US API heating oil stocks rose 435,000 barrels in the week to Sept. 18, versus a 28,000-barrel draw the prior week.

Galaxy Securities research: The Fed hiked 25bp to 3.75%–4.00% on Sept. 16, the first increase since July 2023, lifting the systemic center of the risk-free rate beyond the policy rate. Higher discount rates compress equity multiples, hitting long-duration, high-valuation growth names most. The AI narrative remains robust, but pricing is shifting from long-term visions to near-term delivery and earnings verification. On the first trading day after the hike, compute-related sectors—storage, CPUs, foundries and optical interconnect—generally outperformed, driven by strong current profits and short payback periods that make them less rate-sensitive. Divergence continues: compute hardware with validated cash flows and earnings (advanced process nodes, memory, optical interconnect, equipment and materials) are benefiting as downside is largely priced in, while names reliant on distant narratives without earnings support are being de-rated. AI is entering a rational verification phase.

MAS said in its Financial Stability Assessment released Tuesday that around 80% of surveyed chief risk officers ranked cyber and operational risk as their top concern, versus 77% citing geopolitical risk. Market stress from AI-related overinvestment was flagged by 57% as a new major risk. While geopolitical risk remains the highest-impact threat, MAS warned that renewed geopolitical tension or a market reprice of AI profit expectations could trigger broad risk-asset repricing, fund redemptions and insurer losses, weighing on banks, insurers and other financial institutions.