Your Evening Briefing

October 09, 2025

Stocks retreat from records

Stocks slid from yesterday’s highs, as the S&P 500 and Nasdaq-100 dipped, and the Russell 2000 underperformed. Gold and oil also took a tumble. Consumer staples was the only sector ETF to finish positively as PepsiCo popped after an earnings beat, with international growth offsetting North America weakness.

Stocks that moved higher:

Delta Air Lines climbed after its third-quarter earnings beat on both sales and profit, and a forecast for a strong final quarter, also sending United Airlines up.
Tilray flew higher after reporting strong results in its alcohol and distribution businesses, sending other cannabis stocks like SNDL Inc. and Canopy Growth up as well.
Serve Robotics rocketed higher after the maker of sidewalk delivery robots announced a partnership with DoorDash to roll out autonomous robot vehicles across the US, starting with Los Angeles.
Nvidia traded higher after reportedly receiving US government approval to ship some AI chips to the UAE.
Satellite services provider AST SpaceMobile continued to get a lift from its announcement earlier this week that it has signed a deal with telecom giant Verizon to provide some cellular broadband services from its satellites by 2026.
Meta moved higher on news its considering building a dedicated TV app to expand the reach of Instagram’s video content.

Stocks that moved lower:

Ferrari sank after unveiling its first electric car, while simultaneously scaling back its electrification plans to focus on its gas-powered and hybrid lineup until 2030.
Tesla fell after the US National Highway Traffic Safety Administration opened another investigation of the automaker’s full self-driving software after 58 reports of traffic violations.
Novo Nordisk slipped as the Ozempic and Wegovy maker is acquiring liver disease drugmaker Akero Therapeutics for up to $5.2 billion.

The S&P 500 ETF wars are over — VOO has won out over SPY

After more than three decades at the top, SPY has lost its crown in the S&P 500 Index wars. Now, VOO’s closest challenger is IVV.

Read more.

US corporate spending on private flights for executives has ballooned in recent years

The median expense spent by America’s largest companies on air travel jumped 66% from 2020 to 2024.

Read more.

Analysts at consulting firm Pantheon Macroeconomics estimate that the stock market’s enthusiasm for all things AI has added some $8.5 trillion to aggregate US household wealth since late 2022. Read more.

Delta, boosted by premium ticket sales, says customers who go Comfort+ don’t go back
Delta’s third-quarter revenue beat Wall Street estimates today, led by 9% growth in its premium ticket category.
Amazon Prime Day savings: Just 0.6%
The Washington Post tracked prices on Prime Day and found out that the deals are not very good.
Domino’s just announced its first rebrand in 13 years — maybe a new, “doughier” font will help sales pick up
Shaboozey! Domino’s Sans! Hotter colors as a nod to the melty heat of a pizza pulled fresh from the oven!
Nvidia’s Jensen Huang throws shade at OpenAI-AMD deal
Huang questioned the AMD deal, which diversifies OpenAI’s GPU supply chain away from Nvidia.
Analysts break down what’s driving SoFi’s recent surge
Part of the rally is related to the federal government’s retreat from student lending. But there’s more to it.
BlackRock’s bitcoin ETF is on the cusp of $100 billion in assets, a milestone it will have achieved in less than two years
The fund holds 802,257 BTC worth roughly $99 billion as of Thursday morning.
Nvidia backs Reflection AI in $2 billion fundraising round
Seeking to build the “Western DeepSeek,” the startup is valued at $8 billion in a fundraising round led by Nvidia.

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