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Happy Wednesday. Even the Television Academy is “switching platforms.” Starting next year, the Emmy Awards will be broadcast live via Amazon Prime Video. The two parties announced a six-year exclusive agreement yesterday.
After the S&P 500 index closed at a record high yesterday, stock index futures fell this morning.
Here are five things investors need to know before the start of trading days:
Record closing price
Stock investors once again crossed the "wall of worry." The S&P 500 index closed above 7,800 points yesterday, marking the first time in nearly two months that it has reached such a level at the close.
What needs to be understood is:
- The Nasdaq Composite Index also set a new all-time closing high for the second consecutive trading day, highlighting the strength of tech stocks recently.
- Chip manufacturers, in particular, drove the rise of this index with a high weight of technology stocks: Marvell Technology rose by 5.8%, Advanced Micro Devices rose by 3%, and Broadcom rose by 3.7%.
- U.S. Treasury yields also provided momentum for the stock market on Tuesday, with yields on 10-year and 30-year Treasurys falling from decades-high levels.
- However, before the market opened, both the yield on government bonds and the price of crude oil were rising, putting pressure on stock index futures.
- Investors will be watching the release of the minutes from the Federal Reserve's September meeting in the afternoon. At that meeting, the Fed announced its first interest rate hike in three years.
- Today, the yield on government bonds may also face a test from a highly anticipated bond auction, as the U.S. Treasury Department plans to sell $39 billion in 10-year government bonds.
- Click here to view real-time market updates.
2. Economic cooling
During his second term, President Trump has instructed federal immigration enforcement officers to enter major cities in the United States. An increasing number of studies show that in areas where raids are conducted by the Immigration and Customs Enforcement (ICE), the economy often experiences a downturn.
A study by the University of Pennsylvania found that in communities affected by ICE raids, both consumption and foot traffic decline. Professor Zeke Hernandez from the University of Pennsylvania stated that this could lead to a “recession-like situation.” Last month, a report by the Brookings Institution indicated that employment in cities most severely impacted by ICE raids had decreased.
CNBC visited Minneapolis. The U.S. Department of Homeland Security carried out the “Metro Surge Operation” there – a department that described it as the largest immigration enforcement operation in history. The city estimates that its economic activity suffered losses of nearly $700 million between December and April, while the state’s unemployment rate soared, exceeding the national average for the first time in nearly two decades.
3. Proxy Training
In order to improve the experience of doing business with artificial intelligence robots, Meta is collaborating with Walmart, Stripe, Sierra, and other companies to launch a "Personal Agent Agreement".
According to a report by Kate Rooney of CNBC, this protocol will be an open standard aimed at clarifying how AI agents should connect with enterprises. Bret Taylor, co-founder of Sierra who is leading this initiative, told CNBC that without such a rule manual, "it would be a bit chaotic."
Anthropic is also targeting corporate customers. Yesterday, this AI startup announced the expansion of its Claude Startups project, which is its latest move to attract founders and growing companies. After the expansion, the project will be open to more companies, and members will also be able to obtain products and quotas worth thousands of dollars.
4. Risk Report
A bipartisan congressional group stated in a report this morning that the online trading platform Webull “has a structural connection to the Chinese government,” which makes it a national security threat to the U.S. financial system.
As written by Eamon Javers of CNBC, the House of Representatives Select Committee on China Issues alleged that the trading platform's "software development, data pipelines, and core engineering operations" all rely on infrastructure governed by Beijing laws, which can compel companies to cooperate with the government. The committee also stated that Webull exaggerated the number of its employees in China.
As of pre-market trading this morning, the stock price of Webull listed on NASDAQ has fallen by nearly 30%. A company spokesperson stated, "It is deeply disappointing that the special committee issued a report containing significant inaccuracies and unsupported conclusions without ever seeking clarification from Webull."
5. House of Representatives Election Campaign
Surveys show that housing costs have become one of the political issues of greatest concern to young adults. However, this does not mean that they expect political candidates to be able to help them.
The quarterly money surveys released this week for CNBC and SurveyMonkey indicate that Americans are feeling a great deal of pressure due to housing costs, especially renters. At the same time, mortgage loan rates are rising rapidly, and housing prices continue to climb as well.
CNBC's Diana Olick went to Pennsylvania for interviews. This state is a key swing state, and the House of Representatives elections in November this year may determine which political party will control Congress. Although the cost of housing in this state is lower than the national average, the proportion of housing expenses to income has risen in recent years.
Daily Dividends
Data from the US Department of Commerce shows that the trade deficit in the United States expanded to its highest level since March 2025 in August. The key figures are as follows:
- Total deficit: $105.6 billion
- Month-on-month increase: 13.7%
CNBC's Deena Zaidi, Sean Conlon, Spencer Kimball, Kate Rooney, Ashley Capoot, Eamon Javers, Diana Olick, and Jeff Cox contributed to this report.
Caleigh Keating assisted in the production of this newsletter. Josephine Rozzelle edited the content of this issue.
