Good morning investors! The Nasdaq Composite rose to a fresh all-time intraday high on Tuesday, while the S&P 500 was relatively unchanged as traders continued to keep an eye on developments between the U.S. and Iran.
Today we cover:
New crypto rules?
Qualcomm announces new chipsets
What Trump’s trading
📊 Economy and News
Regulators Push Crypto Rules After Clarity Act Stalls
U.S. federal and state regulators are moving quickly to fill the gap in cryptocurrency oversight after the Clarity Act, a major market-structure bill, failed to advance in the Senate.
Just two days after the procedural setback, the SEC created a temporary pathway for trading certain tokenized stocks, edging markets closer to 24/7 trading. The same day, the CFTC submitted a crypto rulemaking proposal to the White House for review.
Industry leaders, including Coinbase CEO Brian Armstrong and Blockchain Association CEO Summer Mersinger, say clearer rules are needed to reduce uncertainty and attract traditional finance. Senate Banking Committee Chair Tim Scott also urged agencies to set interim guidelines until Congress acts.
State attorneys general have pushed back, arguing in a bipartisan letter that the Clarity Act would weaken their ability to police securities fraud and scams. Some lawmakers, including Sen. Thom Tillis, have left the door open for a possible reconsideration of the bill.
Global hits:
IMF aims to scale back economic consultations for some countries.
Brazil cuts 2026 growth forecast to 2.0% from 2.3%.
Euro zone consumer confidence drops to -16.5 in September.
India’s large caps stuck in ‘bygone economic era’, says Bernstein, as foreign investors head for the exit.
US-Iran War: Iran’s Foreign Minister Abbas Araqchi met with U.S. Special Envoy Steve Witkoff on the sidelines of the UN General Assembly on Tuesday to discuss reopening the Strait of Hormuz, Iranian state media reported.
Tehran presented what it called “strict” conditions: an immediate end to the naval blockade, the release of frozen Iranian assets, and a halt to conflict on all “resistance” fronts.
Will this result in an end? Experts do not think so. However, most agree that we will see the issue resolved in 2027 as both sides now appear tired of the situation.
Reminder: Trump administration removes around 760,000 Obamacare enrollments, alleging fraud. Elsewhere, Trump administration is examining whether a diesel export ban is feasible. Lastly, U.S. strikes Greenland deal at UN to expand military presence at Arctic outposts.
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📈 Stocks
S&P 500 7,764.64 (-0.00077%)
DJIA 51,863.69 (-0.37%)
NASDAQ 27,244.28 (+0.45%)
BRENT CRUDE 99.26 (-1.03%)
* Prices as of Sep 23rd, 12:20 AM UTC
Qualcomm Unveils Snapdragon 8 Elite Gen 6 for On-Device AI
Qualcomm launched its Snapdragon 8 Elite Gen 6 chipsets for premium Android phones, optimized for on-device AI and built on TSMC’s 2nm process. The chips will power devices from Motorola, Xiaomi, and ZTE, with a higher-end “Extreme” variant that can run models with up to 30 billion parameters.
The release comes as the smartphone market contracts amid soaring memory prices, with shipments expected to fall 14% in 2026. Makers are shifting focus to high-end devices, which Qualcomm positions as “AI hubs” that process models locally without relying on the cloud—mirroring Apple’s approach with the A20 Pro.
CEO Cristiano Amon described a shift from phone-centric to “agentic-centric” experiences, where devices complete tasks rather than just run apps. The chips include CPU, GPU, and NPU components plus security features for handling AI agents and sensitive data.
What Trump’s Trading: President Donald Trump disclosed 1,156 securities transactions made on his behalf in July, totaling between roughly $79 million and $270 million.
The biggest moves were July 20 sales of $5 million to $25 million each in Microsoft and Amazon shares. The same day included a $1 million–$5 million sale of Oracle, a $500,001–$1 million purchase of Nvidia, and a $250,001–$500,000 sale of Northrop Grumman—coinciding with an executive order tightening defense contractor supply-chain rules.
Trump also traded shares of Elon Musk’s companies, buying and selling SpaceX and repeatedly trading Tesla. Other activity included purchases of Intuit, Marvell Technology, Salesforce, Church & Dwight, and Axon Enterprises, plus large moves in ETFs and municipal bonds.
The White House said the portfolio is independently managed by third-party institutions with no input from Trump or his family.
Surprising: Piper Sandler cut its price target on Cisco to $125 from $132, causing the stock to fall 5%. In other news, Anthropic and OpenAI roll out cheaper models in first release since call for slowdown. Lastly, Royal Caribbean is near a deal to take a 50% equity stake in Sandals, a deal that would value Sandals at $6 billion.
The Trade Desk ($TTD) officially left the S&P 500 for the S&P SmallCap 600 (skipping the MidCap 400) after S&P’s quarterly rebalance announced Sept. 4. Shares fell 5% to $13.18 on Tuesday, near the 52-week low of $12.83—down ~90% from the Dec. 2024 peak of ~$141 (market cap now ~$6.5B vs. $69B).
Viking Therapeutics ($VKTX) posted strong mid-stage weight-loss data for its dual GLP-1/GIP candidate VK2735: 16–19% weight loss at 21 weeks (no plateau) and 22% by week 33 in an exploratory arm. The weekly injection matches the mechanism of Lilly’s Zepbound; an oral version is also in development. Nearly all patients lost weight vs. 0% on placebo.
Shares jumped 36% to $40.85—its biggest one-day gain since Feb. 2024 and highest close since Dec. 2024—fueling permanent buyout speculation as a credible third challenger to Lilly and Novo.
💵 Personal Finance
Unsure About Kids? Prioritize These 3 Flexible Savings Accounts
If you’re not sure whether you’ll have children, build flexibility into your finances so savings can fund either path, says certified financial planner Kelley Long.
Focus on these three accounts:
Health Savings Account (HSA)
Contribute the maximum ($4,400 for self-only or $8,750 for family coverage in 2026, plus $1,000 catch-up if 55+). Invest the funds and pay medical costs out of pocket when possible. Money grows tax-free and can be withdrawn tax-free for qualified medical expenses—creating a strong buffer for future healthcare or early retirement without “job lock.”
Roth IRA
Fund it with after-tax dollars for tax-free growth and withdrawals after age 59½ (and five years). You can withdraw contributions anytime without penalty, offering access in your 30s–50s if plans change. 2026 limit: $7,500 ($8,600 if 50+), subject to income phase-outs.
Taxable Brokerage Account
Prioritize this over locking extra money in a 401(k) beyond the employer match. You’ll owe capital gains taxes on profits, but you can access funds anytime without early-withdrawal penalties—ideal if you decide to pivot life plans.
These vehicles keep options open whether you raise kids or chart a different course.
💰 Be a Better Investor
“Frugality includes all other virtues.”
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