Daily Summary: Wall Street Recovers as Micron Shines and Oil Prices Rise Again

📈 US Stock Market

• Initial optimism on Wall Street turned into a sharp sell-off during the session, but US indices quickly recovered a significant portion of their losses.

• Currently, the S&P 500 is up 0.24%, the Nasdaq 100 is rising 0.54%, and the Dow Jones is 0.12% above the flat line.

• The market remains supported by very strong results from Micron and positive prospects for the AI sector, although investors still face high US bond yields, rising oil prices, and inflation concerns.

• Micron once again delivered very strong results, reaching record revenues of $54.23 billion and adjusted earnings per share of $33.42, significantly beating market expectations.

• Growth continues to be driven primarily by huge demand for memory used in AI infrastructure, which also translated into an exceptionally high 87% gross margin.

• The company also presented very strong guidance for the next quarter, indicating that tight memory supply combined with sustained demand from data centers could continue to support performance in subsequent periods.

• Accenture is gaining nearly 20% today following the publication of results that clearly beat market expectations, along with an optimistic outlook for the coming year.

• The company increased its annual revenue by 4% to $74.2 billion, while net profit rose by 8% to $8.4 billion.

• The firm also noted that AI development is helping it increase revenue per employee.

• Investors were particularly reassured by the revenue growth forecast of 3–6% for the current fiscal year, suggesting that AI adoption is not currently depressing demand for consulting services to the extent the market previously feared.

🌍 Geopolitics & Energy Policy

• Donald Trump warned that US military action against Iran could resume after the Congressional elections if the two sides fail to reach an agreement.

• Against this backdrop, talks are underway regarding a proposed seven-day ceasefire and a gradual reopening of the Strait of Hormuz, though the US simultaneously continues to increase economic pressure on Tehran through further sanctions.

• Trump also admitted that due to the war, supplies of certain US munitions are lower, though he assured that the US is intensively replenishing them and expanding production capacity.

• Particularly critical are inventories of air defense systems such as Patriot and THAAD, which previous analyses indicated have been significantly depleted.

• The Trump administration is pressing France and Germany to release part of their strategic diesel reserves to ease pressure on fuel prices, while threatening potential restrictions on US diesel exports.

• Washington wants Europe to release up to 120 million barrels of diesel over six months to bolster market supply.

• The pressure stems from supply disruptions originating from the Middle East, China, and Russia, with the situation further complicated by the conflict with Iran.

📊 Macroeconomics & Financial Markets

• The September ISM Manufacturing Index for the US came in at 54.5 points, slightly below expectations of 55 points, but still indicates continued expansion in the sector.

• At the same time, the sub-index of prices paid by manufacturers rose sharply, renewing concerns over inflationary pressure and limiting the Fed's scope for rapid rate cuts.

• The data translated into higher US Treasury yields and a stronger US Dollar, with higher financing costs continuing to weigh on US equity indices.

🏛️ European Stock Markets

• On the Continent, the first session of the final quarter was marked by pronounced declines.

• The British FTSE 100 dropped nearly 1.7%, the French CAC 40 fell 1.6%, the German DAX pulled back 0.9%, and the Spanish IBEX 35 declined nearly 2.2%.

🛢️ Commodities & Precious Metals

• A rebound is underway in the precious metals market.

• Gold futures are gaining nearly 0.6%, testing the $4,200 level, while silver is up over 1%, testing $69.

• Crude oil prices are rising again following comments by Donald Trump regarding the possibility of resuming strikes on Iran after the November US elections.

• The prospect of further escalation increases concerns over potential supply disruptions from the region.

🪙Cryptocurrencies

• Positive sentiment is also present in the cryptocurrency market today.

• Bitcoin is rising by over 1.3%, approaching the $85,000 level, while Ethereum is gaining nearly 0.8%, breaking above $2,700.