The S&P 500 index rose from 7,670 points on September 29 to 7,773 points on October 5, 2026 — up 1.34%. During this period, companies released quarterly reports, while U.S. statistics showed weak job growth and a decline in the annual core PCE inflation rate after data revisions. More details are available in the two-week review of the U.S. market from Freedom analysts.
On September 30, the index fell to 7,651 points; on October 1 it rebounded to 7,666; and on October 2 it reached 7,722 points. By the close on October 5, the S&P 500 gained another 51 points. On October 9, the S&P 500 finished trading at 7,811.54 points, up 0.59% for the day.
Carnival offset higher fuel costs
On September 29, cruise company Carnival Corporation (CCL) reported record quarterly revenue of $8.44 bn. Adjusted earnings per share came in at $1.43, unchanged from last year despite an unfavorable impact from fuel costs and exchange rates of $0.10 per share. Net income reached $1.9 bn; adjusted net income was $2 bn. Adjusted EBITDA totaled $3 bn, exceeding the June forecast by $110 m. Fuel expense per unit of passenger capacity fell 3.8% year over year.
The company also reported record third-quarter customer deposits of $7.6 bn — nearly 7% higher year over year. Booked occupancy and pricing metrics for 2027 reached record levels. Share repurchases since the start of the year totaled about $1.2 bn.
Previously, in June, Freedom Broker analysts reiterated their “Buy” recommendation and $35 target price. At the time, experts highlighted cost controls, reduced leverage, and prospects for a recovery in profitability on European routes. This assessment was published after the second-quarter report.
Micron beat expectations on results and guidance
On September 30, the spotlight was on memory maker Micron Technology (MU). The company’s results for fiscal Q4 2026 and its outlook exceeded average market estimates amid rising memory chip prices.
Quarterly revenue reached $54.23 bn versus $11.32 bn a year earlier. Adjusted earnings per share increased from $3.03 to $33.42. For the first quarter of the next fiscal year, the company forecasts revenue of $60–63 bn.
As early as October 7, Freedom Broker analysts reiterated their “Buy” recommendation and $1600 target price. Relative to the closing price used in the calculation of $1063.9, the upside potential was 50.4%.
Experts noted that constrained production capacity and long-term contracts support Micron’s prospects for 2027–2028. At the same time, in their view, strong demand is already largely reflected in the share price, so good results do not guarantee an immediate rise in the stock.
Nike lowered sales and issued cautious guidance
On October 1, investors’ attention was drawn to Nike’s (NKE) results. The sportswear and footwear maker’s revenue for the first quarter of fiscal 2027 totaled about $11.21 bn, down 4.3% year over year and below expectations. After the report, the shares lost about 8.7% in the after-hours session.
Sales in Greater China fell 26%. Management expects revenue to continue declining: by about 4% in the second quarter and by a high single-digit percentage for the full fiscal year. Freedom Broker upgraded its rating from “Hold” to “Buy,” while lowering the target price from $54 to $51. Analysts linked the change in recommendation to a widening gap between the market price and the estimated fair value of the shares after the sell-off.
Among supportive factors, experts highlighted a recovery in North American sales, cost controls, and a solid financial position. At the same time, they emphasized that the business transformation will take time.
Inflation, employment, and business activity
On September 30, the core PCE (Personal Consumption Expenditures) price index for August came in at 0.245% month over month versus a consensus forecast of 0.3%. After revisions, the annual figure fell to 3%. Later it became known that nonfarm payrolls in September increased by 29k versus the expected 90k. July and August figures were revised down by a combined 66k. The unemployment rate reached 4.18%.
On October 5, the ISM services business activity index slipped from 55.4 to 54.9 points. The reading remained above the 50-point mark separating expansion from contraction.
This is not an individual investment recommendation.