MARKET PULSE A Hot Price Report Met Falling Yields, and Stocks Recovered Producer prices rose 1.3% in September, the Labor Department said Thursday. Economists surveyed by Dow Jones had expected 0.6%. The 10-year Treasury yield still fell about 10 basis points, to near 5.09%. Long-term yields had also slipped after Wednesday's consumer price report. The Dow closed up 1.1% and the Russell 2000 rose 1.4%. The S&P 500 gained 0.3%. The Nasdaq ended nearly flat after falling as much as 1.4% in the morning. South Korea's Kospi rose 2.05% on Friday, after a 7.57% drop on Thursday. S&P 500 futures were up about 0.1% around 6 a.m. Investor Signal Money got cheaper Thursday for most borrowers. The 10-year yield fell, and investment-grade bond funds gained alongside Treasuries. AI's most indebted builders were the exception, and their bonds kept trading at stressed levels. Whether lower Treasury yields reach those borrowers is the question that matters next. PREMIER FEATURE The 7 Stocks Built to Outlast the MarketSome stocks are built for a quarter… others for a lifetime. Our 7 Stocks to Buy and Hold Forever report reveals companies with the strength to deliver year after year - through recessions, rate hikes, and even the next crash. One is a tech leader with a 15% payout ratio - leaving decades of room for dividend growth. Another is a utility that’s paid every quarter for 96 years straight. And that’s not all - we’ve included 5 more companies that treat payouts as high priority. These are the stocks that anchor portfolios and keep paying. This is your chance to see all 7 names and tickers - from a consumer staples powerhouse with 20 years of outperformance to a healthcare leader with 61 years of payout hikes. The report is free for a limited time - go here to get it now. AI CREDIT CoreWeave's Shares Rose 17% From Their Low. Its Bonds Did Not Follow. CoreWeave (CRWV) hit a 52-week low of $59.51 on Thursday morning. It closed at $69.69, up 5.9% on the day. Before the open Friday, the shares were down about 4%, Reuters reported. Its debt got less relief. Default insurance on CoreWeave cost more than 1,000 basis points on Thursday, a record, according to S&P Global data cited by Reuters. Its notes due 2031 briefly yielded more than 16%, Reuters reported. The company carries about $50 billion of debt, Reuters reported. A $5 billion loan for Volta, an AI cloud company, priced at 95 cents on the dollar, below the 97 to 98 cents first offered, Bloomberg reported. Banks underwrote $1.3 billion of it. Bloomberg cited people familiar with the deal. Wider credit held up. As of early Thursday afternoon, an investment-grade bond fund was up about 0.8% and a high-yield fund about 0.4%. Investor Signal A lower Treasury yield helps a borrower only if its credit spread holds steady. For CoreWeave and Volta, lenders asked for more. That raises the cost of each new expansion they finance, and it could trim how much they build. A bond sale or refinancing at lower yields would be the first sign that pressure is easing. CROP CHEMICALS FMC Now Expects Negative Operating Earnings and Will Talk to Its Banks FMC (FMC) now expects third-quarter revenue of $65 million to $125 million. It sees adjusted EBITDA, a measure of operating earnings, of negative $510 million to negative $565 million. FMC expects $625 million to $675 million of charges from price cuts on its products already in distributors' warehouses. Chief Executive Pierre Brondeau blamed weak demand and "elevated levels of higher-priced FMC products" held by some customers. The shares closed down 30.6% at $5.62, their lowest since 2003, Reuters said. FMC expects to meet its debt covenants for Sept. 30. It still plans to discuss "potential further modifications" to them with its bank group. Investor Signal Seeking new covenant terms now suggests FMC expects less room in coming quarters, though it has not said so. Its banks will negotiate any change, in a week when lenders charged more for risk. The Oct. 29 results and any amendment filing will show those terms. BUYOUTS Clear Channel Went Private With More Equity and Less Debt Than Planned Mubadala Capital's purchase of Clear Channel Outdoor closed on Wednesday. When the deal was signed in February, Apollo funds committed preferred equity, and a JPMorgan-led group committed debt. Neither appears among the sources of cash in the closing filing. Funds tied to Mubadala put in about $3.3 billion of equity instead. The company added $100 million of term loans and used cash on hand. About $1.3 billion went to shareholders. About $1.87 billion was set aside to redeem notes due 2028 and 2029. Investor Signal The filing does not say why the planned financing went unused. AI's builders paid more for debt this week, and this buyer used little of it. The billboard company now carries less debt than before the deal, at least for now. How its remaining notes trade will show whether creditors see the larger equity stake as a cushion. THE FED Warsh Declined to Signal October. The Hike Bet Halved Overnight. Fed Chair Kevin Warsh spoke in Bangkok late Thursday, U.S. time. "I don't prejudge meetings," he said, according to Reuters. Kalshi's contract on an October hike traded at 28 to 29 cents Thursday afternoon. It fell to 19 cents shortly before midnight and was at 14 cents at 4:42 a.m. Friday. After Wednesday's consumer price report, it had reached 55 cents. Bloomberg reported that fed funds futures also cut the odds of an October hike by about half. Cleveland Fed President Beth Hammack leaned the other way Thursday. With an "inflationary mindset," she said, "we might need to move even more," according to Reuters. Investor Signal Wednesday's consumer price report tripled the hike bet. Thursday's producer prices moved it only for minutes. By Friday morning, it was below where it stood before Wednesday's report. Hammack's warning on inflation expectations shows the case for a hike has not gone away. Fed officials stop public comment this weekend, ahead of the Oct. 27 to 28 meeting. PARTNER SPOTLIGHT Elon's audacious plan to double U.S. energy, without building a single new power plant… People think he's crazy. But Adam O'Dell says he's already deployed 4,000 units of his solution across 14 states — and used them to power the largest supercomputer on the planet. With Microsoft, Amazon, Google and Facebook set to spend $680 billion this year on AI data centers that can't get enough power to run, Elon's solution is about to be in extraordinary demand. Go here now to see how he's going to do it — and get one of Adam's top picks to play it absolutely free. CLOSING LENS Treasury yields fell, and the Fed's chair kept his options open. AI's most indebted builders did not share in that relief, and their lenders kept asking for more. FMC now has to bargain with its own banks, while Clear Channel's buyer leaned on equity over debt. The question is whether cheaper money reaches the borrowers who need it most. 3 STOCKS OUR SIGNAL ENGINE SAYS TO WATCH CAREFULLY Three stocks. Three signals. Two weeks later, the story changed.On September 2, we published three market questions around KLAC, HPE and PG&E.
Two weeks later, every one of them produced new evidence. One company delivered record revenue and raised its outlook.
Another saw weakness spread across its entire peer group.
And in the third, a market risk that had only been showing up beneath the surface suddenly became explicit.
Yet none of these stories is finished. That’s why we built Market Tell.
To track the signals that keep moving after the headline is gone — and show you what investors should be watching next. We’ve put the latest analysis into a new FREE Special Report:
3 Stocks at a Major Turning Point See what changed… what still hasn’t been resolved… and the signals we’re watching now. Get the Free Report → | 
