Bitget UEX Daily Report | U.S. stocks end three-day decline; Generac rises 18.34%; SEC introduces exemption for tokenized stock trading (September 18, 2026)

# Hot News

Federal Reserve Dynamics

U.S. stocks rebound after rate hike, initial jobless claims drop to 196,000

• On September 16, the Federal Reserve unanimously approved a 25 basis point rate hike, raising the target range for the federal funds rate to 3.75%–4.00%.
• The U.S. Department of Labor announced on September 17 that for the week ending September 12, initial jobless claims were 196,000, a decrease of 10,000 from the previous week; the four-week moving average fell to 203,250.
• For the week ending September 5, continuing jobless claims were 1.73 million. Employment data still shows resilience, while the market digests the impact of falling oil prices and Treasury yields.

Market Impact: Employment resilience helps alleviate concerns about a rapid economic downturn, but it also means that policy may not quickly shift to easing. Whether the rebound in tech stocks can continue still needs to be observed in relation to inflation, long-term rates, and earnings expectations.

International Commodities

Oil price retreat provides relief, Brent remains above $100

• According to Reuters' closing report, the drop in oil prices and U.S. Treasury yields supported the rebound of risk assets on September 17.
• This morning, the reference price for Brent crude oil futures for November was about $103.78 per barrel, while WTI October contracts were about $100.86 per barrel.
• Energy prices remain high, and changes in supply and transportation in the Middle East continue to affect inflation expectations.

Market Impact: The drop in oil prices helps alleviate cost pressures for transportation, manufacturing, and consumer companies. For growth stocks, whether energy costs can continue to cool is more influential on subsequent valuation environments than a single-day drop in oil prices.

Macroeconomic Policy

Bank of England maintains 3.75%, three members support rate hike

• The Bank of England announced on September 17 that it would maintain the policy rate at 3.75% with a vote of 6–3, with three members supporting a 25 basis point hike to 4%.
• The central bank pointed out that changes in energy prices increase the upside risk to inflation, and its updated estimates show that the year-on-year increase in the UK's CPI may be slightly above 4% in early 2027.
• The Bank of Japan will conclude its two-day policy meeting today, with interest rate decisions and subsequent statements becoming important variables during the Asian trading session.

Market Impact: Major central banks still face constraints from energy inflation. Changes in the yen, pound, and global bond yields may affect U.S. stocks and crypto assets through financing costs and cross-market position adjustments.

# Market Review

Commodities and Forex

• Spot Gold: Approximately $4,353.73 per ounce.
• Spot Silver: Approximately $65.67 per ounce.
• WTI Crude Oil Futures: Approximately $100.86 per barrel, October 2026 contract.
• Brent Crude Oil Futures: Approximately $103.78 per barrel, November 2026 contract.
• U.S. Dollar Index DXY: Approximately $100.24.

Driving Analysis: Precious metals continue to seek a balance between safe-haven demand and interest rate pressures; although oil prices have retreated, it is still insufficient to eliminate energy inflation risks. Today's statements from the Bank of Japan, U.S. industrial output data, and bond market reactions will influence the short-term direction of exchange rates and precious metals.

Cryptocurrency

• BTC: Approximately $76,350.98, up 0.13% in 24 hours; page aggregated 24-hour trading volume approximately $21.8 billion.
• ETH: Approximately $2,442.82, up 1.03% in 24 hours; page aggregated 24-hour trading volume approximately $11.65 billion.

Large Holder Buying and Volume-Price Observation: Among the corporate purchases disclosed on September 14, Strive bought 469 BTC from September 8–11 at an average price of approximately $77,954 including fees; Bitmine disclosed a purchase of 27,180 ETH the previous week, which is not a new purchase today. This morning, ETH's increase was higher than BTC's, but the above trading volume only represents trading activity and cannot be used to conclude that large holders are continuously increasing their positions.

Funding and Driving Analysis: Farside's recent complete data corresponds to September 16 in the U.S., with net outflows of approximately $295.9 million and $224.1 million for BTC and ETH ETFs, respectively; data for September 17 has not yet been fully disclosed. The price rebound and institutional channel fund inflows still need to be verified separately; currently, it is more worthwhile to observe whether ETF redemptions converge and whether the rebound can gain sustained support from spot demand.

U.S. Stock Market Indices

• Dow Jones Industrial Average: Approximately 51,780 points, up about 0.6%.
• S&P 500 Index: Approximately 7,638 points, up 1.14%.
• NASDAQ Composite Index: 26,418.30 points, up 1.69%.

Performance Summary: The three major indices ended three consecutive days of decline, with the NASDAQ leading the gains. The drop in oil prices and yields alleviated some valuation pressure, with tech stocks becoming the main force behind the rebound.

Seven Tech Giants

• NVIDIA NVDA: $219.34, up 2.54%.
• Apple AAPL: $337.00, up 1.38%.
• Microsoft MSFT: $497.75, up 1.52%.
• Google GOOGL: $347.33, up 1.30%.
• Amazon AMZN: $251.19, up 2.13%.
• Meta: $682.31, up 1.34%.
• Tesla TSLA: $366.20, up 2.27%.

Driving Analysis: All seven giants rose, with NVIDIA, Tesla, and Amazon leading the gains, while Google adopted the Alphabet Class A stock metric. The rebound covers multiple large tech sub-sectors, but there is still significant differentiation within the AI industry chain: growth expectations from supply orders are being closely monitored alongside cost and dilution pressures from expansion financing.

