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Happy Wednesday. Even the Television Academy is cutting the cord. Yesterday, they announced a six-year exclusive agreement to livestream the Emmy Awards via Amazon Prime Video, starting next year.
After the S&P 500 index closed at a record high yesterday, stock index futures declined this morning.
Here are five things investors need to know before the trading day begins:
Record-breaking closing price
Stock investors have once again climbed a wall of worry. The S&P 500 closed above 7,800 yesterday, marking its first closing above that level in nearly two months.
It is important to note that:
- The Nasdaq Composite also rose to a record closing high for the second consecutive trading day, highlighting the recent strength of technology stocks.
- Chip manufacturers particularly drove this technology-heavy index: Marvell Technology rose 5.8%, Advanced Micro Devices rose 3%, and Broadcom rose 3.7%.
- U.S. Treasury yields also provided upward momentum to the stock market on Tuesday, as the 10-year and 30-year Treasury yields declined from multi-decade highs.
- However, before the open, government bond yields and oil prices were rising, putting pressure on stock index futures.
- Investors will focus on the afternoon release of the Fed's September meeting minutes. At that meeting, the Fed announced its first interest rate hike in three years.
- Today, Treasury yields may face another test from a highly anticipated bond auction, as the U.S. Treasury plans to sell $39 billion in 10-year notes.
- Click here to view real-time market updates.
2. Economic slowdown
President Trump has directed federal immigration enforcement agents to enter major U.S. cities during his second term. Increasing research shows that economic activity often slows in areas where Immigration and Customs Enforcement (ICE) conducts raids.
A study by the University of Pennsylvania found that communities affected by ICE raids experienced declines in spending and foot traffic. Professor Zeke Hernandez of the University of Pennsylvania stated that this could lead to “a recession-like situation.” The Brookings Institution reported last month that employment decreased in cities most severely impacted by ICE raids.
CNBC visited Minneapolis, where the U.S. Department of Homeland Security launched "Operation Metro Surge"—the department's largest immigration enforcement action to date. The city estimates nearly $700 million in economic activity was lost between December and April, while the state's unemployment rate surged, outpacing the national average for the first time in nearly two decades.
3. Proxy Training
To enhance the experience of doing business with AI bots, Meta is collaborating with Walmart, Stripe, Sierra, and other companies to launch a "Personal Agent Agreement."
CNBC’s Kate Rooney reported that the agreement will be an open standard designed to clarify how AI agents interact with enterprises. Bret Taylor, co-founder of Sierra leading the initiative, told CNBC that without such a playbook, “it’s kind of messy.”
Anthropic is also targeting enterprise customers. Yesterday, the AI startup announced an expansion of its Claude Startups program, the latest effort to attract founders and growth-stage companies. With the expansion, the program will be open to more companies, and members will gain access to products and credits worth thousands of dollars.
4. Risk Report
A bipartisan congressional panel stated in a report this morning that the online trading platform Webull is “structurally linked to the Chinese government,” making it a national security threat to the U.S. financial system.
As Eamon Javers of CNBC wrote, the House Select Committee on the Chinese Communist Party alleged that the platform’s “software development, data pipelines, and core engineering operations” rely on infrastructure subject to Chinese laws that can compel companies to cooperate with the government. The committee also stated that Webull overstated its number of employees in China.
As of pre-market trading this morning, the stock price of Webull, listed on Nasdaq, has dropped nearly 30%. A company spokesperson said: “We are deeply disappointed that the special committee issued a report containing significant inaccuracies and unsupported conclusions without ever seeking clarification from Webull.”
5. House Election Campaign
The survey shows that housing costs have become one of the top political issues for young adults. But this doesn’t mean they expect political candidates to help.
This week’s CNBC and SurveyMonkey quarterly money survey found that Americans are feeling significant pressure from housing costs—especially renters. Meanwhile, mortgage rates are accelerating upward, and home prices continue to rise.
CNBC’s Diana Olick traveled to Pennsylvania for interviews. The state is a key swing state, and this November’s House elections could determine which party controls Congress. Although housing costs in the state are below the national average, the share of income spent on housing has risen in recent years.
Daily dividend
U.S. Department of Commerce data shows that the U.S. trade deficit widened to its highest level since March 2025 in August. Key figures:
- Total deficit: $105.6 billion
- Month-over-month increase: 13.7%
CNBC’s Deena Zaidi, Sean Conlon, Spencer Kimball, Kate Rooney, Ashley Capoot, Eamon Javers, Diana Olick, and Jeff Cox contributed to this report.
Caleigh Keating assisted in producing this newsletter. Josephine Rozzelle edited this issue.