Bitget UEX Daily | Oil and Treasury Yields Pressure US Stocks; Nvidia Rises; Institutions Keep Adding BTC and ETH (September 29, 2026)

I. Hot News Highlights

International Commodities

Oil rebounds as markets reassess supply risks

• Negotiations between the United States and Iran have yet to produce a breakthrough, renewing concerns about supply routes linked to the Strait of Hormuz.

• Brent crude returned to approximately $106 per barrel, while WTI moved above $94.

• Rising energy prices and Treasury yields weighed on risk assets, with the 10-year US Treasury yield briefly exceeding 5.2%.

Market Impact: Higher oil prices support energy-sector earnings but increase costs for transportation, manufacturing and consumer businesses. If energy prices remain elevated, inflation expectations and long-term yields could stay high, limiting valuation recovery in technology stocks and cryptocurrencies.

Technology and AI

Nvidia expands its buyback program and launches an AI-agent security platform

• Nvidia’s board authorized an additional $150 billion in share repurchases, bringing the remaining authorization to approximately $235 billion.

• The company also introduced the NVIDIA Open Agent Safety Platform, including OpenShell and Sentry for permission management, monitoring and rapid isolation of unsafe AI agents.

• Nvidia gained 1.66% on September 28, making it the only Magnificent Seven stock to finish higher.

Market Impact: The buyback signals management confidence in cash generation and AI demand. However, the program’s ability to support valuation over time will still depend on data-center revenue, inference demand and sustained free-cash-flow growth. Capital is increasingly concentrating in AI companies with stronger earnings visibility.

Macroeconomic Data

Consumer confidence and housing data will test the impact of higher rates

• The US July S&P CoreLogic Case-Shiller Home Price Index is due at 21:00 Beijing time.

• The Conference Board’s September Consumer Confidence Index follows at 22:00.

• Markets will then turn to the August PCE inflation, personal income and spending data due on September 30.

Market Impact: Weaker confidence or housing activity could reinforce expectations of slowing economic growth. However, persistent inflation would continue to limit the Federal Reserve’s policy flexibility. The balance between interest rates and growth remains the primary pricing factor for equities and crypto assets.

II. Market Review

Commodities and Foreign Exchange

• Spot gold: Approximately $4,122.42 per ounce, down about 3.79%.

• Spot silver: Approximately $61.00 per ounce, down more than 4%.

• WTI crude oil futures: Approximately $94.50 per barrel, November 2026 contract.

• Brent crude oil: Approximately $106.10 per barrel.

• US Dollar Index (DXY): Approximately 101.21.

Driver Analysis: Oil rebounded as supply risks were repriced. Meanwhile, elevated Treasury yields and a firm dollar pressured gold and silver. The concentrated decline in precious metals suggests substantial profit-taking and continued volatility in defensive trades under a high-rate environment.

Cryptocurrency Performance

• BTC: Approximately 83,548 USDT, down about 1.19% over 24 hours.

• ETH: Approximately 2,681.87 USDT, down about 0.17% over 24 hours.

• Total cryptocurrency market capitalization: Approximately $2.85 trillion.

Institutional Positioning and Price-Volume Analysis: Weekly disclosures published on September 28 showed that Strategy acquired 1,665 BTC for approximately $143 million at an average price of about $85,681. Its total holdings increased to 847,666 BTC. The current BTC price is below the average price of this latest purchase, showing that institutional accumulation did not immediately establish a price floor.

BitMine added 17,362 ETH during the same reporting period, taking its holdings above 6 million ETH, equivalent to approximately 4.9% of the circulating supply. Trading activity increased noticeably while BTC and ETH declined, pointing to heavier short-term selling and turnover. Public-company treasury accumulation remains intact, but macro pressure is currently outweighing its support for spot prices.

US Equity Index Performance

• Dow Jones Industrial Average: Closed at 51,481.51, down 0.67%.

• S&P 500: Closed at 7,683.69, down 0.77%.

• Nasdaq Composite: Closed at 26,820.38, down 0.92%.

Magnificent Seven Performance

• NVDA: Approximately $228.86, up 1.66%.

• AAPL: Approximately $338.40, down 0.76%.

• MSFT: Approximately $509.22, down 1.33%.

• GOOGL: Approximately $342.75, down 0.33%.

• AMZN: Approximately $246.15, down 1.35%.

• META: Approximately $715.62, down 4.81%.

• TSLA: Approximately $357.45, down 3.97%.

Performance Summary and Driver Analysis: Six of the seven technology leaders declined. Nvidia was the sole gainer following its enlarged buyback authorization, while Meta and Tesla led the losses. Rising oil prices and long-term yields encouraged investors to reduce exposure to high-valuation assets, increasing profit-taking in stocks that had recently rallied.

Sector Movers

Energy: Oil rebound provides relative support

• Renewed supply concerns supported oil producers and energy-service companies relative to the broader market.

