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HERE’S WHAT TO WATCH OUT FOR THIS WEEK
GET READY FOR ANOTHER WILD WEEK AHEAD IN THE STOCK MARKET 🇺🇸
Trump hosts Xi at the White House on Thursday with Taiwan, AI and tariffs on the agenda. Jensen Huang and Sam Altman are expected at the state dinner. And the 10-year starts the week at 5.01%.
Here's what to watch:
Monday: Index shuffle. Dell $DELL, Palo Alto $PANW, Arista and Sandisk join the S&P 100. Goolsbee gives the first Fed remarks since the hike.
Tuesday: KB Home $KBH reports after the close, the first builder since mortgage rates jumped to 6.95%. AutoZone $AZO before the open. 2-year note auction at 1pm.
Wednesday: Meta Connect. Zuckerberg keynote at 4pm ET. McDonald's $MCD investor day. Flash PMIs at 9:45am. Cintas, Paychex, General Mills and Cracker Barrel all report before the open.
Thursday: Trump and Xi. Jobless claims at 8:30am. New home sales at 10am. Costco $COST after the close.
Friday: Durable goods at 8:30am, expected -0.3% after +1.1%. Michigan 1-year inflation expectations at 4.6%.
Japan is closed through Wednesday. China is closed Friday.
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Just a refresher: A bond is a loan you buy. You hand a company money today, they pay you back later with interest.
Ratings agencies grade how likely a company is to pay it back. Above a certain line, it is investment grade. Below it, people call it junk. SoftBank is one notch below the line at BB+, so it has to promise higher interest to get lenders to say yes. Alphabet is AA+ and Amazon is AA, so they borrow cheaper.
SoftBank is borrowing this money to buy more OpenAI. It has already put close to $65 billion in. OpenAI is private, and Sam Altman said it is not going public this year, so the stake is hard to turn back into cash. The interest payments are due either way.
The rate on SoftBank's 2031 bond has gone from 6.7% in January to 8.2% this month.
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SOFTBANK SEEKS OVER $11B IN JUNK BONDS TO FUND ITS OPENAI INVESTMENT
The company is looking to issue $10B of dollar securities and €1B of euro notes, per people familiar cited by Bloomberg. The deal may price Thursday, with proceeds partly funding a follow-on OpenAI investment expected to close next month.
At that size it would be one of the largest junk bond sales ever by a single firm. SoftBank is rated BB+ by S&P and has committed close to $65B to OpenAI.
It has sold almost $15B of notes across currencies this year, the most of any junk-rated borrower in 2026. The yield on its 2031 dollar bond hit 8.2% earlier this month, from as low as 6.7% in January.
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PARAMOUNT $PSKY DISCUSSED A $1.5B CALIFORNIA PRODUCTION INVESTMENT TO CLEAR ITS WARNER BROS. MERGER
The company and the state attorneys general that sued to block the $81B merger with Warner Bros. Discovery $WBD spent the weekend working through a possible settlement, per people familiar cited by WSJ. No final deal has been reached.
Concessions under discussion:
- A $1.5B investment in California production
- A promise not to sell either studio lot and to remain in the state
- Penalties if Paramount misses an earlier pledge to make 30 movies a year post-merger, including divesting its Miramax stake
- Sales of some cable channels
- A board to ensure CNN retains editorial independence
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SOFTBANK SEEKS OVER $11B IN JUNK BONDS TO FUND ITS OPENAI INVESTMENT
The company is looking to issue $10B of dollar securities and €1B of euro notes, per people familiar cited by Bloomberg. The deal may price Thursday, with proceeds partly funding a follow-on OpenAI investment expected to close next month.
At that size it would be one of the largest junk bond sales ever by a single firm. SoftBank is rated BB+ by S&P and has committed close to $65B to OpenAI.
It has sold almost $15B of notes across currencies this year, the most of any junk-rated borrower in 2026. The yield on its 2031 dollar bond hit 8.2% earlier this month, from as low as 6.7% in January.
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Trump: Gas prices were much higher under Biden than under “TRUMP.” So were almost all other prices. President DJT
BESSENT CALLS US-CHINA TALKS ON AI AND TRADE "VERY SUCCESSFUL"
The Treasury secretary spoke after hours of talks in New York with Vice Premier He Lifeng and other officials, per Bloomberg. The two sides agreed to set up a dialogue on AI and share views on common goals and threats.
Bessent: "The US has proposed that we have a notification mechanism between the two countries, and we want a shared vision of common goals and common threats," which he said would be called the US-China AI dialogue.
Trade Representative Jamieson Greer said the two sides are "preparing the groundwork" for Thursday's meeting between Trump and Xi Jinping. Top Chinese trade negotiator Li Chenggang said a working group would continue Monday.
The two countries have been working to reduce levies on American energy and agricultural products, part of a broader effort to ease barriers on $30B worth of products from each side under the Board of Trade mechanism launched earlier this year.
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BRING BACK THE NEWSPAPER
TRUMP SAYS HE IS FORMING AN "AI FORCE" AND WILL NAME AN AI CZAR
Trump: "We will not in any way hinder or stifle the Growth of this incredible Industry. Rather, we will cherish it, help it, and watch over it, as it grows!"
He says the administration will look for bad actors using the existing criminal and civil justice system, and that he is forming the AI Force, comparing it to Space Force. He says the AI czar will be announced in the near future.
Trump: AI is "the next Industrial Revolution, or Internet, but will be even larger and more impactful, possibly as much as 25% of our Country's GDP."
He says the US leads China and the rest of the world, and that he intends to keep it that way.
