Opening Bell: 9.28.26

Treasury yields rise as march to multiyear highs continues [CNBC]The 10-year U.S. Treasury note yield —the key benchmark for mortgage borrowing, auto loans and credit card debt — was up more than 5 basis points at 5.234%.... The latest monthly nonfarm payrolls data and unemployment rate are due out later in the week, following the core PCE index and latest quarterly GDP growth print. Before that, August’s JOLTS report, expected Tuesday, is forecast to show job openings dipped slightly to 7.24 million month-over-month from 7.27 million in July.Treasury Secretary Scott Bessent hires Wall Street economist David Zervos [CNBC]Zervos will add intellectual firepower to the Treasury after a series of staff departures that have drawn some attention. Seven of the department’s 16 Senate-confirmed appointees had left the department as of mid-August…. Bessent is on his third chief of staff since becoming Treasury secretary in January 2025….Zervos was considered by Trump to run the Federal Reserve, though the president ultimately chose Kevin Warsh for the job in January.Citi Expands Digital-Assets Footprint With Coinbase Partnership [WSJ via Yahoo!]It is the latest sign that efforts to connect traditional banking and the alternative financial system that powers cryptocurrencies are pushing ahead despite a recent setback for the crypto industry in Washington…. Citi's institutional clients, including large multinational corporations, will be able to accept stablecoin payments from their customers at checkout through Citi's merchant-processing services.Nvidia announces jaw-dropping $150 billion stock buyback, largest single authorization in history [Yahoo!]It brings the company's total buyback authorization to $235 billion…. [CEO Jensen] Huang likely sees a great moment to buy back Nvidia shares on the cheap, ahead of further acceleration in AI development.Blackstone’s Top Private-Equity Executive Is Preparing to Leave Firm [WSJ][Joseph] Baratta, who has been with Blackstone for nearly three decades, has been the firm’s global head of private equity since 2012 and is one of its most senior executives…. Senior executives at Blackstone have long faced the reality that Jonathan Gray, the firm’s 56-year-old president, is expected to succeed CEO Stephen Schwarzman. Schwarzman, 79 years old, co-founded Blackstone in 1985. That leaves few paths for growth for someone as senior as Baratta, 55.Elizabeth Holmes Posts Cryptic Message From Prison Ahead of ‘You Can See Everything’ Release: ‘I Was Silenced for a Long Time’ [Variety via Yahoo!]"I was silenced for a long time. And then imprisoned. I am fighting to prove my innocence and come home to my babies and the love of my life. I have now been imprisoned for 1,216 endless days and nights. During that time, as we fight for freedom, my loved ones have helped manage my account. Billy is one of the people carrying that responsibility for me. He fights fiercely for me and our family. I love him beyond space and time. Starting now, all posts in my own words will be marked -EAH. Posts without that signature are from the team managing this account…." Holmes' post also comes on the heels of her announced move to a halfway house next summer.