Early Look

Wednesday, September 9, 2026

U.S. futures are adding to Monday’s declines as a relentless push higher for oil prices as U.S./Iran tensions get worse, coupled with surging Treasury yields weighs on investor sentiment ahead of key consumer prices (CPI) and producer prices (PPI) inflation data later this week. Oil and Treasury yields higher keeping the inflation fears on Wall Street high as the U.S. 10-Year Treasury Yield hits highest closing level since 2023 around 4.82% and Brent oil tops $100 per barrel. CENTCOM said forces destroyed five Iranian crude oil carriers, Sept. 8, after the Islamic Revolutionary Guard Corps targeted a U.S. Navy warship with ballistic missiles twice over the past two days; the US warship successfully evaded the attempted Iranian attacks.

Of note today, the annual Apple (AAPL) iPhone launch event later this afternoon where new CEO John Ternus, who took over from former CEO Tim Cook on Sept. 1, is widely expected to oversee the debut of Apple's first foldable iPhone, as well as upgrades to its iPhone 18 Pro models and Apple Watch lineup. Bloomberg noted the foldable iPhone will offer the same styling as other leading foldables, such as those from Samsung, though it will also carry a hefty price tag that could eclipse the $2,000 mark.

In Asian markets, The Nikkei Index slipped -126 points to 65,142, the Shanghai Index rose 10 points to 3,951, and the Hang Seng Index slipped -42 points to 25,274. In Europe, the German DAX is down -345 points or 1.3% to 25,662, while the FTSE 100 is down -65 points to 10,746. The U.S. dollar neared its lowest in nearly seven months as the yen rallied, with traders looking ahead to the US Treasury's buyback announcement and inflation data later this week. The Treasury Department is expected to announce later Wednesday the size of the following day's operation to repurchase outstanding 10- to 20-year securities.

• The Dow Jones Industrial Average fell -628.18 points, or 1.18%, to 52,786.07
• The Nasdaq Composite slumped -85.58 points, or 0.32%, to 26,421.41
• The Russell 2000 Index declined -15.44 points, or 0.52% to 2,960.21

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell 10-yr notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEO AVAV COO GLOO KEQU LAKE LMNR LSAK NAVN SKIL WLTH

• Bank America Media, Communications & Entertainment Conference, 9/9-9/10, in New York
• Bank America Gaming & Lodging Conference, 9/9-9/10
• Barclay’s Global Consumer Conference, 9/8-9/10, in Boston, MA
• Cantor Healthcare Conference, 9/9-9/11, in New York
• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• Citigroup 2026 Biopharma Back to School Conference, 9/9-9/10, in New York, NY 
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Jefferies Global Industrials & Materials Conference, 9/9-9/10 in New York
• Jefferies Renewables, Clean Energy, & Construction Conference, 9/9-9/11, in New York
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA

• China's August inflation data painted a mixed picture, with headline CPI rising 0.8% YoY (est. 0.8%, prev. 0.5%) and core CPI edging up to 1.0% YoY (prev. 0.9%). However, the improvement was driven largely by higher energy prices and selected goods, rather than a broad-based strengthening in consumer demand. China PPI rose 3.8% YoY (est. 3.6%, prev. 3.5%) and 0.4% MoM.
• The U.S. Central Command dismissed reports Iranian forces had hit its warships operating in the Middle East and said all attempted attacks had failed, in a post on X on Wednesday. "Iran's Islamic Revolutionary Guard Corps (IRGC) forces have claimed they struck two U.S. Navy destroyers operating in the Middle East. This is completely FALSE," U.S. CENTCOM said.
• Barclays raised its year-end target for the S&P 500 index to 7,950 from 7,800 on Wednesday, citing strong tech-led earnings and durable AI-driven growth. While earnings outlook has improved, "we remain conservative on valuations given resilient inflation, geopolitical uncertainty and a more hawkish rate outlook," the brokerage said in a note.
• NASA is seeking proposals from companies, universities, nonprofits, and international partners for technologies supporting a sustained human presence near the moon’s South Pole. The agency is focusing on power generation, oxygen extraction, and material production.

• Casey's General Stores (CASY) Q1 EPS $7.37 tops consensus $6.82 and revs $5.68B vs. est. $5.55B; Q1 inside same-store sales increased 3.2% y/y, and 7.7% on a two-year stack basis, with an inside margin of 42.2%; Q1 fuel same-store sales fell -0.3%; expects FY inside comp sales +2%-5% with an inside margin above 42%.
• Lyft (LYFT) and Waymo (GOOGL) announced that for the first time, riders in Nashville can be matched with Waymo's fully autonomous vehicles directly through the Lyft app.
• Mission Produce (AVO) Q3 adj EPS $0.18 vs. est. $0.12; Q3 revs $450M vs. est. $367.57M; said expects Q4 avocado industry volumes to rise about 10% y/y; pricing in Q4 expected to be about 10% lower y/y due to higher supply; reaffirms H2 2026 adjusted EBITDA outlook of $84M-$88M.
• Smithfield Foods (SFD) guided Q3 adj operating loss of -$70M-$90M in its fresh pork segment, compared with a $10M profit a year earlier; guides Q3 adjusted operating income of $115M-$175M, which is down from $310M y/y.
• Sysco (SYY) reaffirms its FY27 outlook while raising its mid-term growth targets, backed by a new $500M AI-powered efficiency program designed to reduce structural costs over the next three years.
• Target Hospitality (TH) 14M share Spot Secondary priced at $18.50.
• Uber (UBER) President Macdonald Buys 70,000 Of Uber Technologies Inc on 9/4/26 @ $75.83 valued at $5,308,065, per SEC form 4 filing.
• Xponential Fitness (XPOF) announced the appointment of Jennifer Ryu as Chief Financial Officer, effective as of October 19, 2026, following the previously announced search process. Ryu will succeed Robert Julian, who has served as interim Chief Financial Officer since March 2026.
• HSBC downgraded luxury retailers LVMH (LVMUY) and Burberry (BURBY) to hold, citing limited visibility into the luxury sector’s second-half outlook. The bank set price targets of €490 for LVMH and 1,200 pence for Burberry while pointing to softer momentum across luxury goods; noted slower than expected performance at Dior alongside the weaker Fashion and Leather Goods division.

