Monday Watch

Around X:

• @Business   

• Taiwan’s representative to the US projected confidence that President Donald Trump would ultimately approve additional weapons sales to the self-governing island, which has been waiting for a $14 billion arms package. 
• “Taiwan is not on the menu.” Alexander Yui, Taiwan’s Representative to the United States, tells @davidgura and @EenaRuffini that US policy remains unchanged following President Trump’s meeting with Chinese President Xi Jinping in Washington. The two world leaders are set to meet two more times before the end of the year. 
• Macron’s messy legacy: France has become Europe’s weakest link as investors dump assets and popular anger soars. 
• President Luiz Inácio Lula da Silva and conservative challenger Flávio Bolsonaro are projected to go to a runoff in Brazil, setting up a battle over whether Latin America’s largest nation will join a regional swing to the right.
• Apple’s new CEO has been prioritizing leading the company’s design team in his first weeks on the job.
• The exodus of the uber-rich from the UK has become a $160 billion problem. 
• Republican self-sabotage may not be enough to help tip the midterms in the Democrats’ favor. 
• Schumer demands that Flock delete personal data not connected to crimes and disclose whether federal agencies have accessed the company’s nationwide license-plate database. 
• Get up to speed on what's moving global markets.    
• Here’s what you need to know to start your day: Morning Briefing Asia. 

• @Zerohedge  

• "Very Concerning Safety Issues": Trump's mRNA-Skeptic FDA Drug Chief Was Mysteriously Fired - Right Before This Drug Was Approved. 
• We Cannot Trust The CDC Estimates Of Flu Vaccine Effectiveness. 
• Trump Taps Intelligence Chief Jay Clayton As AI Czar, Brushing Off Calls To Slow Down. 
• 2.7 million rials for one dollar. 
• "Deeply Flawed": Biggest US Grid Scraps Emergency Data Center Power Auction One Day After FERC Smackdown. 
• Conviction Collapse: Hedge Fund Leverage Hits "Liberation Day" Lows As Everything But The VIX Screams Fear. 
• Iran "Decision Week": Trump Teases "Easy Way Or Hard Way" As Tankers Burn, Rial Craters And Tehran's Oil Minister Quits. 
• Schneider Electric nears deal to buy software group PTC for $20bn. 
• California Attorney General Subpoenas OpenAI In Cybersecurity Inquiry. 
• British Banking Whistleblower Who Exposed Lutnick's Epstein Ties Dies; Ruled Suicide. 
• Morgan Stanley Explains How Higher Yields And Stronger Dollar Will Stress Test Emerging Markets. 
• US Treasury Grants Sanctions Waiver For Some Iranian Flights To Iraq. 
• Mike Wilson: Market Bad Breadth "Must Be Resolved One Way Or Another" And It All Hinges On Bond Vol. 
• Bolsonaro Leads As Brazil Election Heads Toward Runoff; Traders Brace For Monday Volatility. 
• Judge Freezes Border Wall In Big Bend, A Sector Covering A Quarter Of The Border But Just 1-3% Of Apprehensions. 
• Something Is Rotten In The State Of Yields.      
• The US Doesn't Have An Oil Problem - It Has A Refinery Problem.
• *IRAN’S OIL MINISTER MOHSEN PAKNEJAD RESIGNS: PRESS TV. *IRAN PRESIDENT NAMES HAMID BOVARD ACTING OIL MINISTER:PRESS TV.
• US, Australia Halt Consular Services In Brazil Before Presidential Election, Citing Security Concerns.
• "First Time In History": Bessent Says Iran Faces Zero Oil Revenue As Tanker Loadings Collapse.
• Why So Many Social Science Claims Are False.  
• "In The Name Of God": Yemen Leader Orders All-Out Offensive Against Iran-Backed Houthis.
• Zelensky Vows To Hammer More Russian Refineries As G7 Greenlights Emergency Fuel Dump.
• Brazil Votes In Tight Presidential Election With South America's Future On The Line.
• "We Don't Need To Sell The Story Anymore": Nuclear Wins The Argument At WNA 2026... Now Everyone Is Racing For Bronze.
• Why Apartments In Tokyo Are So Much Cheaper Than In NYC.
• 11 Million US Workers May Need To Switch Careers By 2035.
• Chinese Hackers Impersonate Former White House Official In Attempt To Steal US AI Policy Secrets.
• Minnesota Might Hand Republicans A Senate Upset Nobody Predicted.
• "A Tail Of Two Cities”: Hartnett Says "Start Adding Some Bonds".
• Stockpiling Begins: Neros Awarded $100 Million Pentagon Contract For Kamikaze Drones.
• The Fed Created Zohran Mamdani.           

