CAPIS Morning Note – 08/24/26: Tech Is Weak And Bessent To Speak At 2:00 p.m. EDT.

Overnight Summary and Early Morning Trading: The S&P 500 finished Friday higher by 0.43% at 7674.47 from Thursday lower by -0.87% at 7641.16. The S&P 500 sees support now at 7600 from 7700. Resistance is now at 7700 from 7600. In the last five months, support has moved from 6300 to 7600. The QQQ (Nasdaq-100 Index […]

Overnight Summary and Early Morning Trading:

  • The S&P 500 finished Friday higher by 0.43% at 7674.47 from Thursday lower by -0.87% at 7641.16.
  • The S&P 500 sees support now at 7600 from 7700. Resistance is now at 7700 from 7600. In the last five months, support has moved from 6300 to 7600.
  • The QQQ (Nasdaq-100 Index ETF) sees support now at 710 from 720. Resistance is now at 720 from 730 as the QQQ closed at 713.44.
  • Bond Market is flat today on price with the 10-Year Yield at 4.71% from 4.70%.

Executive Summary:

  • Stocks move into a one-week losing streak from a three-week winning streak, with the S&P 500 falling -1.43% in the last week, ended 8/21.
  • U.S. moves into Week 27 of its attack on Iran, six months. Now we will try economic sanctions this week.
  • The S&P 500 is now on a 1-day win streak. 
  • Bitcoin was on fire last week and is higher this morning.

Key Geopolitical Events of Note

  • Economic news of note.
    • Weekly – None of note.
    • Monthly – None of note.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 12:30 p.m. EDT.
    • Participates in Rose Garden Event at 2:30 p.m. EDT.
    • Participates in Tele-Rallies at 6:00 p.m. EDT and 7:30 p.m. EDT.
  • Fed and Other Speakers of Note:  
    • Treasury Speaker Bessent speaks at 2:00 p.m. EDT about economic sanctions against Iran.

Capital Raises of Note/Pricings:

  • IPO Filings & News: due out this week:
    • MOT (MetaOptics Ltd.) – Expected Monday, August 24. Offering 3.0M shares in a price range of $5.00–$7.00 (raising ~$18M) on the NASDAQ.
    • ADBT (Advasa Holdings, Inc.) – Expected Tuesday, August 25. Offering 94.1M shares at $10.00 (raising ~$940.8M) on the NASDAQ.
  • Secondaries Filed Or Priced:
    • AAOI files prospectus supplement; relates to an equity distribution agreement for up to $600 million of common stock.
  • Notes Filed Or Priced: None of note.
  • Convertible Offerings Filed or Priced:
    • WYFI closes upsized $310 million 5.00% convertible notes offering due 2032. 
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders:
    • MNKD files prospectus supplement; relates to the offer and resale of up to 12,853,470 shares of common stock by selling stockholders.
    • ENTX files for 134,803,910 ordinary share offering by selling shareholders.
  • Mixed Shelf Offerings:
    • ORKA files for $1 billion mixed securities shelf offering.
    • NVCT files for $200 million mixed securities shelf offering.
    • USAU files for $150 million mixed securities shelf offering. 

AFTER THE CLOSE:

