Before we dive in, here’s what stood out today: volatility is back, the first big bank earnings are in, and speculative names are running hot again.
Before we dive in, here’s what’s moving markets: a shutdown that might finally end on tomorrow’s vote, mixed corporate earnings in tech and housing, and a massive executive pay package that’s making headlines across Wall Street.
1) Shutdown running long
The federal government shutdown has entered its final stretch, with a vote expected tomorrow that could finally end the stalemate. Economic data releases remain paused and agencies are strained, but markets have held up better than expected.
A resolution could trigger a short relief rally, though investors are already pricing in lingering delays in data, contracts, and government spending. It also spills over into tokenized asset platforms, where real-world assets and digital infrastructure are converging. One emerging player, Jarsy, tokenizes private-company equity and opens pre-IPO access to retail investors… bridging traditional finance and blockchain rails. Download their app here.
2) IREN & Opendoor earnings in focus
Irēn Ltd. ($IREN) posted $240.3M in quarterly revenue, up more than 350% YoY, with net income of $384.6M… a sharp turnaround from losses a year ago. The company also highlighted progress on its Microsoft partnership, confirming that AI data center construction is underway with first-phase activation expected in 2026. Analysts see this as validation of the pivot toward hybrid Bitcoin mining and cloud infrastructure. Still, they note that near-term revenue is largely driven by mining, with the AI segment yet to scale materially. The stock was flat after hours yesterday, suggesting investors are waiting for execution before re-rating the story.
Opendoor ($OPEN) reported $915M in Q3 revenue, above consensus, but margins stayed compressed and the company posted another $0.12 loss per share. With housing activity still subdued and spreads tight, Wall Street focused more on muted forward guidance than the headline beat. The stock fell roughly 15% after hours, reflecting continued caution around real estate tech and broader affordability headwinds.
3) Musk’s $1 trillion pay package approved
Tesla ($TSLA) shareholders officially approved Elon Musk’s $1 trillion pay package, securing his leadership for the long haul. The vote passed easily, reflecting investor confidence in his vision across AI, robotics, and EV manufacturing.
The deal ties compensation to long-term performance, aligning Musk’s pay with Tesla’s next phase of growth… but it also raises fresh debate about governance and scale.
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Enjoy the weekend!
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