Market recap and macroeconomic commentary for the week ending Friday, October 9, 2026

U.S. stocks finished Friday higher, with the Dow Jones Industrial Average climbing 423.31 points, the S&P 500 advancing 46.18 points, and the Nasdaq Composite gaining 172.83 points. Small-cap stocks also participated, while the VIX volatility index fell sharply—a sign that market anxiety eased heading into the weekend. The major indexes ended the week higher after a volatile stretch marked by questions about artificial intelligence revenue, elevated borrowing costs, and persistent inflation pressures. Friday’s technology rebound helped restore confidence as investors turned their attention toward third-quarter earnings. The underlying theme was resilience: stocks continued to attract buyers even as households reported worsening economic conditions and companies faced pressure from energy and financing costs.

Friday’s Closing Market Performance

The following figures incorporate the final Friday readings supplied for this update.

The Dow led the major indexes on a percentage basis, while gains in both the Nasdaq and Russell 2000 showed that Friday’s advance extended beyond a single market segment. The VIX’s decline accompanied the improvement in equity price. For the full week, the Dow, S&P 500, and Nasdaq all finished higher.

The 10-year Treasury yield’s increase of 0.01 percentage point is approximately one basis point, not a 0.25-percentage-point increase. Friday’s cross-asset performance offered a nuanced picture. Stocks rose and volatility declined, but gold also rallied while Treasury yields remained elevated. That combination suggests the session was not simply a retreat from defensive assets into equities. The supplied November crude oil futures reading ended nearly unchanged at $91.45.

Macroeconomic Report: Consumer Confidence Deteriorates

Michigan sentiment falls to 46.3

The University of Michigan’s preliminary October consumer sentiment index declined to 46.3 from 48.1 in September, a 3.7% monthly decrease. It was the weakest reading since May and remained near the survey’s historical low. The underlying components showed a pronounced gap between consumers’ assessments of the present and their expectations for the future:

The survey showed sharply weaker assessments of current conditions, modestly better expectations, and increases in both short- and longer-term inflation expectations.

What the report means for markets

The report did not describe an economy in which every measure was deteriorating. Expectations improved slightly, but consumers felt substantially worse about their immediate circumstances. That distinction matters: optimism about the future does not necessarily translate into stronger spending when current budgets remain strained. For many, the combination of weaker confidence and rising inflation expectations creates a difficult backdrop. It does not offer a straightforward picture of slowing demand accompanied by rapidly easing price pressures. Instead, it leaves corporate earnings and forward guidance especially important to the market outlook.

Elevated yields keep the spotlight on earnings

The 10-year Treasury yield at 5.24%, reinforced the week’s theme of persistently high borrowing costs. With stocks holding near record territory and yields elevated, companies face pressure to demonstrate that their earnings prospects justify investor optimism. The week’s AI-related volatility illustrated how quickly sentiment can change when revenue assumptions become less certain.

AI Stocks: Revenue Expectations Drive Volatility

Artificial intelligence remained a central market catalyst, but the debate increasingly focused on the relationship between revenue growth, infrastructure spending, and financing. CNBC reported that OpenAI told investors it had reached approximately $50 billion in annualized revenue at the end of September. A previously circulated figure of approximately $68 billion reportedly included gross revenue from partners, making the two figures imperfectly comparable. Yahoo Finance subsequently cited reporting that OpenAI expected to reach or exceed $70 billion in annualized revenue by year-end. The distinction matters. A current annualized revenue figure, a broader gross-revenue measure, and a year-end projection answer different questions. Treating them as interchangeable can exaggerate either deterioration or improvement. Friday’s Nasdaq gain of 0.64% showed that technology investors regained some confidence, but the broader investment question remains unresolved: how quickly can AI-related revenue and cash generation catch up with the capital committed to computing infrastructure?.

