The Morning Call
9/10/26
The
Market
Technical
Wednesday in the
charts.
Wednesday in the
technical stats.
https://www.barchart.com/stocks/momentum
https://www.barchart.com/stocks/market-performance
https://www.barchart.com/stocks/sectors/rankings
https://www.barchart.com/stocks/signals/new-recommendations
Note: the S&P
fell below the lower boundary of the uptrend off the March low and settled near
its former all-time high---on terrible breadth. Given the strength in its
longer term trends, that shouldn’t cause tremendous alarm. Still it is a
potential warning. Follow through.
Thursday morning
setup: US stock futures slumped for a 3rd consecutive day, unable to
find traction, and trading at session lows with tech underperforming as
Treasury yields pushed higher keeping risk appetite firmly in check
ahead of the latest print on US factory prices and earnings from Oracle. As of
8:15am ET, S&P futures are down 0.2%, with Nasdaq futures lagging, and down
0.5%. Pre-market, MegaCap Tech stocks are mixed, led by AAPL and META +1.0%.
Overnight, TSMC reported a 53% increase in monthly sales amid strong AI
infrastructure demand. Incremental macro news flow were largely muted
since yesterday’s close: Trump promised $5k division if GOP wins the midterm,
which sparked fresh fiscal stability concerns and pushed yields to fresh 3 year
highs, as the 10Y tops 4.88%. The USD reversed an earlier drop to trade at
session highs as the Yen slumps. Commodities are mixed: Oil higher (WTI +1.7%),
while precious metals are lower; base metals and Ags are higher. US economic
data slate includes weekly jobless claims and August PPI (8:30 a.m.) and
August existing home sales and July wholesale inventories (10 a.m.). Fed
speakers remain in external communications blackout period ahead of Sept. 15-16
FOMC meeting
Fundamental
Headlines
The
Economy
US
Weekly jobless claims totaled 206,000 versus
forecasts of 205,000.
Month to date
retail chain store sales were up 8.3% versus +9.6% in the prior week.
August PPI came in
at +0.4%, in line; core PPI was +0.2% versus +0.3%.
https://www.zerohedge.com/markets/rate-hike-odds-jump-fuel-costs-push-us-producer-prices-higher
International
August German PPI was up 0.2%, in line.
Other
America’s middle class is the richest.
https://committeetounleashprosperity.com/hotlines/americas-middle-class-is-the-richest/
Why the gasoline price spike didn’t derail consumer
spending.
Six charts that
reflect how Americans feel about the economy (hat tip—not good).
How
great is the recessionary impact of the rise in oil prices?
https://bonddad.blogspot.com/2026/09/updating-potential-for-iran-war-oil.html
Iran
Overnight news.
Monetary
Policy
What if the Fed hikes?
https://www.carsongroup.com/insights/blog/what-if-the-fed-hikes/
Something is shifting in the inflation
picture.
ECB
raises rates.
Fiscal
Policy
We aren’t magically growing our way out of
debt.
Bessent told you Washington’s threshold of
pain.
https://talkmarkets.com/article/bessent-just-told-us-where-washingtons-pain-threshold-is-1788963450
And
the Market is questioning Bessent’s ‘I am the Market’ routine.
https://giftarticle.ft.com/giftarticle/actions/redeem/61236b4d-796d-4abc-9df6-6b1ee0edbfe0
Banana republic?
AI
We only get one chance to stop AI.
Tariffs
The US/Canadian tit for tat.
Investing
For the bulls.
https://www.advisorperspectives.com/commentaries/2026/09/09/5-key-forces-shaping-market-labor-day
A two story
market.
https://www.capitalspectator.com/a-two-story-market-ai-optimism-and-iran-fear-power-us-stocks/
Why hasn’t the
Market broken?
https://talkmarkets.com/article/why-hasnt-it-broken-1788979078
News on Stocks in Our Portfolios
What
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