• Vistra Corp (VST) files for stock shelf; size not disclosed.
• Westlake (WLK) was downgraded to Market Perform from Outperform at BMO Capital and cut tgt to $82 from $96 citing leveled off commodity prices and mortgage rates reaching new highs.

• Visa (V) and World Bank group announce new risk-sharing initiative to expand digital payments and financial inclusion in emerging markets; facility expected to support $200M in risk sharing over five years.

• UnitedHealth (UNH) is said to have sold an interest in some of its Optum Health operations in Florida to private equity company TPG as the health conglomerate is working to recover from a collapse in profits last year – Bloomberg.
• The Trump administration appointed Michael Davis and Karim Mikhail to permanently lead the FDA’s Center for Drug Evaluation and Research and Center for Biologics Evaluation and Research, respectively. The moves come as the White House advances broader changes at the agency, including the nomination of Heidi Overton as FDA commissioner. Investors will watch for potential implications for drug approvals, vaccines, and tobacco regulation.

• Galaxy Digital Inc. (GLXY) announced that five of its Texas data center projects received conditional classifications under the Electric Reliability Council of Texas ("ERCOT") Batch Zero large load interconnection process, covering approximately 4.2 gigawatts of gross power capacity.
• Google (GOOGL) will invest at least €13 billion ($15.1 billion) in artificial intelligence infrastructure in Finland over the next two years and has signed its first nuclear power contract outside the U.S., it said on Wednesday. The Finnish deal includes a 22-year purchase agreement for up to 50% of the energy output of one of Finland's two nuclear plants.
• Google (GOOGL), Blackstone (BX) Venture faces delays at data center sites - Bloomberg News.
• Ingram Micro (INGM) 13.125M share Spot Secondary priced at $27.25
• Meta Inc. (META) CEO Zuckerberg said Meta posts across both Threads and X to reach different audiences. He believes Threads is nearing or may have surpassed X in size, while X remains valuable for engaging Ai and tech communities. Threads has reached 500M monthly users, putting it halfway toward Zuckerberg's 1B goal. https://tinyurl.com/yc6eymju
• Mind Technology (MIND) shares fall; Q2 EPS loss widened to $1.7M or (-$0.19) EPS vs $0.24 y/y; Q2 revs fell -42.3% q/q to $5.6M from $9.7M and down -58.8% y/y; Seamap backlog fell to $4.8M from $7.6M at April 30; after-market revenue was about 87% of total.
• ServiceTitan (TTAN) shares fall; Q2 revs rose 21% y/y to $292.8M vs. est. $286M; sees Q3 revs $285M-$287M vs. est. $287.8M; Q2 operating loss narrowed to -$27.6M from -$34.8M; raises FY27 revenue view to $1.139B-$1.144B from $1.13B-$1.14B (est. $1.14B) and ups FY27 income from operations view to $152M-$154M from $142M-$147M; named Rikus Pretorius chief revenue officer, effective at the start of fiscal Q4.
• Three Anthropic researchers went public last night with chilling concerns about out-of-control AI, warning it could destroy humans this decade, Axios reported. https://tinyurl.com/22b9c4x7
• The National Security Agency, FBI, and Cybersecurity and Infrastructure Security Agency have accused China's top Ai companies of extracting proprietary knowledge from American firms and also warned U.S. developers to protect their work – Bloomberg https://tinyurl.com/298mahzz

Mid-Morning Look

Wednesday, September 09, 2026

U.S. stocks are looking lower this morning as interest rate sensitive stocks and sectors are seeing the biggest pullbacks as another pop in Treasury yields (10-yr hits 4.81%) and oil prices (Brent above $100) raise concerns ahead of this weeks CPI and PPI inflation data. Brent crude oil prices topped $100 per barrel for the first time since July while the latest trade tit-for-tat between the U.S. and Canada will also affect a range of goods in autos, metals and consumer products. In an escalation of the trade dispute with Canada, the White House said it’s going to ban certain dairy and alcohol imports from there and limit government procurement access to Canadian businesses, effective in about three weeks. The moves come as Canada’s retaliatory tariffs on about $20 billion of goods went into effect. Copper prices are at record highs on concerns over potential U.S. tariffs and supply problems plus an insatiable demand for AI data-center infrastructure. Oil prices jumped after the US destroyed five Iranian crude tankers near Kharg Island following what US officials described as repeated Iranian attempts to target a US Navy vessel with ballistic missiles. Iran subsequently launched missiles towards Jordan and warned tanker crews near Kuwaiti and Bahraini ports to evacuate. Benchmark 10-year yield reaches highest level since late 2023 ahead of the U.S. Treasury to sell $39 billion in 10-year notes later on Wednesday. Still up later today, Apple (AAPL) holding its annual product event. Tech and Energy early sector leaders with the other nine S&P sectors all lower.

• Retail earnings: JILL sees FY26 revenue flat to up 2% y/y and comp sales down 1% to up 1% y/y, above prior view of a 1%-3% decline after better earnings results; in footwear, CAL better Q2 as EPS beat and sales rose 5.6% y/y to $695.5M, beating analyst expectations of $686.7M but guides Q3 GAAP EPS $0.62-$0.70 vs. est. $0.83 and said Famous Footwear sales declined 6.3%, impacted by later Back-to-School and weak lifestyle athletic demand; in jewelry, SIG posted Q2 EPS beat on in-line sales $1.53B while raises FY27 adjusted EPS view to $10.45-$12.1 from $9.20-$11.0 and reaffirms FY27 revenue view $6.7B-$6.9B, vs. consensus $6.84B.
• Online Travel/Lodging sector: BKNG shares fell after the company loses fight against an EU antitrust veto of its €1.63 billion ($1.90 billion) ETraveli acquisition three years ago as the Luxembourg-based General Court agrees with EU competition enforcer. TH shares fell after 14M share Spot Secondary priced at $18.50. Deutsche Bank noted in comment today that August was not a kind month for the vast majority of Lodging and Leisure stocks. Whether due to concerns about rising oil prices, interest rates, unwinding of pair trades, or company-specific factors, there were few Bright spots. The firm identified three Buy-rated stocks that, in its view, deserve a second look as some investors begin to sift through the group and look for opportunities. Those stocks are: TNL, RHP and HST
• AI sector: GOOGL said to invest at least EU13B in AI infrastructure in Finland over the next two years, Also, lots of AI concerns this morning: Axios reported Anthropic AI researcher Jacob Coxon wrote on X, after resigning Tuesday to sound the alarm: "The people building AI earnestly believe that it could kill us all by the end of the decade. This is not a marketing stunt. If anything, many executives and senior researchers will couch their phrasing in the press to sound sensible - but I hear the same people express fear privately. No other human activity poses this level of danger."

• CSR +9%; as IRT agreed to acquire Centerspace in an all-stock deal valuing the smaller rival at about $1.02 billion, as the real estate investment trust seeks to expand its residential portfolio.
• DELL +4%; hitting all-time highs today as Evercore analyst lays out map to $1,000 per share saying Dell is on a strong growth trajectory driven by Ai adoption and de-commoditization in IT infrastructure. The anticipated rise in neocloud deployments and enterprise Ai adoption presents compelling opportunities for Dell to expand revenue and margins.
• JILL +9%; sees FY26 revenue flat to up 2% Y/y and comp sales down 1% to up 1% Y/y, above prior view of a 1%-3% decline after better earnings results; Posts Q2 adj. EPS and revenue of $1.24 and $154.83M, both beating analysts' estimates of 57 cents and $151.3M, respectively.
• META +4%; Meta chief Ai officer on X said, “"the early usage on muse has blown way past our projections. muse’s users today are using 10x more than our testing cohorts”
• SIG +19%; posted Q2 EPS beat on in-line sales $1.53B while raises FY27 adjusted EPS view to $10.45-$12.1 from $9.20-$11.0 while also sees annual same-store sales to remain flat or grow up to 2.5%, compared with prior range of 0.75% decline to 2.5% rise.

• BKNG -4%; shares fell after the company loses fight against an EU antitrust veto of its €1.63 billion ($1.90 billion) ETraveli acquisition three years ago as the Luxembourg-based General Court agrees with EU competition enforcer.
• BRZE -16%; as posted Q2 top and bottom line beats, while Gross margin improved even as services scaled, but backlog growth decelerated and missed expectations and guides Q3 EPS $0.13-$0.14 vs. est. $0.16 and revs $229M-$230M vs. consensus $227.8M.
• CASY -16%; posted Q1 EPS/revs beat but comp sales fuel gallons were down -0.3% Y/y (below ests and inside the store, SSS growth was up +3.2% but slightly below expectations of around +3.8%
• EVMN -15%; after the drug maker said it would not advance its experimental skin disease drug after it failed to meet the main goal in a mid-stage trial; its drug, EVO756, did not show a meaningful percent change in a scale that measures the severity of eczema when tested in patients with AD
• INGM -5%; as 13.125M share Spot Secondary priced at $27.25.
• SFD -5%; guided Q3 adjusted operating loss of -$70M-$90M in its fresh pork segment, compared with a $10M profit a year earlier; guides Q3 adjusted operating income of $115M-$175M, which is down from $310M y/y.
• TBBK -20%; KBW said it sees CHYM’s acquisition of Stride Bank a significant potential impact to as it seems to open the door for Chime to bring its entire banking product suite in house and away from TBBK given Stride’s role as a Chime partner.
• TTAN -31%; reported its thinnest beat as a public company (2.7% versus 3.7%-5.7%) and guided ahead by less than the beat; Q2 results and outlook as mixed, highlighted by lower sub rev growth and impact to usage rev from softness in GTV.
• TYRA -26%; after saying its experimental bladder cancer drug, dabogratinib, at a 60 mg dose shows a 57% three-month complete response rate (compared to recent Piper target of a "70% 3-month CR rate" as the primary "bar for success"

Closing Recap

Wednesday, September 09, 2026

US equity futures slipped overnight following a down day yesterday as investors returning from the holiday weekend were met with inflation uncertainty, rising oil and higher yields.  This week’s CPI report certainly could steer markets ahead of next week’s Fed meeting, so expect all eyes on the upcoming data.  With inflation and the Fed meeting taking priority in the market, sentiment has shifted lower with today’s Fear & Greed Index at 42 (Fear) versus last week’s 52 (Neutral) and last month’s 59 (Greed). Attention turns to inflation tomorrow morning with the August Producer Price Index data due at 8:30 am et: Estimates are for headline (PPI) headline M/M for August est. +0.4% (prior 0.0%) and Y/Y to rise +5.3% (prior +4.7%). The core PPI data (ex: Food & Energy M/M) for August est. +0.3% (prior +0.2%) and Y/Y for August…est. +4.6% (prior +4.2%). Then we get the Aug CPI data on Friday morning.

