• Market recap: All 3 main indices tumbled yesterday as the 10-year Treasury yield saw its largest 1-day gain in over 12 months, hitting its highest mark since 2007. The 30-year yield hit its highest mark since 2004, sending the Nasdaq tumbling over 1% and the Dow down over 350 points. Sources: CNBC / NY Times / WSJ / Bloomberg.
• Meta showcases 3 smart glasses: Meta (META) unveiled 3 AI-powered smart glasses — including one without a camera — and a standalone gadget featuring its new AI model Muse. Shares fell 2.2% premarket. Sources: NY Times / The Verge.
• McDonald’s invests in restaurant upgrades: McDonald's (MCD) plans to spend up to $8.5B through 2036 supporting franchisee upgrades while targeting low-to-mid-50% operating margins by 2030. Shares fell 5%. Source: CNBC.
• Starbucks closes 250 stores: Starbucks (SBUX) plans to shutter about 250 underperforming North American cafes and take roughly $300M in restructuring charges amid a turnaround plan. Source: WSJ.
• Darden falls on earnings miss: Darden Restaurants (DRI) fell 2.7% premarket after quarterly earnings and revenue narrowly missed estimates. Olive Garden same-store sales rose just 1.1%. Source: CNBC.
• Disney hikes streaming prices: Disney (DIS) raised ad-free Disney+ and Hulu standalone plans to above $20 per month. Shares are down 9% YTD. Source: CNN.
• Lowe’s launches drone delivery: Lowe's (LOW) is debuting drone delivery via a pact with DoorDash (DASH) and Google's (GOOGL) Wing, offering more than 100 products in as little as 20 minutes. Still, shares slipped around 1% premarket. Source: CNBC.
• Morgan Stanley contains leak: Morgan Stanley (MS) is managing fallout after a banker accidentally emailed clients a confidential list of more than 100 deals and prospects. Shares fell 1%. Source: Bloomberg.
• Rio Tinto eyes metals trading: Rio Tinto (RIO) plans to expand third-party metals trading and use derivatives for hedging as CEO Simon Trott seeks more profit from existing assets. Shares fell 2.3%. Source: Bloomberg.
• Anthropic expands medical AI: Anthropic and OpenEvidence are rolling out free AI-powered clinical support to healthcare providers in about 100 low- and middle-income countries. Source: Reuters.

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• Diller withdraws MGM takeover bid: Barry Diller yanked his bid to take MGM Resorts (MGM) private after offering to buy the remaining stake at a $12.4B valuation. MGM will remain independent, with shares plunging 9% premarket. Source: WSJ.
• Starboard pushes Knife River sale: Activist investor Starboard Value has taken a significant stake in construction firm Knife River (KNF) and may push for a sale. Knife River fell 8% after warning that project delays and higher fuel costs will persist. Source: WSJ.

• Qantas plans nonstop NYC-Sydney flights: Qantas (ASX:QAN) plans to launch 18-hour nonstop NYC-Sydney flights by mid-2028 using Airbus (EPA:AIR) jets. The route will be the world's longest commercial plane ride. The news comes as Qantas workers go on strike, with shares down 1.3%. Sources: NY Times / Reuters.
• OpenAI hacks Australian government: An OpenAI agent gained unauthorized access to an Australian federal health portal this past summer. The breach is the first known AI intrusion of a government system. Sources: NPR / CNN.
• Amazon bets $3B on India: Amazon (AMZN) plans to invest $3B in India’s quick-commerce business, expanding warehouses and AI tools. Shares fell 2.2%. Source: Reuters.

• Global debt tops $365T: Global debt rose $10T in H1 to exceed $365T as higher bond yields increase government borrowing costs. Advanced economies paid over $3.3T in interest last year, intensifying fiscal concerns. Source: StockAnalysis.com.
• Oil rebounds past $100: Oil prices — which only recently fell below $100 per barrel — moved back above that threshold amid bellicose rhetoric from U.S. and Iranian leaders, straining prospects for a peace deal. Source: CNBC.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 197,000 for the week ending Sept. 19, down 1,000 WoW. The 4-week moving average was 202,250, down 1,750 WoW. Source: Dept. of Labor.
• Switzerland holds rates: The Swiss central bank is keeping its key rate at 0% as inflation remains contained at 0.8%. Source: CNBC.

• Xi arrives in D.C.: President Trump welcomed Chinese premier Xi Jinping for a 3-day U.S. visit as Washington and Beijing agreed to extend their trade truce through January. Talks are expected to cover tariffs, rare earths, AI, Taiwan, and Iran. Source: BBC.
• Moroccans choose monarch-friendly government: Morocco’s Authenticity and Modernity Party, which is aligned with the North African country's powerful monarchy, won the most seats in parliamentary elections yesterday. Source: AP.
• China seizes U.S. fighter jet components: Beijing is holding top-secret Lockheed-made (LMT) fighter jet components after UPS (UPS) diverted a shipment of parts bound for the U.S. to Hong Kong. The Pentagon is seeking their return. Source: Bloomberg.
• White House media ban axed: A judge ordered the White House to restore access to CNN, MS NOW, and Politico reporters, finding that the removal of their press credentials likely violated the Constitution. Still, reports are surfacing that journalists are still banned. Sources: WSJ / Reuters.

• 8:30 AM: Current Account
• 8:30 AM: Initial Jobless Claims
• 10:00 AM: New Home Sales & New Home Sales MoM
• Friday: Durable Goods Orders MoM

Darden Restaurants (DRI) has released its quarterly earnings.

• Revenue of $3.20B (+6.52% YoY) misses by $5.71M.
• EPS of $2.05 (+4.06% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

TD SYNNEX (SNX) has released its quarterly earnings.

• Revenue of $21.56B (+37.75% YoY) beats by $2.67B.
• EPS of $5.68 (+58.66% YoY) beats by $1.03.
• Financials · As Reported · Metrics · Press Release

BlackBerry (BB) has released its quarterly earnings.

• Revenue of $163.30M (+26.00% YoY) beats by $18.27M.
• EPS of $0.07 (+75.00% YoY) beats by $0.03.
• Financials · As Reported · Metrics · Press Release

Costco (COST) will report today after close.

• Analysts estimate revenue of $94.87B (+10.12% YoY).
• EPS is estimated to be $6.52 (+11.07% YoY).
• Financials · As Reported · Metrics

Carnival Corporation (CCL) will report Tuesday.

• Analysts estimate revenue of $8.39B (+2.93% YoY).
• EPS is estimated to be $1.35 (-5.59% YoY).
• Financials · As Reported · Metrics

Micron Technology (MU) will report Wednesday.

• Analysts estimate revenue of $51.05B (+351.18% YoY).
• EPS is estimated to be $31.45 (+937.95% YoY).
• Financials · As Reported · Metrics

Jabil (JBL) will report Wednesday.

• Analysts estimate revenue of $9.68B (+17.30% YoY).
• EPS is estimated to be $4.02 (+22.19% YoY).
• Financials · As Reported · Metrics

• Estimated Thursday, Sept. 24: Amaero Inc. (AMRO), a producer of titanium and refractory metal powders for defense and aerospace 3D printing with $12.48M in TTM revenue and 378.7% revenue growth YoY.
• Estimated Friday, Sept. 25: ADARx Pharmaceuticals, Inc. (ADRX), a late-clinical stage biotechnology company with $6.13M in TTM revenue.