News
The day at a glance · 4 min read
Mood · Cautious
+15
Sentiment, −100 to +100
CME International ADV (Q3 2026)
9M contracts+22%
Capital Markets Infrastructure
ICE 3-Year Return
42.1%
Capital Markets Infrastructure
Visa Fiscal Q3 Revenue
$11.63B
Payments & Network Innovation
Key driverCapital markets infrastructure and payment innovation offset renewed scrutiny on bank and exchange valuations following extended share price gains
Daily briefFinancials· Money365.Market AI ·

Capital Markets & Payments Lead as Banks Face Valuation Tests

CME derivatives volumes jump 22%, Visa pushes stablecoin settlement, while Wells Fargo and ICE navigate valuation questions after multi-year runs

Capital Markets Infrastructure

Bullish
CMEICESPGI
CME Group (CME) reported international average daily volume (ADV) reached 9 million contracts in Q3 2026, up 22% from a year earlier, reflecting sustained growth in derivatives trading activity across global markets.
Intercontinental Exchange (ICE) and crypto platform OKX have filed with the SEC to launch joint venture OKXICE, seeking approval for 24/7 trading of tokenized U.S. stocks, with each token representing underlying traditional equity ownership. The filing relies on a new SEC exemption program that would allow blockchain-based equity trading outside standard market hours. The stock has returned 42.1% over the past three years, and recent news from tokenized equities to new futures products has refocused attention on whether investors are paying a fair price for the returns the business earns on capital.
S&P Global (SPGI) announced expanded updates to its Capital IQ Pro platform, led by an expanded ChatIQ conversational AI experience that unifies multi-source analysis, screening, charting and AI-powered research, modeling and presentation tools across valuation, private markets, fixed income, credit and portfolio analytics. The company also launched Vault Risk Assessment to provide risk analysis for clients exposed to the digital assets sector. Moody's and S&P Global (SPGI) issued the first formal credit ratings of a stablecoin protocol, with S&P Global affirming a B- rating on Sky Protocol on October 1.

Payments & Network Innovation

Neutral

Visa Fiscal Q3 Net Income

$5.63B

Luxury Credit Card Spending (YoY)

September-6%
VMAC
Visa (V) reported fiscal third-quarter net revenue of $11.63 billion and net income of $5.63 billion, while highlighting its expanding role in stablecoin and blockchain payments, including its TOKEN2049 Singapore appearance and its role in SAP Pay's embedded stablecoin settlement for multinational corporates. These developments underline the company's attempt to act as a bridge between traditional payment rails and blockchain-based finance, using stablecoin settlement and embedded payment tools.
Mastercard (MA) pairs strong growth and profitability with a tight chart setup, offering a defined entry and clear risk levels for breakout-focused traders, according to recent technical analysis.
Wealthy Americans are pulling back on luxury spending ahead of the midterms, with credit card purchases at luxury brands falling 6% from a year earlier in September, according to data cited by Citigroup (C).

Banks & Asset Management

Neutral

Wells Fargo 3-Year Gain

117.5%

JPMorgan XP Target (Prior)

$26

JPMorgan XP Target (New)

$38

XP Fair Value (Updated)

$25.58
WFCSCHWJPMBLK
Wells Fargo (WFC) has gained 117.5% over the past three years, yet the real hinge for today's valuation is whether that performance lines up with the returns the business actually earns on its capital. With the stock resetting recently and fresh headlines in the background, the key issue is how much of those economics are already reflected in the current price.
Charles Schwab (SCHW) agreed to sell Forge Trust Co. and its parent to Alto, a private markets retirement platform provider. The deal will combine Forge Trust's alternative asset custody capabilities with Alto's technology and infrastructure for self-directed retirement accounts. The combined business is expected to rank among the larger independent U.S. platforms focused on private market investing in retirement portfolios.
JPMorgan (JPM) raised its price target on XP from $26 to $38, part of several higher analyst price targets that have turned more supportive with refreshed earnings assumptions. The latest XP model update lifts fair value from $23.17 to $25.58, aligning with the higher analyst price targets.
BlackRock (BLK) operates a newer income fund that has been quietly piling up gains, with recent analysis suggesting it beat JEPI by substantial points over the past year, though questions remain whether that gap holds when markets get ugly.

Investment Banking Activity

Neutral
GSMS
Goldman Sachs (GS) has been actively revising price targets and earnings estimates across multiple sectors, including raising targets on certain industrial names and revamping estimates for SpaceX stock ahead of crucial earnings tests. The firm also maintained its €35 level price target on Wärtsilä while other research houses keep price goals nearer €28 and question how much upside is left.
Morgan Stanley (MS) flagged Broadcom as relatively resilient to U.S. data-center power shortages affecting AI buildouts, framing a 32-gigawatt U.S. data-center power shortfall as a risk for many AI hardware suppliers. The bank cited Broadcom as benefiting from diversified regional demand, detailed tracking of AI product rollouts, and close ties to utilities and data-center operators.

Important Disclaimer — Not Investment Advice

Disclaimer: This article is provided by Money365.Market for general information and educational purposes only. It is not financial advice, a personal recommendation, or an inducement to buy, sell, or invest in any security or product. Capital is at risk and the value of investments can go down as well as up; past performance does not indicate future results. You should seek independent advice from an FCA-authorised adviser before making any financial decision.

Read the full disclaimer — 8 further points, including total-loss risk, our regulatory status and conflicts of interest

Nothing here is an offer or a solicitation to buy or sell anything, and reading it creates no advisory or fiduciary relationship between you and Money365.Market. Any decision you take is your own.

  • You can lose money — including all of it. Individual companies can and do fail, and some of the assets discussed can fall to zero. Only commit money you can afford to lose, and never borrow to invest on the strength of anything you read here.
  • Forecasts are opinion, not fact. Any valuation model, scenario, fair-value range, estimate or other forward-looking statement is illustrative, rests on assumptions that may prove wrong, and is never a price target, a forecast of actual outcomes, or a promise of any return.
  • Published at a point in time. Figures were believed accurate on the publication or last-updated date shown above and are not maintained afterwards; we are under no obligation to update them. Market and company data comes from third-party sources and is provided without warranty of accuracy, completeness or timeliness.
  • Automated content. This brief was compiled by an automated pipeline from validated news and market-data sources and passed through editorial and compliance checks. Automated content can still contain errors — verify anything you intend to rely on.
  • We are not regulated. Money365.Market is not authorised or regulated by the UK Financial Conduct Authority, is not registered with the U.S. Securities and Exchange Commission or FINRA as an investment adviser or broker-dealer, and is not a tax adviser. We hold no licence to give personal financial advice and do not do so.
  • Interests and independence. Money365.Market is not affiliated with, endorsed by or sponsored by any company, fund, exchange or platform mentioned, and is not paid to feature them. The author may hold positions in securities or assets discussed. The site earns revenue from advertising, subscriptions and, where labelled, affiliate links; this does not influence what we publish.
  • Your jurisdiction matters. Tax treatment, contribution limits, product availability and investor protections differ by country and can change. Speak to a qualified tax professional for tax matters, and to a locally licensed adviser if you are outside the UK.

Full terms: Disclaimer · Terms of Service · Privacy Policy