U.S. Futures & World Markets
It's the 25th anniversary of 9/11, and I still can't believe it was 25 years ago. I'll leave it to others to tell their personal stories, as they'll do a much better job than I could.
I know I'll never forget that clear September day. I was working in Jersey City at the time, and like so many people, I'll always remember exactly where I was and what I was doing.
There is one thing that has always bothered me about 9/11 anniversaries. We always hear the term "never forget," and I'm sure people are genuine when they say it, but sometimes it feels like we remember for a day or two and then go right back to business as usual. We should never forget that this is the greatest country on earth. Never forget that we're Americans first. Never forget how quickly we came together when it mattered most.
Heartfelt condolences to all who lost a loved one that day. And a sincere salute to all who have served, and continue to serve, this country honorably.
CORE Headlines
- Oracle shares rose more than 7% after posting sharply higher profit and revenue — cloud infrastructure sales more than doubled. — WSJ
- Chinese AI companies tried to clone US models by funneling user queries to them via a network of intermediate platforms, Anthropic said. — WSJ
- Anthropic gave the EU's cybersecurity authority access to its Mythos AI model. — WSJ
- Adobe hit one billion monthly active users and lifted its full-year guidance. — WSJ
- Iran resumed production of ballistic missiles using stockpiled components and underground facilities. — WSJ
- Pentagon in talks to lend roughly $5 billion to AI cloud startup Fluidstack. — WSJ
- Houthi militants seized the Yemeni port city of Mokha, expanding control near the Bab al-Mandeb chokepoint. — WSJ
- Microsoft aims to triple data center capacity. — Bloomberg
Charts & Data
Many investors want the long-term returns without the short-term pain. You don't get one without the other. Peter Mallouk: the essential reminder for long-term investors.
August core CPI estimates from 17 analysts all round to 0.2%. August PPI components that feed into PCE were firm — a consensus CPI might lead to a slightly higher August core PCE. @nicktimiraos via Daily Chartbook.
Typical US homebuyer monthly mortgage payment hit a 14-month high of $2,641. Sellers outnumbered buyers by 58% in August — the biggest gap on record. Redfin via Daily Chartbook.
If Treasury buybacks continue at the $6B/operation pace through year-end, they will mop up 25% of long-duration supply — likely enough to cap the term premium. @steve_donze via Daily Chartbook.
The 10-year Treasury yield is on the verge of taking out the October 2023 high. Daily Chartbook.
If crude stays near $100/bbl, gas prices could surpass $4.70/gal for regular and $6.65/gal for diesel by the midterm elections. @lizthomasstrat via Daily Chartbook.
At 62.4%, the number of S&P stocks down at least 10% is nearing the highest levels of the year since the Q1 drop. Andrew Thrasher via Daily Chartbook.
Interesting Reads
- Federal survey shows promising trends for youth mental health and drug use — AP
- 14 Reasons Robotics is Hard — Steve Newman
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