Major indices are moving lower across the board alongside Bitcoin and gold as rates and oil move higher.

As a result, Energy (XLE) is in the lead. The other sectors in the green are the more defensive sectors such as Health Care (XLV) and Consumer Staples (XLP).

Meanwhile, Communication Services (XLC) is at the bottom of the list with Meta Platforms (META) taking a breather following a strong run. Consumer Discretionary (XLY) is also lagging due to weakness in Tesla (TSLA) after JPMorgan (JPM) cut their price target on the stock to $415 from $445 and reduced their estimates for Q3 deliveries as well as margins. Industrials (XLI) are also seeing weakness as Boeing (BA) gets hit on reports of a software glitch in their 737 MAX planes. While Technology (XLK) is in the red overall, there is a notable pocket of green in cybersecurity names.

Oil is moving higher as mixed signals come out from Iran. On one hand, talks between Araqchi and Qatari mediators are expected to continue this week in the USA, focused on an amended version of Iran’s 7-day proposal. However, Iran’s supreme leader indicated his goal remains to remove the US from the Middle East.

Technology in the News

LiveRamp (RAMP) is reportedly expanding its partnership with OpenAI to let brands use its data to target ads inside ChatGPT, furthering OpenAI's push to commercialize the platform.

SpaceX (SPCX) said its Starship reached orbit despite an engine issue, marking a key milestone for the program and space niche.

Meta's Enterprise Push

Meta is launching Meta Enterprise Platform, with CEO Mark Zuckerberg calling it the next major pillar of its business, to sell its AI tools, including the Muse agent, Meta Business Agent, Muse API, and Muse Code, directly to companies and developers. Former MongoDB (MDB) CEO CJ Desai will lead the unit as Chief Enterprise Platform Officer, reporting directly to Zuckerberg.

Following the announcement, Desai said businesses of every size will rebuild how they operate with AI over the next few years, arguing the company holds a distinct edge by pairing its models, infrastructure, and agents with an ecosystem that already serves millions of advertisers.

Economic Data

The Dallas Fed Manufacturing Index edged down to 9.8 in September from 11.6 in August, while the outlook slowed to 8.7 from 19.2 but stayed positive. Underlying activity accelerated sharply, with production, capacity utilization, shipments, and new orders all moving higher to above-average readings, while price and wage pressures broadened. Expectations for future production remain steady, though the future business activity index fell sharply but remains in solidly positive territory.

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