• @CNBC 

• Daily Open: Who's steering oil now?
• Stock futures are flat as investors grapple with higher yields, await Fed minutes: Live updates.
• Trump reiterates pledge to send $5,000 checks, and hands out smaller payments, as midterm elections loom.
• Top Wall Street analysts are upbeat about the prospects for these 3 stocks.
• Sports betting is increasingly the norm for Gen Z. Here’s why some financial and mental health experts are worried.    

• @MarioNawful

• France in total chaos as police retreat and crowds take over the streets. The city has simply lost control. (video)

• @WallStreetApes 

• The Amish in New York are facing massive fines over Democrats vaccine mandates. Amish families will likely have to flee the state after losing the religious exemption they’ve had for decades. Amish private schools are being hit with crushing fines for not having students vaccinated. The fines are roughly $2,000 per noncompliant children, multiplied by the number of school days. 3 small schools were sited, of the 59 children already cited, one more day of attendance brought the total fines to $118,000, they say they can’t pay it. New York Democrats position is that every day an unvaccinated child attends school there will be a fresh violation worth up to $2,000.

• @HormuzLetter

• BREAKING: Ukraine will severely escalate its strikes on Russian oil refineries and energy infrastructure this winter, Zelensky tells Reuters. Russia has already halted diesel exports until November.

• @KobeissiLetter

• AI-related employment is surging: AI-linked roles have accounted for more than +750,000 new jobs created in the US since 2023, according to LinkedIn estimates. This surge has been led by data annotators, with +282,000 new positions created, followed by data center jobs at +117,000, and AI engineers at +105,000. As a result, these 3 categories have accounted for +504,000 new jobs. AI-related positions also offer significantly higher pay, with a median salary of ~$180,000 on LinkedIn, compared to $80,000 across all jobs. This comes as the rapid expansion of AI infrastructure, particularly the buildout of data centers, is driving stronger demand for labor. The AI boom is reshaping the US job market.

• @ABridgen

• BREAKING: Russia Accuses Bill Gates of Funding Bioterrorism. In a shocking revelation, Russia's Ministry of Defense (MOD) has accused billionaire Bill Gates of funding "bioterrorism-related activities" with the alleged goal of population reduction. Can you see why the ‘Epstein’s class’ so desperately want a war with Russia ?

• @ReturnOfKappy

• It's right in front of us..!! A reptilian crocodile in a suit with human hands, dragging a baby with a money bag on its head underground… This isn't "art”… It's a satanic subliminal message, mirroring the elite tunnels… Guess where this statue is..? Rockefeller Park in New York City... (pic)

• @Barchart

• Stocks have performed extremely well in October and November during midterm election years. (graph)

• @proamericapol

• This is surreal. Paris has been conquered. The cops are sitting back and watching it happen because being taken over by an immigrant invasion is better than being called a racist. Unbelievable. (video)

• @LaraLogan

• This is how badly Amy Klobuchar wants the Somali vote - she is willing to betray her country to get it. Never mind the fraud & the Somali flags and the upside down American flag…. (pic)

• @DonaldePMitchell

• The insane landscape of modern drone warfare. Including "dragon drones" dropping molten iron (thermite) onto structures and trenches. (video)

Night Trading

• Asian indices are +.25% to +1.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 71.75 -.5 basis point.
• China Sovereign CDS 36.75 +.25 basis point.
• China Iron Ore Spot 91.05 USD/Metric Tonne -.3%.
• Crude Oil 90.04/bbl. -1.2%
• Gold 4,187.50 USD/t oz. +.6% 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.09 +.08%. 
  
• Bloomberg Emerging Markets Currency Index 33.60 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 137.70 +.6%.
• US 10-Year Yield 5.25% -2.0 basis points. 
• Japan 30-Year Yield 4.24% +4.0 basis points. 
• Volatility Index(VIX) futures 18.3 -.2%. 
• Euro Stoxx 50 futures +.40%.
• S&P 500 futures +.12%.
• NASDAQ 100 futures +.40%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% Net Long heading into the week.

