U.S. Stock Market Today (September 30, 2026): Indexes Finish Mixed as Cooling Inflation Lifts Tech, While Energy and Geopolitics Keep Risk Elevated -( $BA $DOCS $EPRX $LLY $MAT $META $MODD $MU $NVDA $YSG )

U.S. equities ended Wednesday, September 30, 2026, on a mixed note, with the Nasdaq Composite advancing while the Dow Jones Industrial Average and Russell 2000 declined. A softer-than-expected August PCE inflation report revived enthusiasm for rate-sensitive growth stocks, but elevated Treasury yields, Middle East energy-supply risks, and uneven sector performance kept the broader market’s tone cautious.

Market Snapshot

What Drove Markets Today

The market’s central macro catalyst was the August Personal Consumption Expenditures report, the Federal Reserve’s preferred inflation measure. Headline PCE rose 0.3% for the month and 3.4% year over year, below the consensus expectation for a 3.7% annual increase. Core PCE, excluding food and energy, rose 0.2% for the month and 3.0% from a year earlier, also below estimates for 0.3% monthly and 3.3% annual growth. That result gave many a reason to trim expectations for an immediate follow-up Federal Reserve rate increase. Yet the data did not fully remove the inflation problem: both the 3.4% headline PCE reading and 3.0% core PCE reading remain above the Fed’s 2% target. The report also reflected methodology adjustments by the Bureau of Economic Analysis that lowered the prior core-PCE reading, an important caveat when assessing the apparent improvement. The economic picture remained stronger than a simple “disinflation” narrative would suggest. Personal spending rose 0.9% in August, beating expectations, while personal income increased 0.2%, below consensus. Meanwhile, second-quarter U.S. GDP was revised up to a 2.2% annualized pace from the prior 1.5% estimate, with stronger consumer spending, government spending, investment, and private domestic demand supporting the revision. The day therefore delivered a familiar late-cycle market conflict: inflation eased more than expected, but demand, employment, and growth data remained firm enough to preserve the possibility of another Fed hike later in 2026. ADP reported 90,000 private-sector jobs added in September, exceeding the 68,000 economist consensus, while the next major macro test will be the Friday nonfarm-payrolls report.

Macro Commentary: A Better Inflation Print, Not an All-Clear Signal

For many, Wednesday’s PCE report was constructive, but not necessarily decisive. The 3.0% core-PCE reading reduces near-term pressure on the Federal Reserve and helps explain why the technology-heavy Nasdaq Composite finished higher. Lower inflation surprises can support growth-stock valuations because they reduce the risk that policymakers will need to lift interest rates more aggressively. However, the bond market still reflects skepticism that inflation risks have been defeated. The 10-year Treasury yield closed at 5.29%, and recent reporting placed the yield near its highest levels since 2007. Higher long-dated yields tighten financial conditions, raise mortgage and corporate borrowing costs, and make richly valued equities more vulnerable to changes in earnings expectations. Markets have lowered the implied probability of an October Fed increase following the PCE release and recent comments from New York Fed President John Williams. But many still see a meaningful likelihood of another rate increase by December. The practical takeaway is that the market may be transitioning from a period of rapid inflation acceleration to one of persistently above-target inflation combined with resilient economic activity. That environment can favor companies with pricing power, durable cash flow, manageable debt loads, and credible earnings visibility, while leaving more rate-sensitive areas vulnerable to renewed yield spikes.

Oil, Hormuz, and Inflation Risk

Energy remained a critical macro variable. November crude oil rose 1.38% to $90.61 per barrel, even as crude shipments through the Strait of Hormuz have largely returned to their prewar level. According to tanker-tracking data cited by CNBC, crude moving through Hormuz reached a seven-day average of 13.5 million barrels per day as of Monday, roughly matching the prewar baseline. The more acute concern is refined products rather than crude availability. Refined-fuel shipments through Hormuz were reported at 677,000 barrels per day, far below the roughly 3.6 million barrels per day shipped before the war. That constraint, combined with damage to Russian refining capacity, has contributed to an international fuel shortage and record-high U.S. diesel prices. This distinction matters for many and the Fed:

• Crude oil availability has improved, lowering the probability of an immediate crude-supply shock.
• Refined-product constraints can still feed through to diesel, transport, logistics, industrial, and consumer prices.
• Higher energy costs could make September and fourth-quarter inflation data less favorable than August’s backward-looking PCE reading.
• Energy and geopolitical risk remain central variables for transportation, industrials, consumer staples, retailers, and economically sensitive small caps.

In short, Wednesday’s inflation relief was welcome, but the market must still contend with an oil-and-fuel backdrop that could complicate the Fed’s path.

