🇺🇸US DATA RUNS HOT: INFLATION STICKY, DEMAND FIRM INFLATION • Headline PCE MoM: +0.2% vs +0.1% est.; prior -0.1% • Headline PCE YoY: +3.7% vs +3.6% est.; prior +3.7% • Core PCE MoM: +0.2% vs +0.2% est.; prior +0.1% • Core PCE YoY: +3.3% vs +3.3% est.; prior +3.3% GDP • Q2 GDP annualized: +1.5% vs +1.5% est.; prior +1.5% • Personal consumption: +3.4% vs +3.2% est.; prior +3.2% • GDP Price Index: +6.4% vs +6.2% est.; prior +6.2% • Core PCE QoQ: +3.6% vs +3.4% est.; prior +3.4% INCOME & SPENDING • Personal income MoM: +0.4% vs +0.2% est.; prior +0.2% • Personal spending MoM: +0.2% vs +0.1% est.; prior +0.3% • Real personal spending MoM: 0.0% vs 0.0% est.; prior +0.4% DURABLE GOODS • Durable goods orders MoM: +1.1% vs +0.5% est.; prior +0.5% • Durables ex-transportation: +0.4% vs +0.6% est.; prior +0.7% • Core capital goods orders: +0.2% vs +0.7% est.; prior revised to +1.7% • Core capital goods shipments: +1.4% vs +1.0% est.; prior revised to +2.4% BOTTOM LINE: Inflation remains sticky while consumer demand and headline durable goods beat expectations. GDP growth was in line, but stronger price pressures could keep the Fed cautious on rates.

Premarket movers Mag 7 names are all lower (Apple -0.1%, Alphabet -0.7%, Amazon -1.3%, Meta -1%, Microsoft -1.1%, Nvidia -1.3%, Tesla -1.2%) Capricor Therapeutics (CAPR) rises 4% after Piper Sandler upgraded the biotech company to overweight, optimistic about the prospects for deramiocel, a treatment for Duchenne muscular dystrophy Charter Communications (CHTR) inches 1% lower after the cable operator said CFO Jessica Fischer will step down in mid October to relocate for another professional opportunity. Duolingo (DUOL) is up 6% after Evercore ISI upgraded the language-learning software company to outperform, noting investor opportunity following severe weakness in the stock, which is down more than 70% off a peak hit in mid-2025. Fervo Energy (FRVO) jumps 13% on a Wall Street Journal report that the geothermal company has signed a deal to sell power to Alphabet’s Google. GoPro (GPRO) soars 76%, with the stock set to extend gains after rallying more than 46% Monday. Kroger (KR) slips 1% after Citi analyst Paul Lejuez cut his price target on the grocer to a Street-low $57 from $61, and adds a downside 30-day catalyst watch on the stock ahead of Kroger’s Sept. 11 earnings report. Medtronic (MDT) gains 4% after the medical device maker boosted its organic revenue forecast for the full year. Micron Technology (MU) dips about 2% after the Taipei-based Liberty Times reported that Micron will deliver its highest incentive pay plan to its Taiwan-based employees in response to a potential strike by its labor union. NIO ADRs (NIO) slip 1% after the carmaker reported vehicle deliveries for August that were largely flat from the previous month. Robinhood Markets (HOOD) rises 2% after Morgan Stanley raised its recommendation on the exchange to overweight on growth from prediction markets.

Eurozone shares +0.3% US shares +1.1%, Nas +1.4%..helped by dovish Fed’s Waller comments. Money mkt now sees Fed Sept hike as 51% prob US 10 yr yld -1bp to 4.77% Oil +0.3% to $91.3 Gold +2.1% to $4474.4 Iron ore +0.7% to $98.8 Bitcoin $81.5k ASX futures +0.3% $A 0.719 w $US -0.5%

Premarket movers: Mag 7 stocks are mostly higher (Tesla (TSLA) +1.1%, Nvidia (NVDA) +0.7%, Amazon (AMZN) +0.6%, Alphabet (GOOGL) +0.4%, Apple (AAPL) +0.1%, Microsoft (MSFT) little changed, Meta Platforms (META) -0.5%). Akamai Technologies (AKAM) rallies 20% after the cloud provider inked a seven-year $11.6 billion deal to provide computing power to Anthropic. Atlas Energy (AESI) gains 6.9% after it announced a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project. The companies also separately agreed to a 328 megawatt power deal under an agreement with Caterpillar Inc. Comcast Corp. (CMCSA) is down 1.9% after KeyBanc Capital Markets cut its recommendation to underweight from sector weight on weakness in broadband. Nike Inc. (NKE) is down 2% after BofA cut its recommendation on the athletic footwear and apparel company to underperform from neutral, and pushes the expectation for a sales turnaround into F2028. Nike reports 1Q earnings on Oct. 1. People Inc. (PPLI) jumps 9.9% on a report that MGM Resorts is discussing making a bid to purchase the Barry Diller-owned media giant. Twilio Inc. (TWLO) is down 3.5% as HSBC downgrades the communications software company to reduce from hold, seeing “limited evidence that Twilio will capture higher-margin AI software” revenue. Zscaler (ZS) falls 3.4% after the security software company announced the appointment of Ross Tackett as chief revenue officer, effective Oct. 1.

Norway Industrial Production (M/M) Jul: -7.1% (prev 7.6%) - Industrial Production (Y/Y): -1.8% (prev 9.1%) - Ind Prod Manufacturing (M/M): 0.7% (prev -1.0%) - Ind Prod Manufacturing (Y/Y): 1.5% (prev 0.7%)

Grok Voice Transcribe 2.0 is the new king 👑 • Artificial Analysis: #1# for accuracy among 32 streaming models, beating GPT Live, Gemini 3.5, Scribe v2, Muse, Nova-3, Azure and more On SpaceXAI’s real-world tests, lower error rate is better: • Telephony: 7.1% — #1# • Conversations: 3.3% — #1# • Short phrases across 19 languages: 6.8% — #1# It beat Gemini 3.5, ElevenLabs Scribe v2, Deepgram Nova-3, Whisper Large v3 and others across major tests. Twice as accurate as Grok Voice Transcribe 1.0 at the same price. An incredible leap by SpaceXAI. 🚀

Premarket movers Magnificent Seven: Alphabet (GOOGL) -0.7%, Amazon (AMZN) -0.9%, Apple (AAPL) unchanged, Microsoft (MSFT) -0.6%, Tesla (TSLA) -1%, Nvidia (NVDA) -1.1%, Meta Platforms (META) -2% Darden (DRI) falls 5% after the restaurant-chain operator posted first quarter sales that disappointed. Dropbox (DBX) declines 5% after Citi downgraded the file management software company to sell, writing that recent optimism about its AI strategy “derives too much success too early.” Etsy Inc. (ETSY) slips 2% after Arete downgraded the online retail platform to neutral, citing concerns over its valuation and growth sustainability. Everpure (P) jumps 7% after the data-storage company forecast revenue for 2028 that exceeded the average analyst estimate. MGM Resorts International (MGM) is down 9% after Barry Diller’s People Inc. dropped plans to acquire the rest of the casino giant. Stitch Fix (SFIX) falls 19% after the online personal styling platform forecast a much weaker full-year 2027 Ebitda that analysts expected. Viking Therapeutics (VKTX), which had surged 36% Tuesday on experimental weight-loss drug results, is down 12% after offering $200 million in common shares and another $200 million in convertible notes to help fund clinical development.