln; raised Q4 adjusted EBITDA view to USD 145-180mln from USD 100-120mln and Q3 view to USD 110-130mln from USD 90-105mln.

UTILITIES

• NextEra Energy (NEE) - US DoE closed up to USD 1.9bln loan to restart NextEra Energy's Duane Arnold Energy centre. Milestone helps bring Iowa's only nuclear energy centre back online, strengthen grid reliability and meet growing electricity demand.

MATERIALS

• Sigma Lithium (SGML) - Said mining and industrial activities continue despite a reported preliminary Brazilian court ruling allegedly suspending its environmental licenses, which the company says was issued without due process; expects to deliver 240,000 tonnes of lithium oxide concentrate over the next 12 months and 330,000 tonnes in FY27, with legal defense to begin when courts resume on Sept. 8.