Weekly U.S. Market Highlights: Index Performance, Shutdown Risks, and Big Stock Moves – October 3, 2025 – ( $AAPL $AMRN $AVGO $EPRX $INTC $LLY $MCD $NVDA $RHHBY $SER $TDOC Rise!)

By John F. Heerdink, Jr.

U.S. equity markets delivered a dynamic performance for the week ending Friday, October 3, 2025, as investors balanced record highs on the S&P 500, Dow, and Nasdaq with ongoing macroeconomic and policy turbulence. The indices weathered early-week optimism led by tech and AI enthusiasm, offset by profit-taking and a notable government shutdown that became the fulcrum of economic attention. By week’s close, strong consumer data and a resilient labor market provided a welcome lift across major benchmarks.

Index Weekly Performance

The S&P 500 rise 1.1% to 6,643.70, maintaining a solid +14.2% return year-to-date.
The Dow Jones rose 1.1% to 46,758.28, up 9.9% YTD.
The Nasdaq Composite gained 1.3% to 22,780.51 and is the top gainer YTD at 18%.
The Russell 2000 jumped 1.7%, up 11% so far in 2025.

Macroeconomic Developments & Government Shutdown

The key economic news was the launch of a federal government shutdown, now in its third day, which cast a pall over a swath of releases, including the postponement of key labor reports. Traders largely shrugged off the political impasse, assuming any fiscal drag would be quickly reversed, though the standoff complicates Fed visibility and could threaten the timing of future policy decisions.
Macroeconomic data that did surface showed August personal income up 0.4% and spending up 0.6%, with the PCE Price Index—both headline and core—rising at 0.3% and 0.2% monthly, right in line with analyst forecasts. Jobless claims improved to 218,000, and Q2 GDP saw an upward revision to 3.8% annualized, demonstrating the underlying strength of the consumer economy.
However, the shutdown will delay upcoming NFP (Nonfarm Payrolls) and related labor data, muddying the macroeconomic outlook and limiting the Federal Reserve’s access to near-term inputs, a risk noted by policy watchers.
New rounds of tariffs—100% on non-U.S. pharmaceuticals, 25% on trucks, and up to 50% on certain consumer goods—went live October 1, potentially intensifying U.S.-China trade tension and inflating domestic costs.

Yield Curve, Interest Rates & FOMC

Treasury yields steepened slightly: the 2-year note at 3.574% and the 10-year at 4.121% as traders tempered expectations for imminent Fed rate cuts following firm economic releases. Odds for a 25bp cut at the October FOMC fell but remain above 80%, reflecting both optimism and caution.
The Fed’s September meeting minutes will be released October 8, and Chair Powell is scheduled for a pivotal address October 9; both are now viewed as critical for rate-path clarity in the shutdown’s data vacuum.

Notable Corporate News

Eli Lilly (LLY): Shares closed up 15.92% this week at $839.87 as Morgan Stanley reaffirmed a bullish stance, countering modest insider selling and digesting recent sector price target adjustments, underpinned by robust Q2 growth and raised guidance.
Roche (RHHBY): Upgraded by HSBC, with momentum in diagnostics and digital health partnerships, and new M&A (tender offer for 89bio) signaling continued pipeline ambition. Shares rose +14.42% to $45.30 over the last 5-days.
NVIDIA (NVDA): Moved +5.29% higher over the last 5-days to $187.62 on news of an OpenAI infrastructure collaboration, cementing leadership in generative AI investment.
Apple (AAPL): Rose 1% to $258.02 over the last 5-days with strong iPhone 17 sales, marking a return to positive territory for the year.
Tesla (TSLA): Shares fell 1.42% to $429.83 over the last 5-days after reporting blow out EV deliveries above expectation.
Broadcom (AVGO): Rose 1.15% to $338.37 over the last 5-days Oracle data center partnerships feed longer-term optimism.
Meta Platforms (META): Dropped 4.46% to $710.56 over the last 5-days as ad-free product launches prompted debate on the ad-revenue model’s future.
McDonald’s (MCD): Rose 0.95% on solid earnings and newly bullish analyst calls.
Rio Tinto (RIO): Fell 1.40% as metals demand surpassed forecasts, though tariffs present new uncertainty.
Oracle (ORCL): Gained .95% to $286.14 on a rare earnings miss, despite high-profile OpenAI and TikTok contracts driving topline growth.
Intel (INTC) : Rallied another 3.75% this week (53.46% 1-month) as major AI investments from Nvidia and SoftBank, and potential Apple support, lifted sentiment.
Opendoor (OPEN): Gained midweek on strong institutional buy-in, reflecting revived optimism in the housing sector and is up 58.09% over the past month.

