Weekly Newsletter September 21 - 27 September

The Nasdaq rose 2.06% for the week, outpacing the S&P 500’s 1.21% gain as AI-related stocks supported large-cap equities.
The Russell 2000 fell 0.80% even as the broader market advanced, showing that the rally did not extend evenly to smaller companies.
Bitcoin gained 4.09% over the full seven-day crypto week; Solana led the four coins tracked in our newsletter, rising 9.84%.
The 10-year Treasury yield reached 5.223% during the week, keeping financing costs and equity valuations in focus.
IPO demand remained selective: ADARx priced a roughly $446 million offering and finished Friday above its offer price, while Bamboo Insurance postponed its listing.
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Analyst Highlights:

Market gains were concentrated. The Nasdaq’s lead over the S&P 500, alongside the Russell 2000’s decline, points to stronger demand for large technology companies than for smaller stocks.
Higher yields remain a constraint. A 10-year Treasury yield above 5% raises the cost of capital and can make investors more demanding about future earnings.
Households and employers sent different signals. Consumer sentiment weakened and inflation expectations rose, while initial unemployment claims remained low.
Business investment held up. Core capital goods orders rose 1.6% in August despite unchanged headline durable goods orders.
Crypto’s full-week results differed from Friday’s market snapshot. Solana and XRP rose 9.84% and 7.68%, respectively, on a Sunday-to-Sunday basis.
IPO pricing discipline is still visible. ADARx’s positive debut contrasted with postponed offerings, suggesting investors are assessing deals individually rather than embracing the entire new-issue market.

ADARx Pharmaceuticals (NASDAQ: ADRX) priced 26.25 million shares at $17, an approximately $446.3 million offering; shares finished Friday about 14% above the offer price.
Bamboo Insurance Services postponed its proposed IPO, which had targeted approximately $665 million at the midpoint of its indicated range.
postponed its planned U.S. listing, citing market conditions, adding to the week’s delayed offerings.
The Fidelis Partnership, operating as TFP Group, filed for a U.S. IPO after reporting $407.5 million in first-half revenue.
City Therapeutics and Iambic Therapeutics filed for proposed IPOs under CTY and IAM, respectively; final offering sizes and pricing remain subject to updates.

S&P 500 closed at 7,743.41, rising 92.91 points, or 1.21% for the week.
Russell 1000 closed at 4,207.83, rising 47.37 points, or 1.14% for the week.
Russell 2000 closed at 2,837.55, falling 22.85 points, or 0.80% for the week.
Russell 3000 closed at 4,381.97, rising 45.98 points, or 1.06% for the week.
CBOE Volatility Index (VIX) closed at 14.87, rising 0.06 points, or 0.41% for the week.
Dow Jones closed at 51,828.62, rising 145.98 points, or 0.28% for the week.
NASDAQ Composite closed at 27,068.72, rising 546.18 points, or 2.06% for the week.
Bitcoin closed at $84,457.30, rising $3,314.69, or 4.09% for the week.
Ethereum closed at $2,687.59, rising $44.59, or 1.69% for the week.
Solana closed at $122.06, rising $10.93, or 9.84% for the week.
XRP closed at $1.5182, rising $0.1083, or 7.68% for the week.
Gold futures closed at $4,321.20, falling $103.70, or 2.34% for the week.
Silver futures closed at $64.801, falling $2.348, or 3.50% for the week.
WTI crude futures closed at $92.41, falling $7.89, or 7.87% for the week.
Brent crude futures closed at $104.32, rising $0.45, or 0.43% for the week.

AI stocks supported Wall Street’s weekly recovery; Nasdaq reached a record Tuesday, while small-cap stocks finished the week lower.
The 10-year Treasury yield reached 5.223% on Thursday, its highest since 2007, intensifying pressure on financing costs and equity valuations.
Consumer sentiment fell to 48.1 in September, while year-ahead inflation expectations rose to 4.6%, underscoring concerns about household purchasing power.
Initial unemployment claims decreased to 197,000 for the week ended September 19, according to Thursday’s release, indicating continued low layoffs.
The flash U.S. composite PMI climbed to 58.4, its strongest reading since July 2021, as demand and price pressures accelerated.
The average 30-year fixed mortgage rate climbed to 7.03% from 6.95%, increasing borrowing costs for prospective U.S. homebuyers.
August durable goods orders were unchanged, while core capital goods orders rose 1.6%, indicating continued strength in business investment.
Cleveland Fed President Beth Hammack warned persistent inflation could entrench an inflationary mindset and called for a restrictive monetary-policy stance.

Ukraine offered to halt strikes on Russian energy infrastructure if Moscow reciprocated; an energy ceasefire remained a proposal.
Washington and Beijing extended their trade truce through January 10, preserving temporary stability without resolving broader commercial and strategic disputes.
The White House announced U.S.–China recommendations for more favorable tariff treatment covering $30 billion of non-sensitive goods in each direction.
Zelenskiy said Washington proposed U.S.–Ukraine–Russia technical talks in the UAE; a meeting date remained unsettled.
The U.S. and China established an AI dialogue and an incident communication channel, with another exchange planned by November.
Trump rejected Iran’s proposal to reopen the Strait of Hormuz and resume nuclear talks in exchange for lifting the U.S. blockade.
Senators delayed a fast-track effort to permanently ban Chinese vehicles while seeking support from Rand Paul; the measure remained pending.
Brazil said it would withhold tariff retaliation against the United States while negotiations continued, reserving reciprocal action if talks failed.

Anthropic launched Claude Opus 5.5, saying it costs 40% less to run than Opus 5, intensifying enterprise AI price competition.
Alibaba unveiled a new AI chip and larger-model plans, strengthening its push for domestic alternatives to Nvidia amid U.S. export restrictions.
Anthropic committed $11.6 billion to Akamai cloud services over seven years, receiving warrants for a potential stake of approximately 5%.
Microsoft announced Copilot Home, Code and Autopilot, expanding enterprise automation and introducing additional controls for managing AI spending.
Meta announced plans to bring Muse to AI glasses and add retail and payment partners, expanding its push into agent-driven commerce.
Meta announced Petal, a planned U.S.–France subsea cable delivering one-petabit capacity, with service expected in 2029.

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