October 9, 2025

Markets:

S&P 500 futures are flat Thursday after the benchmark index hit new all-time highs in the previous session.

Wednesday’s rally marked the S&P 500’s eighth gain in the last nine sessions, while the Nasdaq Composite surged more than 1%, closing above the 23,000 mark for the first time ever.

There are no major economic data releases today due to the ongoing government shutdown. However, investors will closely watch comments from Federal Reserve Chair Jerome Powell this morning at a community bank conference, along with remarks from other Fed officials — Michelle Bowman and Mary Daly — throughout the day. These appearances follow yesterday’s release of Fed minutes, which revealed divisions among policymakers about the future direction of interest rates.

Portfolio:

Another strong session yesterday as we head into the new trading day holding positions in CDZI, RR, CONL, and TSLL.

Plenty of noise and headlines over the last 24 hours, but the true takeaway came from NVIDIA CEO Jensen Huang, who delivered incredible insight on AI — covering infrastructure, energy demands, software evolution, and long-term capabilities. He specifically highlighted key companies and sectors essential to this next phase of growth — CRVW, NBIS, TSLA, and areas like energy and data warehousing.

If you haven’t yet, it’s well worth watching his full interview. His perspective perfectly aligns with what we’ve been building toward — the unfolding of a true tech revolution that’s only just beginning.

We’ve been early to this story — going into our second year of AI positioning — and the conviction remains stronger than ever. The next few years hold tremendous opportunity for our community.

Reminder: stay tuned for Powell’s remarks this morning and additional Fed commentary throughout the day. Anticipate swings during this and stay patient.