To The Moon

A Nervous Market Awaits the Fed

Stocks drifted lower Monday as investors braced for a pivotal Federal Reserve meeting widely expected to deliver a 25 bps interest-rate cut, and potentially a messy debate about what comes next.

Wall Street’s biggest concern isn’t this cut, but the Fed’s lack of consensus on 2026 policy. Fed Chair Jerome Powell faces a fractured committee, making clear forward guidance nearly impossible.

FOMC

Markets reflected that anxiety:

• Dow: –0.45%

• $S&P 500(.SPX)$ : –0.35%

• Nasdaq : –0.14%

• Hot Stock: Paramount Skydance +9.0%

• Biggest Loser: Air Products & Chemicals –9.5%

• Best Sector: Tech +0.9%

• Worst Sector: Communication Services –1.8%

Index

Even a strong 2026 outlook from strategists wasn’t enough to steady the tape.

What’s Driving Sentiment Now

1. Fed Uncertainty

Investors are laser-focused on:

• The dot plot

• Any changes in policy language

• Powell’s tone during the Wednesday press conference

A “hawkish cut” appears all but guaranteed.

2. AI and Mega-cap Earnings Coming

Once the Fed moves out of the spotlight, markets will shift back to:

• AI trades $NVIDIA(NVDA)$ $Palantir Technologies Inc.(PLTR)$

• The health of the consumer Key earnings this week:

• Oracle , Costco, $Broadcom(AVGO)$

3. A Bullish Case for 2026

Despite near-term volatility:

• Strong earnings + lower rates = constructive outlook,

  “Two catalysts are better than one,”

The Next Wave in Weight-Loss Disruption

Two biotechs, $STRUCTURE THERAPEUTICS INC SPON ADS EACH REP 3 ORD(GPCR)$ Structure Therapeutics and WAVE Life Sciences, announced advances in experimental weight-loss drugs, shaking up the GLP-1 landscape.

GPCR

Key takeaways:

• Early-stage competitors signal growing pressure on $Eli Lilly(LLY)$ and Novo Nordisk.

• The winners today were the upstarts; the giants saw declines.

• Even so, Lilly remains a powerhouse, its obesity drug Zepbound helped send the company briefly into the $1 trillion market-cap club.

The obesity-drug market is expanding so fast that competition is no longer a “risk”, it’s an inevitability.

What’s Coming Next

Tomorrow brings:

• Earnings: AutoZone, GameStop, Campbell’s, Casey’s, AeroVironment, Ferguson

• JOLTS report: September & October job openings

• NFIB Small Business Optimism Index: expected at 98.2

Conclusion

Markets are in a classic Fed holding pattern, hesitant, directionless, and waiting for clarity only Powell can offer. A cut on Wednesday is nearly certain, but the future path of rates remains a muddled battleground. Once the dust settles, attention will snap back to AI leaders, mega-cap earnings, and the ever-expanding weight-loss revolution…

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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.

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