Animoca\u2019s Evan Auyang worked in finance and public transit before crypto\u2014Why he thinks the blockchain should be more like a bus<\/a> – Nicholas Gordon<\/p>\n Alice Walton got $33 billion richer last year without running a company. She\u2019s building a tuition-free medical school instead<\/a> – Sydney Lake<\/p>\n 31-year-old millionaire sold his first business at 17 for over $100K\u2014he lost it all in 15 months to bad investments: \u2018I got cocky, I got arrogant\u2019<\/a> – Orianna Rosa Royle<\/p>\n Trump made more than 1,100 trades in July alone\u2014nearly 40 times Treasury Secretary Scott Bessent\u2019s total for all of last year<\/a> – Marco Quiroz-Gutierrez<\/p>\n Google CEO Sundar Pichai says this one uncomfortable habit gets young workers ahead\u2014and helped build his $1.6 billion fortune<\/a> – Sydney Lake<\/p>\n \u2018It\u2019s so corrosive to democracy\u2019: Over 50 federal prosecutors speak out against Trump\u2019s $100,000 a month \u2018insider trading\u2019 scheme<\/a> – Joshua Hong<\/p>\n THE MARKETSStocks tick up modestly, but the real drama is in the bond market<\/p>\n Markets in Asia and Europe ticked up modestly today. U.S. futures were up marginally before the open in New York. Most of the drama this week has been in the bond market.<\/p>\n All the benchmark U.S. bonds now have yields that are at or above 5%, Saxo\u2019s strategy team said in an email this morning. \u201cThe average yield across the $32 trillion U.S. Treasury market has risen to 5.05%, while the average yield on government debt globally is approaching 4%, the highest since 2007. The surge has immediate real-world consequences, sharply raising borrowing and refinancing costs for consumers, corporations and governments,\u201d they said. The squeeze on financing could \u201ceventually translate into a sharper economic slowdown.\u201d<\/p>\n Mortgages hit the psychologically testing level of 7%, UBS\u2019s Paul Donovan noted. \u201cThe increase erodes the spending power of new homeowners\u2014and critically does so in a way that real income data does not capture.\u201d<\/p>\n S&P 500 futures were up 0.3% this morning. The index sank 0.02% yesterday.\u00a0 The S&P 500 faces a \u2018debt refi wall\u2019 as bond yields rise<\/p>\n The bond market selloff is raising the interest rates that set prices for corporate credit. And that begs an interesting question, according to Michael Kantrowitz and Emily Needell at Piper Sandler: Which companies will experience sticker shock when they come to refinance their debt? For most companies in the S&P 500, roughly 40% of their debt comes due in the next five years, they estimate. <\/p>\n \u201cWe continue to see higher rates as THE biggest risk to equity markets in 2026 and 2027. The higher rates go and the longer rates remain elevated, the bigger the impact the debt refi wall will have on earnings and growth.\u201d<\/p>\n Unemployment claims hit their lowest in 3 years<\/p>\n The U.S. job market remains reassuringly robust, according to Thomas Simons of Jefferies. In the week through Sept. 19, 197,000 people filed a new claim for unemployment insurance, down 1,000 from the previous week and below analysts\u2019 estimates.<\/p>\n \u201cContinuing claims fell to their lowest level since the week ended May 31, 2023, at 1.717 million,\u201d he told clients in a note.<\/p>\n CHART OF THE DAYThe canary in the airline? Declining passenger numbers have previously heralded recessions<\/p>\n Are plane ticket sales indicating a recession is in the offing? That might be the case, according to data published by Oliver Allen at Pantheon Macroeconomics. This chart shows U.S. air passenger numbers suddenly dip before recessions happen. The presumption is that air travel is one expense you can quickly cancel if your fortunes go into a nosedive.<\/p>\n \u201cThe number of airline passengers passing through TSA checkpoints provides a unique steer on economic activity, as the data are available daily, almost instantaneously, and are a full count, with no estimation. Declines in airline passenger numbers in early 2001 and 2008 were early signals that consumers were retrenching. So the recent weakness in passenger numbers merits a close look,\u201d Allen said. \u201cYear-over-year growth in passenger numbers was slightly positive in the first few months of this year but slowed to about zero in May. It then weakened again to about -3% in July, and that rate of decline has since been broadly maintained.\u201d<\/p>\n NUMBER OF THE DAY:\u00a0$39 billion<\/p>\n That\u2019s the size of the global tokenized asset market, according to Marion Laboure and Camilla Siazon of the Deutsche Bank Research Institute. Excluding stablecoins (89% of the market), tokenized assets\u2014like bonds and gold\u2014grew from $10 billion in 2025 to $39 billion this year.<\/p>\n THE FRONT PAGES TODAY<\/p>\n Oracle on the hook to pay data centre investors even if site has no electricity<\/a> – FT\u00a0<\/p>\n CEO who posted \u2018Lake America\u2019 sweatshirt photos is no longer with the company<\/a> – CNBC<\/p>\n Trump allies open new front against Anthropic CEO over AI ‘doomerism’<\/a> – Axios<\/p>\n Five Takeaways From Trump\u2019s Washington Summit With Xi<\/a> – WSJ<\/p>\n Bond Yields at 5% Mark New Era ‘Until Something Breaks’<\/a> – Bloomberg<\/p>\n U.S. Intercedes for Elon Musk\u2019s X Over European Fine<\/a> – NYT<\/p>\n
\nIn Europe, the Stoxx 600 was up 0.9% in early trading, and the U.K.\u2019s FTSE 100 was up 0.63% before lunch.
\nAsia: Japan\u2019s Nikkei 225 was up 1.3%. India\u2019s Nifty 50 was up 0.25%. China\u2019s and South Korea’s markets are closed today.
\nBrent crude was $105 per barrel this morning, down from a high of $108 yesterday.
\nBitcoin was at $84,602.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/09\/Screenshot-2026-09-24-at-145550.png\"\/)
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