Major Corporate Headlines This Week

NVIDIA (NASDAQ: NVDA): Backed AI infrastructure company withdraws IPO

Firmus, an Australian AI data-center operator backed by NVIDIA (NASDAQ: NVDA), withdrew its planned initial public offering. The company cited market volatility and offering terms that its board said did not adequately reflect its long-term prospects. Firmus said it would pursue private-market capital and consider alternative financing options.Why it matters: The development highlighted the financing side of the AI investment cycle. It was not an announcement of weaker NVIDIA (NASDAQ: NVDA) sales, but it demonstrated that strong interest in AI infrastructure does not guarantee favorable public-market funding conditions.

Tesla (NASDAQ: TSLA): China-made vehicle sales rise

Tesla (NASDAQ: TSLA) recorded sales of 95,366 Shanghai-built vehicles in September, including exports, up 5% from a year earlier. Reuters reported that third-quarter sales of Shanghai-built vehicles increased 13.7% year over year. These figures represent China-made vehicles, not exclusively sales to customers within China. The distinction is important when evaluating regional demand: production originating in Shanghai serves both domestic customers and export markets.

Tesla (NASDAQ: TSLA): European driving-software branding changes

Tesla (NASDAQ: TSLA) also began using “Tesla Assisted Driving” instead of “Full Self-Driving” on its European websites as it pursued regulatory clearance. Reuters reported that an EU-wide vote had moved from October to at least December, with additional testing underway in some countries. Why it matters: Vehicle demand and software approval remain separate drivers of the company’s outlook. Improving sales figures do not resolve regulatory questions surrounding driver-assistance technology.

Eli Lilly (NYSE: LLY): Expanded blood-cancer treatment indication draws attention

Coverage published Monday, October 5, highlighted an expanded FDA indication for Eli Lilly’s (NYSE: LLY) Jaypirca, or pirtobrutinib. The expansion permits first-line treatment of adults with previously untreated chronic lymphocytic leukemia or small lymphocytic lymphoma without a known 17p deletion. The supporting Phase 3 BRUIN CLL-313 study showed an 80% reduction in the risk of disease progression or death compared with chemoimmunotherapy, according to the report. That figure is a relative risk reduction against the study comparator, not a cure rate. Why it matters: The coverage brought attention to Eli Lilly’s (NYSE: LLY) oncology portfolio alongside its widely followed obesity and diabetes business. The article appeared this week, although separate reporting places the underlying approval on the prior Friday.

Delta Air Lines (NYSE: DAL): Higher fuel costs weigh on guidance

Delta Air Lines (NYSE: DAL) reported third-quarter adjusted earnings of $1.72 per share and reduced its full-year adjusted earnings outlook to $5.10–$5.60 per share from $6.50–$7.50 in July. Higher fuel costs were a key reason for the downgrade. The airline’s quarterly fuel bill reached $4.1 billion, up 62% from a year earlier, despite approximately 16% growth in adjusted revenue, according to Yahoo Finance. Why it matters: The results illustrated a central macroeconomic challenge: revenue growth alone cannot protect profits when a major operating expense rises much faster.

Lumentum (NASDAQ: LITE): Optical-component demand offers an AI counterpoint

Lumentum (NASDAQ: LITE) drew attention after CEO Michael Hurlston said the company’s optical components were sold out through 2029. CNBC reported an approximately 6% share-price increase during Friday’s session; that figure was an intraday move rather than a verified closing return. Why it matters: The update provided evidence of strong infrastructure-component demand even as investors questioned financing conditions and revenue expectations elsewhere in the AI ecosystem.

Moderna (NASDAQ: MRNA): Cancer-vaccine initiative attracts interest

Moderna (NASDAQ: MRNA) shares rose approximately 9% during Friday trading following reporting about a public-private initiative intended to accelerate cancer-vaccine development. The reported effort involved the National Institutes of Health, researchers, biotechnology companies, advocacy groups, and patients. The reported stock move was intraday, not a verified closing return. Why it matters: Investor interest in oncology innovation remained strong. However, a research initiative should not be confused with successful clinical results or regulatory approval for a specific treatment.

