Thursday, October 8, 2026

U.S. stocks finished mixed Thursday, with the Nasdaq Composite falling 1.25% and the S&P 500 declining 0.47%, while the Dow Jones Industrial Average edged up 0.10%. The Russell 2000 was essentially flat, gaining 0.03%. The session highlighted a growing divergence between technology-heavy benchmarks and the broader market. Higher oil prices, elevated Treasury yields and renewed warnings about additional Federal Reserve rate increases challenged investor confidence, even as expectations for strong third-quarter earnings offered a competing source of support.

Stock Market Closing Performance

The Nasdaq’s substantially larger decline shows where the day’s selling pressure was most concentrated. Meanwhile, modest gains in the Dow and Russell 2000 indicate that the session was not a uniform retreat across all major equity benchmarks. Index performance alone, however, does not establish how many individual stocks advanced or declined.

Macroeconomic Report: Low Layoffs Meet Persistent Inflation Concerns

Initial jobless claims fell to 197,000

Initial unemployment claims totaled a seasonally adjusted 197,000 for the week ended October 3, down 2,000 from the previous week and below the 200,000 consensus estimate. Continuing claims, which lag the initial-claims report by one week, increased 17,000 to 1.72 million. The combination presents a more nuanced labor-market picture than either number alone. New claims suggest layoffs remain limited, while the rise in continuing claims points to a larger pool of people still receiving benefits. This report does not, by itself, establish whether hiring is accelerating or slowing. For monetary policy, resilient employment complicates the outlook. Investors hoping for relief from high borrowing costs must weigh the economy’s durability against the Federal Reserve’s continued concern about inflation.

Waller signaled that additional rate increases may be necessary

Federal Reserve Governor Christopher Waller said Thursday that additional interest-rate increases could be needed if economic data evolve as expected. He indicated that increases need not occur at consecutive meetings, but emphasized returning inflation to the central bank’s 2% goal within an acceptable timeframe. His comments reinforced the market’s central concern: inflation could keep monetary policy restrictive even if corporate earnings remain strong.

Treasury yields eased from earlier levels, but remained elevated

The 10-year Treasury yield moved lower at approximately 5.23%, with a decline of 0.05 percentage point, equivalent to roughly five basis points. A decline from an intraday high can relieve some immediate pressure without eliminating the effect of elevated borrowing costs. Thursday’s technology-led equity losses occurred even with the later Treasury reading.

Oil, Gold, Bitcoin and Volatility

Oil remained a key inflation concern. CNBC reported that crude prices rose as renewed Middle East tensions and the prospect of expanded U.S. military operations against Iran raised supply worries. Its earlier reporting showed a larger oil-price increase than the 2.87% gain in the supplied later snapshot.The cross-asset picture was mixed rather than uniformly defensive. Gold rose, Bitcoin fell and the VIX increased modestly, while two of the four major equity benchmarks posted small gains. Those moves support a description of selective risk reduction, not an across-the-board market selloff.

AI and Technology: Revenue Scrutiny Adds to Rate Pressure

OpenAI’s revenue estimate highlights the importance of measurement

Yahoo Finance, citing the Financial Times, reported that OpenAI’s annualized revenue was approximately $50 billion as of September, rather than the roughly $70 billion previously estimated by some investors. The report attributed the difference to investor calculations and differing approaches to annualizing revenue, not to an announced $20 billion decline in actual annual sales. That distinction is important for AI-market coverage. Annualized revenue extrapolates a recent revenue pace across a full year. It should not be treated as interchangeable with completed fiscal-year revenue, and comparisons can become misleading when companies use different calculation methods. The broader takeaway is that AI enthusiasm increasingly requires careful scrutiny of financial definitions. Revenue growth, financing commitments and realized earnings are related, but they are not the same measure of commercial success.

Palantir received an upgrade as sovereign AI drew attention

Goldman Sachs (GS) upgraded Palantir Technologies (PLTR) to buy from neutral and raised its price target to $230. CNBC reported that the firm pointed to opportunities in sovereign AI, customized applications and expanded government work. Palantir shares were higher in CNBC’s early-session coverage, but that intraday move should not be presented as a verified closing return. The upgrade offered a company-specific counterpoint to weakness in the technology-heavy Nasdaq. It also underscored the difference between broad enthusiasm for AI and an investment case tied to identifiable customers, deployment capabilities and contract opportunities.

Microsoft and Adobe Face Green-Card Labor Program Suspensions

The U.S. Department of Labor announced suspensions of Microsoft (MSFT) and Adobe (ADBE) from its Permanent Labor Certification program, according to CNBC. Labor Secretary Keith Sonderling cited multiple active federal investigations, and the department said it would not accept or process new applications under the program for affected companies. CNBC had requested responses from both companies. This is a specific employment-immigration action. It should not be described as a blanket prohibition on foreign hiring or as a suspension of every visa pathway. The immediate business issue is the disruption to the affected permanent-labor-certification process; the available reporting does not establish a quantified earnings impact.