Mergers, Acquisitions & Buyouts

Roche commenced a tender offer for 89bio, reinforcing its strategic focus on novel therapies.
Electronic Arts (EA, $200.69, up +19.56% over the last month) reportedly moved closer to a blockbuster privatization, fueling a sharp stock rally, though no mega-cap tech M&A announcements closed.

IPO Activity

A renewed wave of IPO filings from Klarna, Gemini, Figure Technology, and Black Rock Coffee Bar underscored improved risk appetite, with fall listings proceeding as tariff headwinds eased slightly.

Commodities & Cryptocurrencies

Oil fell 4.35%, closing near $60.69 per barrel.
Gold rose to $3,912.10/oz., +2.39% and silver moved 2.91% higher to $47.97/oz.
Bitcoin rallied strongly in early October up +7.18% this week at $123,500—mirroring its usual “Uptober” pattern—as crypto stocks also surged, buoyed by liquidity flows and central bank rate expectations.

Vista Partners Watchlist Highlights & Updates

Eupraxia Pharmaceuticals (EPRX, $5.85, +1.92% over the last 5-days) is clinical-stage biotechnology firm headquartered in Victoria, Canada, that is leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need & has quietly become one of the more intriguing stories on both sides of the border in 2025. The company’s shares now trade under the ticker EPRX on both the Nasdaq and the Toronto Stock Exchange, following its U.S. market debut in April 2024. This dual listing has broadened its investor base at a time when the company’s clinical and financial narrative is gaining momentum. All covering analysts currently rate the stock as a “Buy” or better, with not a single “Hold” or “Sell” recommendation in sight. In a sector defined by binary outcomes and frequent disappointment, such unanimity is striking. Overall, analysts cite Eupraxia’s strong clinical pipeline and revenue growth potential as key drivers behind their bullish outlook.

After the close on Monday, Sept. 29, Eupraxia Pharmaceuticals provided an operational update on the development of EP-104GI, including reporting data from patients in Cohort 9 of the dose escalation portion of the RESOLVE trial, the first time that patients received an 8mg dose per injection. “We believe our recent financing, combined with our latest clinical trial results, underscores both the medical and investment communities’ confidence in EP-104GI. The strong efficacy trend observed in previous cohorts – the more drug we deliver to the tissue, the better the results we observe – has continued in Cohort 9. Combined with the absence of any Serious Adverse Events or cases of candidiasis, this strongly suggests that an 8mg dose per injection is the optimal second dose to test in our Phase 2b trial”, said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe EP-104GI has the potential to significantly improve upon the current standard of care, as the clinical efficacy outcomes and improvements in tissue health reported so far are well beyond the published results for the leading currently approved therapies. With the capital raised, we are well-positioned to expand our Phase 2 study, prepare for a robust Phase 3 program, and pursue additional clinical indications, subject to discussions with FDA, all with a runway extending well into 2028”.

On Sept. 24 Eupraxia Pharmaceuticals announced the successful closing of its previously announced public offering (the “Offering”) of 14,636,363 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$5.50 per Common Share for gross proceeds of approximately US$80.5 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering. “This financing represents a pivotal milestone for Eupraxia, enabling us to accelerate the development of EP-104GI for eosinophilic esophagitis and advance toward our upcoming Phase 2b clinical readout, plus other key clinical and regulatory milestones,” said James Helliwell, CEO of Eupraxia. “The strong participation from leading life-science focused investors validates both our strategy and technology, and with this financing, we believe we are now capitalized into the first quarter of 2028, providing the resources and flexibility to deliver on our vision.”

Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton also acted as co-manager for the Offering.

Modular Medical, Inc. (NASDAQ: MODD, $.6797) is an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target the estimated $3 billion dollar adult “almost-pumpers” market with its user-friendly and affordable design. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Their mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.

On Sept. 29, Modular Medical announced the exercise of certain existing warrants issued in May 2023 and March 2025 (the “Existing Warrants”) at a reduced exercise price of $0.68 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1 (file no. 333-271413), as amended, and Form S-3 (file no. 333-286768). In consideration for the immediate exercise of 6,504,731 Existing Warrants for cash, the Company will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock (the “New Warrants”). The New Warrants will have an exercise price of $0.84 per share and will be exercisable upon issuance and will have a term equal to five years from the date of issuance. The gross proceeds to the Company from the exercise of the Existing Warrants were approximately $4.4 million, prior to deducting servicing agent fees and offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.

