Stock Market Today

Bloomberg’s Global Corporate Credit Index (measure of aggregate bond spreads) have jumped to 129 basis points, the widest over the risk free rate since May 2025 (when they were recovering from the liberation day spike).

Perhaps not unrelated, Bloomberg is reporting that OpenAI’s valuation in its latest funding round is being trimmed to $1.25 trillion from $1.40 trillion.

Still that represents a nearly 50% increase from the $852 billion in its March funding round.

US economic data closes out the week with October’s flash S&P Global PMIs, final University of Michigan consumer sentiment and the Kansas City Fed’s services survey.

The Fed remains in its blackout period ahead of next week’s October 27–28 FOMC meeting.

No non-Bill (>1yr in maturity) US Treasury auctions.

Q3 earnings season continues with one S&P 500 component, American Express ($AXP).

Ex-US highlights are global flash PMIs, ECB consumer expectations survey, UK October GfK consumer confidence, September retail sales, Japan September national CPI, and Canada August retail sales.

From Christophe Barraud’s international Week Ahead rundown: