CAPIS Morning Note – 09/02/26: Stocks Mixed As We Hit Hump Day Into a Long Weekend

Overnight Summary and Early Morning Trading: The S&P 500 finished Tuesday lower by -0.71% at 7631.47 from Monday lower by -0.33% at 7686.14. The S&P 500 sees support now at 7600 from 7700. Resistance is now at 7700 from 7800. 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 Tuesday lower by -0.71% at 7631.47 from Monday lower by -0.33% at 7686.14.
  • The S&P 500 sees support now at 7600 from 7700. Resistance is now at 7700 from 7800. In the last five months, support has moved from 6300 to 7600.
  • The QQQ (Nasdaq-100 Index ETF) sees support now at 700 from 710. Resistance is now at 710 from 720 as the QQQ closed lower by -1.27% at 707.64.
  • Bond Market is flat today on price with the 10-Year Yield at 4.812% from 4.784%.

Executive Summary:

  • Stocks move into a one-week winning streak from a one-week losing streak, with the S&P 500 rising 0.48% in the last week, ended 8/28.
  • U.S. moves into Week 28 of its attack on Iran, six months. Now we will try economic sanctions this week.
  • The S&P 500 is now on a 3-day losing streak. 

Key Geopolitical Events of Note

  • Economic news of note.
    • Weekly –  MBA Mortgage Applications and Crude Oil Inventories of note.
    • Monthly –  ADP Employment Report and Factory Orders of note.
  • 52- Week Bill Auction at 11:30 a.m. EDT.
  • 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.
    • Meets with U.S. Travel Executives at 1:30 p.m. EDT.
    • Participates in a Pre-Tape Interview at 4:00 p.m. EDT.
    • Participates in Rose Garden Dinner at 7:00 p.m. EDT.
  • Fed and Other Speakers of Note: 
    • G20 in Asheville, NC.
    • Federal Reserve Beige Book is out at 2:00 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News: due out this week:
    • Electra Therapeutics. files prospectus with SEC for an IPO; Number of shares offered and expected price range not yet determined.
  • Secondaries Filed Or Priced:
    • AIIO: Form F-3.. 13,568,510 Class B Ordinary Shares.
    • NSRX: Form F-3.. $50 Million ordinary shares.
  • Notes Filed Or Priced:
    • A: Form S-3ASR – Debt Securities.
    • MFC – Prices U.S. Public Offering of Subordinated Notes.
    • TME – Notes Offering.
  • Convertible Offerings Filed or Priced:
    • FNGR: Form S-1.. Up to 25,521,564 Shares of Common Stock Issuable Upon Conversion of Senior Secured Convertible Note
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders: None of note.
  • Mixed Shelf Offerings:
    • BBIO files for $500 million mixed securities shelf offering.

AFTER THE CLOSE:

  • Earnings After The Close:
    • Beats:  DELL +2.13, MDB +0.28, GTLB +0.06, PANW +0.04, CRDO +0.03 of note.
    • Misses: None of note.
    • Flat: None of note.
  • Movers From After The Close:
    • Positive Movers: GTLB +16.5%, DELL +7.4%, WALD +6.5%, HPE +4.4%, CSWC +3.1%, AIN +2.2%.
    • Negative Movers: MDB -14.4%, CRDO -8.7%,
  • News After The Close: 
    • Red Robin Gourmet Burger (RRGB) completes sale of 108 restaurants for $89.4 million; 8 more expected by fiscal year-end.
    •  Resmed (RMD) enters $450 million accelerated share repurchase agreement – 8-K filing.
    • DELL’s Q was a beat and raise.
  • Executive Changes of Note:
    • SFM names Nick Konat CEO effective Jan. 2027; Jack Sinclair to become Executive Chairman.
    • QMCO appoints Hiral Patel chief accounting officer.
  • Buybacks of Note:
    • RMD enters $450 million accelerated share repurchase agreement – 8-K filing.
    • CSWC shareholders approve increase in authorized common shares to 135 million from 75 million.
    • PAGS Board approved a new repurchase program for up to $150 million of outstanding Class A common shares, effective immediately. 
  • Dividends Going Ex
    • Dividends Going Ex on Wednesday: SLB: $0.29 | ODFL: $0.29 | FOXA: $0.29 | FOX: $0.29 | AMKR: $0.08 | AVY: $1.00 | ICL: $0.04 | NPO: $0.32 | LEA: $0.77 | HRI: $0.70 | PJT: $0.25 | WSC: $0.07 | PVH: $0.04 | PAHC: $0.12.
    • Dividends Going Ex on Thursday: LIN: $1.60 | QCOM: $0.92 | NEM: $0.26 | BBDO: <$0.01 | BBD: <$0.01 | PFG: $0.84 | LUV: $0.18 | BR: $1.09 | BF.A: $0.23 | BF.B: $0.23 | NE: $0.50 | HRB: $0.46 | VNT: $0.03 | FLNG: $0.75 | LZB: $0.24 | RYZ: $0.19 | AAT: $0.34.
    • LAMR increases quarterly cash dividend to $1.65/share from $1.60/share.

