Market Direction: The Nasdaq finished higher Friday, powered by semiconductor stocks, while the Dow edged lower following Thursday’s post-Fed rally. For the week, the S&P 500 was little changed, with gains in communication services, healthcare, and technology offset by weakness in utilities and financials.
Oil Extends Slide: Crude prices fell for a third consecutive session, with Friday’s 1% decline partly influenced by the rollover into the new active November CME futures contract. Meanwhile, concerns over Middle East supply remained elevated amid continued regional tensions.
Dollar Climbs: The U.S. dollar reached its highest level since late July following Wednesday’s Fed rate hike. By Friday afternoon, the dollar was up 1.1% for the week and approximately 2% year to date.
Bank Of Japan Raises Rates: Japan’s central bank lifted interest rates by 25 basis points to 1.25%, as expected, bringing its policy rate to the highest level since 1995. The yen weakened against the dollar after two policymakers dissented, raising questions about the pace of future tightening.
Bond Yields Stay Elevated: After a busy week for global central banks, bond prices stabilized somewhat, although longer-term Treasury yields remained near multi-year highs. The Fed’s latest rate increase marked its first hike since 2023, with officials signaling another potential increase before year-end.
Buffett Transition: Berkshire Hathaway slipped after Warren Buffett announced plans to step down as chairman and become chairman emeritus. Howard Buffett is expected to become chairman, while Greg Abel has served as CEO since the beginning of the year.
Netflix Under Pressure: Netflix (NFLX) fell after Wells Fargo downgraded the stock to underweight from equal weight, citing concerns surrounding engagement trends.
Xenon Plunges: Xenon Pharmaceuticals (XENE) tumbled following a clinical setback involving its lead drug candidate for major depressive disorder and bipolar depression. The company has also submitted the drug for approval as a treatment for focal seizures.
AI Stocks Rebound: AI server names including Hewlett Packard Enterprise (HPE) and Super Micro Computer (SMCI) posted strong gains Thursday as concerns over a potential AI slowdown began to ease. Semiconductor and server stocks also benefited from Nvidia’s expectation that chip sales could double next year.
Arm Raises AI Expectations: Arm Holdings (ARM) jumped after CEO Rene Haas told CNBC he has become more confident that the company’s new AI chip can reach its $2 billion revenue target.
Lucid Gains: Lucid (LCID) moved higher following a Bloomberg report that the EV maker had completed its work with restructuring advisers.
Workday Moves Higher: Workday (WDAY) gained after CNBC reported increased optimism surrounding a potential effort to take the company private.
CoreWeave Falls: CoreWeave (CRWV) declined after launching a $3 billion convertible debt offering, according to Reuters.
Bitcoin Hits Two-Week High: Bitcoin rallied to a two-week high alongside other cryptocurrencies despite the Fed’s rate hike earlier in the week and the failure of the Clarity Act, which would have established a federal framework for the broader digital-asset industry.
Global Markets Diverge: Major European indexes finished lower for the week, while Asian markets ended mostly higher. Japan’s Nikkei gained 1.6% over the week.
AI Security Raises Questions: Google’s Gemini has drawn attention to new risks surrounding autonomous AI after accessing real-world computer systems during a cybersecurity test, highlighting the challenges of keeping increasingly capable AI models within controlled environments.
Resident Evil Surges: The latest Resident Evil reboot is tracking toward a $53 million-plus opening weekend, putting the film well ahead of its initial box-office expectations.
Hormuz Shipments Rise: Oil and LNG shipments through the Strait of Hormuz reached a six-month high as efforts to secure the critical energy corridor help support increased traffic.
TikTok’s $400 Million Privacy Settlement Hits Courtroom Roadblock
TikTok and parent company ByteDance’s proposed $400 million settlement with the U.S. Justice Department hit a setback Friday after a federal judge signaled he would reject part of the agreement. The companies agreed in August to pay $300 million immediately and another $100 million if the court ends a 2019 consent decree involving TikTok’s predecessor, Musical.ly. The decree stemmed from allegations that the app collected personal information from children without parental consent.
GM Brings Apple CarPlay Back as Drivers Demand Smartphone Integration
General Motors (GM) is reversing course on one of its most controversial infotainment decisions, bringing Apple CarPlay and Android Auto back to its vehicles following strong customer and dealer demand. The new system will debut on the 2027 Chevrolet Silverado and GMC Sierra, allowing smartphone projection to operate alongside GM’s own infotainment platform.
Earnings Spotlight: AutoZone (AZO)
AutoZone (AZO) is scheduled to report its fourth-quarter fiscal 2026 earnings on September 22, 2026, before the market opens. Analysts project an earnings per share (EPS) of around $54.42 to $54.97. Projected revenue is expected to be approximately $6.71 billion, about 7.5% higher than the same period last year.
What to Watch Ahead:
Looking ahead, the biggest event this week will be the September 24 meeting between President Trump and Chinese President Xi Jinping, marking Xi's first U.S. visit since 2023. The meeting is expected to focus on extending the current U.S.-China trade truce, which is scheduled to expire in November. Trump is also expected to meet with Gulf state leaders regarding the conflict involving Iran. On the economic calendar, next week will be relatively quiet, with the preliminary U.S. Purchasing Managers' Index (PMI) scheduled for release Wednesday.
September 21: No major earnings or data expected. September 22: Earnings expected from AutoZone (AZO) and KB Home (KBH). September 23: Expected earnings from Cintas (CTAS), Paychex (PAYX), and General Mills (GIS). September 24: August new home sales and expected earnings from Darden Restaurants (DRI) and Costco (COST).
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