Mid-morning action still had stocks in the red with breadth favoring decliners by 16:7 as small caps underperformed with IWM (-0.93%) versus SPY (-0.30%) and QQQ (-0.07%).  SPY breadth favored decliners by 19:7 while QQQ breadth favored decliners by 5:2. Sector performance was similarly tilted negative with Energy (+0.63%), Technology (+0.29%) and Communications (-0.04%) outperforming among S&P sector ETFs, while Industrials (-1.01%), Consumer Discretionary (-1.05%) and Consumer Staples (-1.11%) paced the underperformers with just 2 sectors gaining versus 9 declining. 

Heading into the final hour of trading, US equities remained in the red.  The AAPL event was interesting but not particularly surprising in content, and just enough to push the stock into positive territory.  AI once again took center stage initially, with new Apple Intelligence features set to roll out with Siri AI integration across apps and devices as well as a somewhat scary, but allegedly voluntary, conversation recording and recap feature.  The new iPhone Duo will carry a price tag of around $2,000 to start and resembles a foldable, mini iPad.  Meanwhile, enhancements in iPhone 18 Pro and Pro Max and Watches came in the expected areas with improved battery life, a suite of new feature upgrades for the camera, new and more powerful chips, improved noise reduction on AirPods and some step-function gains in health with upgraded heart rate tracking, a readiness metric and a new health age feature.

• WTI crude futures gained overnight then expanded to the upside on US/Iran conflict escalation.  The US destroyed five Iranian crude oil carriers after the IRGC targeted US Navy warships twice in the past two days in failed attempts.  Iran later stated if the enemy hits two targets, Iran will strike 20.  Other news in the region had Pakistan considering joining the conflict and attacking Houthi rebels in Yemen at Saudi Arabia’s request.  Lost in the mix of bullish crude headlines were data indicating China’s annual oil demand is expected to decline for the third consecutive year.  October WTI crude futures settled +$3.02/bbl, or +3.25%, at $96.05.

• The U.S. dollar index (DXY) managed to eke out a small gain, as the Japanese yen strengthened again slightly, up a whopping 5% against the U.S. dollar over the past month to the highest levels since early February. That’s a massive reversal after the yen lost half its value versus the U.S. dollar over the past five years. Early on Wednesday, a dollar bought about 153 yen, about 4% fewer than at the start of the month and 2% fewer than at the start of the year as the Japanese currency strengthened. The currency pair had surged to a four-decade high near 164 in late July.
• The yen's surge is reviving memories of the market-rattling carry-trade unwind of summer 2024. For years, investors have borrowed cheaply in yen and put the money into higher-yielding currencies and riskier assets around the world. A sharp rise could force AI winners in tech to be sold if the yen's rise forces investors to unwind bets.

• Specialty stores: convenience store operator CASY shares fell after Q1 EPS beat was largely driven by stronger-than-expected fuel margins and lower effective tax rate, but comp sales fuel gallons were down -0.3% Y/y (below ests and inside the store, SSS growth was up +3.2% but slightly below expectations of around +3.8%
• Food sector: AVO Q3 adj EPS $0.18 vs. est. $0.12; Q3 revs $450M vs. est. $367.57M; said expects Q4 avocado industry volumes to rise about 10% y/y; pricing in Q4 expected to be about 10% lower y/y due to higher supply; reaffirms H2 2026 adjusted EBITDA outlook of $84M-$88M; SFD guided Q3 adj operating loss of -$70M-$90M in its fresh pork segment, compared with a $10M profit a year earlier; guides Q3 adjusted operating income of $115M-$175M, which is down from $310M y/y; SYY reaffirms its FY27 outlook while raising its mid-term growth targets
• Luxury Retail: HSBC downgraded luxury retailers LVMH and Burberry (BURBY) to hold, citing limited visibility into the luxury sector’s second-half outlook. The bank set price targets of €490 for LVMH and 1,200 pence for Burberry while pointing to softer momentum across luxury goods; noted slower than expected performance at Dior alongside the weaker Fashion and Leather Goods division

• Casinos & Gaming: For online sports books (DKNG, FLUT, SRAD), Citigroup noted for 2026 NFL kick-off Citi considers both the growth expected in the market YoY just +0.3% OSB handle growth YoY (predicted by the AGA), and how scheduling changes will impact that growth in 2H26 (where there will be 16 fewer games YoY) vs Q127 (where there will be 16 more games YoY). The rise in sports betting customer acquisition costs BetMGM have been calling out since the start of 2026, along with concerns over impact of prediction markets.
• Leisure Products sector: Citigroup noted their most recent ORV dealer checks point to modest July/August retail growth for both PII and DOOO, on top of what similar growth reported for Q2, a welcome positive amidst otherwise lackluster demand trends within big-ticket discretionary. Overall, Citi feels better about the PII story than it has in some time, with solid retail momentum bolstered by strong share and an excellent inventory positioning.
• Lodging sector: TH shares fell after 14M share Spot Secondary priced at $18.50. Deutsche Bank noted in comment today that August was not a kind month for the vast majority of Lodging and Leisure stocks. Whether due to concerns about rising oil prices, interest rates, unwinding of pair trades, or company-specific factors, there were few Bright spots. The firm identified three Buy-rated stocks that, in its view, deserve a second look as some investors begin to sift through the group and look for opportunities. Those stocks are: TNL, RHP and HST