What Happening This Morning:

Futures S&P 500 -2.00, NASDAQ 100 -75.00, and Dow Jones +71. Europe is lower and Asia is lower. Bond yield is at 4.788% from 4.784% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold and Silver are lower with Copper higher. The U.S. Dollar is higher versus the Euro,higher against the Pound and lower against the Yen. Bitcoin is at $77,965 from $76,589.

Sector Action: 

  • 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)

  • Wednesday After the Close:

  • Thursday Before The Open:

Insider Activity: 

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

Notable Earnings of Note This Morning:  

  • Beat: OLLI +0.30, GIII +0.03, CXM +0.01 of note.
  • Missed: None of note.
  • Flat: None of note.
  • Still to Report: BFB of note.

Company Earnings Guidance: 

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

Advance/Decline Line Chart:

Economic & Geopolitical

  • Federal Reserve Speakers of note today:
    • G20 today in Asheville, NC.
    • Federal Reserve Beige Book out at 8:30 a.m. EDT.
  • 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.
    • Meets with U.S. Travel Executives at 1:30 p.m. EDT.
    • Participates in a Pre-Tape Interview at 4:00 p.m. EDT.
    • Participates in Rose Garden Dinner at 7:00 p.m. EDT.
  • Economic Data Out –
    • Monthly
      • August ADP Employment Report is due out at 8:15 a.m. EDT and last month came in at 44,000 with estimates of 47,000 this month.
      • July Factory Orders are due out at 10:00 a.m. EDT and are expected to rise to 0.6% from -0.30%.
    • Weekly
      • MBA Mortgage Applications due out at 7:00 a.m. EDT.
      • Crude Oil Inventories due out at 10:30 a.m. EDT.

M&A Activity & Daily: None of note.

Pre-Market Changes:

  • Higher: GTLB +19.4%, DELL +8.7%, HPE +5.4%, WALD +4%, AIN +2.9%, TLX +2.8%, PACS +2%
  • Lower: MDB -13.6%, CRDO -8.7%, BWLP -5%, UMC -4.9%, YSG -4.5%, HDL -2%, PLTR -1.8%

Moving Averages Summary: Stocks are at 22% above their respective moving average and Bonds at 0%.

Rags & Mags:

  • 10-Year Yields at Highest Levels since January of 2025.
  • Chevron to Invest $7 Billion in Venezuela, Doubling Production. (WSJ)
  • Allies Grumble That U.S. is Hindering Global Economic Growth. (NYT)
  • Market Wrap: Stocks Fall as Iran Conflict Keeps Oil Elevated. (Bloomberg)
  • US and Iran Clashes Escalate as Fears of Extended Conflict Grow. (Bloomberg)

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Fal.Con 2026
    • Klotho Conference
  • Top Analyst, Investor: KTB, AIDX, AITX, ANVS of note.
  • Shareholder Meetings: AGYS CASY KSCP of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings: None of note.

Upgrades & Downgrades: NOT UPDATED TODAY

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:  ALMS SIRI of note.

Downgrades:  AMRZ KNF of note.