What to Watch Next Week

Third-quarter earnings will become a more prominent market driver. CNBC identified scheduled Tuesday reports from Wells Fargo (NYSE: WFC), Citigroup (NYSE: C), Johnson & Johnson (NYSE: JNJ), and UnitedHealth Group (NYSE: UNH). The most consequential questions for the reporting cycle include:

• Can businesses maintain profit margins despite elevated energy and financing costs?
• Is weaker consumer confidence translating into softer spending?
• Are AI-related revenues keeping pace with infrastructure commitments?
• Will management guidance support valuations after the market’s latest gains?

Friday’s advance gave investors a constructive finish to the week. The next test is whether corporate results can substantiate that confidence against a backdrop of weaker household sentiment and persistent inflation concerns.

Now Review The VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.70, +1.36%.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $2.00) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. 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.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $11.88, +2.15%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.

HPP announced (Oct. 5) that its operating partnership, Hudson Pacific Properties, L.P. (the “Company”), has commenced an offer to purchase for cash (the “Tender Offer”) up to a combined aggregate principal amount of $200,000,000 (the “Aggregate Maximum Tender Offer Amount”) of the Company’s outstanding 3.950% Senior Notes due 2027 (the “2027 Notes”) and 5.950% Senior Notes due 2028 (the “2028 Notes” and together with the 2027 Notes, the “Notes” and each a “Series” of Notes) as shown in the linked story, subject to the Allocation Procedures, including the Proration Factor (each as defined below). The Company is offering to purchase $100,000,000 aggregate principal amount of each Series of Notes (the “Target Allocation”).

HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance, a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.46), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, has added a potentially important chapter to its eosinophilic esophagitis, or EoE, story: a single administration of its investigational localized therapy, EP-104GI, continued to show clinical-remission signals at 52 weeks in the highest-dose cohorts of the ongoing RESOLVE study. For a chronic disease in which swallowing can become a calculated exercise rather than an automatic human function, durability is more than a tidy line on a clinical slide. It is central to the value proposition. The latest data suggest Eupraxia’s localized, extended-release approach may be building toward a differentiated position in a market already led by a formidable incumbent: Sanofi S.A. (NASDAQ: SNY) and its biologic franchise, Dupixent. The clinical data remain early, open-label, and small in patient count, biotech investors should keep both feet on the ground, even when the data seem to float, but the one-year observations give EPRX a meaningful argument for continued investor attention ahead of interim randomized Phase 2b results expected in December 2026.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.72, +2.26%), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). You may watch the event video below now if you missed it below now.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $2.89, +1.40%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.58, +2.79%), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.

YSG announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $30.50, +3.81%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

DOCS announced (Sept. 22) that it has been named a founding partner in the launch of a new Specialized Intelligence Index of leading AI benchmarks compiled by Fireworks, the AI training and inference platform. As part of the launch, Doximity is publishing a new open-source benchmark for measuring clinical-grade AI. Called Bedside Bench, the benchmark has been built to test AI’s ability to be a trusted partner to doctors where it matters most: at the bedside.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $3.72). JPMorgan Chase (NYSE: JPM) initiated coverage of Sable Offshore (NYSE: SOC) with an Overweight rating and a $10 price target October 2. That target implies an approximately 178% gain from today’s prices that are in the $3.59 range. It is an attention-getting valuation gap, even by the standards of an industry accustomed to looking beneath the surface. The more substantive opportunity, however, lies offshore California. Sable is already generating revenue from its Santa Ynez Unit, while preparing to restart Platform Hondo and expand the infrastructure needed to move more oil to market. The bullish thesis is therefore more advanced than a bet on dormant assets: it is a wager for many that an operating business can overcome its remaining bottlenecks and convert additional barrels into stronger cash generation.

