The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1739 ET - The Firmus IPO's failure to launch costs Maas Group a bull. Jefferies says the shelved IPO plan is a highly impactful event for Maas across both its earnings and equity investment in Firmus. It notes Firmus represents 50%-60% of Maas's revenues when the Construction Materials business is excluded. "In our view, risks have amplified," analyst John Campbell says. Most data centers that Firmus has in its pipeline don't have development approval. Jefferies notes Firmus still needs equity, and cuts its FY27-29 EPS forecasts by 5%-9%. "We acknowledge the situation is very fluid and a successful outcome on Firmus's private market raising endeavors could be a significant positive catalyst after the difficulties of the past week," Jefferies says, downgrading Maas to hold from buy. (david.winning@wsj.com; @dwinningWSJ)

1622 ET - Meta's fluffy Muse AI assistant is only about one month old, but it's already set for a software update. Meta is releasing Muse Wonder and Muse Wonder Full, two foundational models the company says are at the AI frontier. The models will eventually come to power Muse assistants, beginning with paid subscribers, the company says. The new models represent Meta's attempt to prove to investors that it can compete with other frontier AI labs and generate returns from its heavy AI spending. They will also be key in the company's effort to drive adoption and retention for Muse, a cornerstone in CEO Mark Zuckerberg's vision for "personal superintelligence" for billions. Shares in Meta gained 3.4% to $742.96. (elias.schisgall@wsj.com)

1357 ET - IonQ's latest acquisition, a $1.3 billion deal to buy cybersecurity firm Elisity, shows the quantum computing company is seeking to have a hand in the full quantum tech stack, StoneX analyst Gary Mobley says in a note. He believes the deal will help IonQ provide quantum-specific cybersecurity measures in anticipation of "Q-Day," an industry term for the point at which quantum computers become capable of breaking common encryption methods. "By far, IONQ has been the most aggressive in consolidating the full quantum stack, and as a result, IONQ is establishing the most revenue and R&D scale in the quantum industry," Mobley says. "As the industry evolves, this could prove to be a strategic advantage." IonQ falls 9.2%. (elias.schisgall@wsj.com)

1345 ET - The estimated funding level of pension plans sponsored by S&P 1500 companies increased by 1 percentage point in September to 113% as a result of an increase in discount rates slightly offset by a decrease in equity markets, according to professional-services firm Marsh. As of the end of September, the plans' estimated aggregate surplus increased by $6 billion, to $181 billion, compared with a $175 billion surplus at the end of August, Marsh says. "Pension funded status for the S&P 1500 rose 1% percent in September after interest rates climbed to 17-year highs," said Marsh partner Matt McDaniel. "Persistent inflation and high energy costs kept pressure on rates, prompting the Fed to raise them by a quarter point in September." (jennifer.williams@wsj.com; @jenkayw)

1302 ET - Bitcoin treasury firm Strategy Inc., which holds the largest bitcoin reserves in the world, announced a new purchase of bitcoin to start the day. The firm buying 250 BTC, bringing its total ownership to 848,250 coins, at an average buying price of $75,444 across its treasury. This is the second purchase the bitcoin treasury made since the start of the month, according to Strategy's data. Strategy's purchases are often a catalyst for how bitcoin moves in a given trading day. Bitcoin falls 1%, ethereum is 0.2% lower, and XRP is down 2.2%. (kirk.maltais@gmail.com)

1252 ET - LVMH would do well to make some of its luxury products more affordable, analysts at Bernstein write in a note. The French luxury-goods giant booked a slowdown in sales growth for the third quarter, led by a fall in sales at the core fashion division. The group should act on its price-mix in order to make its core products more affordable to the "broader consumer audience" targeted by brands like Louis Vuitton, Bernstein says. (joshua.kirby@wsj.com; @joshualeokirby)