• Steel sector: JP Morgan noted its Steel coverage is 6% off August's peak, diverging from HRC /XME +3%/ +7% as the since-failed Canadian trade deal raised questions over the sector's protectionist premium. While Section 232 (S232) tariffs appear back on the negotiating table, JPMC suspects any reprieve will be post-midterms and geared towards tariff-rate quotas (TRQs), noting Steel tariffs have bipartisan support and are working as planned — YTD imports -23% Y/Y vs mill utilization +230bps. Overweight-rated NUE and CMC remain JPMC's top picks on relative upside.
• Chemical sector: WLK was downgraded to Market Perform from Outperform at BMO Capital and cut tgt to $82 from $96 citing leveled off commodity prices and mortgage rates reaching new highs; DOW shares rallied on reports it is considering plans to exit its $20 billion chemicals partnership with Saudi Aramco, Bloomberg news reported.
• Materials sector: in lithium space, LAC was assumed coverage at Overweight at JP Morgan and raises Lithium price assumptions in its LAC model, lifting long-term earnings power from 2029 onward (post full ramp) and driving a materially higher NAV. Further, recent updates gives the firm more confidence in Thacker Pass execution. Precious metal prices rose for gold, silver and others, helping boost miners this morning with shares of AEM, AG, B, CDE, HL, NEM, WPM rising.

• Bank sector: TBBK shares plunged; KBW Inc. noted it sees CHYM’s acquisition of Stride Bank a significant potential impact to TBBK as it seems to open the door for Chime to bring its entire banking product suite in house and away from TBBK given Stride’s role as a Chime partner. We estimate an 8-14% revenue impact if Chime exited its TBBK partnership.

• EVMN shares slid after the drug maker said it would not advance its experimental skin disease drug after it failed to meet the main goal in a mid-stage trial; its drug, EVO756, did not show a meaningful percent change in a scale that measures the severity of eczema when tested in patients with AD.
  SGMT upgraded to Overweight from Equal Weight at Barclays and raise tgt to $18 from $8 as it increased credit to acne and update its estimates after model review. The firm thinks at an EV of ~$400M (~$750M cap 9/8, ~$250M cash exiting Q2) SGMT shares underprice the opportunity for defanistat as a safe oral in acne where it sees a large market.
• SMMT was upgraded from Hold to Buy at Jefferies and raised tgt to $25 from $15 ahead of H3 PFS data late '26as the firm thinks PFS likely to hit stats barring outlier degradation from China to global trial and most scenarios drive confidence in a downstream OS win.
• TYRA shares tumbled after saying its experimental bladder cancer drug, dabogratinib, at a 60 mg dose shows a 57% three-month complete response rate (compared to recent Piper target of a "70% 3-month CR rate" as the primary "bar for success" and Jefferies had modeled stock reactions ranging from "+20-30% if CR lands in the 70–79% range" to "–30% if 3mo CR <70%".)

• Apple (AAPL) today introduced the highly anticipated iPhone Duo, the company's first foldable smartphone starting at $1,999 and will be available on Oct. 23. The device introduces the largest physical change to Apple's flagship device since the phone's launch in 2007. When closed, the device is about the size of a passport but open, the display is 7.6 inches, 80% larger than an iPhone 18 Pro. It looks like a small iPad. Apple says it is also the thinnest iPhone yet. Touch ID is also back, replacing Face ID, to make it possible for the user to unlock the device whether opened or closed. The iPhone Duo will use Apple's new A20 Pro chip that was announced earlier, along with a C2 modem made by Apple.
• Internet sector: AMZN shares fell after the company launched its first-ever sterling bond sale, a four-part offering seeking at least £3 billion. META shares rose after the company rolled out Muse AI agent that can access other apps to send emails, and make payments. Meta chief Ai officer on X said, “"the early usage on muse has blown way past our projections. muse’s users today are using 10x more than our testing cohorts.”
• Telecom & Media sector: FOXA faces a broadened U.S. Justice Department antitrust inquiry into its $22 billion proposed acquisition of streaming platform ROKU, according to people familiar with the matter, Semafor reported overnight https://tinyurl.com/2res6czp ; in cable space, CMCSA shares fell after CFO said at Goldman Sachs conference that Q3 Broadband subscriber losses are unlikely to improve YoY due to pressure from factors including rational fiber pricing.

