It was another session with the market strolling higher yesterday, as seven of eleven sectors finished higher. Interestingly, Financials (XLF) slipped into the red.

We are seeing a changing of the guard.

Fintech darlings: Robinhood Markets (HOOD) and Coinbase Global (COIN) are crushing it, while rival merchant facilitators continue to get slammed: PayPal (PYPL), Block Inc. (XYZ), and Global Payments (GPN).

I remained puzzled by the inability of private equity names to maintain traction.

Big Pharma Comes to the Table

Yesterday, Pfizer (PFE) visited the White House to negotiate a deal with the Trump administration aimed at addressing the President’s concerns about domestic drug pricing.

Health Care (XLV) surged through its 200-day moving average on substantial volume. This is a sector that many have been watching for a long time. It might be time to make a move.

Same Tide

Most factors edged higher, but once again, investors are leaning into large-caps.

Government Shutdown

I know many are trying to make this a life-or-death moment, but it's not. The market rallied during four of the last six shutdowns. For the most part, the only folks who are afraid or upset are the same people who called me screaming about Trump’s tariffs, only to ignore my advice to buy the dip.

Most of the government will be open, and so-called “non-essential” employees will get an early vacation. 

 

Today’s Session

Lots of data out this week, including this morning’s semi-shocker from ADP. 

The report is even more problematic considering large firms are hiring while small businesses are shedding jobs.

On the earnings front, maybe the Nike (NKE) turnaround has officially begun. Sales in Greater China -9.09% year-over-year, so I hope management doesn’t stick with the plan to dismiss half its potential domestic market over political ideology.

Comments

I'll go barefoot before wearing Nike. Michael Supplee on 10/2/2025 6:21:09 AM

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