Overnight Summary and Early Morning Trading:
- The S&P 500 finished Tuesday lower by -0.58% at 7673.52 from Friday lower by -0.38% at 7718.60.
- 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 710 from 700. Resistance is now at 720 from 710 as the QQQ closed lower by -0.08% at 718.36.
- Bond Market is higher today on price with the 10-Year Yield at 4.808% from 4.794%.
Executive Summary:
- Stocks move into a two-week winning streak with the S&P 500 rising 0.09% in the last week, ended 9/04.
- U.S. moves into Week 29 of its attack on Iran, six months. Iran is attacking U.S. assets in the Gulf.
- The S&P 500 is now on a 2-day losing streak.
Key Geopolitical Events of Note
- Economic news of note.
- Weekly – MBA Mortgage Applications of note.
- 10-Year Note Auction at 1:00 p.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.
- President Trump heads to Dallas for the RNC Midterm Convention at TBD.
- Participates in a MAGA Meeting at 5:00 p.m. EDT.
- Attends the RNC Mid Term Convention at 7:00 p.m. EDT.
- Delivers Remarks at 9:00 p.m. EDT.
- Fed and Other Speakers of Note:
- Federal Reserve Speakers are in blackout through September 15th.
Capital Raises of Note/Pricings:
- IPO Filings & News: due out this week: None of note.
- Secondaries Filed Or Priced:
- TH launches 13M-share secondary offering; plans concurrent $30 million stock repurchase.
- INGM launches secondary offering of 13.125 million shares; plans concurrent repurchase of 625K shares.
- GWH: FormS-3..Up to 13,120,000 Shares of Common Stock Issuable Upon Exercise of Outstanding Warrants.
- Notes Filed Or Priced:
- AEE – Pricing of Junior Subordinated Notes due 2057.
- GPI – Pricing of $1,250.0 Million Offering of Senior Notes.
- THC – Upsizing and Pricing of Its $2.0 Billion Private Offering of Senior Notes.
- 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:
- MLSS: Form S-3.. $45,000,000 Mixed Shelf.
AFTER THE CLOSE:
- Earnings After The Close:
- Beats: CASY +0.58, AVO +0.06, of note.
- Misses: None of note.
- Flat: None of note.
- Movers After The Close
- Positive Movers: INNV +13.1%, CHYM +10.2% AVO +5.8%.
- Negative Movers: TTAN -21%, BRZE -13.2%, CASY -9.9%, TH -7.2%, INGM -6.2%.
- News After The Close
- Iran launches second attack on U.S. Navy ships as missile threats grow (WSJ)
- GENI is forming a new sports media company with Chris Paul’s Ohh Dip!!! Entertainment and Connor Schell’s Words + Pictures to develop original athlete-led programming.
- Block (XYZ) applies to establish national trust bank for bitcoin and stablecoin custody.
- T reaffirms FY26 guidance and capital allocation plan provided with Q2 earnings release; Also reaffirms multi-year outlook.
- Smithfield Foods (SFD) provides guidance ahead of investor conference; Packaged Meats performing in-line with expectations; update driven by persistent fresh pork industry processing margin compression and lower hog prices.
-
AMC to exclusively show Rocket League World Championship Finals live at 50 U.S. theaters.
- Zimmer Biomet (ZBH) reaffirms FY26 guidance; announces leadership appointments designed to streamline its Americas and Global Business Group organizations.
- NOC awarded a $4.8 bln IDIQ Army contract for full rate production of the Common Infrared Countermeasure.
- Executive Changes of Note:
- AHCO names Harriss Currie CFO, effective Sept. 9.
- STAA names former CEO David Bailey chief commercial officer.
- SNAP names Ronan Harris chief commercial officer.