On Sept. 15, Modular Medical announced Institutional Review Board (“IRB”) approval to conduct an in-house feasibility study of its next-generation Pivot insulin delivery system using sterile saline (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering sterile saline to adult participants for up to 90 days to gather critical data on device usability, extended wear performance and user feedback.

On September 11, Modular Medical announced the successful completion of a clinical study with the MODD1 pump. The MODD1 was worn by nine clinicians with Type 1diabetes who currently wear a continuous glucose monitor (“CGM”) and other pumps to provide the Company with real-world experience and feedback to make further refinements for the launch of its next-generation Pivot pump product. This MODD1 study was conducted to test and refine its ease of use for converting multiple daily injectors to this system and will continue as we prepare for the Pivot launch.

On August 26, Modular Medical announced that the MODD1 product cartridge production run has been completed and its manufacturing line is being converted to production for its Pivot product.“I want to congratulate our operational team for the successful validation of our MODD1 manufacturing process and production of human use cartridges,” said Jeb Besser, CEO of Modular Medical. “We will now begin converting our cartridge line to Pivot production, and we expect it to be ready to produce cartridges for our Pivot product upon receipt of clearance from the U.S. Food and Drug Administration (the “FDA”). We expect to submit the Pivot product to the FDA for clearance in October 2025. The Pivot will be the first tubeless, removable 3 milliliter patch to be available to the consumer when it is cleared. Along with these features, the ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.”

On August 8, Modular Medical announced its participation at the Association of Diabetes Care & Education Specialists (“ADCES”) Conference, which is being held in Phoenix, Arizona from August 8 to August 11, 2025. With over 11,000 members, the ADCES is a national network of diabetes care and education specialists working to optimize clinical outcomes for people with diabetes. “The ADCES conference is an ideal location for us to showcase our next-generation patch pump, branded as Pivot, for which we plan to file for U.S. Food and Drug Administration (“FDA”) clearance in October 2025. Diabetes care and education specialists are crucial in offering and prescribing pumps to achieve improved clinical outcomes, and we believe they will appreciate the user-friendly design of the Pivot pump and our focus on making diabetes care simpler to learn and manage for our targeted audience of Almost Pumpers,” stated Jeb Besser, CEO of Modular Medical. Modular Medical will also showcase the first playable level of the new Pivot pump gamified training module, which is being developed by Level Ex. Level Ex (powered by Relevate) is the developer of numerous medical games, including Level One, a game designed to teach the basics of caring for diabetes. Level One is endorsed by Breakthrough T1D, a leading global type 1 diabetes research and advocacy organization. Gamification has been proven to make medical training more effective, be more efficient for the clinician and dramatically improve retention of knowledge. Complexity, including support for technology, is a key issue in pump uptake and continues to serve as a barrier to adoption, impacting both the patient and provider.

On August 6, Modular Medical, Inc. announced the first human use of the MODD1 pump to deliver insulin to a person with diabetes in a real-world setting. The MODD1 is delivering insulin to a clinician with Type 1 under institutional review board approval from the United States Food and Drug Administration, which is necessary because the reusable controller line is being validated for human use.

On August 4, Modular Medical announced that the MODD1 cartridge line has been validated for human-use production in the United States. “This is an important milestone for scaling up our manufacturing infrastructure to support our commercial pilot for MODD1 and, eventually, our 3ml Pivot tubeless patch pump launch,” stated Jeb Besser, CEO of Modular Medical. “While we encountered significant delays with the initial shipment of equipment for the manufacturing line to our contract manufacturing site in Mexico, all equipment for the controller line has been installed and validation is underway. We continue to target controller line validation in October for MODD1 with the commercial pilot for MODD1 to follow immediately thereafter.” The ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.

