This week delivered a mix of macro calm and geopolitical noise, sending ripples across tech, energy, and inflation-sensitive assets. From encouraging CPI data to renewed volatility in uranium stocks, here’s what investors are watching.

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Inflation Cools, Supporting Fed's Rate-Cut Path
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September’s Consumer Price Index (CPI) showed further progress in taming inflation. Headline CPI rose just 0.3% month-over-month and 3.0% year-over-year, slightly below economist forecasts. Core inflation, which excludes food and energy, also held steady at 3.0%.
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The report reinforces expectations that the Federal Reserve is on track to cut interest rates by 25 basis points at next week’s meeting. Despite the ongoing government shutdown, which has halted the release of key economic data, the Fed appears confident in the disinflationary trend.
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However, the shutdown could delay the October CPI report, raising concerns about how long the Fed can steer policy without fresh data. In the meantime, markets are pricing in a more accommodative stance, with falling Treasury yields and stronger performance in rate-sensitive sectors.

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Intel Earnings Highlight Government-Backed Turnaround Risks

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Intel returned to profitability in the third quarter, posting $13.7 billion in revenue and $0.23 in earnings per share (EPS). While the numbers beat expectations, shares declined after the report as investors focused on structural challenges.
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The biggest concerns remain:
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• Execution risk in the company’s foundry turnaround plans
• Rising debt levels associated with long-term investments
• Reliance on public-sector support, including a near-10% equity stake by the U.S. government
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Intel’s turnaround strategy has become a cornerstone of America’s industrial policy, with the CHIPS Act and federal funding aimed at rebuilding domestic semiconductor production. But markets remain wary about how quickly Intel can scale its manufacturing capabilities while competing with more agile rivals like TSMC and Nvidia.

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U.S. Sanctions Hit Russian Energy Giants, Uranium Stocks React

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The U.S. Treasury Department imposed new sanctions on Russian oil companies Rosneft and Lukoil, tightening restrictions on financing and energy trade in response to ongoing geopolitical tensions.
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Crude oil prices briefly spiked before easing, but the bigger market reaction came in the uranium sector.
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With global energy markets already strained, the prospect of tighter Russian uranium exports sent nuclear fuel stocks higher. Investors scrambled into names like:
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• Cameco Corp.
• Uranium Energy Corp.
• NexGen Energy
• BWX Technologies
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These stocks are seen as critical beneficiaries of any supply-chain disruptions in the nuclear space, especially as more countries lean into small modular reactors (SMRs) and domestic energy independence.

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Quantum Computing Stocks Surge on U.S. Strategic Hints

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A wave of speculation surrounding U.S. investment in post-quantum security and strategic technologies lifted small-cap quantum computing stocks this week.
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Several companies saw sharp price moves, including:
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• IonQ ($IONQ)
• Rigetti Computing ($RGTI)
• D-Wave Quantum ($QBTS)
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The gains were fueled by whispers of federal initiatives focused on quantum resilience—ensuring national cybersecurity infrastructure is future-proof against quantum decryption threats. With the federal government still partially shut down, no official announcements have been made, but market chatter and defense-sector commentary have added fuel to the speculative fire.
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Quantum remains a volatile space, but one that continues to draw long-term interest from public and private capital alike.

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Bottom Line

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The market narrative this week was driven by a combination of relief and risk. Inflation continues to move in the right direction, keeping the Fed on a likely easing path—despite political gridlock in Washington. But under the surface, questions around Intel’s comeback, Russian sanctions, and the future of quantum tech are reshaping how investors position for what's ahead.
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From CPI prints to cyber defense, the lines between macro policy, industrial strategy, and tech innovation are blurring. And in this environment, investors who track these cross-sector catalysts closely may have the edge.