• Investors will watch both the pace of supply normalization and the effect of higher prices on end demand.

AI and semiconductors: Divergence between leaders and secondary names

• Nvidia advanced on its buyback and AI-security announcements.

• AMD, Micron and several other semiconductor stocks came under pressure, with some declining by approximately 3% or more.

• The market is shifting from broad AI exposure toward order visibility, margins, free cash flow and shareholder returns.

III. In-Depth US Equity Analysis

1. Nvidia (NVDA) — Record buyback signals confidence, but AI cash flow remains decisive

Event Overview: Nvidia gained 1.66% on September 28 and closed at approximately $228.86. The company added $150 billion to its share-repurchase authorization, bringing the remaining total to approximately $235 billion, while also introducing an AI-agent safety and governance platform.

Market Interpretation: The authorization suggests management expects future cash generation to support research, strategic investment and shareholder returns simultaneously. The safety platform also expands Nvidia’s position beyond chips and into enterprise AI infrastructure and software.

Investment Implications: Watch data-center revenue, demand for post-Blackwell products, free cash flow and the actual pace of repurchases. Buybacks can cushion volatility, but sustained earnings growth remains necessary to support the valuation.

2. Meta (META) — Sharp pullback reflects profit-taking at elevated levels

Event Overview: Meta declined 4.81% to approximately $715.62, making it one of the weakest Magnificent Seven stocks of the session.

Market Interpretation: Meta had recently rallied on expectations surrounding AI agents and application monetization. The latest decline appears more consistent with falling risk appetite and profit-taking than with a single fundamental event. Investors are still waiting for evidence on retention, paid conversion and AI operating costs.

Investment Implications: In the short term, watch whether the stock can hold its previous breakout area. Over the medium term, Meta must demonstrate that AI products can generate measurable incremental revenue without allowing inference and infrastructure costs to rise too quickly.

3. Micron (MU) — Investors turn cautious ahead of earnings

Event Overview: Micron declined by approximately 3% on September 28. The company is scheduled to report earnings after the US market close on September 30.

Market Interpretation: Memory pricing and high-bandwidth memory demand remain central to the investment case. Ahead of the report, however, investors are reassessing whether high expectations will translate into reported revenue, margins and production deliveries.

Investment Implications: Focus on HBM orders, DRAM pricing, capital expenditure and forward guidance. Results that merely meet expectations without a stronger outlook could leave the stock facing further valuation consolidation.

IV. Market and Project Updates

1. Strategy adds to its BTC position: The company disclosed the purchase of 1,665 BTC at an average price of approximately $85,681, increasing total holdings to 847,666 BTC. Continued accumulation confirms that its treasury strategy remains unchanged, although near-term unrealized losses could increase attention on financing and leverage costs.

2. BitMine expands its ETH treasury: BitMine acquired 17,362 ETH during the week, taking its holdings above 6 million ETH. Approximately 5.07 million ETH has been staked. Weekly purchases slowed from the previous period, but the longer-term accumulation strategy remains in place.

3. European authorities discuss stablecoin reserve changes: The ECB and several European Union central banks have recommended reconsidering MiCA requirements governing the proportion of stablecoin reserves held in bank deposits, potentially allowing more short-duration liquid assets. The proposals remain subject to policy negotiations.

4. Stablecoin payment applications continue to expand: SoFi recently announced the use of SoFiUSD for Mastercard payment settlement, illustrating how bank-issued stablecoins are beginning to enter traditional card-clearing infrastructure.

V. Market Calendar

Data Release Schedule

All times are Beijing time (UTC+8). Attention ratings reflect this edition’s editorial assessment.

September 29, 21:00	United States	July S&P CoreLogic Case-Shiller 20-City Home Price Index	⭐⭐⭐
September 29, 22:00	United States	September Conference Board Consumer Confidence Index	⭐⭐⭐⭐
September 30, 20:30	United States	August PCE inflation, personal income and personal spending	⭐⭐⭐⭐⭐

Key Event Preview

• Micron earnings: Scheduled after the US market close on September 30, corresponding to the early hours of October 1 in Beijing. Watch HBM revenue, memory pricing and margin guidance.

• US PCE inflation: Due at 20:30 Beijing time on September 30. Core PCE will influence expectations for the Federal Reserve’s next policy steps.

• US employment report: Expected at 20:30 Beijing time on October 2. Wage growth and the unemployment rate will be central to assessing labor-market resilience.

Institutional Views

According to media reports, eMarketer analyst Jacob Bourne said Nvidia’s enlarged buyback signals confidence that AI demand has staying power, although infrastructure spending is unlikely to maintain its current pace indefinitely. Schwab strategist Nathan Peterson noted that a pullback and stabilization in Treasury yields could provide some relief for equities. The central market question is whether earnings growth can offset pressure from higher energy prices and long-term financing costs.

Disclaimer: This content is for market information only and does not constitute investment advice. Prices change with market conditions; refer to quotes available at the time of trading.