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Good morning.
Markets are riding momentum into record territory, but not all the action is on the upside. We’ve got a blue-chip meltdown with a surprising “buy” signal, a crypto IPO that doubled on day one, and Bitcoin muscling past Google in market cap. Let’s get into it.
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📰 Market Headlines
US stocks climbed on Wednesday, with the S&P 500 and Nasdaq notching back-to-back record highs as investors bet heavily on a September Fed rate cut.
The Dow surged 1.04%, the S&P 500 gained 0.32%, and the Nasdaq rose 0.14%.
PPI inflation report: PPI rose to 3.3%, above the expected 2.7%.
💰 Bullish IPO pops 90%
$BLSH shares closed up 90% from their IPO price after hitting a high of $118. The company, which operates an exchange and owns CoinDesk, raised $1.1 billion and reached a $10 billion market cap.
₿ Bitcoin tops Google’s market cap
Bitcoin hit a new ATH, surpassing Google itself in market cap. BTC’s price briefly went above $124,000 before the PPI report brought it back down to the $119,000 range. The surge in price made anonymous Bitcoin creator Satoshi Nakamoto more rich than Bill Gates. Incidentally, the price surge also caused $500 million in crypto liquidations as short positions were destroyed.
🤔 Case study: UnitedHealth’s unusual “buy” signal
AltIndex just gave UnitedHealth ($UNH) a “buy” rating—even though the stock is trading way below its 200-day moving average ($395 vs current ~$272).
Normally, that’s a don’t buy signal in technical analysis. Here’s why:
200-day MA rule of thumb: Price above it = bullish momentum. Price below it = cautious or bearish outlook.
So why the buy call?
$UNH has collapsed from $600+ to $237 this month—one of the biggest meltdowns of any blue-chip stock in recent memory. But short-term price momentum, revenue growth, employee sentiment, and customer engagement are improving. Reddit buzz over the past 24 hours has been strong too.
The takeaway:
This could be a short-term rebound trade, but not a long-term conviction play—at least until technicals confirm momentum. For investors, it’s a reminder that even in technical analysis, fundamentals and sentiment can temporarily outweigh the charts.
😱 Fear and Greed Index
PPI data may have had markets down for a minute or two, but it seems like investors are still risk-on over all.
The S&P 500 is still up 1.72% over the past 5 days.
🪙 Crypto
Wisconsin senators filed a bill to regulate crypto ATMs, requiring operators to collect user information, cap daily transactions at $1,000, and fully reimburse fraudulent transactions.
Google Play Store announced new licensing requirements for crypto wallet developers in over 15 jurisdictions, including the US and EU, effective October 29.
Norway's sovereign wealth fund spiked its indirect bitcoin exposure to 7,161 BTC, marking an 87.7% rise in six months.
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🚨 Trending on Reddit
Paramount Skydance ($PSKY) chatter is on fire, with shares of the newly merged media company jumping 38% Wednesday.
Opendoor ($OPEN) mentions spiked after Anthony Pompliano revealed his personal stake in the online real estate firm.
Cisco $CSCO mentions are up 538.9% in the past 24 hrs as users bet the stock’s price would rise on earnings (it did not).
United Health $UNH mentions are up 122.2% in the past 24 hrs for reasons covered above.
🤫 Insider Trading
Stock | Who bought/sold? | Trade details | Total amount |
|---|---|---|---|
Elli Lilly and Company (LLY) | Director J Erik Frywald | Bought 1,565 shares @ $642.33 | $1,005,246 |
Nvidia (NVDA) | CEO Jensen Huang | Sold 225,000 shares @ $181.49 (weighted average) | $81,617088 |
🔬 Alternative Investment of The Day
Private credit—non‑bank loans to businesses—has grown rapidly, now hovering around $1.7 trillion in assets under management globally, rivaling the size of the leveraged loan and high‑yield bond markets. It often offers higher yields (sometimes double digits) and floating rates, but it comes with illiquidity and credit risk. For long-term, high-risk-tolerant investors, it can be a lucrative way to diversify beyond public markets.
🥇 AltIndex: Stocks with Top AI Scores
For the first time in a long time, AltIndex’s AI model is showing buy signals for three cryptocurrencies. The first is unsurprising, but the other two are quite intriguing:
🎙 What Do You Think?
How do you see a stock like $UNH?
🎤️ What you said last time
“If there is any shaky language around more than one cut, the market is going to sell.”
🎪 Crowdfunding Showcase
GigaStar is the only SEC-registered platform tokenizing revenue-sharing securities in the $250B Creator Economy, starting with YouTube’s $19B potential. It’s already generated ~$1M in revenue, distributed $680K to investors, and helped creators raise $4.9M. Backed by $9.8M from venture capitalists and with a management team boasting multiple 8-figure exits, it may be positioned as a first-mover in democratizing creator income streams. See how you can invest in the future of the creator economy →
🧠 The Missing (Market) Links
Amazon Web Services CEO disclosed the number 1 most important skill to have during the AI age.
Fascinating article on the mindset of fine wine investors.
$30,000 worth of stolen Labubu dolls were found in a SoCal warehouse.
Total oil liquids production is up to a record 21 million barrels per day in the US. Check out the chart that shows how this marks a +50% growth in daily production over the last 4 years
This 25 year old built a $225,000/year side hustle on social media.
The US drinking rate is at a new low.
📜 Quote of the Day
“A good investor in this world knows to always expect the unexpected.”
📢 We want to hear from you
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⭐️ What did you think of today's edition?
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Brandon & Blake
Thumbnail image credit: Mike Mozart, Flickr
The information provided in Stocks & Income is for informational and educational purposes only and should not be construed as financial advice, investment advice, or a recommendation to buy or sell any securities. Stocks & Income is not a registered investment advisor, broker-dealer, or licensed financial planner. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We may hold positions in or receive compensation from the companies or products mentioned. Disclosures will be made where applicable.