Sector Movement Observation

Semiconductors: Risk appetite recovery, chip stocks lead gains

• Representative Stocks: Intel up 7.67%, AMD up 6.36%, NVIDIA up 2.54%.
• Observation Focus: Chip stocks performed better than the broader market, but price rebounds still require support from orders, delivery capabilities, and gross margins. Collaborative discussions and demand outlooks should be distinguished from contracts that have already been finalized.

Crypto Finance: Progress in tokenization regulation boosts expectations

• Representative Stocks: Circle up 5.77%, Coinbase up 5.75%.
• Observation Focus: The SEC has introduced a conditional exemption for tokenized stock trading, prompting the market to reassess the business space for compliant trading, settlement, and stablecoin services. The actual degree of benefit depends on platform eligibility, product launches, and user trading volumes.

# In-Depth Analysis of U.S. Stocks

1. Generac (GNRC): Closed up 18.34%, order catalyst still needs to observe profit realization

Event Overview: Generac closed at $207.23 on September 17, up 18.34%. The previously disclosed supply agreement for Amazon backup generators is expected to yield approximately $2.4 billion in initial deliveries between 2027 and 2028.

Market Interpretation: Approximately 8 million shares were traded that day, about 12.3 times the previous trading day, but the close was below the opening price of $229.50, indicating pricing discrepancies after the news stimulus. The 18.34% increase refers to the regular trading session, which is different from the after-hours performance the previous night.

Investment Insight: Focus on delivery schedules, expansion investments, and new order gross margins. Future delivery amounts need to gradually convert into revenue, profit, and cash flow to support valuation increases.

2. CoreWeave (CRWV): Plans to issue $3 billion in convertible bonds, financing pressure drags down stock price

Event Overview: CoreWeave closed at $79.88, down 4.16%. The company announced on September 17 plans to issue $3 billion in senior convertible notes maturing in 2033, granting initial purchasers an option to purchase up to $500 million additionally.

Market Interpretation: The fundraising can provide capital for business expansion, but new debt and potential equity dilution also affect existing shareholder returns. The company plans to use part of the raised funds for capped options trading to mitigate dilution effects from the convertible bonds.

Investment Insight: Focus on final financing terms, funding costs, and capital expenditure conversion efficiency. Whether high-growth orders can cover construction investments and financing burdens is an important test for AI cloud business valuations.

3. Lucid (LCID): European autonomous driving collaboration brings new demand expectations

Event Overview: Lucid closed at $4.28, up 5.94%. According to Reuters, Bolt plans to collaborate with Lucid to deploy at least 25,000 autonomous vehicles in Europe.

Market Interpretation: The collaboration opens new use cases for vehicle platforms, but the deployment targets are still distant from completed deliveries. The actual contribution depends on product development, regulatory approvals, vehicle production, and operational arrangements.

Investment Insight: Focus on formal procurement arrangements, mass production milestones, and unit economics. The long-term scale of the autonomous driving business needs to be assessed alongside Lucid's recent cash consumption and manufacturing capabilities.

# Market and Project Dynamics

1. SEC introduces "innovation exemption" for tokenized stocks. On September 17, it announced that eligible tokenized securities trading venues and some liquidity providers could receive temporary regulatory exemptions, valid for five years. Trading is constrained by conditions such as the number and scale of underlying assets, and tokens must retain shareholder rights similar to traditional stocks, with issuers having the opportunity to raise objections.
2. World Money begins rollout. World announced on September 17 that it would gradually launch a financial application in over 150 countries, integrating stablecoin balances, payments, trading, earnings, and virtual account functions. Stripe supports U.S. users to deposit via Apple Pay; specific functions and eligibility vary by region.
3. U.S. stock market 23×5 trading infrastructure continues to advance. Jamie Selway, head of the SEC's Trading and Markets Division, stated that the market data infrastructure is set to expand to five days a week and 23 hours a day starting December 6, supporting extended trading hours for approved exchanges. The actual coverage and operational arrangements still need to be monitored for subsequent implementation.

# Today's Economic Calendar

All times are in Beijing time; the focus level is based on the editor's judgment for the day.

|---------------|----|-------------------|------| | September 18, specific time to be announced | Japan | Bank of Japan interest rate decision | ⭐⭐⭐⭐ | | September 18, 14:30 | Japan | Bank of Japan Governor Kazuo Ueda press conference | ⭐⭐⭐⭐ | | September 18, 21:15 | U.S. | August industrial output and capacity utilization | ⭐⭐⭐ | | September 18 U.S. stock trading session | U.S. | Triple Witching Day, focus on futures and options expiration-related trading | ⭐⭐⭐⭐ |

Event Outlook: The Bank of Japan's decisions and guidance will affect the yen and cross-market financing positions; U.S. industrial data will provide new clues for assessing economic resilience post-rate hike. Triple Witching Day may increase rebalancing and hedging trades, and increased trading volume does not necessarily indicate that trends have been confirmed, as the expiration settlement points for various contracts are not entirely consistent.

Institutional Viewpoint: According to a report by Reuters, Dakota Wealth Senior Portfolio Manager Robert Pavlik believes that investors are re-entering sectors that were previously pressured by interest rate hike expectations; Baird Investment Strategy Analyst Ross Mayfield pointed out that the decline in oil prices is beneficial for consumers and businesses. The focus of observation for the market ahead is whether this cost relief can be sustained and translate into more stable profit expectations.