Market review from UTEX — week 40

Major U.S. indices rose for the week: the SPY gained 1.3%, the Nasdaq 3.2%.

Tech sector names led the gains thanks to a series of high-profile partnerships and growing optimism around Meta's AI agent Muse: Qualcomm +13%, Intel +13%, Meta +12%, Advanced Micro Devices +12%, Arm Holdings +12%. The Nasdaq, heavily weighted with tech companies, closed Friday near an all-time high. The most notable decline of the week was Oracle (-7%).

Bitcoin fell 1.8% over seven days to $83,000.

On Wednesday, the first inflation data since the rate hike will be released. The Personal Consumption Expenditures (PCE) index will show the situation in August, before the rate increase.

The September jobs report will be released on Friday. In August, employers hired more workers than expected, but it wasn't enough to change the dynamics of low hiring and firing rates.

There will be few earnings reports, the most interesting being Micron, CarMax, Carnival, Jabil, Accenture, Nike, and McCormick & Company.

Top trading ideas for this week

🔴 Jabil (JBL). Report on September 30 before market open. An American electronics manufacturer. Historically, Jabil often beats Wall Street expectations, but if 2027 guidance comes in conservative due to macroeconomic risks or trade tariffs, the stock could pull back. The stock is quite volatile after earnings; we expect strong intraday moves and a gap.

🔴 Crypto stocks: Strategy (MSTR), Coinbase (COIN), BitMine (BMNR), Securitize (SECZ). Over the past three months, Bitcoin has risen about 40%, from $60,000 to $84,500. Volatility in crypto stocks persists.

🔴 Micron Technology (MU). Report on September 30 after market close. The stock is up 590% over the year but has lost 4% over the last quarter. A very important report that will likely impact other companies in the sector — SanDisk (SNDK), Western Digital (WDC), Seagate Technology (STX). Micron and similar companies have become an indicator of the health of the data center boom. Investor focus will be on management's comments about high-bandwidth memory (HBM3E and future generations), which is critical for Nvidia accelerators and data centers. The company previously stated its HBM capacity is fully sold out a year ahead.

🔴 Nike (NKE). Report on October 1 before market open. The stock has fallen nearly 44% over the year to $35–36 — levels last seen a decade ago. In September, Nike was removed from the S&P 100. The company made an excessive bet on sales through its own apps and stores, reducing work with large retailers. As a result, it lost some customers, and sales through its own channels fell 6–7% in 2026. Younger audiences and athletes are increasingly choosing On Holding and Hoka. In China, revenue fell 12–17% in recent quarters.

New CEO Elliott Hill acknowledged the mistakes and launched the Sport Offense plan. Nike is restoring cooperation with large retailers and cutting discounts to strengthen the brand and restore margins. Medium-term prices already look attractive, but it's best not to rush: wait for the report and management comments. The bottom may not yet be reached.

🔴 CarMax (KMX). Report on September 29 before market open. The largest U.S. used-car retailer. Wall Street is pricing in moderately positive expectations for annual growth, but investor focus will be on the company's tough internal reforms. A week before the report, CarMax announced the elimination of 145 corporate positions (about 4% of office staff). This is the third round of layoffs this year as part of a large-scale program to cut operating expenses by $200 million by 2027. The market will assess how successfully new CEO Keith Barr is optimizing margins. We expect elevated volatility.

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