September 29, 2025

Markets:

Stock futures rose on Monday as Wall Street tried to regain its footing after a week in which the artificial intelligence trade lost some steam.

U.S. stocks slipped last week as cracks appeared in a key pillar of the bull market rally — enthusiasm surrounding artificial intelligence buildout. Nvidia’s eye-popping $100 billion partnership with OpenAI drew investor skepticism towards the sustainability of the business.

The S&P 500 fell 0.3% last week, its worst weekly performance since Aug. 1, and now sits 0.8% off its record high. The Nasdaq dropped 0.7%, also its weakest since early August. The Dow edged down 0.2%, its first loss in three weeks.

Weekly jobless claims came in lower than expected Thursday, while second-quarter GDP was revised up to 3.8%. The stronger data fueled concerns the Fed may be slower to cut rates, threatening one of the bulls’ key catalysts.

All eyes are turning to the September nonfarm payrolls report, which is due Friday morning. Wall Street may need another “goldilocks” number to keep the bull market going — not too hot as to turn policymakers hawkish and not too cold to indicate a major slowdown.

The market is still poised for modest gains for the month of September. The S&P 500 is up 2.8% this month, while the Dow has gained 1.5%. The tech-heavy Nasdaq has been the outperformer with a 2.9% rally.

Portfolio:

Big week ahead. Q3 will close and we will welcome Q4. Q4 has the ingredients to be a massive runway for us based on where we sit technically. Last week – as expected – was a choppy week but technically – it was healthy. We expect a bit more chop this week and then it proceeds. Day 29 of September. Still no seasonality crash. Heading into month 10 of the year and we still continue to build higher. The hated rally – missed by most – will be chased so hard and few understand this and what is coming. Bears had all the indicators going for them and gets invalidated in a day or two. Very interesting and extremely strong market. Short term, want to see SPY get above 671/672 area.

We enter the new weeks holding setups in ONDS, CIFR, and EOSE. We will be looking to add this week so please be ready.  But, your friendly reminder to stay patient.  NFP week has historically been a choppy one and we still have 2 days left of quarter end trading – a quarter which involved a few new sectors and we can see a bit of rebalancing / movement across several names.  Just please understand that and how it can affect price action next two days.  It's completely normal.