CAPIS Morning Note – 09/03/26: Stocks Mixed, Yen Saw Intervention Last Night.

Overnight Summary and Early Morning Trading: The S&P 500 finished Wednesday higher by 0.46% at 7666.60 from Tuesday lower by -0.71% at 7631.47. 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 Wednesday higher by 0.46% at 7666.60 from Tuesday lower by -0.71% at 7631.47.
  • 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 higher by  0.23% at 709.24
  • Bond Market is flat today on price with the 10-Year Yield at 4.788% from 4.812%.

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 1-day winning streak. 

Key Geopolitical Events of Note

  • Economic news of note.
    • Weekly – Jobless Claims and Natural Gas Inventories of note.
    • Monthly –  Global U.S. Services PMI and ISM Non-Manufacturing Index 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.
    • Receives the Intelligence Briefing at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 12:30 p.m. EDT.
    • Participates in a Policy Meeting at 3:00 p.m. EDT.
    • Participates in Signing Time at 5:00 p.m. EDT.
    • Participates in Policy Meeting at 5:30 p.m. EDT.
  • Fed and Other Speakers of Note: 
    • G20 in Asheville, NC.
    • Waller at 8:30 a.m. EDT and Hammack at 3:00 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News: due out this week: None of note.
  • Secondaries Filed Or Priced:
    • BTBT: Form RW.
    • GCL: Form F-3.. Up To 2,201,665 Ordinary Shares.
  • Notes Filed Or Priced: None of note.
  • Convertible Offerings Filed or Priced: None of 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:
    • ALRS: Form S-3.. $200,000,000 Mixed Shelf.

AFTER THE CLOSE:

  • Earnings After The Close:
    • Beats: AGX +1.12, PVH +0.062, NTAP +0.46, FIVE +0.28, HPE +0.18, SNOW +0.17, AVGO +0.10, AI +0.06, WOOF +0.06, NTSK +0.04 of note.
    • Misses: PHR -0.06 of note.
    • Flat: None of note.
  • Movers From After The Close:
    • Positive Movers: GTLB +16.5%,
    • Negative Movers: MDB -14.4%,
  • News After The Close: None of note.
  • Executive Changes of Note: None of note.
  • Buybacks of Note: None of note.
  • Dividends Going Ex
    • 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.
    • Dividends Going Ex on Friday: PEP: $1.48 | KMB: $1.28 | LHX: $1.25 | D: $0.67 | EXC: $0.42 | KHC: $0.40 | BAC: $0.32 | GOOGL: $0.22 | GOOG: $0.22 | KNX: $0.20 | GM: $0.18 | PYPL: $0.14

What Happening This Morning:

Futures S&P 500 +3.50, NASDAQ 100 -29.00, and Dow Jones +105. Europe is higher ex France and Asia is mixed. Bond yield is at 4.774% from 4.788% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $77,843 from $77,965.

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)

  • Thursday After the Close:

  • Friday Before The Open:

Insider Activity:  ADC MIR DKS 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.

Notable Earnings of Note This Morning:  

  • Beat: CIEN+0.38, DOO +0.31, MOMO +0.27, VSXY +0.18, BRC +0.01 of note.
  • Missed: None of note.
  • Flat: None of note.
  • Still to Report: CPB, TTC and WLY 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 Governor Waller speaks at 8:30 a.m. EDT.
    • Federal Reserve Cleveland President Hammack speaks at 3:00 p.m. EDT.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Receives the Intelligence Briefing at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 12:30 p.m. EDT.
    • Participates in a Policy Meeting at 3:00 p.m. EDT.
    • Participates in Signing Time at 5:00 p.m. EDT.
    • Participates in Policy Meeting at 5:30 p.m. EDT.
  • Economic Data Out –
    • Monthly
      • August Global U.S. Service PMI is due out at 9:45 a.m. EDT and last month came in at 56.80.
      • August ISM Non-Manufacturing Index is due out at 10:00 a.m. EDT and expected to remain at 54.10%.
    • Weekly
      • Jobless Claims due out at 8:30 a.m. EDT.
      • Natural Gas Inventories due out at 10:30 a.m. EDT.

M&A Activity & Daily: None of note.

Pre-Market Changes:

  • Higher: SNOW +23.0% | GTLB +10.0% | UNP +8.7% | HLT +7.1% | EQIX +6.4% | TT +5.0% | CMI +3.5% | PFG +3.5% | TROW +3.3% | GPC +3.0%
  • Lower: NTAP -7.9% | FOXA -3.8% | HPE -3.4% | AVGO -3.4% | HUBB -3.0% | MCK -2.5% | MRNA -2.3% | SMCI -2.2% | EFX -2.0% | YUM -1.9%

Moving Averages Summary: Stocks are at 37% from 22% above their respective moving average and Bonds at 0% still.

Rags & Mags:

  • A Spiral of Escalation for Russia and Ukraine, With No End In Sight. (NYT)
  • Hegseth Extends Middle East Deployment in 2027. (WSJ)
  • Market Wrap: Stocks Steady as Bond Yields Stabilize. (Bloomberg)
  • Yen Rallies on Intervention. (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: 

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: None of note.

Downgrades:  FLNC MRNA of note.