Today's Headlines

Around X:

• @Zerohedge 

• Egypt Arrests, Disappears Entire Newsroom Over 'Fake News' Allegations. 
• California Man Accused Of Routing More Than $300 Million In Restricted Servers To China. 
• Search Intensifies Off Nantucket After Gulfstream Jet Vanishes From Radar. 
• David Ellison Debuts New Name For Merged Paramount, Warner Bros. Studios. 
• Far-Left Riots "Tearing France Apart" Is Political Gift For Le Pen As Election Odds Soar. 
• Trump Announces One-Time $90 Payments To 20 Million Seniors In Medicare. 
• US Again Rebuffs Riyadh's Yemen Plea As 100,000-Man Force Readies For War. 
• He Calls It Socialism; Marx Called It Communism's Last Stage. 
• "Where Is The Onshoring?" UBS Questions White House Investment Boom As Foreign Money Flows Into Takeovers. 
• Black Smoke Reported Over Critical Aramco Refinery As Saudis Weigh Major Assault On Houthi Rebels. 
• "One Month Until Drawdown": UBS Sounds Alarm On Europe's Thin Gas Buffer As Winter Looms. 
• Failing Canada And Britain Blame Trump, Putin, And 'White Supremacy'. 
• US Squeezes China's Jet Parts Supply As Rare Earth Showdown Escalates.       
• FBI Made Over 8,900 Arrests, Located 1,410 Child Victims Under Operation Summer Heat 2.0.
• Hochul Yanks Cornell Case From Local DA, Hands It To Letitia James - Who Already Picked A Side.
• Canada Fast-Tracks 1 Million-Bpd Pacific Link Oil Pipeline To Asia.
• CEO Warns The 2028 Election Will Be A Brutal Referendum On This One Thing.
• Brazil Braces For Election Volatility As Bolsonaro Gains On Lula, Bullish Options Bets Explode.
• Schumer & The Democrats' "Alinsky-Grade Cloud Of Gaslight".
• *TRUMP: WE WERE NEVER GOING TO DO DIESEL EXPORT BAN.
• Bond Vigilantes Battle 'Bad News' Bulls; Big-Tech Bid Hides Ugly Equity Reality.         

• @BarronsOnline

• Had bullish commentary on (IBM), (IONQ), (NVDA), (VEEV), (KO), (KDP), (GME) (MU) and (NFLX).
• Had bearish commentary on (META) and (CDRE). 

• @MarioNawfal

• HOLY SH*T: the U.S. government really DID experiment with controlling the weather... Declassified records detail Cold War-era U.S. efforts to modify weather, including Project Stormfury, which attempted to weaken hurricanes through cloud seeding. But the technology later took a darker turn... During the Vietnam War, the U.S. conducted Operation Popeye, a classified program designed to increase rainfall and disrupt enemy supply routes. LBJ famously declared years earlier: “He who controls the weather will control the world.” If they did that during the Vietnam War, did they do other things in the years that followed? (video)

• @RadioGenoa

• Multicultural France is a hell on earth. (video)

• @Polymarket

• BREAKING: Senate Democrats unanimously block the Stop Insider Trading Act.

• @TonySeruga

• The number of ‘fake’ doctors and nurses just in California is mind-boggling. We have now confirmed over 3,780 nurses and physicians who very well appear to have counterfeit degrees from India.

• @Cointelegraph

• JUST IN: The US Strategic Petroleum Reserve falls to 284 million barrels, its lowest level since 1982.

• @gatewaypundit

• BREAKING: Georgia Election Board Asks Trump DOJ to Declare Statewide Dominion QR-Code Machines UNLAWFUL Before Midterms — Demands Six-Month Phase-Out as Raffensperger Stonewalls.

• @TheLongInvest

• As a pilot for 20 years I have questions: - where are the cabin crew here? - where are the oxygen masks that automatically drop during a rapid emergency descent? - how did the Capt manage to open the door while being stabbed? - Omani pilots were not allowed to fly to Israel, why was he allowed?...

• @SimonDixonTwitt

• Always remember when an Israeli intelligence agent went on 60 Minutes and said this: “We create a pretend world. We are a global production company: We write the screenplay. We are the directors, producers, the main actors, and the world is our stage.” (video)

• @Dividendology

• JP Morgan just released their Q3 Guide to the Markets. It's over 71 pages of institutional-grade research with hundreds of charts and data points. I just went through the entire document and compiled the 13 most important charts:

• @nogps1

• Weather is their alibi... Never forget that heavy spraying was seen before they drove hurricane Helene inland. The same thing occurred in Maui & Palisades/Malibu before the fires Always be prepared! This video is from North Carolina. (video)
• Up close. Does anyone really think this is just condensation? It doesn't take a genius to figure out that our skies are being relentlessly geoengineered. Watch the sky, and you'll soon see the aircraft trails that never evaporate but cover the sky! Filmed over Michigan, USA. (video) 

