Bitget UEX Daily | Strong PMI Raises Rate-Hike Bets; Nasdaq Falls 1.13%; McDonald’s Drops 4.81% (September 24, 2026)

 

I. Hot News Highlights

Federal Reserve Dynamics

Strong US PMI lifts rate-hike expectations; 10-year Treasury yield reaches highest level since 2007

• The US September flash manufacturing PMI rose to 57.0, well above the 53.6 consensus estimate and its highest level since May 2022.
• The services PMI reached 58.7, while the composite PMI rose to 58.4, its strongest reading since July 2021.
• New orders accelerated, while supply-chain delays and higher input costs intensified. The input-price index reached its highest level since October 2022.
• Federal Reserve Governor Michael Barr said further rate increases may be necessary. Markets are pricing in an approximately 71% probability of another rate hike in October.
• The 10-year US Treasury yield climbed to approximately 5.11%, its highest level since 2007.

Market Impact: Strong economic activity and persistent cost pressures reinforce expectations that interest rates could remain higher for longer. Rising long-term yields increase valuation pressure on technology stocks and raise financing costs for capital-intensive sectors. If upcoming labor-market data also remain firm, expectations for near-term monetary easing could weaken further.

International Commodities

Oil rebounds, but a surprise increase in US inventories limits gains

• Iran said it could reopen the Strait of Hormuz within one week if the United States reduces military pressure and lifts restrictions on Iranian ports.
• Saudi Arabia restarted its East-West crude pipeline, although full capacity is expected to require another six to eight weeks of repairs.
• US commercial crude inventories unexpectedly increased by 2.969 million barrels, compared with market expectations for a decline of approximately 640,000 barrels.
• WTI crude futures traded near $92 per barrel, while the current active ICE Brent contract traded around $99.

Market Impact: Oil prices remain supported by geopolitical risks and uncertainty surrounding the Strait of Hormuz. However, the restart of Saudi pipeline capacity and the unexpected rise in US inventories have reduced immediate supply concerns. Energy equities may continue to benefit from elevated prices, while transportation and manufacturing companies remain exposed to higher input costs.

International Trade Policy

Trump and Xi meet today; trade truce and AI policy are in focus

• US President Donald Trump and Chinese President Xi Jinping are scheduled to meet in Washington on September 24.
• The agenda is expected to include the existing trade truce, agricultural and aircraft purchases, rare-earth supplies, AI regulation and restrictions on advanced-technology exports.
• The Middle East and Taiwan may also be discussed, although financial markets are primarily watching for progress toward a phased trade agreement.
• The meeting is more likely to improve communication and manage disputes than to produce a comprehensive agreement immediately.

Market Impact: Signs of progress could support semiconductor, industrial, agricultural and logistics stocks. Limited results or renewed trade tensions could increase volatility in companies exposed to China, advanced technology and global supply chains.

II. Market Review

Commodities & Forex Performance

• Gold futures: Approximately $4,318.40 per ounce.
• Silver futures: Approximately $64.38 per ounce.
• WTI crude oil futures: Approximately $92.16 per barrel.
• Brent crude oil futures: Approximately $99.32 per barrel, based on the current active ICE contract.
• US Dollar Index (DXY): Approximately 100.91.
• 10-year US Treasury yield: Approximately 5.11%.

Driver Analysis: Strong US PMI data, hawkish Federal Reserve expectations and rising Treasury yields supported the dollar while pressuring precious metals. Oil remained supported by geopolitical uncertainty, although higher US inventories and improving Saudi export capacity limited the rebound.

Cryptocurrency Performance

• BTC: Approximately 84,316 USDT, down 2.49% over 24 hours, with trading volume of approximately $45.8 billion.
• ETH: Approximately 2,683 USDT, down 2.87% over 24 hours.
• Total cryptocurrency market capitalization: Approximately $2.86 trillion, down about 2.3%.
• Total 24-hour cryptocurrency trading volume: Approximately $129.8 billion, up about 11%.