SpaceX and Satellite Connectivity: Regulatory Progress, Not Yet Revenue

CNBC reporting said the Federal Communications Commission approved SpaceX’s (SPCX) proposed 15,000-satellite direct-to-cell system, using spectrum purchased from EchoStar (SATS). The FCC also scheduled an October 29 vote on a proposal to auction 25 megahertz of spectrum for satellite-to-smartphone services and another proposal concerning an additional 482 megahertz. The developments broaden the competitive landscape for satellite connectivity, including opportunities for Amazon (AMZN). For traditional wireless providers such as AT&T (T) and Verizon Communications (VZ), the emerging question is how satellite-based service will complement or compete with terrestrial networks.\Regulatory authorization is an important milestone, but it is not equivalent to a completed network, paying subscribers or realized revenue. Investors should distinguish approval to deploy a system from evidence that the system has reached commercial scale.

Trump’s Financial Disclosure Draws Attention to Policy Overlap

President Donald Trump’s August financial disclosure reported 517 securities purchases and sales, including a purchase of between $5 million and $25 million in Meta Platforms (META) shares and between $1 million and $5 million in SpaceX (SPCX) debt, according to CNBC. The debt purchase occurred two days before Trump signed a policy intended to expand commercial space transportation. The White House said the investments were managed independently through discretionary accounts and computer-based models, with no ability for Trump or his family to direct investment decisions. Federal disclosure ranges do not reveal exact transaction amounts, and the timing alone does not establish wrongdoing. The story nevertheless places renewed attention on overlap between presidential policy and investment exposure.

Sports Business: MLB Proposes a Shorter Season in Labor Negotiations

Major League Baseball proposed reducing the regular season from 162 games to 154 beginning in 2029 and expanding the Division Series from best-of-five to best-of-seven, according to Reuters. The players’ association said it was reviewing the proposals and characterized them as contingent on acceptance of a salary cap and other disputed bargaining terms. The business implications extend beyond the number of games. A shorter regular season and longer postseason could alter the balance of local game inventory, national broadcasts and premium playoff programming. For now, these are bargaining proposals, not adopted schedule changes.

Biotech Watch: Erasca’s November Presentations Are an Upcoming Catalyst

Erasca (ERAS) plans to present updated Phase 1 AURORAS-1 data for its investigational ERAS-0015 therapy at the EORTC-NCI-AACR Symposium in Barcelona, scheduled for November 18 through November 20. The company also plans to present nonclinical combination data involving ERAS-0015 and ERAS-4001.[finance.yahoo]

The announcement was issued September 10, not October 8. It belongs on an upcoming-catalyst watchlist rather than in a list of Thursday’s newly announced developments. The clinical presentation is expected to include additional patients and longer follow-up, while the combination poster concerns nonclinical models. Neither should be described as proof of regulatory approval or established patient benefit.[finance.yahoo]

Market Outlook: Earnings Optimism Versus Inflation Risk

Third-quarter earnings expectations remain a meaningful counterweight to macroeconomic pressure. Yahoo Finance cited a FactSet (FDS) estimate of 29.5% S&P 500 earnings growth. If realized, that would mark a third consecutive quarter with growth above 25%. These are estimates, not completed reporting-season results. There is also disagreement about the inflation outlook. Yahoo Finance’s accessible summary reported that Fundstrat co-founder Tom Lee expects inflation to decline, while the title of CNBC’s interview with Treasury counselor David Zervos emphasized that the longer-term rates and inflation outlook had not changed substantially. Those views contrast with Waller’s warning that further tightening may be necessary. The next tests for this market are therefore concrete:

• Whether actual earnings and company guidance meet elevated expectations.
• Whether oil’s advance persists and prolongs inflation concerns.
• Whether incoming economic data support Waller’s case for further rate increases..
• Whether technology stocks regain footing after Thursday’s outsized Nasdaq decline.

Thursday’s mixed finish captures that unresolved tension: corporate-profit optimism remains a source of support, but inflation, energy prices and borrowing costs continue to constrain investor appetite for risk..

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 $12.53.

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, $2.01) 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, $7.78, +.52%), 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, $2.66), 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, $2.85) 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, $2.51), 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, $29.38, +6.10%) 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, $3.86, +5.18%). 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, $230.48, -2,94%)

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

1. CNBC: Stock market today: Live updates for October 8, 2026
2. Yahoo Finance: Stock market today: Dow, S&P 500 and Nasdaq as oil rises and inflation worries return
3. Yahoo Finance: OpenAI’s annualized revenue $20 billion lower than prior investor estimates
4. CNBC: Trump bought up to $25 million in Meta and millions in SpaceX debt in August
5. CNBC: Treasury yields and commentary from David Zervos
6. CNBC video: David Zervos: The longer-term view on rates and inflation has not moved that much
7. Yahoo Finance: “It’s going to drop”: Tom Lee issues bold U.S. inflation call
8. CNBC: U.S. suspends Microsoft and Adobe from green-card labor program
9. CNBC: Major League Baseball proposes shorter season amid salary-cap push
10. Reuters, via KELO: MLB proposes shorter season and longer Division Series in labor talks
11. CNBC: SpaceX spectrum license and implications for AT&T, Verizon and T-Mobile
12. CNBC: FCC to vote on auctioning 25 MHz of spectrum in move that could benefit Amazon and SpaceX
13. 24/7 Wall St.: SpaceX gets permission to compete with AT&T and Verizon from orbit
14. Erasca press release, via Yahoo Finance: Erasca announces multiple presentations at the upcoming EORTC-NCI-AACR Symposium