Meta hired MongoDB's CEO, and the ten-year hit its highest since 2007

Yields rose across the curve. The two-year jumped 11bp to 4.92%, the five-year 8bp to 5.06%, and the ten- and thirty-year 7bp each, to 5.24% and 5.56%. Yahoo puts the ten-year at its highest since 2007 and the thirty-year at its highest since 2004. It's a heavy week for data: August PCE on Wednesday, manufacturing on Thursday and September payrolls on Friday. The two-year led, and that's the maturity that tracks Fed expectations, with the Fed already having hiked on September 16.

CJ Desai quit as MongoDB's CEO with immediate effect to become Meta's Chief Enterprise Platform Officer, reporting to Zuckerberg and selling Muse and Meta's business and coding agents to companies. He'd been at MongoDB about 11 months. Dev Ittycheria, who ran it from 2014 to 2025, is back as interim CEO, and the company reaffirmed its third-quarter and full-year guidance in the same release. That didn't stop an 18.46% fall to $334.68. Meta fell 4.79% to $715.62, and it's now given back 8% in two sessions. MongoDB's investor day is tomorrow, so the interim team gets a stage straight away.

Nvidia added $150bn to its buyback, taking the authorization to $235bn to be used through fiscal 2028, which it calls the largest increase in history. It also launched an Open Agent Safety Platform for governing AI agents, with Anthropic, Microsoft, CrowdStrike and Palantir among more than 100 partners. Nvidia rose 1.68% to $228.86. The rest of the group didn't follow: the chip ETF fell 1.08%, Micron 2.6% and the memory ETF 3.6%. Yahoo tied the chip weakness to OpenAI's account on Friday of an agent getting past its internet restriction, its second training pause in under three months.

Iran proposed a seven-day roadmap at the UN on Friday: the US releases frozen funds, lifts oil sanctions and ends the blockade of its ports, and Hormuz reopens by day seven. Trump said on Saturday the deal "would not be acceptable." WTI ran as high as $96.54 today but settled up just 19 cents at $92.60, after reports that Saudi Arabia had restored its East-West pipeline to about 3.5 million barrels a day.

Kodiak Sciences said both of its eye drugs, Zenkuda and KSI-501, met their primary endpoints in the DAYBREAK phase 3 trial in wet macular degeneration, a head-to-head against aflibercept. The stock nearly tripled, up 178% to $89.92.