The Federal Reserve FOMC passes the interest rate decision with an 11-1 vote.

JPMorgan has lowered the target price for PepsiCo from $138 to $137.

According to Zhihu Finance APP, ahead of the upcoming Q3 2026 earnings season for the US refining industry, Goldman Sachs has updated its earnings outlook for US refiners. Before the results release, Goldman Sachs, based on discussions with investors, is focusing on three key points of contention: (a) the outlook for mid-cycle profit margins after a tightening of global refining fundamentals and supply disruptions; (b) the price differential between light and heavy crude oil as supply from Canada and Venezuela increases; (c) capital allocation priorities, specifically how to balance maintaining a robust balance sheet, advancing internal growth projects, and returning value to shareholders.

(1) Analysis: Shipping disruptions in the Strait of Hormuz and the shutdown of approximately 1.3 million barrels per day of crude oil production in the Gulf of Mexico are supporting a supply risk premium; however, signals of dialogue between the US and Iran are limiting further upside in oil prices, which are currently still in a low-level consolidation phase, mainly awaiting a stress test. (2) Key Focus: Geopolitical situation, inventory data, US dollar index, global crude oil supply, and OPEC+ policy. (3) Resistance: 91.00, 91.50, 92.00 (4) Support: 90.00, 89.00, 88.00