Good morning NYC. Key highlights for 2026-09-25:
- U.S. Treasury yields hit multi-decade highs, with the 10-year note reaching 5.18%, amid a selloff driven by shifting investor sentiment rather than policy changes.
- Oil prices fell as U.S. and Iranian negotiators explored a phased plan to reopen the Strait of Hormuz, though tensions persist with Houthi attacks on Saudi Arabia.
- Hedge funds, including Point72, are extending capital lockup periods, reflecting a broader trend of increased caution and long-term positioning in the wake of market volatility.
- Microcap stocks like Astrotech have seen extreme volatility due to AI-driven pump-and-dump schemes, prompting startups like ScamDunk to use AI to detect and flag suspicious trading activity.
- Novo Nordisk agreed to pay up to $1.3 billion for Nanexa’s drug-delivery technology, aiming to reduce injection frequency for diabetes and obesity treatments, sending Nanexa’s shares more than doubling.