• @visegrad24

• Young second and third-generation migrants film a French firefighter after setting him on fire during the school protests in Bordeaux. (pic)

• @ViralVolT1

• Student protests across France have become more violent as the students radicalized by left-wing extremists, have committed arson and sabotage against schools and public buildings. (video)

• @EYakoby

• The fact that Abdul El-Seyed’s sister was caught on camera, admitting that Abdul is lying about his positions to fool voters, is simply not getting enough attention. (video)

• @DC_Draino

• A civil war is brewing in France and their cities are burning. This is what open borders leads to. (video)

OpenVAERS:   

• VAERS US COVID Vaccine Adverse Event Reports. 1,035,094 Reports (+1,111 from prior report) Through September 25th, 2026.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Weekly Scoreboard*

S&P 500 7,722.7 -.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 51,176.9 -1.3%

• NASDAQ 27,190.9 +.5%

• Russell 2000 2,832. -.2%

• NYSE FANG+ 19,211.6 -.7%

• Goldman 50 Most Shorted 305.4 -1.7%
• Vaneck Social Sentiment 38.8 -1.4%

• Wilshire 5000 76,132.5 -.2%

• Russell 1000 Growth 5,117.6 +.7%

• Russell 1000 Value 2,452.6 -1.0%

• S&P 500 Consumer Staples 899.4 -1.9%

• Bloomberg Cyclicals/Defensives Index(Ex Telecom) 274.5 +.4% 
  

• NYSE Technology 10,261.5 +1.6%

• Transports 20,009.8 +2.2%

• Utilities 1,018.0 +.8%

• MSCI Europe Banks 135.6 -5.3%
  

• MSCI Emerging Markets 67.92 -.3%

• Credit Suisse AllHedge Long/Short Equity Index 264.8 -.2%

• Credit Suisse AllHedge Equity Market Neutral Index 138.2 +.1%

Sentiment/Internals

• NYSE Cumulative A/D Line 609,303 -.6%
• Nasdaq/NYSE Volume Ratio 6.0 -9.2%

• Bloomberg New Highs-Lows Index -1,244 -94

• Crude Oil Commercial Bullish % Net Position -16.7 -7.3%

• CFTC Oil Net Speculative Position 141,106 +3.8%

• CFTC Oil Total Open Interest 1,841,811 -5.8%

• Total Put/Call .77 +2.7%

• OEX Put/Call .81 unch.

• Equity Put/Call .71 +14.5%

• NYSE Arms 1.16 +13.7%
  
• Bloomberg Global Risk-On/Risk-Off Index 137.0 -.2%
• Bloomberg US Financial Conditions Index 1.06 -18.0 basis points
• Bloomberg European Financial Conditions Index 1.18 -29.0 basis points

• Volatility(VIX) 15.3 +3.8%
• S&P 500 Intraday % Swing .70 -8.3%

• CBOE S&P 500 3M Implied Correlation Index 11.5 +13.0%

• G7 Currency Volatility (VXY) 7.21 +3.2%

• Emerging Markets Currency Volatility (EM-VXY) 7.69 +.8%

• Smart Money Flow Index 16,607.5 +4.0%
• CFTC Weekly Equity Positioning Sentiment Gauge(0-100) 42.0 -7.0

• ICI Money Mkt Mutual Fund Assets $7.891 Trillion n/a

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$5.783 Million

• AAII % Bulls 34.6 +5.8%

• AAII % Bears 46.5 -3.3%
• CNN Fear & Greed Index 31.0 (FEAR) -5.0

Futures Spot Prices

• CRB Index 410.1 -2.0%

• Crude Oil 91.5/bbl. -1.0%

• Reformulated Gasoline 331.6 +4.0%

• Natural Gas 3.04 -5.4%
• US Power PJM Western Hub Peak Forward Y1 78.2 USD/Megawatt -13.4% 
• Dutch TTF Nat Gas(European benchmark) 76.24 euros/megawatt-hour +7.9%
  

• Heating Oil 455.0 -5.3% 
• Newcastle Coal 149.3 (1,000/metric ton) +5.6%

• Gold 4,144.2 -3.3%
• Silver 60.5 -5.9%
  

• Bloomberg Industrial Metals Index 173.4 -4.3%

• Copper 658.5 -2.8%

• US No. 1 Heavy Melt Scrap Steel 401.0 USD/Metric Tonne -.7%

• China Iron Ore Spot 91.7 USD/Metric Tonne -3.4%
• China Battery Grade Lithium Carbonate 19,025.0 USD/metric tonne -8.1%
• Silicon Data LLM Token Expenditure Index .98(price per million tokens) +1.0% 
• inSpectrum Tech Inc. DRAM Spot DDR5 16Gb 1Gx16 49.6 -.8%  

