1. U.S. Stocks Face Triple Witching Test
2. U.S. Jobless Claims Fall to Lowest Since April
3. Former Google Exec Launches Weather AI Startup
4. GameStop CEO Fined Nearly $1 Million
5. JetBlue to Open First JFK Airport Lounge
6. S&P 500 Hits Record High for 39th Time
7. U.S. Existing Home Sales Fall to Lowest Since October
1. U.S. Stocks Face Triple Witching Test
This Friday, U.S. markets will face a major event known as “Triple Witching,” with a total of $5.1 trillion in stock, index, and ETF options set to expire — a quarterly occurrence that often brings significant volatility.
Traders must adjust positions, exercise contracts, or roll funds into longer-dated options. The VIX (Volatility Index) remains elevated, indicating investors are staying cautious.
Matt Thompson, portfolio manager at Little Harbor Advisors, said volatility will undoubtedly rise on Triple Witching Day, though the market’s overall direction remains uncertain.
Since 1990, the S&P 500 has typically dropped 1.1% in the week following large September options expirations.
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2. U.S. Jobless Claims Fall to Lowest Since April
The U.S. Department of Labor reported today that for the week ending September 14, initial jobless claims fell by 12,000 to 219,000 — beating economists’ expectations and hitting the lowest level since May.
The four-week moving average also dropped to 227,500 — the lowest since June — signaling continued labor market strength.
On Wednesday, the Fed cut rates by 50 basis points, aiming in part to support the labor market. Fed Chair Jerome Powell emphasized the importance of price stability without driving up unemployment.
New York, Texas, and California reported the largest increases in jobless claims.
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3. Former Google Exec Launches Weather AI Startup
Julian Green, a former Google executive, has founded weather forecasting AI startup Brightband, which just raised $10 million in Series A funding from Prelude Ventures, Bain & Co.’s Future Back Ventures, and Slack’s co-founder.
Brightband aims to use AI to analyze extreme weather patterns such as heatwaves and tropical storms days in advance.
While companies like Google, Huawei, and NVIDIA have launched machine-learning models that predict weather in seconds, experts question their accuracy. These models rely on decades of data from the European Centre for Medium-Range Weather Forecasts (ECMWF).
Brightband says it needs significant data input from government agencies and private health companies to train its models effectively.
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4. GameStop CEO Fined Nearly $1 Million
The U.S. Federal Trade Commission (FTC) announced today that Ryan Cohen, CEO of GameStop, has been fined nearly $1 million for failing to file the necessary antitrust documentation after acquiring a large stake in Wells Fargo.
While Cohen agreed to pay the fine, he did not admit any wrongdoing.
According to the FTC, Cohen began buying Wells Fargo shares as early as 2016. In 2018, he even emailed the company’s CEO offering suggestions on app improvements and tech strategies, with such communication continuing through at least April 2020.
In 2018, Cohen purchased 562,000 shares of Wells Fargo worth $168 million — above the reporting threshold.
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5. JetBlue to Open First JFK Airport Lounge
JetBlue announced today that it will open its first airport lounges at New York’s JFK and Boston’s Logan Airport, expected to launch by the end of 2025. The move is part of a broader effort to boost profitability by offering more premium services.
JetBlue’s elite Mosaic members will gain access, while other travelers can purchase single-day or annual lounge passes.
In recent years, carriers like Southwest and low-cost Frontier have introduced premium add-ons like seat selection and extra legroom, as more travelers are willing to spend on comfort.
JetBlue’s CEO noted that post-pandemic, passengers are budgeting more for upgraded travel experiences.
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6. S&P 500 Hits Record High for 39th Time
Following the Fed’s aggressive 50-basis-point rate cut on Wednesday, the S&P 500 rose 1.6% today, marking its 39th record high of the year. The Nasdaq gained 2.3%, the Russell 2000 index climbed for a seventh consecutive session, and Bitcoin rose 5%.
The Fed’s bold rate cut and pledge to prevent a recession have boosted investor confidence across asset classes.
Coupled with strong labor data, markets saw broad gains today.
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7. U.S. Existing Home Sales Fall to Lowest Since October
According to the National Association of Realtors (NAR), U.S. existing home sales fell 2.5% in August to a seasonally adjusted annual rate of 3.86 million — the lowest level since October — highlighting the country’s ongoing affordability crisis.
The housing market needs multiple Fed rate cuts to spur demand, especially among first-time buyers, whose share of the market hit a record low in August.
The supply of existing homes rose 0.7% month-over-month to 1.35 million units — the highest since October 2020.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.