Corporate and Sector Highlights

Meta Platforms closes out a powerful AI-driven month

Meta Platforms, Inc. (NASDAQ: META) closed at $725.18 and finished September up 27%, its strongest month since 2022. Investor interest has centered on Meta’s AI strategy, including the September introduction of its Muse personal AI-agent app, which CNBC reported surpassed OpenAI’s ChatGPT in Apple iOS downloads. Meta has also emphasized AI-agent tools, enterprise initiatives, and new AI hardware at its Connect conference. Meta’s September advance highlights the market’s continuing willingness to reward companies perceived to have a credible pathway to monetize artificial intelligence. It also helps explain the Nasdaq’s relative resilience versus the Dow and small caps on Wednesday.

Eli Lilly reports promising obesity-treatment data

Eli Lilly and Company (NYSE: LLY) said a Phase 2 trial showed that its experimental eloralintide-plus-tirzepatide obesity regimen generated up to 23.3% average weight loss over 48 weeks in adults with obesity and Type 2 diabetes. That compares with 14.8% weight loss for high-dose tirzepatide alone in the study. Lilly plans to begin Phase 3 studies by year-end. The results reinforce the strategic importance of next-generation obesity medicines for Lilly and the wider metabolic-disease treatment market. Investors will also be watching tolerability: discontinuation due to side effects ranged from 10.8% to 27% across combination-treatment doses, above the 2.9% figure reported for tirzepatide alone.

Mattel names Roger Lynch as CEO and chairman

Mattel, Inc. (NASDAQ: MAT) named Roger Lynch as chief executive officer and chairman, succeeding Ynon Kreiz. Lynch, who has served on Mattel’s board since 2018 and is currently CEO of Condé Nast, is scheduled to become chairman on October 2 and CEO by November 2. Mattel shares fell more than 2% during Wednesday’s session and reached a 52-week intraday low of $12.53 after the announcement, illustrating the market’s cautious initial response to the leadership transition.

Defense, semiconductors, and earnings remain in focus

The day also brought a notable defense-industry development: The Boeing Company (NYSE: BA) rose after securing a more-than-$20 billion Pentagon contract to develop the Navy’s Sixth-Generation F/A-XX Strike Fighter, while Northrop Grumman Corporation (NYSE: NOC) declined after reportedly losing out on the competition. In semiconductors, Bank of America highlighted Nvidia Corporation (NASDAQ: NVDA), Intel Corporation (NASDAQ: INTC), Marvell Technology, Inc. (NASDAQ: MRVL), Micron Technology, Inc. (NASDAQ: MU), Lam Research Corporation (NASDAQ: LRCX), Advanced Micro Devices, Inc. (NASDAQ: AMD), Applied Materials, Inc. (NASDAQ: AMAT), Analog Devices, Inc. (NASDAQ: ADI), and ON Semiconductor Corporation (NASDAQ: ON) as potential beneficiaries of historically stronger fourth- and first-quarter seasonality for chip stocks. Micron Technology, Inc. (NASDAQ: MU) reports earnings after the closing bell, placing additional attention on memory pricing, AI infrastructure demand, data-center spending, and the durability of the semiconductor cycle. Yahoo Finance also listed Jabil Inc. (NYSE: JBL), FactSet Research Systems Inc. (NYSE: FDS), and Conagra Brands, Inc. (NYSE: CAG) among the day’s scheduled earnings releases.

What Many Are Watching Next

• Friday’s jobs report: The September employment report is expected to provide the next major read on labor-market strength after ADP’s stronger-than-expected private-payroll number.
• Federal Reserve expectations: Investors will assess whether cooling core PCE is enough to keep the Fed on hold in October, while monitoring whether a December rate increase remains the more likely next move.
• Treasury yields: With the 10-year yield at 5.29%, the bond market remains a major influence on equity valuations, housing, credit conditions, and risk appetite.
• Energy and refined-fuel disruption: Even as crude exports through Hormuz normalize, low refined-product shipments and elevated diesel prices could shape inflation expectations and corporate margins.
• AI and semiconductor earnings: Results and guidance from Micron Technology, Inc. (NASDAQ: MU) will be closely watched for evidence on AI-memory demand and data-center capital-expenditure trends.

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 $13.58, +.3.35%.

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, $11.54) 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 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, $9.10, +9.57%), 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, +2.56%), 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, $2.95) 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, $2.78, +9.02%), 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, $28.34, +6.86%) 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.

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, $3.46, +1.76%) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that, but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

Nvidia (NVDA, $228.38,+.51%)

NVIDIA Corp. (NASDAQ: NVDA) 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
2. CNBC Ford CEO Jim Farley Says It Is “Too Late” for Europe to Fend Off Chinese Automakers, but Not the U.S.
3. Yahoo Finance OpenAI Debuts Dots AI Agents in Challenge to Meta’s Popular Muse Agent
4. Yahoo Finance Target Cuts Prices on Nearly 2,000 Products Ahead of Holidays
5. Yahoo Finance Iovance Biotherapeutics Raises Full-Year 2026 Revenue Guidance to $410 Million–$420 Million
6. Yahoo Finance / PR Newswire Princess Cruises Becomes First Global Cruise Line to Launch AI-Powered Cruise-Planning App for Large Language Models