1245 ET - Chinese consumers are subdued amid a tough macro backdrop, says Cecile Cabanis, chief financial officer at French luxury titan LVMH. The owner of Louis Vuitton and Dior booked a slowdown in group organic revenue growth to just 1% over the most recent quarter, with sales in the mainstay fashion division losing 5% on year. "Newsflow has not been particularly good in China this summer," Cabanis tells analysts in a call. This has created a subdued mood among Chinese luxury consumers, she says. "We hope it will subside, but we don't know when it will," Cabanis says. (joshua.kirby@wsj.com; @joshualeokirby)

1059 ET - Material shortages in the German manufacturing sector rose somewhat in September, Germany's Ifo Institute says. A total of 14.6% of companies reported shortages of intermediate products, up from 13.3% in August, although there is still no sign of a broad-based rise in supply, it says. "In individual industries, however, shortages of intermediate products are once again becoming a bigger problem," says Klaus Wohlrabe, head of surveys at Ifo. Supply remains strained in particular among manufacturers of data-processing equipment and electronic and optical products, where the share of companies with material shortages rose from 33.2% to 37.8%, Ifo says. "In parts of the electronics industry in particular, strong demand is running up against tight material supplies," Wohlrabe says. (edward.frankl@wsj.com)

1055 ET - The EU's plan to curb imports of Chinese hybrid cars into the 27-member bloc offers some short-term relief for European carmakers but doesn't remove the risk of further escalation, Oxford Economics says in a report on Monday. "Chinese car makers are widely expected to ramp up their efforts to establish domestic production in Europe to bypass the import quota," Chief Europe Economist Angel Talavera writes in the report. The deal does not address issues linked to Chinese exports in other industries, Talavera adds. "Ultimately, Europe has little power to change the underlying imbalance, because it is systemic in nature and reflects Chinese domestic conditions: large industrial subsidies, an undervalued currency and a Chinese domestic market that cannot absorb the country's production means that sectoral measures work only at the margin," the report says. (edith.hancock@wsj.com)

1037 ET - The European Union's agreement with China to curb its exports of hybrid cars into the region could be a blueprint for future deals, Capital Economics says in a note Monday. "There is mounting pressure from other industries such as chemicals and machine tools for similar for protection," it says. The EU said it will cap hybrid and plug-in hybrid car imports from China at 350,000 units annually for four years. "If extended to all the industries that are targeted by the EU 's Industrial Accelerator Act this could potentially affect around a quarter of all imports, which would have a bigger impact on the wider economy," Capital Economics says, adding that it remains to be seen whether China will agree to similar restrictions on other and potentially much larger sectors. (edith.hancock@wsj.com)

1033 ET - Major Gulf stock markets end mixed Monday amid heightened regional security concerns, with Saudi Arabia's Tadawul All Share Index falling 0.7% following deadly Houthi attacks on Riyadh's international airport over the weekend. The attacks killed at least 13 people, adding to concerns over the impact of the conflict on the kingdom's economy and investment plans. Qatar's QE Index rises 1.2%, rebounding from a 1.5% decline in the previous session. In the U.A.E., Abu Dhabi's benchmark index declines 0.3% while the Dubai Financial Market General Index gains 0.3%. The U.A.E. economy grew just 0.4% on year in the first half, with second-quarter output contracting 2.1%, Emirates NBD Research says. (farhan.rafid@wsj.com)

1016 ET - Recent attacks by Houthi rebels on Riyadh airport threaten to set back the recovery in Saudi Arabia's non-oil economy, even if the damage to the tourism sector proves to be limited, Capital Economics economist Jason Tuvey says. "Even if there are no further attacks, security fears may still deter tourists as well as business travel in the lead-up to the Future Investment Initiative due to take place later this month," he says in a note. The attacks are likely to heighten security fears, reducing footfall in sectors such as wholesale and retail trade, restaurants, and recreational services in particular. Still, the hit to non-oil GDP has been fairly limited, contracting by a modest 0.4% in the second quarter, Tuvey notes.