• Software sector: TTAN shares tumbled after reported its thinnest beat as a public company (2.7% versus 3.7%-5.7%) and guided ahead by less than the beat; Q2 results and outlook as mixed, highlighted by lower sub rev growth and impact to usage rev from softness in GTV. BRZE shares declined on results as well as posted Q2 top and bottom line beats, while Gross margin improved even as services scaled, but backlog growth decelerated and missed expectations and guides Q3 EPS $0.13-$0.14 vs. est. $0.16 and revs $229M-$230M vs. consensus $227.8M.
• Semiconductors sector: ADI said it will acquire privately held Alif Semiconductor for $1.35 billion in cash, the companies said on Wednesday, expanding ADI's on-device capabilities as AI applications increasingly move into physical systems. Analog semi sector (ADI, ON, MCHP, NXPI, TXN) positive mention at Cantor saying they are becoming increasingly positive on the Analog space, as cyclical trends have strengthened over the past weeks. Parallels are being drawn to the memory industry (only 12mos later), with pricing power, lead-time extensions, and supply constraints only getting worse (now hearing decommits surfacing as well)– Dynamics which are expected to persist throughout CY27

Street Recommendations

Wednesday, September 9, 2026

• LOW Bernstein lowered the firm's price target on Lowe's to $254 from $261 and keeps an Outperform rating on the shares. The firm says that recovery in home improvement demand is a when, not if, question, but latest data suggests that the recovery is pushed further out. The long-term need to renovate remains as the median age of U.S. owner-occupied house rises to 42. The COVID pull forward of demand has normalized, and some products purchased during COVID are reaching the end of their life cycles. However, 78% of mortgage holders are locked in at rates below 6% and about 50% below 4%. Rather than rate cuts, macroeconomists are now projecting rate hikes, which won't help improve housing turnover and/or the affordability of home improvement projects, argues Bernstein.
• B Bernstein analyst Bob Brackett lowered the firm's price target on Barrick Mining to $56.50 from $61 and keeps an Outperform rating on the shares. The firm notes the nickel supply chain is considerably more complex than copper, with Indonesia already accounting for approximately 60% of global supply in 2026 and on track to approach 70% by 2030. Bernstein adds that Indonesia aims to keep nickel prices in the $18,000-$20,000 per ton range, a level it sees as a sweet spot for both domestic producers and downstream consumers. Electric vehicles remain the dominant demand driver, the firm says, and its supply-demand modeling points to a moderate surplus over the next decade.
• FCX Bernstein lowered the firm's price target on Freeport-McMoRan to $47 from $50 and keeps a Market Perform rating on the shares. The firm notes the nickel supply chain is considerably more complex than copper, with Indonesia already accounting for approximately 60% of global supply in 2026 and on track to approach 70% by 2030. Bernstein adds that Indonesia aims to keep nickel prices in the $18,000-$20,000 per ton range, a level it sees as a sweet spot for both domestic producers and downstream consumers. Electric vehicles remain the dominant demand driver, the firm says, and its supply-demand modeling points to a moderate surplus over the next decade.
• NEM Bernstein lowered the firm's price target on Newmont to $144 from $147 and keeps an Outperform rating on the shares. The firm notes the nickel supply chain is considerably more complex than copper, with Indonesia already accounting for approximately 60% of global supply in 2026 and on track to approach 70% by 2030. Bernstein adds that Indonesia aims to keep nickel prices in the $18,000-$20,000 per ton range, a level it sees as a sweet spot for both domestic producers and downstream consumers. Electric vehicles remain the dominant demand driver, the firm says, and its supply-demand modeling points to a moderate surplus over the next decade.
• RIO Bernstein raised the firm's price target on Rio Tinto to $89.50 from $88.50 and keeps an Outperform rating on the shares. The firm notes the nickel supply chain is considerably more complex than copper, with Indonesia already accounting for approximately 60% of global supply in 2026 and on track to approach 70% by 2030. Bernstein adds that Indonesia aims to keep nickel prices in the $18,000-$20,000 per ton range, a level it sees as a sweet spot for both domestic producers and downstream consumers. Electric vehicles remain the dominant demand driver, the firm says, and its supply-demand modeling points to a moderate surplus over the next decade.
• VALE Bernstein raised the firm's price target on Vale to $12.50 from $12 and keeps a Market Perform rating on the shares. The firm notes the nickel supply chain is considerably more complex than copper, with Indonesia already accounting for approximately 60% of global supply in 2026 and on track to approach 70% by 2030. Bernstein adds that Indonesia aims to keep nickel prices in the $18,000-$20,000 per ton range, a level it sees as a sweet spot for both domestic producers and downstream consumers. Electric vehicles remain the dominant demand driver, the firm says, and its supply-demand modeling points to a moderate surplus over the next decade.

• PAX BofA analyst Craig Siegenthaler downgraded Patria Investments to Underperform from Neutral with a price target of $10, down from $14, citing revised organic growth and expense assumptions. Patria is the largest private markets business in Latin America while Brazil remains its largest geography, notes the analyst, who says the firm's downgrade is "mostly driven" by geographic and macro factors.
• PM BofA raised the firm's price target on Philip Morris to $211 from $209 and keeps a Buy rating on the shares after CEO Jacek Olczak participated at an investor conference and raised the company's FY26 underlying EPS guidance range. The firm, which believes Philip Morris is "one of the strongest participants in consumer staples," is refreshing EPS estimates following the conference presentation.

• BSX BTIG analyst Marie Thibault lowered the firm's price target on Boston Scientific to $56 from $60 and keeps a Buy rating on the shares after the company announced that the cybersecurity incident disclosed in late August will likely have a material impact on both revenue and adjusted EPS for Q3 and FY26. The firm updated its forecast for the estimated impact, but adds "this is a starting point as we await further detail."
• CAN BTIG lowered the firm's price target on Canaan to $2 from $3 and keeps a Buy rating on the shares. The Q2 results were materially weaker than expected as declining Bitcoin prices drove a sharp drop in mining-rig demand, sales volumes, and ASPs, while management's sharply lower Q3 revenue guidance signals continued pressure on the hardware business, the analyst tells investors in a research note.

