September 13th Market Overview

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Happy Friday everyone. The weekend is here.

September's rally continues as we close out a strong week. The Dow's surging, the S&P 500's knocking on all-time highs, and tech stocks are regaining their momentum. We're seeing broad-based strength, with utilities and industrials leading the charge today.

Lets dig in…

Executive Summary

• Dow Jones Industrial Average surges over 250 points, heading for a strong weekly gain

• S&P 500 climbs 0.6%, nearing July all-time high, on track for fifth straight winning session

• Utilities, materials, and industrials lead market gains, with multiple stocks hitting 52-week highs

• Federal Reserve meeting next week in focus, with expectations of a potential rate cut

Market Overview

We’re seeing strong momentum in the market today. The Dow has jumped 272 points (0.7%), capping off a strong week. The S&P 500 is up 0.6%, putting it on track for its fifth consecutive winning session and less than 1% away from its July all-time high. The Nasdaq has added about 0.7%, boosted by a resurgence in semiconductor and mega-cap tech stocks.

Notably, utilities, materials, and industrials are leading the charge, reflecting broad-based strength across sectors.

Key Market Drivers

1. Anticipation of Federal Reserve meeting (Sept 17-18) with expectations of a 25 basis point rate cut

2. Moderation in inflation data, with CPI at 2.5% annualized, lowest since February 2021

3. Improved economic confidence, as reflected in the University of Michigan survey

4. Strong performance in tech and semiconductor stocks, propelling weekly gains

Stock Spotlight

1. Walmart (WMT): Shares rallied to an all-time high, up 18.2% in the past month, leading consumer staples.

2. Vistra (VST): The utilities company surged 5.8% today, bringing its weekly gain to an impressive 15.4%.

3. RH (Restoration Hardware): Jumped over 20% after beating Q2 earnings expectations and reporting accelerated demand into Q3.

4. Adobe (ADBE): Despite beating Q3 earnings estimates, shares plunged more than 8% due to disappointing Q4 guidance.

5. Oracle (ORCL): Stock gained nearly 2% after raising its fiscal 2026 revenue outlook and issuing strong guidance for fiscal 2029.

Other Magnificent 7 Updates

• Alphabet (GOOGL): Added 1.7% in today’s trading session

• Amazon (AMZN) and Tesla (TSLA): Both up over 9% for the week

• Microsoft (MSFT): Gained about 7% this week

• Nvidia (NVDA): Surged nearly 16% this week, despite a slight retreat today

Other Notable Company News

• Super Micro Computer (SMCI) and ARM Holdings: Added 3.5% and 6.2% respectively

• Uber (UBER): Jumped more than 5%

• Boeing (BA): Shares sank 4% as factory workers went on strike after rejecting a new labor contract

• Moderna (MRNA): Stock dropped 4% following a downgrade to underweight by JPMorgan

Sector Watch

Bond Market

Current trends suggest a preference for lower yields as market expectations shift towards a more accommodative policy stance.

Policy Watch

With the upcoming Federal Reserve meeting on September 17-18, everyone is closely watching for signals of a potential rate cut. The current target rate sits at 5.25% to 5.5%. Recent economic data showing moderation in inflation appears to support the case for a rate cut. However, analysts anticipate that the Fed will take a cautious approach amidst economic uncertainty, focusing on data-driven insights moving forward.

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Note: This newsletter is intended for informational purposes only.