After the close May 28, Modular Medical announced the appointment of Jeff Goldberg to its Board of Directors. Mr. Goldberg brings decades of experience in health care, life sciences, and medical device leadership, including development of generic insulin. Mr. Goldberg began his work in medical technology alongside pioneering medical entrepreneur, and founder of MiniMed, Alfred E. Mann. Mr. Goldberg currently serves as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer where he has helped execute a post-restructuring turnaround. During his tenure, Lannett has made significant strides in launching a generic insulin product – progress that aligns closely with Modular Medical’s commitment to innovation and affordability in diabetes care. In addition to his work at Lannett, Mr. Goldberg previously served as President and CEO within Alfred E. Mann’s incubator, IncuMed, where he oversaw multiple portfolio companies focused on drug-device combination products, including an insulin patch-pump program. His tenure with Mr. Mann’s enterprises included pivotal roles in regulatory strategy, operations turnaround, and successful exits, underscoring his ability to guide early-stage technologies to commercial viability. Mr. Goldberg also serves on the boards of several health-care and consumer-focused companies, including ATI Physical Therapy, Cano Health, and Eating Recovery Centers. He holds a JD from UCLA School of Law and an AB from Harvard College. Mr. Goldberg stated, “Modular Medical is advancing a truly disruptive approach to insulin delivery. I’m excited to join the board and contribute to the Company’s journey toward simplifying treatment for people living with diabetes, particularly as the industry shifts toward more accessible and patient-friendly solutions.”

Shares of ADT Inc. (ADT, $8.80) is a leading provider of monitored security and automation solutions for residential and small business customers in the United States and Canada.

GeoVax Labs, Inc. (Nasdaq: GOVX, $.5799) is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases.

On Sept. 29, GeoVax Labs announced its strong support for the newly unveiled America First Global Health Strategy by U.S. Secretary of State Marco Rubio. The strategy underscores the importance of American innovation, domestic pharmaceutical manufacturing, and global partnerships in strengthening health security and safeguarding U.S. national interests.

On Sept. 22, GeoVax Labs reaffirmed its commitment to rigorous, science-based evaluation of vaccine safety. The statement follows discussions by federal officials at the Centers for Disease Control and Prevention (CDC) Advisory Committee on Immunization Practices (ACIP) meeting, held September 18-19, 2025, regarding reports of adverse events related to COVID-19 vaccination.

On Sept. 15, GeoVax Labs showcased positive interim results for its lead COVID-19 vaccine candidate, GEO-CM04S1 at the XXI International Workshop on Chronic Lymphocytic Leukemia (iwCLL 2025) in Krakow, Poland.

On Sept. 12. GeoVax Labs, Inc. (Nasdaq: GOVX) discussed positive interim clinical results for its lead COVID-19 vaccine candidate, GEO-CM04S1, presented at the 6th ESCMID Conference on Vaccines in Lisbon, Portugal.

On Sept. 8, GeoVax Labs announced that its Chief Medical Officer and clinical collaborators will present data highlighting the cross-variant antibody and robust cellular immune responses induced by the Company’s next-generation COVID-19 vaccine (GEO-CM04S1) in immunocompromised patients with hematologic malignancies at two upcoming scientific meetings in September.

Teladoc Health (TDOC, $9.01, +10.42% over the last 5-days) is the world leader in virtual care. Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.

On Aug. 14, Teladoc Health announced it has acquired Telecare, an innovative, Australian tech-enabled provider of specialist and allied health care via virtual delivery. Telecare operates Australia’s leading virtual care clinic and provides software solutions to the healthcare sector. With over 300 virtual specialists in over 30 specialties, supporting both GP-referred appointments as well as providing virtual care services to public hospitals across Australia, Telecare helps reduce patient wait times and increases access to speciality care in underserved areas. Teladoc Health is the global virtual care leader, with revenues over $2.5 billion in 2024 and nearly 5,000 employees. The company provides access to care for more than 100 million people and its technology enables virtual care across leading hospitals and health systems, including many of the US leading healthcare institutions, the NHS in the United Kingdom, Charité in Germany, as well as the Canadian health system and the French Social Security. The acquisition supports Teladoc Health’s enterprise strategy, which includes expanding its international business. With a 15-year history in Australia, Teladoc Health already provides millions of Australian members access to virtual health services through relationships with insurers and hospitals. Additionally, Teladoc Health has recently deployed innovative virtual care solutions into the Australian hospital market, including a virtual neonatology solution at the Mater Misericordiae University Hospital, and a virtual telesurgery support system with Central Queensland Hospital and Health Service.