• CME Lumber 526.50 -1.2%

• UBS-Bloomberg Agriculture 1,565.2 -.6%
• US Gulf NOLA Potash Spot 352.5 USD/Short Ton unch.
• US Gulf NOLA Urea Granular Spot 441.0 USD/Short Ton -2.5%

Economy

• Atlanta Fed GDPNow Q3 Forecast +3.7% -140.0 basis points

• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 8.4 -.1 percentage point

• NY Fed Real-Time Weekly Economic Index 2.9 -3.0%
• Caldara Iacoviello Geopolitical Risk Index 181.7 +20.0% 
• Global Monitor Iran Instability Index 75.0 +15.0
• Strait of Hormuz Oil Tanker Traffic Curtailed 20.0% -70.0 percentage points

• US Economic Policy Uncertainty Index 160.6 -16.9%
• Bloomberg Global Trade Policy Uncertainty Index 1.0 -.3
• DOGE Total Taxpayer Dollars Saved $215.0 Billion($1,335.40 Savings Per Taxpayer) unch.
• S&P 500 Current Quarter EPS Growth Rate YoY(16 of 500 reporting) +178.0% n/a

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 406.46 +n/a:  Growth Rate +23.9% +n/a percentage point, P/E 19.0 -n/a
• S&P 500 Current Year Estimated Profit Margin 16.30% +1.0 basis point
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(1 of 10 reporting) +1,013.1% +n/a
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 1,079.47 +n/a: Growth Rate +60.8% +n/a percentage point, P/E 17.8 -n/a

• Citi US Economic Surprise Index 37.7 -8.8 points

• Citi Eurozone Economic Surprise Index 74.5 -8.4 points

• Citi Emerging Markets Economic Surprise Index 24.60 +6.7 points

• Fed Fund Futures imply 0.0%(unch.) chance of -25.0 basis point cut to 3.5-3.75%, 77.3%(+1.7 percentage points) chance of no change, 22.7%(-1.7 percentage points) chance of +25.0 basis point hike to 4.0-4.25% on 10/28

• US Dollar Index 101.9 +.8%

• MSCI Emerging Markets Currency Index 1,920.9 -.2%
  

• Bitcoin/USD 84,079 -.3%

• Euro/Yen Carry Return Index 203.7 -.9%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.10 -.25%

• Yield Curve(2s/10s) 44.75 +14.0 basis points

• 10-Year US Treasury Yield 5.28% +12.0 basis points
• Japan 30-Year Yield 4.20% +4.0 basis points

• Federal Reserve's Balance Sheet $6.696 Trillion -.1%
• Federal Reserve's Discount Window Usage $6.871 Billion +8.3%

• U.S. Sovereign Debt Credit Default Swap 42.84 +13.1%
  

• Illinois Municipal Debt Credit Default Swap 201.0 +5.8%
  

• Italian/German 10Y Yld Spread 115.0 +23.0 basis points
• France Sovereign Debt Credit Default Swap 85.6 +46.3% 
• UK Sovereign Debt Credit Default Swap 26.4 +29.5%

• China Sovereign Debt Credit Default Swap 36.8 +9.1%
  

• Brazil Sovereign Debt Credit Default Swap 131.4 +3.6%
  

• Israel Sovereign Debt Credit Default Swap 59.3 -.2%
• Dubai Sovereign Debt Credit Default Swap 62.8 +.7%

• South Korea Sovereign Debt Credit Default Swap 24.0 +2.0%

• China Corp. High-Yield Bond USD ETF(KHYB) 23.6 -1.3%
• China High-Yield Real Estate Total Return Index 120.4 -.6%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +3.5% unch.
• Zillow US All Homes Rent Index YoY +2.6% unch.
• US Urban Consumers Food CPI YoY +2.6% unch.
• CPI Core Services Ex-Shelter YoY +3.0% unch.
• Cleveland Fed Inflation Nowcast Core PCE YoY +3.02% -38.0 basis points: CPI YoY +3.60% +10.0 basis points
• 1-Year TIPS Spread 2.75 +25.0 basis points
• 10-Year TIPS Spread 2.36 +4.0 basis points

