Major indices are lower after spending much of the morning near their unchanged levels as elevated yields and weak breadth offset the support from lower oil prices and a rebound in chip stocks.

Internals continue to be a hot mess with the percentage of S&P 500 stocks trading above their 200-day moving average imploding to around its lowest level of the year.

Sectors

Utilities (XLU) are the sole sector in the green while Consumer Discretionary (XLY) is near the flat line. Several stocks are helping the latter, including Carnival (CCL) and CarMax (KMX), which are surging after reporting better-than-expected quarterly results. Semiconductors are helping Technology (XLK) to stay near its flat line.

Economic Data

Job openings fell to their lowest since March of this year at 7.079M, missing consensus of 7.228M.  Hires rose 46k to 5.192M with government hires increasing 47k while private-sector hires declined 1,000.

Layoffs fell to their lowest since March 2025 at 1.641M with health care layoffs jumping 50k.

Conference Board Consumer Confidence for September dropped to 81.9 from 88.6, a big miss from consensus of 89. This is the lowest headline since 2014.

• Present Situation 109.3 from 117.2
• Expectations 63.6 from 69.5

The report noted an increase in consumers expecting higher interest rates over the year, which climbed over 5 percentage points to 68.4%.

IPO Delays

Oura announced it is delaying its planned IPO due to market uncertainty. The firm joins Anthropic, which recently delayed its IPO to November from October. 

OpenAI

It's OpenAI's turn as the company hosts its annual DevDay in San Francisco today with rumors the company could launch a consumer AI agent to rival Meta’s Muse.

Reports this morning showed the company's ARR nears $70 billion, increasing 70% since the start of Q3. Moreover, its B2B revenue has been growing more than 100% since July. With this result, OpenAI closes the gap with its closest competitor, Anthropic, in enterprise AI adoption.

White House AI Lunch

The Street awaits any potential developments from the White House as the most powerful people in AI meet.

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