Teladoc, (July 29), reported financial results for the three months ended June 30, 2025 (“Second Quarter 2025”). Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2024 (“Second Quarter 2024”). Highlights:

Second Quarter 2025 revenue of $631.9 million, down 2% year-over-year
Second Quarter 2025 net loss of $32.7 million, or $0.19 per share
Second Quarter 2025 adjusted EBITDA of $69.3 million, down 23% year-over-year
Integrated Care segment revenue of $391.5 million, up 4% year-over-year, and adjusted EBITDA margin of 14.7%
BetterHelp segment revenue of $240.4 million, down 9% year-over-year, and adjusted EBITDA margin of 4.9%
Paid $550.6 million using cash on hand to retire convertible senior notes due in Second Quarter 2025
On July 17, 2025, they entered into a credit agreement providing for a five-year, $300.0 million senior secured revolving credit facility to preserve and enhance our financial and operational flexibility

Serina Therapeutics, Inc. (NYSE American: SER, $5.24, +5.33% over the last 5-days), is a clinical-stage biotechnology company advancing its lead IND candidate, SER-252, for advanced Parkinson’s disease, enabled by its proprietary POZ Platform™ drug optimization technology. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology. For more information, please visit https://serinatherapeutics.com.

On Sept. 10, Serina Therapeutics announced that it has entered into an agreement to access up to $20 million in financing led by Serina Board Director Greg Bailey, MD. The financing also includes the issuance of warrants which, if fully issued and exercised, could result in additional proceeds of up to $20 million. “This financing provides the resources to advance SER-252 through critical clinical milestones on the path toward registration,” said Steve Ledger, Chief Executive Officer of Serina Therapeutics. “Importantly, the structure allows us to deploy capital in step with trial progress, while maintaining flexibility to access additional non-dilutive and strategic funding. We believe SER-252 has the potential to transform treatment for those with advanced Parkinson’s disease.”

On August 25, Serina Therapeutics announced that following a recent Type B meeting with the U.S. Food and Drug Administration (FDA), the FDA’s written feedback supports advancing SER-252 (POZ-apomorphine) in a registrational clinical study program in advanced Parkinson’s under the 505(b)(2) NDA pathway. In its discussions with the FDA, Serina outlined a program designed to leverage prior knowledge of apomorphine utilizing the company’s POZ-enabled profile. Serina plans to include a pharmacokinetic (PK) bridging component to an approved apomorphine product, consistent with a 505(b)(2) NDA strategy. The FDA’s feedback indicates that Serina’s initial study may be designed and conducted as a component of a registrational trial program, subject to standard clinical and nonclinical requirements and finalization of documentation at the time of IND submission.

On August 11, Serina announced its financial results for the second quarter ended June 30, 2025, along with key recent updates. Steve Ledger, CEO of Serina Therapeutics, stated, “We’re proud of the momentum we’ve built across our development programs. With SER-252 on track to enter the clinic later this year and the recent advancement of SER-270 for tardive dyskinesia, we are demonstrating how the POZ Platform can enable differentiated, long-acting therapies across neurological conditions with high unmet need. We believe our proprietary polymer technology can unlock best-in-class treatment profiles and improve patient outcomes in ways not achievable with existing drug delivery approaches.”

Recently, serene announced that its Board of Directors has established November 7, 2025, as the date of its 2025 annual meeting of stockholders (the “Annual Meeting”). The time and location of the Annual Meeting will be set forth in the Serina’s definitive proxy statement for the Annual Meeting to be filed with the Securities and Exchange Commission (the “SEC”). Because the date of the Annual Meeting represents a change of more than 30 days from the anniversary of Serina’s 2024 annual meeting of stockholders, the deadline for stockholder proposals to be submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), for inclusion in Serina’ proxy materials for the Annual Meeting will be 5:00 p.m. (Central Time) on Friday, August 15, 2025, which Serina’s Board of Directors has determined to be a reasonable period of time before Serina expects to begin to print and send its proxy materials for the Annual Meeting. Stockholder proposals submitted in accordance with Rule 14a-8 of the Exchange Act must also comply with the remaining requirements of Rule 14a-8 in order to be included in the proxy materials for the Annual Meeting. Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications.

Amarin Corporation (NASDAQ: AMRN $18.84, +17.75% over the last 5-days), a company that envisions a world where cardiovascular disease is NOT the leading cause of death worldwide, seemingly presents itself as a deep-value opportunity, trading near its cash value yet is believed to be poised for a turnaround driven by strategic shifts and international expansion. The company’s stock valuation currently reflects its liquidation value, but several catalysts suggest substantial upside potential as it retools its global strategy amid challenges in its core U.S. market.