THE VIEW
Markets took a breather Thursday: the S&P 500 eased 0.47% to 7,765 while AI-linked names led the Nasdaq lower, the 10-year yield settled back to 5.23%, and gold firmed from a two-month low. Beneath the index moves, the stories issuers can use this week are concentration risk in the AI trade, record gold ETF inflows against a falling price, and a Fed that still looks set to hike in December.
Nasdaq drops 1.25% as OpenAI revenue report hits AI-linked shares
The first real crack in the AI-capex trade this quarter: semiconductors led losses while the Dow rose, a rotation issuers should watch for fund positioning narratives.
10-year Treasury yield eases to 5.24% after strong 30-year auction
Long-end demand returned at the week’s $22 billion auction; yield relief supports rate-sensitive funds after a rough stretch.
Gold ETFs post record $31 billion quarterly inflow despite price drop
World Gold Council data shows ETF demand diverging from futures positioning: a useful contrarian angle for gold-strategy issuers.
Trump says no further Iran strikes before midterms, oil eases
Brent slipped toward $102 as geopolitical risk premium cooled; energy and gold issuers both have a fresh hook here.
Fed holds likely in October, December hike odds near 69%
CME FedWatch pricing frames the rate path for the October 27-28 FOMC: a hold now, one more hike likely later.