• LFST Canaccord raised the firm's price target on LifeStance to $15 from $13 and keeps a Buy rating on the shares. The firm updated its model after meeting with management and walking away more optimistic that LifeStance is well positioned to capitalize on its leadership in outpatient mental health. Demand in the segment remains strong, the market is highly fragmented, and they believe those dynamics should favor scaled operators such as LifeStance.

• ARWR Citi analyst Eric Joseph added an "upside 30-day catalyst watch" on Arrowhead while keeping a Buy rating on the shares with a $108 price target. Citi believes the shares will get additional credit for ARO-DIMER-PA when the initial Phase 1 data are reported later this morning in mixed hyperlipidemia.
• PII Citi lowered the firm's price target on Polaris to $67 from $73 and keeps a Neutral rating on the shares. The firm says its most recent off-road vehicle dealer checks point to modest retail growth in July and August for Polaris. Citi feels better about the Polaris story following the checks but says the stock's valuation "feels a bit rich."

• AZUL Deutsche Bank analyst Michael Linenberg resumed coverage of Azul with a Buy rating and $11 price target. The company emerged from bankruptcy in February as a "significantly healthier" airline with less net leverage, a smaller fleet, improved liquidity, and a revised debt maturity schedule and orderbook limiting future obligations, the analyst tells investors in a research note. The firm believes Azul is now well positioned to unlock franchise value.

• DELL Evercore ISI raised the firm's price target on Dell Technologies to $650 from $575 and keeps an Outperform rating on the shares. The firm sees room for further appreciation, with the next phase driven by enterprise AI adoption, higher margin attach and continued operating expense leverage, the analyst tells investors. The firm's upside EPS scenario calls for FY27 EPS approaching $30, versus current Street estimates of about $25.88 and the firm's base estimate of $25.54, notes the analyst, who points out that at $40-plus of EPS and a 25-times forward P/E multiple, the firm sees "a path towards $1,000/share."

• ROIV Guggenheim raised the firm's price target on Roivant Sciences to $46 from $42 and keeps a Buy rating on the shares, telling investors that Phase 2 PHocus data for mosliciguat in PH-ILD delivered PVR reduction "well above Street expectations."

• UGI Jefferies upgraded UGI Corporation to Buy from Hold with a price target of $43, up from $40. The firm says the reported takeover interest from KKR adds an upside case for the shares. Jefferies cites potential upside from a takeover for the upgrade. The buyout interest likely focused on UGI's international exposure but the most value is in its Pennsylvania utility, the analyst tells investors in a research note.
• SMMT Jefferies upgraded Summit Therapeutics to Buy from Hold with a price target of $25, up from $15, ahead of HARMONi-3 progression-free survival data due late this year. The firm thinks a PFS hazard ratio of 0.65-0.70 is "likely" and would be convinced by PFS HR less than 0.70 and "remain positive up to 0.75," the analyst tells investors in advance of the upcoming data.

• COGT JPMorgan analyst Anupam Rama added Cogent Biosciences to the firm's Analyst Focus List while keeping an Overweight rating on the shares with a $62 price target. The firm cites the potential of bezuclastinib across multiple indications for the addition. Cogent shares have underperformed in 2026 as the company has largely been in a regulatory execution phase, the analyst tells investors in a research note. JPMorgan sees a setup for outperformance looking to the end of 2026 and 2027. The firm believes the shares will hit the $50 range on approvals and initial launches across indications.
• NUE JPMorgan analyst Bill Peterson raised the firm's price target on Nucor to $308 from $294 and keeps an Overweight rating on the shares. The firm adjusted targets in the steel group as part of a Q3 mid-quarter preview. While Section 232 tariffs appear back on the table, any reprieve will be post the midterm elections and geared towards tariff-rate quotas, the analyst tells investors in a research note. JPMorgan says steel tariffs have bipartisan support and are working as planned. It upped estimates for steel companies citing better pricing.
• STLD JPMorgan raised the firm's price target on Steel Dynamics to $273 from $260 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q3 mid-quarter preview. While Section 232 tariffs appear back on the table, any reprieve will be post the midterm elections and geared towards tariff-rate quotas, the analyst tells investors in a research note. JPMorgan says steel tariffs have bipartisan support and are working as planned. It upped estimates for steel companies citing better pricing.
• CLF JPMorgan raised the firm's price target on Cleveland-Cliffs to $13 from $11 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q3 mid-quarter preview. While Section 232 tariffs appear back on the table, any reprieve will be post the midterm elections and geared towards tariff-rate quotas, the analyst tells investors in a research note. JPMorgan says steel tariffs have bipartisan support and are working as planned. It upped estimates for steel companies citing better pricing.
• CMC JPMorgan lowered the firm's price target on Commercial Metals to $83 from $86 and keeps an Overweight rating on the shares. The firm adjusted targets in the steel group as part of a Q3 mid-quarter preview. While Section 232 tariffs appear back on the table, any reprieve will be post the midterm elections and geared towards tariff-rate quotas, the analyst tells investors in a research note. JPMorgan says steel tariffs have bipartisan support and are working as planned. It upped estimates for steel companies citing better pricing.
• RS JPMorgan analyst Bill Peterson lowered the firm's price target on Reliance to $390 from $398 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q3 mid-quarter preview. While Section 232 tariffs appear back on the table, any reprieve will be post the midterm elections and geared towards tariff-rate quotas, the analyst tells investors in a research note. JPMorgan says steel tariffs have bipartisan support and are working as planned. It upped estimates for steel companies citing better pricing.

