• US INDEX FUTURES: ES +0.7%, NQ +0.8%, YM +0.8%, RUT +1.0%

• DAY AHEAD: The US day will see the Preliminary UoM September report; headline expected to decline to 51.0 from 51.7, current conditions seen falling to 51.3 from 51.9, and expectations seen dropping to 50.5 from 51.5. In energy, the weekly Baker Hughes rig count report is due.

• US DAILY CONFERENCE CALENDAR: AMD, KEYS, KLAC. For the full list, click here.

NEWS:

GEOPOLITICS

• Gulf/Iran - Gulf foreign ministers are expected to meet Iran’s counterpart in Oman on Monday to seek regional support for a deal to temporarily manage shipping through the Strait of Hormuz and ease hostilities over the waterway, FT reports; the Salalah meeting would be the first between the six GCC foreign ministers and a senior Iranian official since the US and Israel launched the war against Iran in February.
• Saudi-US - Saudi Crown Prince MBS called President Trump twice on Thursday, urging him to launch strikes against Houthis, but Trump declined and US officials stressed the administration has no plans to intervene directly against the Houthis for now, Axios reports.
• Houthis - The Bab al-Mandeb Strait was captured by Yemeni fighters, IRIB reports; "According to a Tasnim correspondent in Sanaa, with the fall of the al-Ardi area and the entry of the Yemeni armed forces into the area, Bab Al-Mandeb is under control".
• Iran-Pakistan - Iran’s Foreign Minister and Pakistan’s Army Chief reportedly discussed ways to restore diplomatic efforts to de-escalate the conflict on all fronts, sources said. Talks focused on the US-Iran war, the possibility of returning to negotiations and Houthi attacks on Saudi Arabia.

TECH

• Oracle (ORCL) - Q1 adj. EPS USD 1.92 (exp. 1.73), Q1 revenue USD 19.3bln (exp. 19.13bln), Q1 adj. operating income USD 8.15bln (exp. 7.81bln), Q1 adj. operating margin 42% (exp. 40.8%), Q1 cloud infrastructure revenue USD 7.39bln (exp. 7.19bln), Q1 software revenue USD 5.55bln (exp. 5.67bln), Q1 software support revenue USD 4.90bln (exp. 4.88bln), Q1 software license revenue USD 655mln (exp. 718.8mln), and Q1 capex USD 28.5bln (exp. 19.8bln). Sees Q2 adj. EPS USD 1.83-1.91 (exp. 1.89) and Q2 total revenue growth of 30%-34%, with Q2 cloud revenue growth expected at 64%-70% and 65%-71% in constant currency. Sees FY27 adj. EPS USD 8.10 (exp. 8.07) and FY27 revenue of at least USD 90bln (exp. 89.7bln). Booked more than USD 30bln of additional AI Cloud contracts in Q1, increasing RPO to USD 664bln, and delivered 850MW of additional datacenter capacity in Q1. Said there is no incremental impact on plans to raise capital. CFO said roughly half of the company’s remaining performance obligations are expected to convert into sales over the next 36 months; Continues to anticipate USD 90bln-95bln in capex for the full year; Capex will not be linear throughout the year.
• Adobe (ADBE) - Q3 adj. EPS USD 6.13 (exp. 6.08), Q3 revenue USD 6.76bln (exp. 6.69bln). Sees Q4 adj. EPS USD 6.30-6.35 (exp. 6.30) and Q4 revenue USD 6.80-6.85bln (exp. 6.84bln). Sees FY26 adj. EPS USD 24.45-24.50 (exp. 24.36).
• Microsoft (MSFT) - Plans to more than triple data-center capacity to ~38GW by 2032 from ~12GW, with AI-specific chips expected to rise from ~2GW to ~one-third of capacity; expects USD 50bln CapEx in FY27 Q1 and USD 175bln for 2026, while planning to spread long-term data-center leases over 25 years vs 15, lowering annual reported CapEx.
• OpenAI - OpenAI CEO Altman said OpenAI is open to slowing cutting-edge AI, possibly in conjunction with some of its peers, Bloomberg reports, citing sources.
• Micron (MU) - Said Taiwan direct‑labour staff will receive FY26 rewards of 35–68  months of pay, with cash compensation starting at TWD 1.7 mln.
• Cloud - EU officials have questioned cloud providers for more information ahead of a key deadline in their argument with Broadcom (AVGO) over the licensing overhaul for VMware, Bloomberg reports.
• Accenture (ACN) - Awarded a USD 480.37mln Army contract to deliver the Joint Enterprise Task Management System, replacing legacy task and correspondence management systems across the Department of War; work through Feb. 2032.
• Applied Optoelectronics (AAOI) - VP Chang sold 32,172 of Applied Optoelectronics September 8th at USD 110.21/shr valued at USD 3,545,676, according to a filing

CONSUMER DISCRETIONARY

• ACV Auctions (ACVA) - Copart (CPRT) to acquire ACV for USD 10.50/share in cash, implying ~USD 1.9bln equity value. The deal will be funded with cash on hand, no financing condition, and expected to close by year-end 2026, subject to regulatory and other customary conditions.
• GameStop (GME) - CEO Ryan Cohen bought 1mln shares of common stock on September 10 in a total transaction size of USD 20.4mln.
• Bath & Body Works (BBWI) - Barington Capital Group has taken a new stake in Bath & Body Works and is pushing the personal care brand to explore a sale, according to Bloomberg, citing people familiar with the matter.
• RH (RH) - Q2 EPS USD 3.06 (prev. 2.62), Q2 revenue USD 922.2mln (exp. 916.3mln). Sees Q3 revenue growth of 5%-6%, implying USD 928-937mln (exp. 966.8mln), and Q3 adj. EBITDA margin of 12.5%-13.5%, including an approximate 310bps negative impact from preopening and startup costs supporting international expansion. Narrowed FY26 revenue growth outlook to 5.5%-7.0% (exp. 3.63bln, prev. up 4.5%-8%), with FY26 adj. EBITDA margin of 15.0%-16.2% and free cash flow, asset sales and distribution of equity method investments of USD 300-400mln. Said RH Estates has the potential to double the total addressable market of the RH Brand.
• Modine Manufacturing (MOD) - Will become Modexus Solutions following the spinoff of its Performance Technologies business and its combination with Gentherm; Modexus will trade on the NYSE under the “MOD” ticker.