Nvidia (NVDA, $229.28, -.52%)

NVIDIA Corp. (NASDAQ: NVDA). AM Intelligence (“AMI”), the AI infrastructure platform set up by Promoters of Greenko, announced (Oct. 5) two further firm and binding orders for 20,000 NVIDIA Rubin GPUs, to be deployed as NVIDIA Vera Rubin NVL72 rack-scale systems. Building on its first AI factory in Hyderabad, the expansion is designed to give cloud providers, enterprises and AI developers access to large-scale computing capacity closer to where they build and deploy AI.

NVDA recently has seemingly has given many a two-part bullish signal: a record-sized $150 billion increase to its share-repurchase authorization and a new AI-agent safety platform aimed at making autonomous software more secure for enterprise deployment. The combination suggests a company using extraordinary financial strength not merely to reward shareholders, but to expand its influence from AI computing into the governance, security and operating layer of the AI economy. The timing is notable. Markets are beginning the week with a cautiously constructive tone, even as investors brace for jobs, inflation and manufacturing data that could reset the outlook for interest rates. In that environment, NVIDIA is making a familiar but potent argument: its AI franchise is generating enough cash to finance innovation, deepen its ecosystem and return meaningful capital to shareholders, all at once. That is not an everyday corporate trick. It is closer to juggling bowling balls while also building the bowling alley.

The Sources

Sources

1. Yahoo Finance Friday Stock Market Closing Report, October 9, 2026
   Coverage of the major indexes, the technology rebound, oil prices, and corporate developments.
   https://finance.yahoo.com/markets/live/stock-market-today-friday-october-9-dow-sp-500-nasdaq-080148117.html
2. CNBC Stock Market Live Updates, October 9, 2026
   Coverage of Treasury yields, consumer sentiment, AI revenue expectations, corporate headlines, and upcoming earnings.
   https://www.cnbc.com/2026/10/08/stock-market-today-live-updates.html
3. University of Michigan Surveys of Consumers
   Primary source for the preliminary October consumer sentiment report.
   https://www.sca.isr.umich.edu/
4. The Detroit News Consumer Sentiment Sinks to Five-Month Low in October
   Additional reporting on consumer confidence, economic conditions, and inflation expectations.
   https://www.detroitnews.com/story/business/2026/10/09/consumer-confidence-at-five-month-low-in-university-of-michigan-survey/92170751007/
5. Reuters via U.S. News & World Report Tesla’s China-Made EV Sales Quicken in September
   Reporting on Tesla (NASDAQ: TSLA) sales of Shanghai-built vehicles, including exports.
   https://money.usnews.com/investing/news/articles/2026-10-09/teslas-china-made-ev-sales-quicken-in-september
6. Markets Insider Tesla’s China-Made EV Sales Up 5% in September, Reuters Reports
   Additional coverage of Tesla’s (NASDAQ: TSLA) September sales.
   https://markets.businessinsider.com/news/stocks/tesla-s-china-made-ev-sales-up-5-in-september-reuters-reports-1036613637
7. Reuters via The Star Tesla Renames “Full Self-Driving” to “Assisted Driving” in Europe
   Reporting on Tesla’s (NASDAQ: TSLA) European branding changes and regulatory approval process.
   https://www.thestar.com.my/tech/tech-news/2026/10/09/tesla-renames-039full-self-driving039-to-039assisted-driving039-in-europe-as-it-chases-clearance-for-software
8. Yahoo Finance FDA Expands Eli Lilly’s Blood Cancer Drug Label in First-Line Setting
   Coverage of Eli Lilly’s (NYSE: LLY) expanded Jaypirca indication and supporting clinical results.
   https://au.finance.yahoo.com/news/fda-expands-eli-lillys-blood-124600852.html
9. Yahoo Finance Stocktwits Pharma Pulse, October 5, 2026
   Additional context on the timing of Eli Lilly’s (NYSE: LLY) Jaypirca approval.
   https://finance.yahoo.com/healthcare/articles/stocktwits-pharma-pulse-roche-faces-030933727.html