Price-Volume & Major-Capital Observation: BTC and ETH both declined as market-wide trading volume increased, indicating stronger short-term selling pressure rather than a low-volume pullback. ETH underperformed BTC.

Strategy disclosed that it purchased 950 BTC between September 14 and September 20 for approximately $75.7 million, at an average price of $79,670 per BTC. BitMine reported purchasing 27,562 ETH during the previous week, raising its total holdings to 5,983,940 ETH. These were weekly corporate disclosures, not new intraday purchases made on September 24.

Rising Treasury yields, stronger rate-hike expectations and profit-taking weighed on crypto assets. Near-term attention remains on US jobless-claims data, the 10-year Treasury yield and whether BTC can hold the $83,000–$84,000 support area.

US Equity Index Performance

• Dow Jones: Closed at 51,511.59, down 0.68%.
• S&P 500: Closed at 7,706.03, down 0.75%.
• Nasdaq Composite: Closed at 26,936.04, down 1.13%.

Tech Giants Dynamics

• NVDA: $225.51, down 1.49%.
• AAPL: $337.02, down 0.85%.
• MSFT: $500.59, up 0.56%.
• GOOGL: $337.83, down 3.83%.
• AMZN: $249.27, down 2.21%.
• META: $744.10, up 1.02%.
• TSLA: $380.12, up 0.32%.

Performance Summary & Driver Analysis: Three of the seven major technology stocks advanced, while four declined. Alphabet and Amazon led the losses, and Nvidia also came under pressure as rising bond yields reduced investors’ willingness to pay premium valuations. Meta retained some of the strength associated with its Muse AI agent, while Microsoft and Tesla also closed higher. Amazon’s decision to restrict Muse’s access to its shopping platform highlighted growing competition between AI agents and e-commerce ecosystems.

Sector Movers Observation

Cybersecurity: AI-powered security products support sector gains

• Representative stocks: Palo Alto Networks (PANW) rose 4.99%, CrowdStrike (CRWD) gained 4.95%, and Okta (OKTA) advanced 4.44%.
• Drivers: Palo Alto Networks introduced Unit 42 Continuous Frontier AI Defense, which combines models from Anthropic, OpenAI and open-weight providers with security experts to continuously test applications, APIs and cloud environments. The announcement strengthened expectations for additional enterprise spending on AI security.

Energy: Higher oil prices support producers

• Representative stocks: ConocoPhillips (COP) rose 2.27%, Exxon Mobil (XOM) gained 1.62%, and Chevron (CVX) advanced 1.54%.
• Drivers: The rebound in crude prices and continuing uncertainty surrounding the Strait of Hormuz improved the near-term earnings outlook for oil producers, despite the surprise increase in US inventories.

III. In-Depth US Equity Analysis

1. McDonald’s (MCD) — Investment plan raises concerns about near-term returns

Event Overview: McDonald’s fell 4.81% on September 23, closing at $238.32. At its investor meeting, the company introduced the “McDonald’s > NEXT” strategy and committed approximately $8.5 billion in financial support through 2036, including around $5 billion through 2030. The program includes rent relief, restaurant modernization and additional capital support for franchisees.

Market Interpretation: Management expects the plan to improve restaurant efficiency by approximately 250 basis points and generate average annual cash flow of around $100,000 for US restaurants. The company targets approximately 2.5% systemwide sales growth from unit expansion in 2027, moderating to around 2% by 2030, with an operating-margin goal in the low-to-mid-50% range by 2030. Investors, however, focused on the scale of the upfront spending and uncertainty surrounding traffic growth, sales execution and franchisee returns.

Investment Implications: Watch US comparable sales, customer traffic, franchisee returns, capital-deployment progress and operating margins. The key question is whether the investment program can generate enough incremental sales and efficiency gains to justify its cost.

2. Palo Alto Networks (PANW) — AI security launch strengthens the growth narrative

Event Overview: Palo Alto Networks rose 4.99% on September 23, closing at $393.30. The company launched Unit 42 Continuous Frontier AI Defense, a service combining multiple AI models with human security expertise to conduct continuous testing.

Market Interpretation: The product expands Palo Alto Networks’ exposure to generative-AI security, including the protection of applications, APIs and cloud infrastructure. Annual subscription pricing will vary according to the models and services selected, potentially creating an additional recurring-revenue stream.

Investment Implications: Monitor customer orders, annual recurring revenue, adoption rates and service-delivery costs. The commercial value of the product will depend on whether enterprise interest in AI security translates into scalable subscriptions and attractive margins.

3. Paychex (PAYX) — Solid earnings overshadowed by slower core growth

Event Overview: Paychex fell 8.82% on September 23, closing at $104.49. Fiscal first-quarter 2027 revenue increased 6% to $1.6305 billion, while adjusted earnings per share rose 10% to $1.34.

Market Interpretation: Management Solutions revenue increased 4% to $1.2131 billion but fell short of some market expectations. The company maintained its full-year guidance for total revenue growth of 5%–6% and adjusted EPS growth of 7%–9%. It raised its growth outlook for PEO and insurance solutions revenue from 6%–7% to 7%–8% and also increased its forecast for interest income earned on client funds.

Investment Implications: Watch Management Solutions growth, customer retention, revenue per client and small-business hiring trends. Stronger PEO revenue and interest income could provide a buffer, but sustained weakness in the core management-services business would remain a concern.

IV. Market & Project Updates

1. Binance announced a $100 million investment in Circle and extended the companies’ partnership for another five years to expand the use of USDC across Binance’s ecosystem.
2. The US Securities and Exchange Commission introduced a five-year conditional exemption framework for tokenized stocks. Tokenized shares must retain the rights associated with the underlying securities, while issuers may object to the tokenization of their shares.
3. Strategy purchased 950 BTC during the week for approximately $75.7 million at an average price of $79,670 per BTC, raising its total holdings to 846,000 BTC.
4. BitMine purchased 27,562 ETH during the previous week, raising its total holdings to 5,983,940 ETH. Approximately 5.067 million ETH has been staked.

V. Today’s Market Calendar

Data Release Schedule

All times are Beijing time (UTC+8). Market-attention ratings reflect this edition’s editorial assessment.

September 24, 16:10	United States	New York Fed President John Williams speaks	⭐⭐⭐
September 24, 20:30	United States	Initial jobless claims for the week ended September 19	⭐⭐⭐⭐
September 24, 20:50	United States	Cleveland Fed President Beth Hammack speaks	⭐⭐⭐
September 24, 22:00	United States	August new-home sales	⭐⭐⭐⭐
September 24, 22:10	United States	Philadelphia Fed President Anna Paulson speaks	⭐⭐⭐
September 24	United States/China	Trump–Xi meeting in Washington	⭐⭐⭐⭐⭐

Key Event Preview

• Trump–Xi meeting: Markets will watch for progress on the trade truce, agricultural and aircraft purchases, rare-earth supplies, AI regulation and advanced-technology export restrictions.
• Costco earnings: Costco is scheduled to report after the US market closes on September 24. Membership growth, consumer spending and margin trends will be the main areas of focus.
• US labor and housing data: Initial jobless claims and new-home sales will provide new evidence on economic resilience under higher interest rates.
• September 25 data: US durable-goods orders and the final University of Michigan consumer-sentiment reading are due the following day.

Institutional Views

According to media reports, Lauren Cassidy, chief investment officer of the Founders100 ETF, said unresolved Middle East tensions and a higher-for-longer interest-rate environment are weighing on equities. UBS Global Wealth Management remains constructive on AI due to expanding adoption, improving monetization and continued capital expenditure. However, Treasury yields above 5% raise the evidence required for AI-related companies to demonstrate sustainable revenue, profitability and cash flow.

Disclaimer: This content is for market information only and does not constitute investment advice. Market prices may change rapidly; refer to live quotes available at the time of trading.