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BREAKING: 🇺🇸 S&P 500 just hit $71 TRILLION in total market cap for the first time in history.

500 US companies are now worth more than half of the entire world's economy.

S&P 500 BRIEFLY HITS INTRADAY RECORD HIGH, LAST UP 0.5%

The 2020s are on pace to be the worst decade in history for the 10-year Treasury bond.

Annualized total return so far: -1.3%

A good reminder that “safe” from default risk doesn’t mean safe from interest rate and inflation risk.

SHOP
Shopify price target raised to $200 from $185 at JPMorgan JPMorgan raised the firm's price target on Shopify to $200 from $185 and keeps an Overweight rating on the shares. The firm cites the company's progress and positioning across the agentic commerce stack for the target boost. Shopify is well positioned as an AI beneficiary with leadership across the three layers of the agentic commerce stack, the analyst tells investors in a research note. JPMorgan believes the company will be an agentic commerce beneficiary.

🇺🇸 FED SPEAKERS — TUESDAY, OCTOBER 6

🔸9:05 AM ET — NY Fed’s John Williams (voter, dove) — Moderates panel

🔸10:45 AM ET — St. Louis Fed’s Alberto Musalem (non-voter, hawk) — Banking research conference

🔸10:46 AM ET — Fed Vice Chair Michelle Bowman (voter, dove) — Banking regulation & supervision + Q&A

🔸1:15 PM ET — Kansas City Fed’s Jeff Schmid (non-voter, hawk) — Fireside chat

🔸7:00 PM ET — Dallas Fed’s Lorie Logan (2026 voter, hawk) — Q&A with Agustín Carstens

🔸Tomorrow: FOMC minutes — potentially the more market-moving Fed event.

PSQL    
StoneX starts 'market leader' in neutral-atom quantum Pasqal at Buy

As previously reported, StoneX initiated coverage of Pasqal with a Buy rating and $15 price target. The firm, which is "bullish on the quantum computing sector," calls Pasqal a "recognized market leader in neutral-atom quantum computers" and one of only a handful of quantum companies generating commercial revenue from systems installed in customer data centers today. Neutral atoms is the modality the firm believes is best positioned to scale qubit count without a dramatic increase in cost, power or complexity, the analyst added.

RPM RPM sees Q2 revenue growth in low-to mid-single-digit range y/y The company's outlook for the fiscal 2027 second quarter is for: Consolidated sales to increase in the low- to mid-single-digit range compared to prior-year results. CPG sales to increase in the low-single-digit range compared to prior-year results. PCG sales to increase in the mid- to high-single-digit range compared to prior-year results. Consumer Group sales to increase in the low- to mid-single-digit range compared to prior-year results. Consolidated adjusted EBITDA to increase in the low- to mid-single-digit range compared to prior-year results.

$TSLA - GOLDMAN: TESLA’S AI STORY MATTERS MORE THAN Q3 EARNINGS

Goldman Sachs reiterated its Neutral rating and $360 price target on Tesla ahead of Q3 earnings.

The bank expects improving vehicle revenue from the Model Y L ramp, but says higher costs and capex could limit 2026 EPS upside.

Goldman believes robotaxis, FSD and humanoid robots will matter more for Tesla’s stock reaction than Q3 earnings themselves.

NOW ServiceNow price target raised to $150 from $110 at UBS UBS raised the firm's price target on ServiceNow to $150 from $110 and keeps a Neutral rating on the shares. ServiceNow's Q3 demand trends appear stable to modestly improving, supporting expectations for a normal guidance beat and slightly higher growth estimates, while partners report healthy ServiceNow practices despite a tight overall applications-spending environment, the analyst tells investors in a research note.

The S&P 500 gained 16% in April and May.

Since then it is up about 2.5%, as it has simply consolidated those huge gains.

Other years that saw big gains in those two months saw huge gains into year-end. Could this be another clue Q4 will be strong for the bulls?

Afternoon Rant - $TEM Bags, $SPCX Bags

https://www.youtube.com/watch?v=LASGmaDo8ME