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ANTHROPIC, OPENAI, SPACEXAI, GOOGLE SUED OVER CALL TO ‘PACE’ AI DEVELOPMENT - POLITICO
TRUMP ADMIN TO HOST UN EVENT ON AI NEXT WEEK - CNN
US OFFICIAL SAYS THERE WILL BE NO EXCHANGE OF EXPORT CONTROLS AHEAD OF THE XI MEETING
A senior administration official says the US will not trade export controls "to get something we have already negotiated for," referring to the proper flow of rare earths. On autos, the official says Trump is not interested in compromising national security.
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TRUMP IS READY TO HAVE A CONVERSATION WITH KIM JONG UN, PER A SENIOR US ADMINISTRATION OFFICIAL
The official says the ball is in North Korea's court.
OPENAI EXPECTS TO BURN $280B BY 2030, PER FT
The company expects expenses to far outrun revenues, which it projects will grow from $36B this year to $350B in 2030, per FT. OpenAI anticipates booking $840B in total revenue between now and the end of 2030.
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ADOBE $ADBE CEO SHANTANU NARAYEN SELLS 125,000 SHARES
The open market sales took place September 16 and 17 at prices between $249.53 and $253.74 per share, per a Form 4.
Adobe said on September 3 that Narayen will become executive chair on December 1, with Anil Chakravarthy taking over as president and CEO.
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TRUMP ANNOUNCES AGREEMENT WITH DENMARK AND GREENLAND GIVING THE US "PERMANENT CONTROL OVER SECURITY" IN GREENLAND
Trump says the agreement addresses all US concerns and comes at "NO COST to the United States," and that it is an "Infinite Life" agreement with no end.
Trump: no US adversary can "EVER have a base in Greenland, have a military presence in Greenland, or make sensitive investments in Greenland, without our express written approval."
He says the US will immediately begin developing a large military presence in Greenland and will work with Greenlanders on its development and construction.
Denmark and Greenland have not confirmed the agreement. Danish Prime Minister Mette Frederiksen said Monday she was "quite optimistic" the three parties could reach a security and defense agreement.
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U.S. NATIONAL DEBT IS NOW $40,093,343,468,150.50
Down $737 million from the previous business day.
THE U.S. NATIONAL DEBT IS NOW $40,093,343,468,150.50
As of Thursday, September 17.
Down $737 million from the previous business day.
NSCALE FILES FOR U.S. IPO, PLANS NYSE LISTING UNDER $NSCL
NSCALE FILES FOR U.S. IPO, PLANS NYSE LISTING UNDER $NSCL
$NVDA Backed Nscale has filed its S-1 with the SEC for an IPO of ordinary shares and plans to list on the NYSE under ticker NSCL.
Goldman Sachs, J.P. Morgan and Morgan Stanley are lead bookrunners. The share count and price range have not yet been disclosed.
A few key numbers behind the Nvidia-backed AI infrastructure company:
- Microsoft: Nscale has agreements to deploy roughly 200,000 Nvidia GB300 GPUs across the U.S., UK, Portugal and Norway. The rollout includes ~104,000 GPUs at a 240MW Texas campus alone.
- Anthropic: roughly $45B, six-year compute deal covering about 460MW in West Virginia.
- OpenAI: Nscale is part of Stargate Norway, targeting 100,000 Nvidia GPUs, and Stargate UK, where OpenAI has explored offtake of up to 31,000 GPUs.
- Figure: initial $3.5B compute commitment, with plans that could scale above $6B and up to 100,000 Vera Rubin GPUs.
Nscale recently told prospective investors it had about $103B in total contracted revenue, with contracts averaging 5.7 years, though that figure was described as illustrative rather than formal revenue guidance.
The company was valued at $14.6B after raising $2B in March, with investors including Nvidia, Dell, Nokia, Citadel, Jane Street and Point72.
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VISTASHARES LISTS TWO SHIELD ENHANCED PROTECTION ETFS ON NASDAQ SEPTEMBER 22
VistaShares Shield S&P 500 Enhanced Protection ETF $VOOB and VistaShares Shield Nasdaq-100 Enhanced Protection ETF $QQQB begin trading Tuesday.
Under current market conditions, each fund initially seeks, after fees and expenses, to offset 100% of the first 8% of losses in its underlying ETF during each monthly period, and to experience approximately 50% of any additional losses. The buffer resets monthly. Upside participation is partial with no structural cap.
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🔥 Tuesday is launch day!
🛡️ Shield seeks 8% hard monthly buffer protection with 50% protection against losses below that.
- One ticker offers you evergreen monthly protection
- No upside cap
- Goal= if the market is down 8% in a month Shield loses ~0%
- Goal= if the market is down 20% in a month Shield is down ~6%. Full protection on the first 8% then half of the downside below that.
- You are then protected again the following month.
$VOOB $QQQB
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POLYMARKET ODDS OF ANOTHER FED RATE HIKE IN 2026 ARE AT 84%
The contract is up 8 points, from around 75% two days ago.
The Fed raised rates 25bps to 3.75-4.00% Wednesday, and the dot plot showed 12 of 18 officials penciling in one more 25bp hike this year, four seeing two, and two seeing none.
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TRUMP SAYS HE IS BANNING CNN, MS NOW, AND POLITICO FROM THE WHITE HOUSE, EFFECTIVE IMMEDIATELY
Trump says the move comes as a result of their reporting, and that "other Fake News Media Outlets" will follow. He says media outlets should not be able to report fiction when covering the president, the administration, or the country.
CNN is owned by Warner Bros. Discovery $WBD. MS NOW is owned by Versant $VSNT, the cable group Comcast $CMCSA spun off in January. Politico is owned by Axel Springer.
MSNBC rebranded to MS NOW in November 2025 as part of the Versant spinoff, after NBCUniversal retained the NBC brand.
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