Good morning Traders and Quants! Wall Street extended its rally Thursday, with the S&P 500 closing at another record high and the Nasdaq up nearly 1 percent. The Dow added 0.5 percent. Treasuries were steady as the 10-year yield held just above 4.1 percent, while the dollar softened further. Oil inched higher on concerns over Gulf tensions. Futures point green again this morning as investors digest the Fed’s quarter-point cut, retail sales data, and the latest earnings.

The story remains the Fed. Powell delivered a cut with a cautious tone, signaling more easing is possible if labor stays soft. Markets still price in as much as 150 bps of cuts through 2026, far more than the Fed’s latest dots imply. For now, equities are celebrating, but bond traders remain wary that fiscal pressure and inflation could keep yields sticky near current levels.

Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.

One of the biggest potential winners? Mode Mobile.

Mode’s EarnPhone already reaches 50M+ users that have earned over $325M, and that’s before global satellite coverage. With SpaceX eliminating "dead zones" worldwide, Mode's earning technology can now reach billions more in unbanked and rural populations worldwide.

Their global expansion is perfectly timed, and you still have a chance to invest in their pre-IPO offering before it closes. 

55,000 investors participated in Mode’s previously sold out offering and limited space remains in the current round.

With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.

⏳ Share price changing soon - invest now.

Disclosures

Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.

The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.

In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. Mode Mobile has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained here: https://www.sec.gov/Archives/edgar/data/1748441/000164117225025402/ex99.pdf

Futures are flat ahead of Friday’s open as the focus shifts back to trade and geopolitics. Trump and Xi are set for a phone call that could pave the way for a leader meeting and potentially a broader deal. A framework for ByteDance to divest TikTok to U.S. owners is in place, with Oracle likely anchoring the data. Markets will watch whether both sides issue consistent readouts—prior miscommunication over rare earths rattled confidence earlier this summer.

At the same time, analysts warn of a “second China shock” as Beijing’s industrial overcapacity threatens advanced manufacturing in semis, EVs, and medical devices. The risk is a repeat of the hollowing out that hit steel and textiles decades ago. For investors, semis face headline risk, industrials and materials may see tailwinds from reshoring, and trade-sensitive sectors should brace for volatility tied to tariff policy and foreign investment restrictions.

Israel’s war in Gaza and the strike on Hamas leaders in Qatar are testing alliances. Netanyahu’s government is leaning on Washington, but polling shows American support slipping across both parties, raising questions about future military aid. The Doha strike also rattled Gulf capitals, prompting a rare activation of regional defense pacts.

Saudi Arabia meanwhile signed a new defense pact with Pakistan, reviving decades of military cooperation and signaling hedging behavior as U.S. support looks less reliable. The deal underscores the strategic value Riyadh sees in Pakistan’s nuclear status and training expertise, even as it risks straining ties with Washington and New Delhi. For markets, the takeaway is elevated geopolitical risk in the Gulf, with defense spending and energy security firmly back in play.

Trump’s economic team is weighing how to deploy a $550 billion fund established with Japan to build factories and critical infrastructure in the U.S. Proposals span semiconductors, pharmaceuticals, and nuclear power, with the government potentially taking equity stakes or leasing facilities long-term. Execution remains uncertain, but the scale signals an increasingly interventionist approach to manufacturing policy.

On fiscal matters, the Fed’s cut will do little to ease Washington’s $1 trillion annual interest bill. Most debt is locked into longer maturities, leaving short-term savings marginal. Treasury is considering shifting issuance toward bills to capture lower rates, but the broader deficit picture remains a constraint. Bond markets continue to demand a term premium, keeping long yields elevated despite Fed easing.

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Markets are ending the week with a clear risk-on bias, but the balance of forces remains fragile. The Fed has opened the door to more easing, Trump is pushing deeper into industrial policy, and geopolitics are shifting in ways that could reshape long-standing alliances. Equities are celebrating liquidity, yet bonds and the dollar hint at caution. The next leg depends on whether softer data justifies more cuts or fiscal and geopolitical shocks force markets to reprice.