INDUSTRIALS

• NuScale Power (SMR) - Downgraded to Sell from Neutral at UBS with a USD 6 PT (prev. 10). The firm says that the company's competitors are moving toward construction while NuScale's estimated five-plus year build timeline and lack of firm customer commitments "present meaningful challenges." UBS now assumes only one project begins construction in 2028 and estimates USD 700mln of cumulative cash burn from 2026 to 2028.
• General Dynamics (GD) - Awarded a USD 184.25mln Navy contract for Next Generation Electronics Attack Units manufacturing and sustainment support, with work through Sept. 2032.
• BAE Systems (BAESY) - Awarded a USD 115.66mln Navy contract for LPD-30 and LPD-31 fitting-out and post-shakedown availabilities; options would bring the total value to USD 527.53mln, with work through Dec. 2028, or May 2031 if all options are exercised.
• Airbus (EADSY) - Vietnam Airlines signed an MoU to buy 5 Airbus A350-900 jets, with delivery scheduled for 2033 and 2034.

HEALTHCARE

• AbbVie (ABBV) - Ipsen is considering building a US production site, with its next major plant potentially manufacturing either Dysport, a rival to AbbVie’s Botox, or corabotase, a drug still under development, WSJ reports
• Novartis (NVS) - Investors are set to increase scrutiny of its M&A strategy following setbacks to drugs acquired through deals, with eight shareholders telling Reuters that del-desiran’s recent failure has raised questions over last year’s USD 12bln acquisition of Avidity Biosciences.
• Novo Nordisk (NVO) - Downgraded at Underweight from Equal Weight at Morgan Stanley. The firm cites concerns over the company's "subdued" mid-term growth and a large loss-of-exclusivity risk post 2030 for the downgrade. The shares trade at a "relatively demanding" valuation, the firm argued. Morgan Stanley says the key issue of the investment case remains Novo's reliance on semaglutide, which is 75% of sales in 2026. The drug faces a large patent cliff in the early-to-mid 2030s across Europe and the US, the firm added.

COMMUNICATIONS

• Meta (META) - TikTok has reportedly rejected advertisements from Meta that call on the Co. and other tech platforms to join Meta in settling with US state AGs in a children's safety lawsuit, Axios reports.
• Social media - California Governor said in a post on X, "I just signed legislation banning addictive social media features like infinite scroll for users under 16 and regulating chatbot companion usage by minors. California will not stand by while unregulated technology puts our children at risk".

CONSUMER STAPLES

• Kroger (KR) - Q2 adj. EPS USD 1.09 (exp. 1.06), Q2 revenue USD 34.6bln (exp. 34.6bln). Lowered FY26 identical sales growth outlook excluding fuel to 0.2%-0.8% (prev. 1.0%-2.0%), including an approximately 140bps unfavourable impact from the Inflation Reduction Act. Reaffirmed FY26 EPS outlook of USD 5.10-5.30, FIFO operating profit outlook of USD 5.0-5.2bln, free cash flow outlook of USD 2.7-2.9bln, and capex outlook of USD 3.8-4.0bln.
• Celsius (CELH) - CEO John Fieldly bought 18K shares of common stock on September 10 in a total transaction size of USD 493.8k.

FINANCIALS

• Robinhood (HOOD) - Reported 28.6mln funded customers at end-August and USD 384bln in platform assets, up 8% from July and 26% YoY; net deposits were USD 4bln in August, implying a 14% annualized growth rate, while trailing 12-month net deposits were USD 74.1bln, up 24% YoY.
• Invesco (IVZ) - Reported preliminary August month-end AUM of USD 2.5621tln, up 4.7% M/M, with net long-term inflows of USD 27.6bln and money market net inflows of USD 35.8bln; favorable market returns increased AUM by USD 49bln and FX added USD 2.7bln. Preliminary average total AUM for the quarter through Aug. 31 was USD 2.49tln, while preliminary average active AUM was USD 1.234tln. Meanwhile, Officer Lo sold 143,370 IVZ shares at USD 32.39/shr between Sept 8-9, for a total of USD 4,643,941, according to a filing.

ENERGY

• IEA - The latest published IEA OMR saw 2026 world oil demand forecast fall by 2.5mln BPD (vs prev. forecast of a 1.6mln BPD fall), citing impasse in US-Iran talks on resolving their conflict. Sees total world oil supply 1.74mln BPD lower than demand in 2026 (vs prev. forecast of 1.27mln BPD lower).
• Shell (SHEL) - Announced the sale of interests in RISEC Holding to Constellation Energy (CEG) for USD 715mln.

MATERIALS

• MMG - EU regulators are reportedly set to issue a formal warning over MMG's USD 500mln deal to buy Anglo American's (AAL LN) Brazilian nickel assets, the FT reports.