US PREMARKET ACTIONS: September 29, 2025
Futures Indices
Dow Futures: +0.4%
S&P 500 Futures: +0.5%
Nasdaq 100 Futures: +0.6%
US 10-year rate: 4.18%
Market Environment
Wall Street starts the week on a positive note, buoyed by hopes of a deal to avoid a government shutdown. Investors remain cautious ahead of the deadline set for Wednesday 12:01 AM ET. If budget negotiations between Republicans and Democrats fail, key statistics such as NFPs could be postponed, which could unsettle the markets.
Jim Reid (Deutsche Bank) notes:
“Payrolls Friday could be the first high-profile victim of a potential government shutdown… The breakeven payroll rate now seems to be around or under 50K per month.”
Monday's session will also feature speeches from several Fed members, including Christopher Waller, Beth Hammack, and John Williams.
On the macroeconomic side, attention will be on pending home sales for August (expected up 0.2%) as well as the Dallas Fed manufacturing index.
On Friday, markets closed higher after the Fed's preferred inflation indicator came in as expected, easing price fears.
Stocks to Watch
Datavault AI (DVLT) +27%
The company announced a strategic partnership with IBM, including 20,000 hours of technical and quantum support. IBM is providing an estimated $5M in backing to accelerate platform development.
IonQ (IONQ) +5.05%
The quantum computing group welcomes General John Raymond, former U.S. space operations chief, to its board. This appointment strengthens its strategy toward government agencies.
Rating Changes
Upgrades
Transocean Ltd. ($RIG) → Rating raised to buy by Arctic Securities, target raised from $2.50 to $3.50.
Ciena Corporation ($CIEN) → Wolfe Research maintains outperform, target raised from $150 to $190.
Thor Industries, Inc. ($THO) → Wolfe Research maintains outperform, target $123 up from $100.
Neutral
American Express Company ($AXP) → Morgan Stanley maintains equal weight, target raised from $311 to $362.
Oracle Corporation ($ORCL) → Arete Research maintains neutral, target $255 up from $188.
Rivian Automotive, Inc. ($RIVN) → Goldman Sachs maintains neutral, target $15 up from $12.
Downgrades
Carmax, Inc. ($KMX) → Seaport Global downgrades to neutral from buy, caution on outlook.
Electronic Arts Inc. ($EA) → Freedom Capital Markets downgrades to hold but raises target from $185 to $195.
Exxon Mobil Corporation ($XOM) → Gerdes Energy Research downgrades to neutral with a $128 target.
US Bancorp ($USB) → Morgan Stanley downgrades to market weight from overweight, target $56 up from $52.
Wells Fargo & Company ($WFC) → Morgan Stanley downgrades to market weight, target $95 up from $87.
Have a good trading session
Sylvain Mouilhaud: Stock Coach