Rising yields put stocks on edge, Finpresso

Hi there, this is your daily ☕️ Finpresso.

In today's newsletter:

📈 Treasury yield surge threatens global stock markets

🤖 Robinhood launches AI agents that trade for you

💰 OpenAI seeks $30B to delay its IPO

🤝 AI firms sign voluntary self-policing pledge

🏢 Meta stock drops 8% on OpenAI's assistant launch

Plus: 🌍 10 macro stories, 🏢 10 corporate stories, and 📑 6 research & reports.

📈 Treasury yield surge threatens global stock markets LINK

A sharp US bond sell-off today drove the 10-year Treasury yield up about 1% to 5.214%, while the 30-year yield briefly topped 5.6% to reach its highest level since June 2002.
The move follows a surge in oil prices tied to Middle East tensions, which is stoking fresh inflation fears and pushing traders to price in a more than 72% chance the Fed hikes rates again at its October meeting.
Analysts say sustained high US yields could weigh on Indian equities, as foreign investors shift toward better-paying US debt, an effect worsened by a weaker rupee that erodes their dollar returns and India's higher oil-import bill.

🤖 Robinhood launches AI agents that trade for you LINK

Robinhood has begun rolling out AI trading agents powered by OpenAI and Anthropic to its roughly 29 million customers, letting non-technical users instruct bots in plain English to place trades, run research, and build strategies.
Users pick a model, OpenAI's GPT-6 Luna or Sol, or Anthropic's Opus 4.8, and can set "Loops" that trade automatically when conditions are met; guardrails include a separate agent account, trade-size limits, and optional confirmation before execution.
An earlier technical version drew over 150,000 agentic accounts and now handles nearly 30 million daily transactions, but Robinhood concedes it's unclear where legal liability lands if trades go wrong, and mass agent activity could add market volatility.

💰 OpenAI seeks $30B to delay its IPO LINK

OpenAI is in talks to raise at least $30 billion in a pre-IPO round valuing it at roughly $1.4 trillion, a bridge deal that pushes its stock-market debut past this year, Bloomberg reported yesterday.
Investor appetite reflects a 70% jump in run-rate revenue since July, reaching $40 billion in August, after the company refocused on areas like coding to pull ahead of Anthropic.
The valuation would nearly double the $852 billion set in a $122 billion March round once meant to be its last private raise, but CEO Sam Altman has now ruled out a 2026 IPO, citing AI safety concerns.

🤝 AI firms sign voluntary self-policing pledge LINK

Leaders of major AI companies signed a voluntary accord with the Trump administration yesterday, agreeing to internal and external reviews of their technology, though the deal stops short of government-imposed rules or "guardrails."
The pledge lands as firms spend hundreds of billions of dollars building AI infrastructure, and it commits developers to ease bipartisan opposition to local data centres by funding local schools or lowering energy costs, with Trump warning holdout communities could push projects overseas.
The self-policing framing masks a split among the executives present, Amodei, Musk and Altman have urged slowing development after AI agents "went rogue," while Huang and Zuckerberg played down those risks; OpenAI halted a new model's rollout on Monday over safety concerns.

🏢 Meta stock drops 8% on OpenAI's assistant launch LINK

OpenAI is expected to unveil a continuously active AI assistant, possibly called "O," at its developer event today, setting up a direct challenge to Meta's rival Muse agent.
The prospect helped drag Meta shares down 8% over the past two sessions, though the stock still holds a 25% gain for September, powered by Muse, which drew roughly 2.8 million installs in its first two weeks.
Meta is countering by expanding into business use, launching Muse for Small Business with links to Shopify, Stripe and QuickBooks, part of a push to lean less on advertising revenue and sustain the stock's momentum.

🌍 Macro News

China's factory sector returned to growth in September for the first time in three months. LINK
JOLTS showed August labor-market churn cooled to normal levels. LINK
China vows a firm response if the EU curbs Chinese businesses or products. LINK
Chinese policymakers shift toward property stabilization, jobs and household spending support. LINK
Middle East crude exports recovered to 98% of pre-conflict levels. LINK
OPEC producers are expected to keep November crude quotas unchanged, delegates say. LINK
US consumer confidence fell in September as cost worries hit record levels. LINK
France plans record €340 billion borrowing in 2027 for spending and debt. LINK
SEC and CFTC leadership shrinks to three commissioners as Peirce departs. LINK
BoE's Taylor says rate hikes lack justification unless energy inflation spreads. LINK

Netlist seeks a US import ban on Micron chips over alleged patent infringement. LINK
Oura shelved its Nasdaq debut, citing uncertainty in the new listings market. LINK
OpenAI's revenue run rate nears $70 billion as enterprise sales double. LINK
Musk reverses criticism after Anthropic's $15 billion annual SpaceX computing deal. LINK
Kalshi reportedly seeks $1 billion in funding at a $40 billion valuation. LINK
Apple Pay launched in India with Axis Bank Visa and Mastercard cards. LINK
Appeals court backs Thomson Reuters in Westlaw copyright case against Ross Intelligence. LINK
Corning shares rose nearly 5% after AT&T disclosed a multiyear fiber-materials deal. LINK
Citi enables cross-border instant payments through one account and existing Swift connection. LINK
Cboe and S&P Dow Jones may develop tokenized options under expanded licensing. LINK

▲ Biggest winners

Royal Caribbean Cruises rose 7% after Deutsche Bank and Bank of America upgraded shares to Buy. LINK

Summit Therapeutics rose 6% after AstraZeneca's $2 billion investment and collaboration deal. LINK

Applied Materials rose 5% after Morgan Stanley raised its price target by $79. LINK

▼ Biggest losers

Fair Isaac fell 27% after the government announced it would no longer use FICO as the sole score for mortgage pricing. LINK

83% of North American CFOs call US stocks overvalued, Deloitte survey finds. LINK
JPMorgan turns bullish as Morgan Stanley warns a stock correction may be near. LINK
Three-quarters of US banks have blockchain finance programs, survey finds. LINK
Bitcoin ETF inflows surge, though much buying reflects arbitrage, not bullish bets. LINK
UK venture funds match US long-term returns, with newest funds outperforming peers. LINK
Fed researchers map differing settlement across America's $13 trillion daily repo market. LINK