Earnings After The Close:
    • Beats: None of note.
    • Misses: None of note.
    • Flat: None of note.
Movers From Last Week:
    • Winners: MRNA (147.35 +132.71%), AMLX (38.96 +80.12%), SCTX (34.62 +67%), ARCT (13.22 +60.57%), MRVI (8.69 +52.37%), SENS (9.66 +23.62%), PRQR (2.36 +22.92%), HAE (108.99 +20.03%), IOVA (8.29 +18.7%), AU (120.59 +25.22%), HMY (23.62 +21.48%), KGC (32.74 +19.86%), GFI (47.70 +18.54%), SSRM (37.82 +17.49%), SCCO (216.38 +17.21%),  ETH (23.04 +28.51%), HTHT (49.12 +17.28%), AGRO (11.09 +24.47%), EL (100.31 +16.5%) of note.
    • Losers: EYPT (5.33 -63.9%), LIMN (5.25 -25.01%), CCXI (14.37 -15.82%),  OUST (38.37 -21.24%), AMRC (21.84 -21.72%), ATRO (77.24 -17.35%), AVAV (160.98 -16.51%), MRCY (92.88 -16.41%),  AAP (43.03 -23.91%), LZB (33.54 -19.86%), FN (435.28 -23.66%), MXL (66.41 -21.72%), TTMI (111.08 -20.66%), MEI (14.14 -17.53%), AAOI (124.16 -17.38%), CEVA (27.9 -16.17%), TSEM (223.11 -15.96%), ICHR (59.97 -15.59%), MTSI (268.7 -15.09%), FG (22.64 -17.43%)of note.
News after the close:
    • Anthropic furthers hardware development by recruiting former Google (GOOG/GOOGL) chip expert. (Bloomberg)
    • Victor Niederhoffer died over the weekend. He was an icon and one of the best traders ever. His book The Education of a Speculator is a must read. (WSJ)
    • Equity Funds than more coming in this than last week.
Executive, Corporate Changes:
  • PAGS  Chairman and Founder Luis Frias is stepping down from the Board. 
Buybacks of Note: None of note.
Dividend Changes & Ex-Dividend Stocks:
  • Stocks Going Ex-Dividend Monday: ATO: $1.00 | LYB: $0.69 | XYLD: $0.32 | GIC: $0.28 | GLNG: $0.25 | PRMB: $0.12 | XYLG: $0.11 | FSCO: $0.09 | HGLB: $0.09
  • Stocks Going Ex-Dividend Tuesday: JNJ: $1.34 | PBR.A: $0.53 | PBR: $0.53 | PRU: $1.40 | CRS: $0.20 | MKSI: $0.25 | CDW: $0.63 | RBA: $0.33 | WLK: $0.53 | RHI: $0.59 | PLUS: $0.27 | SPB: $0.47 | CRAI: $0.57

What Happening This Morning:

Futures S&P 500 -16.50, NASDAQ 100 -179.50, Dow Jones -37. Europe is higher while Asia is lower ex Australia. Bond yield is at 4.71% from 4.70% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold is higher, Silver is lower and Copper is higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $77,588 from $77,684.

Sector Action:

  • Daily Utilities, Consumer Defensive, Real Estate and Healthcare led the way higher.
  • Daily: Technology, Industrials, Energy and Communication Services were lower.
  • One-Month Winners: Technology, Communication Services, Healthcare and Real Estate of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
  • Year-to-Date Winners: Energy, B, Consumer Defensive, Utilities and Industrials of note.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Monday After the Close – None of note
  • Tuesday Before The Open

Notable Earnings of Note This Morning: 

  • Beat: PDD +0.88, NSSC +0.06 of note.
  • Missed: None of note.
  • Flat: None of note.
  • Still to Report: None of note.

Company Earnings Guidance:

  • Positive Guidance: None of note
  • Mixed –None of note.
  • Negative or Mixed Guidance: None of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market::

  • Gap Up: SGML +4.8%, NVT +4.5%, ACAD +2.3% of note
  • Gap Down: AAOI -12.4%, CTKB -2.5%, BABA -2.3%, REAX -1.9% of note.

Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.

Other Trading Action: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e., “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.

  • Canada’s Carney Puts His Hard-LineTrade Stance to the Test . (WSJ)
  • U.S. to Escalate Assault on Iran’s Economy. (NYT)
  • Bessent Has No Easy Fix For What’s Really Driving Yields Up. (Bloomberg)
  • Market Wrap: Stocks Fall as Tech Slides Ahead of Nvidia Earnings. (Bloomberg)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Treasury Speaker Bessent speaks at 2:00 p.m. EDT about economic sanctions against Iran.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 12:30 p.m. EDT.
    • Participates in Rose Garden Event at 2:30 p.m. EDT.
    • Participates in Tele-Rallies at 6:00 p.m. EDT and 7:30 p.m. EDT.
  • Economic Data Out –
    • Monthly
      • None of note.
      • None of note.
    • Weekly
      • Noneof note

M&A Activity & Daily: None of note.

Moving Average Table: 53% from 48% of Equities are Positive, and 20% from 28% Bonds are Positive.2

Meeting & Conferences of Note:

  • Sellside Conferences: None of note.
  • Top Analyst, Investor: None of note.
  • Shareholder Meetings: ANY TOPP of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings: None of note.

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.  None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Upgrades: ALGT CLS of note.

Downgrades: GOOS of note.

Initiations:  Buys: AFNKO INBX IOBD JMKE (4) REF (2) STTK of note.  Sells: AFL CRCT CRSR of note.