- Dividends Going Ex
- Dividends Going Ex on Wednesday:
- CME: $1.30 | SPG: $2.25 | BDX: $1.05 | PEG: $0.67 | HPQ: $0.30 | NWS: $0.10 | NWSA: $0.10 | EG: $2.00 | AVT: $0.37 | RUSHB: $0.14 | RUSHA: $0.14 | KSS: $0.13 | EPC: $0.15
- Dividends Going Ex on Thursday: ELV: $1.72 | TRV: $1.25 | OXY: $0.28 | FNV: $0.44 | PPL: $0.28 | TU: $0.14 | UMBF: $0.50 | BPOP: $0.90 | BTG: $0.02 | VCTR: $0.50 | G: $0.19 | YOU: $0.15 | MCY: $0.32 | VFC: $0.09 | ADT: $0.06 | CNO: $0.18 | INSW: $5.05 | VSH: $0.10 | MDU: $0.14 | AMBP: $0.10 | MPT: $0.09 | CASH: $0.05 | TRIN: $0.17
- Shareholders approved Logitech’s FY26 cash dividend of CHF 1.36 per share, up from CHF 1.26 per share a year earlier.
- Buybacks of Note:
- KROS authorizes $5 million share repurchase program
What Happening This Morning:
Futures S&P 500 -30, NASDAQ 100 -135, and Dow Jones -331. Europe is lower and Asia is lower ex Shanghai. Bond yield is at 4.808% from 4.798% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold is higher while Silver and Copper are lower. The U.S. Dollar is lower versus the Euro, flat against the Pound and lower against the Yen. Bitcoin is at $78,788 from $78,651
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: RSG AMR see Insider Buying with dumb short selling. INBX sees 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: CAL+0.10, KFY +0.07 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 Line Chart:
Economic & Geopolitical
- Federal Reserve Speakers of note today:
- Federal Reserve Speakers are in blackout through September 15th.
- 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.
- President Trump heads to Dallas for the RNC Midterm Convention at TBD.
- Participates in a MAGA Meeting at 5:00 p.m. EDT.
- Attends the RNC Mid Term Convention at 7:00 p.m. EDT.
- Delivers Remarks at 9:00 p.m. EDT.
- Economic Data Out –
- Monthly
- None of note.
- Weekly
- MBA Mortgage Applications due out at 7:00 a.m. EDT.
- Monthly
M&A Activity & Daily: None of note.
Pre-Market Changes:
- Higher: INNV +16.6%, CHYM +9.9%, AVO +7.2%, CMTG +5.2%, PYXS +4.9%, ASR +4.9%, ASMB +4.7%, CSR +4.3%, EIKN +4.1%, FTK +3.5%, INBX +3.2%, RKLB +3%, CSAN +3%, JKS +2.8%, GENI +2.3%, KROS +2.1%, CNXC +2%.
- Lower: TTAN -17.2%, EVMN -13.8%, BRZE -10.8%, CASY -9.6%, TH -6.1%, SB -4.8%, INGM -3.1%, AHCO -3.1%, CWEN -3.1%, SFD -2.8%, SNAP -2.2%.
Moving Averages Summary: Stocks are at 50% from 80% above their respective moving averages and Bonds at 12% from 4%.
Rags & Mags:
- Stocks Making The Biggest Moves Pre-Market. (CNBC)
- U.S. Denies Claims From Iran That They Struck Two American Vessels. (CNBC)
- Demand for Riskier Mortgages Rises Again. (CNBC)
- LIV Golf Files for Chapter 11. (CNBC)
- Oil Hits $100 for the First Time Since July. (WSJ)
- Europe Unites to Pressure Israel, Breaking With U.S. (NYT)
- Bessent Dares Traders To Bet Against the Yen: “I am the house now”. (Bloomberg)
- Market Wrap: U.S. Stocks Slip as $100 Brent Lifts Inflation Risks. (Bloomberg)
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Global Consumer Staples Conference
- Baird Marketing & Commerce Solutions Symposium
- BAC Media, Communications & Entertainment Conference
- Cantor Healthcare Conference
- Citi TMT Conference
- Citi Biopharma Back to School Conference
- DB Aviation Forum: Airlines, Lessors, Manufacturers
- Evercore Real Estate Conference
- Gabelli Aerospace and Defense Symposium
- GS Communacopia + Technology Conference
- Jefferies Global Industrials Conference
- Jefferies Renewables, Clean Energy & Construction Conference
- UBS Materials Conference
- WFC Healthcare Conference
- Wolfe TMT Conference
- Top Analyst, Investor: IRD, TYRA, BLZE, XERS, IMUX, RGP, PONO of note.
- Shareholder Meetings: KTTA, NTCT, OSTX, SLXN 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: SMIT, SOL, UGI of note.
Downgrades: DYN, PAX, VMC of note.