Market Snapshot

Semiconductor stocks were active in premarket trading on Tuesday, with $Micron Technology(MU.US)$ up 1.23%, $Intel(INTC.US)$ gaining 2.00%, and $NVIDIA(NVDA.US)$ and $AMD(AMD.US)$ ticking higher. $Alphabet-A(GOOGL.US)$ and $Alphabet-C(GOOG.US)$ fell nearly 1%, while $Tesla(TSLA.US)$ edged lower. US stock futures pointed to a lower open: Dow futures down 0.30%, Nasdaq 100 futures down 0.15%, and S&P 500 futures down 0.19%. WTI crude extended gains by 0.95% to USD 102.35 per barrel, as Middle East tensions and Saudi pipeline disruptions fueled supply concerns. COMEX gold fell 0.65%, pressured by persistent rate-hike expectations.

Stock News

1. Nvidia's CPU push accelerates, taking aim at AMD and Intel: $NVIDIA(NVDA.US)$ is aggressively expanding in the server CPU market, with its Grace CPU generating USD 5 billion in sales over the past 12 months and the latest Vera CPU now entering high-volume production. The company expects data center CPU revenue to double this fiscal year, targeting a USD 200 billion total addressable market. Leveraging its dominant position in GPUs, Nvidia is using an integrated hardware-software approach to eat into the traditional strongholds of $AMD(AMD.US)$ and $Intel(INTC.US)$, putting both chip giants under unprecedented competitive pressure.

2. Google extends winning streak to three days, technicals point to USD 380: $Alphabet-A(GOOGL.US)$ rose 3.06% on Monday to USD 345.71, its third consecutive daily gain, with $Alphabet-C(GOOG.US)$ also moving higher. Rivals' calls to slow the pace of AI development have fueled expectations that this could ease capital expenditure pressure on Google. From a technical perspective, the stock has reclaimed key moving averages; a break above the USD 350 resistance level could open a path toward the recent high of USD 381.81, though the RSI has entered overbought territory.

3. Tesla Roadster set for October 1 reveal, SpaceX thrusters the headline act: $Tesla(TSLA.US)$ confirmed it will unveil the second-generation Roadster on October 1 in Texas, nearly nine years after the initial teaser in 2017. CEO Elon Musk has hinted at demonstrating SpaceX cold-gas thruster technology capable of short-distance hovering. The company is expected to offer a limited “Flight Edition” and a road-legal version, though mass production and deliveries are not anticipated until 2027 to 2028. The announcement has provided sentiment support for Tesla shares in recent sessions.

4. Micron Technology rises over 1% in premarket as memory chip momentum continues: $Micron Technology(MU.US)$ gained 1.23% in premarket trading to USD 935.42, with premarket turnover reaching USD 216 million. AI computing demand continues to drive the HBM high-bandwidth memory market, and Micron, as one of three major HBM suppliers, remains a key beneficiary. $SanDisk(SNDK.US)$ also rose 1.16%, while $ASML(ASML.US)$ climbed 3.21%, reflecting broadly positive sentiment across semiconductor equipment and memory stocks.

5. Target surges nearly 60% in 2026, outperforming Nvidia as turnaround gains traction: $Target(TGT.US)$ has surged nearly 60% year-to-date in 2026, significantly outpacing $NVIDIA(NVDA.US)$. Under new CEO Michael Fiddelke, the company has invested USD 2 billion in AI technology and store renovations, driving a 3.6% increase in foot traffic and robust sales in food and beauty categories. As a “Dividend King” with more than 50 consecutive years of dividend increases, Target's strong free cash flow offers long-term investors both capital appreciation and steady income.

Macro Drivers

1. 10-year Treasury yield breaches 5% for first time since 2007, rattling global bond markets: The US 10-year Treasury yield briefly touched 5.012% on Monday, its highest level since 2007. Soaring oil prices have fueled inflation expectations, and combined with concerns over the Fed's rate-hike trajectory, triggered a fresh wave of bond selling. Japan's 30-year government bond yield also hit a 30-year high, adding to global repricing pressure on risk assets. Some analysts warned that 5% is not the ceiling, with 6% now entering the conversation.

2. Fed kicks off two-day policy meeting, markets price in rate hike: The Federal Reserve's FOMC began its two-day policy meeting on Tuesday, with markets widely expecting a rate hike announcement. Treasury Secretary Bessent is set to testify before Congress the same day, facing questions on the bond market turmoil. The New York Fed manufacturing index for September will be released tonight, with expectations for a decline to 15; the data will provide the latest economic reference for the rate decision. The interest rate outlook remains the biggest variable for global markets this week.

3. Middle East tensions keep oil elevated, compounding inflation worries: WTI crude climbed to USD 102.35 per barrel as the disruption of Saudi Arabia's east-west pipeline and renewed supply attacks intensified concerns over crude availability. Persistently elevated oil prices are further stoking inflation expectations, reinforcing the case for the Fed to maintain higher rates — a double headwind for tech stock valuations and the consumer sector. Gold, meanwhile, fell to USD 4,323 under pressure from a strong dollar and rate-hike expectations.

Pre-market Turnover TOP20

Economic Calendar

(All times in CST)

20:15 ADP Weekly NER Pulse
20:30 New York Fed Manufacturing Index (September)
20:55 Johnson Redbook Retail Sales Index (YoY)