• Treasury Repo 3M T-Bill Spread 24.75 -2.75 basis points
• 2-Year SOFR Swap Spread -15.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -5.5 -5.0 basis points

• N. America Investment Grade Credit Default Swap Index 60.2 +3.3% 
• BofA Private Credit Proxy Index 68.8 -1.4%

• America Energy Sector High-Yield Credit Default Swap Index 155.0 +49.8%
• High-Yield Tech Sector OAS Index 447.5 +5.6% 
• Bloomberg TRACE # Distressed Bonds Traded 222.0 +4.0

• European Financial Sector Credit Default Swap Index 71.9 +9.7%

• Emerging Markets Credit Default Swap Index 167.4 +11.0%
  

• MBS 5/10 Treasury Spread 124.0 +5.0 basis points
• Bloomberg CMBS Investment Grade Bbb Average OAS 563.0 +12.0 basis points
• Avg. Auto ABS OAS .43 +1.0 basis point

• M2 Money Supply YoY % Change +5.7% +30.0 basis points

• Commercial Paper Outstanding $1,406.7B -3.8%

• 4-Week Moving Average of Jobless Claims 200,000 -1.2%

• Continuing Claims Unemployment Rate 1.1% unch.
• Kastle Back-to-Work Barometer(entries in secured buildings) 54.7 -2.8%

• Average 30-Year Fixed Home Mortgage Rate 7.25% +16.0 basis points

• Weekly Mortgage Applications 213,600 -6.0%

• Weekly Retail Sales +8.20% unch.
• OpenTable US Seated Diners % Change YoY +19.0% +3.0 percentage points
• Box Office Weekly Gross $150.8M +31.1%

• Nationwide Gas $4.40/gallon -.09/gallon 
• Nationwide Diesel $6.37/gallon -.17/gallon 

• Baltic Dry Index 3,140.0 -8.4%
• Drewry World Container Freight Index $4,433.9/40 ft Box -.8%
  

• China (Export) Containerized Freight Index 1,923.9 +1.4%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 500.0 -4.8%
• Truckstop.com Market Demand Index 103.5 +.5%

• Rail Freight Carloads 301,610 +.1%
• TSA Total Traveler Throughput 2,723,082 +38.8% 
• US Morning Consult Daily Consume Sentiment Index 87.8 +1.0 point
• Rasmussen Reports Daily Presidential Approval Tacking Poll 42.0% +1.0 percentage point

Best Performing Style

• Mid-Cap Growth +1.2%

Worst Performing Style

• Large-Cap Value -1.1%

Leading Sectors

• Lithography/Photonics +7.7%

• Networking +4.3%
• Semis +3.9%

• Cyber Security +3.8%
  

• Energy +2.9%
  

Lagging Sectors

• Oil Service -2.9%

• Pharma -3.6%
  

• Airlines -5.1%

• Gold & Silver -5.8%
  

• Gambling -7.4%
  

Weekly High-Volume Stock Gainers (34)

• XRPN, MXL, SYNA, WOLF, WNC, VSH, RXO, AZTA, VECO, IBRX, ELMT, ALGM, HPE, SPCX, AAOI, QMCO, QGEN, STM, VIAV, SMTC, LW, NTAP, AVT, ARW, LSCC, CRDO, ON, TECK, HLIO, MATW, USFD, AVLN, ARHS, CLMT and PDO

Weekly High-Volume Stock Losers (14)

• BBSI, HQH, RIVN, NKE, GRND, DBVT, MMYT, NKTR, AXGN, GDS, TH, WDC, STX and IART

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Higher into Afternoon on AI Infrastructure Build-Out Optimism, Attractive Valuations, Technical Buying, Tech/Space Sector Strength

Overseas Futures:

• Nikkei 225 Futures: Indicating +1,410 open in Japan 
• China A50 Futures: Indicating -244 open in China
• KOSPI 200 Futures: Indicating +11 open in South Korea 

• DAX Futures: Indicating +143 open in Germany

Portfolio:

• Higher: On gains in my energy/tech/consumer discretionary/industrial sector longs
• Disclosed Trades: None
• Market Exposure: 100% net long

Monday's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• None of note

After the Close: 

• None of note

Economic Releases 

10:00 am EST

• The ISM Services Index for Sept. is estimated to fall to 55.0 versus 55.4 in Aug.
• ISM Services Prices Paid for Sept. is estimated to rise to 73.0 versus 72.6 in Aug. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Conference Board Employment Trends Index for Sept., (MRVL) investor day and the (CGNX) non-deal road show could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST