Bitget UEX Daily | US–China Trade Truce Extended by Just Two Months; Nasdaq Edges Up 0.01%; Meta Jumps 4.50% (September 25, 2026)

I. Hot News Highlights

Federal Reserve and US Economy

Jobless claims remain low as new-home sales beat expectations

• US initial jobless claims totaled 197,000 for the week ended September 19, below the 201,000 consensus and the previous reading of 198,000.
• Continuing claims came in at 1.719 million, slightly below expectations but marginally above the prior reading.
• August new-home sales reached a seasonally adjusted annual rate of 684,000, up 6.4% from the previous month and well above market expectations.
• New-home inventory fell to 483,000 units, equivalent to 8.5 months of supply. Sales were partly supported by builder discounts and incentives, while the median price remained 5.8% lower year on year.

Market Impact: The employment and housing data continue to indicate a resilient US economy, reducing the urgency for the Federal Reserve to shift rapidly toward easier policy. A prolonged period of high interest rates would remain a headwind for technology valuations, property and crypto risk appetite.

International Trade Policy

US–China trade truce extended by two months, with major disputes unresolved

• Following talks between US President Donald Trump and Chinese President Xi Jinping, the two sides agreed to extend their trade truce by two months, until January 10, 2027.
• No major breakthrough was reached on tariffs, rare-earth supplies, US technology restrictions or Chinese purchasing commitments.
• Significant differences also remain over AI regulation and Taiwan, with those issues deferred to future negotiations.

Market Impact: The extension lowers the immediate risk of another tariff escalation, but its short duration means policy uncertainty has only been postponed. Semiconductor, consumer-electronics, industrial-equipment and global supply-chain companies remain exposed to tariff and export-control risks.

International Commodities

Middle East supply concerns return as Brent approaches $107

• Renewed security risks in the Middle East revived concerns over crude-oil transportation and potential supply disruptions.
• Brent crude returned to approximately $107 per barrel, while WTI remained above $94.
• The US Dollar Index traded near 101 and the US ten-year Treasury yield remained around 5.1%, limiting momentum in precious metals.

Market Impact: Persistently high oil prices could increase transportation, manufacturing and consumer costs while constraining central banks’ ability to ease policy. Energy producers benefit from stronger pricing, but airlines, logistics companies and energy-intensive industries face higher expenses.

II. Market Review

Commodities and Forex Performance

• Spot gold: Approximately $4,272 per ounce.
• Spot silver: Approximately $63.76 per ounce.
• WTI crude futures: Approximately $94.39 per barrel.
• Brent crude futures: Approximately $106.77 per barrel.
• US Dollar Index: Approximately 100.98.
• US ten-year Treasury yield: Approximately 5.11%.

Driver Analysis: Middle East supply concerns pushed crude prices higher, while a strong dollar and elevated Treasury yields limited upside momentum in gold and silver. The next question is whether energy prices feed more visibly into inflation data.

Cryptocurrency Performance

• BTC: Approximately 84,418 USDT, up 0.24% over 24 hours, with trading volume of approximately $38.2 billion.
• ETH: Approximately 2,689 USDT, up 0.59% over 24 hours, with trading volume of approximately $14.5 billion.
• Total cryptocurrency market capitalization: Approximately $2.88 trillion.
• Total 24-hour market volume: Approximately $101.0 billion.

Major-Capital and Price-Volume Observation: BTC and ETH staged modest rebounds following the previous session’s decline, but volume did not indicate a decisive breakout. Strategy’s latest weekly disclosure showed a purchase of 950 BTC between September 14 and 20, while BitMine purchased 27,562 ETH during the preceding week. These were weekly disclosures rather than new intraday purchases on September 25.

Driver Analysis: Continued balance-sheet accumulation by large institutions provides structural support for BTC and ETH demand. However, elevated Treasury yields and a strong dollar continue to limit near-term risk appetite. Further price gains without a corresponding increase in volume would leave the rebound vulnerable.

US Equity Index Performance

• Dow Jones Industrial Average: Closed at 51,349.98, down 0.31%.
• S&P 500: Closed at 7,704.13, down 0.02%.
• Nasdaq Composite: Closed at 26,939.37, up 0.01%.

The major indices were mixed. Cyclical and selected consumer stocks weighed on the Dow, the S&P 500 finished nearly unchanged, and technology shares showed relative resilience.

Tech Giants Dynamics

• NVDA: $224.58, down 0.40%.
• AAPL: $335.92, down 0.28%.
• MSFT: $497.93, down 0.55%.
• GOOGL: $342.36, up 1.35%.
• AMZN: $249.38, up 0.03%.
• META: $777.59, up 4.50%.
• TSLA: $377.94, down 0.54%.

Performance Summary and Driver Analysis: Three of the seven technology giants advanced and four declined. Meta led after unveiling new AI glasses, VR hardware and plans to integrate its Muse agent into wearable devices at Connect 2026. Alphabet also outperformed, while Microsoft, Tesla and Nvidia edged lower. The AI trade is gradually expanding from infrastructure spending toward consumer devices and application monetization.

Sector Movers Observation

AI devices: Meta Connect strengthens the smart-glasses and AI-agent narrative

• Representative stock: Meta rose 4.50%.
• Drivers: Meta announced that its Muse agent would be integrated into AI glasses and introduced Ray-Ban Meta Audio and a new VR headset weighing approximately 100 grams. The VR device is scheduled for spring 2027 at a starting price of $1,299.99.
• What to watch: Hardware shipments, product margins, paid Muse conversion and privacy controls.

Casinos and hotels: Acquisition premium unwinds at MGM

• Representative stock: MGM Resorts fell 10.99% to $33.69.
• Drivers: People Incorporated withdrew its offer to acquire the MGM shares it did not already own, removing the potential transaction premium previously reflected in the stock.
• What to watch: Las Vegas demand, Macau operations and BetMGM profitability.

Solar: High financing costs continue to pressure valuations

• Representative stock: First Solar fell 10.32% to $172.16.
• Drivers: Elevated interest rates and analyst target revisions weighed on the solar sector as investors reassessed the balance between financing costs, policy support and project demand.

III. In-Depth US Equity Analysis

1. Meta Platforms (META) — Muse moves into smart glasses as hardware becomes a new growth narrative

Event Overview: Meta rose 4.50% on September 24 to close at $777.59. At Connect 2026, the company showcased new smart glasses and VR products and announced that Muse would be integrated into AI glasses, allowing users to complete communication, navigation and cross-application tasks through wearable devices.

Market Interpretation: Smart glasses provide Meta with a potential distribution channel beyond digital advertising and could substantially expand Muse’s reach. However, manufacturing costs, consumer adoption, privacy management and the reliability of agent-based tasks will determine whether the products generate sustainable revenue.

Investment Implications: Watch device preorders, actual shipments, hardware margins, Muse active users and subscription conversion. The share-price rally has raised expectations for product adoption and commercialization.

2. Costco Wholesale (COST) — Earnings beat expectations as membership and digital sales remain strong

Event Overview: Costco fell 0.96% during regular trading to close at $896.48 before gaining approximately 0.26% after hours. Fourth-quarter net sales rose 11.2% to $93.9 billion, total revenue reached approximately $95.7 billion, and earnings per share of $6.75 exceeded market expectations.

Market Interpretation: Comparable sales excluding gasoline and foreign-exchange effects increased 6.7%, while digitally enabled comparable sales rose approximately 19.8%. Membership-fee revenue increased to $1.85 billion, and the US and Canadian renewal rate remained high at 92.3%.

Investment Implications: Costco’s operating performance remains solid, but the modest after-hours response suggests that part of the improvement was already reflected in the valuation. Membership pricing, merchandise margins and changes in consumer spending remain the key variables.

3. MGM Resorts (MGM) — Withdrawal of acquisition proposal removes the event-driven premium

Event Overview: MGM fell 10.99% to close at $33.69 after People Incorporated withdrew its previous $48.30-per-share proposal for the MGM shares it did not already own.

Market Interpretation: The decline primarily reflected the loss of the potential transaction premium rather than an equivalent deterioration in MGM’s one-day operating performance. Valuation attention will return to gaming demand, hotel occupancy, Macau and online-betting profitability.

Investment Implications: Near-term volatility could persist as event-driven investors exit. Watch for capital-return measures and further progress in BetMGM’s cash flow and margins.

IV. Market and Project Updates

1. US–China trade truce extended: The two countries extended the truce by two months until January 10, 2027, but tariffs, rare earths, technology restrictions and purchasing commitments remain unresolved.
2. Binance invests in Circle: Binance announced a $100 million equity investment in Circle and a five-year partnership focused on USDC liquidity, payments and broader stablecoin use.
3. SEC advances tokenized-securities pilot: The US Securities and Exchange Commission proposed a regulatory-exemption pilot of up to five years for selected tokenized equities to test blockchain-based issuance, settlement and trading.
4. CLARITY Act fails to advance: A related procedural vote in the US Senate failed, leaving digital-asset market-structure legislation uncertain and shifting attention toward further action by the SEC and CFTC.
5. Institutions continue accumulating major crypto assets: Strategy’s latest weekly disclosure showed a purchase of 950 BTC, while BitMine added 27,562 ETH during the preceding week. Neither disclosure represents intraday buying on September 25.

V. Today’s Market Calendar

Data and Event Schedule

All times are Beijing time (UTC+8).

September 25, 17:15	United States	New York Fed President John Williams speaks	⭐⭐⭐
September 25, 20:30	United States	August durable-goods orders	⭐⭐⭐⭐
September 25, 22:00	United States	Final September University of Michigan consumer sentiment	⭐⭐⭐⭐
September 26, 02:00	United States	Cleveland Fed President Beth Hammack speaks	⭐⭐⭐

Key Event Preview

• US durable-goods orders: Core capital-goods orders excluding aircraft will provide a clearer indication of business investment and manufacturing demand.
• University of Michigan consumer sentiment: The preliminary September reading fell to 47.8, while one-year inflation expectations increased to 4.6%. Revisions could influence assessments of consumption and inflation expectations.
• Federal Reserve speakers: Markets will watch how officials evaluate economic resilience, higher energy prices and the need for further policy tightening.
• Corporate earnings: No major technology-company earnings are scheduled for September 25, leaving macro data, interest rates and trade policy as the principal market catalysts.

Institutional Views

Bank of America raised its year-end Brent forecast to $95 per barrel and warned that a sustained Middle East supply disruption could push prices above $150 in a severe scenario. Institutions remain constructive on AI adoption and monetization, but in a high-rate environment investors are likely to demand clearer evidence from device sales, paid conversion and cash flow rather than relying only on valuation expansion following product launches.

Disclaimer: This content is for market information only and does not constitute investment advice. Market prices change continuously; refer to the latest quotes available when trading.