Happy Friday! Jerome Powell may still hold the title of Fed Chair, but his influence over the markets is slipping away. With the Federal Reserve’s leadership on the brink of change, Wall Street is now taking clues and signals from the emerging contenders. Read on to see what this means for the future of rates, inflation and your portfolio.

Also, OpenAI is setting its sights on an $850 billion energy plan, which would require more power than 17 nuclear plants or 9 Hoover Dams. With backing from the biggest names in tech, the opportunity is massive — but so is the risk. Is your portfolio ready? 

Plus, Benzinga is hosting the biggest Fintech conference of the year in November. Click here for more details, and come join the biggest names in Fintech.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Powell's Stock-Market Signals Are Fading — Here’s What Wall Street Is Watching

Jerome Powell may still hold the title of Fed Chair, but his sway over the markets could be slipping faster than many realize. As the end of his term approaches, a new cast of contenders is stepping into the spotlight — and markets are already listening and taking clues.

Among them is David Zervos, Jefferies’ chief market strategist and a leading candidate on Donald Trump's shortlist to replace Powell. Alongside Fed Governors Michelle Bowman, Chris Waller, Philip Jefferson and Trump nominee Stephen Miran, this emerging group of contenders is forming a new policy majority — one far more dovish and willing to break from tradition.

What would that shift mean for rates, inflation and the next market cycle? Get the full story and find out why the next era of Fed leadership may already be setting the agenda.

Don’t Miss This Premier Fintech Gathering In New York City

Join us on November 10, 2025, in New York City for a transformative experience that blends cutting-edge financial technology insights with unparalleled networking opportunities. This event is designed to showcase the latest advancements in fintech, celebrate industry achievements and foster connections that drive the future of finance. Join us for a powerhouse event designed to connect visionary leaders, ignite groundbreaking deals and celebrate the brightest stars in the financial technology industry.

Yesterday: U.S. indexes fell for a third straight session Thursday as stronger-than-expected economic data tempered hopes for near-term interest rate cuts. Second-quarter GDP growth was revised upward to 3.8%, while weekly jobless claims came in below expectations, signaling continued economic resilience, which helped push treasury yields higher. So far this week, the tech-heavy Nasdaq has lost 1.1%, the S&P 500 is down nearly 0.9% and the Dow has shed 0.8%. Oil prices were set for their biggest weekly gain in three months, with both benchmarks up over 4% after Russia announced fuel export cuts. And lastly, investors remained cautious following a strong rally this year over rising concerns of a potential U.S. government shutdown next week.

On Our Radar: Analysts will be watching a number of key reports today, with personal income, personal spending, PCR and consumer sentiment on tap. In addition, Fed Presidents Tom Barkin and Michelle Bowman will be speaking as well. On the earnings front, all eyes will be on Carnival (CCL), which will report earnings before the market opens on Monday.

The markets continue to slide, but that didn’t stop several high flyers on Thursday as Intel (INTC) and IBM (IBM) soared to lead the way for the S&P 500’s top gainers. Meanwhile, CarMax (KMX) plunged more than 20% in one of its worst days on record. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Thursday.

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Get The Trading Plan Before The Shutdown Deadline

Congress has until September 30 to avoid a shutdown. If Washington stalls, volatility could rip through stocks, bonds and metals. Matt Maley has already mapped out how he’s preparing. Join him live this Sunday to see the strategies he’s lining up for the week ahead.

On This Day In 1914…

The Federal Trade Commission (FTC) was officially established. Created by President Woodrow Wilson, the FTC was designed to be a watchdog against unfair business practices such as deceptive advertising, price-fixing and monopolistic behavior. Its formation marked a pivotal moment in American economic history, as it institutionalized the government’s role in maintaining competitive markets and protecting consumers.

QUOTE OF THE DAY

“Yesterday is gone. Tomorrow has not yet come. We have only today. Let us begin.“

 — Mother Teresa

OpenAI's $850 Billion Build-Out Needs Power Of 17 Nuclear Plants — Or 9 Hoover Dams

With backing from Oracle, Nvidia and SoftBank, OpenAI is plotting a staggering $850 billion expansion that could rival the output of 17 nuclear plants or 9 Hoover Dams — all to feed the energy needs of artificial intelligence. And according to CEO Sam Altman, it may not be enough.

But as the money floods in and valuations soar, some are sounding alarms. Read on to see who stands to gain, who’s overexposed and how this could ripple through the markets and impact your portfolio.

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