• IVZ Keefe Bruyette analyst Alex Bond resumed coverage of Invesco with an Outperform rating and $39 price target. The growth trajectory for the company is viewed favorably, and Invesco has made significant progress in recent periods, improving its margin profiles and scale, the analyst tells investors in a research note.

• AFRM Loop Capital analyst Reginald Smith initiated coverage of Affirm with a Buy rating and $105 price target. The firm views Affirm as one of the highest-quality growth stories in consumer fintech. The company has a path to sustained 25% merchandise volume and revenue growth as its distribution expands through partners like Stripe and Adyen, the analyst tells investors in a research note. Loop sees an under-penetrated payment opportunity for Affirm.
• SOFI Loop Capital initiated coverage of SoFi Technologies with a Hold rating and $22 price target. SoFi is a leading digital bank, offering consumer loans, deposits, investing and credit cards, the analyst tells investors in a research note. Loop believes the company can post low- to mid-20% annual revenue and EBITDA growth in 2027 and 2028. However, the risk of interest rate hikes and SoFi's mix shift towards more asset intensive lending, which is the right move longer-term, will continue to weigh on stock sentiment near-term, the firm contends.
• UPST Loop Capital initiated coverage of Upstart with a Hold rating and $34 price target. Upstart increasingly co-invests alongside its funding partners, which makes the model more capital-intensive and "less purely fee-based than the headline narrative suggests," the analyst tells investors in a research note. Loop is bullish on the company's platform and core personal offering, but thinks share sentiment will remain challenged until Upstart laps expense comparisons and gives investors greater transparency into the economics, capital commitments, and risk exposure associated with its credit support structures.

• HOOD Mizuho raised the firm's price target on Robinhood to $140 from $130 and keeps an Outperform rating on the shares. The firm believes the anticipated AI initial public offerings in October and in 2027 could meaningfully boost Robinhood's trading volumes. SpaceX's IPO in June and subsequent heightened investor sentiment drove a 24% month-over-month increase to equity volumes and ~38% in option contracts, the analyst tells investors in a research note. Mizuho attributes Robinhood's 33% rally relative to the S&P 500 since early August to excitement surrounding prediction markets. It upped the company's 2026 and 2027 revenue estimates on the expected retail trading boost from the IPOs of AI companies.
• BLTE Mizuho analyst Graig Suvannavejh raised the firm's price target on Belite Bio to $234 from $220 and keeps an Outperform rating on the shares. The firm cites the company's submission of a new drug application in Japan for tinlarebant for the target boost. It believe sa Japan approval and launch could now come in the first half of 2027, ahead of its initial expectations.

• ORA Oppenheimer raised the firm's price target on Ormat Technologies to $145 from $141 and keeps an Outperform rating on the shares. The firm says the company's 2026 Investor Day highlights included meaningfully higher 2030 profitability targets vs. consensus; and quantified EGS opportunity potential and commercial roadmap, including Ormat's first planned large-scale EGS commercial project. 2030 targets imply over 80% incrementals on more than two times portfolio growth vs. 2025, with Electricity margins reverting to historical 40% range -- achievable in Oppenheimer's view -- as forward pricing supports mix improvement, while robust hydrothermal/storage development supports 2.1-times portfolio growth over the period.
• IEX Oppenheimer raised the firm's price target on Idex Corp. to $270 from $265 and keeps an Outperform rating on the shares. The firm says that last week was notably Idex-rich, beginning with an insightful visit to the Rohnert Park, CA facility of Idex's Health & Science platform. Oppenheimer then hosted Denver and Minneapolis investor meetings, with CFO Sean Gillen and VP of IR Jim Giannakouros emphasizing the value of Idex's 80/20 operating model, integrated growth strategy, and multi-year pivot toward advantaged markets. The firm came away incrementally bullish on HST-led outgrowth over the near to medium term and optimistic regarding mix-accretive top-line recovery in FMT and FSDP segments. Idex's robust financial position and dry powder then bolster Oppenheimer's confidence in sustainable double-digit EPS growth.

• FLNC Piper Sandler analyst Dimple Gosai initiated coverage of Fluence Energy with an Underweight rating and $6 price target. The firm believes Fluence's healthy backlog supports volume growth, but Piper is cautious on margin durability. The firm's adjusted EBITDA estimates sit roughly 60% below cons in FY27 and about 18% below in FY28.
• AGX Piper Sandler initiated coverage of Argan with an Underweight rating and $273 price target, implying about 35% downside. The firm sees limited upside because Argan has disclosed a ceiling on its available crews, while downside risk is rising as the project-award cycle appears to have peaked. Piper's valuation is based on FY29, our valuation year, where its estimates are below consensus.
• ARRY Piper Sandler initiated coverage of Array Technologies with a Neutral rating and $5 price target. Bookings have nearly doubled year-over-year, and the firm sees Array taking share in a U.S. utility solar market that grows through 2028, followed by declines in 2029-2030. For 2027, Piper is slightly above consensus adjusted EBITDA, and 2028 in line, consistent with the shape of its U.S. solar forecast. With backlog conversion below prior cycles and shares already at a five times discount to peers, the firm sees risk/reward as balanced.
• PRIM Piper Sandler initiated coverage of Primoris with a Neutral rating and $90 price target. The firm acknowledges that shares look cheap, trading at 8.2-times consensus 2028 EV/EBITDA, near the widest discount to peers in five years. Demand isn't the issue as the AI data center buildout is pulling capital into gas generation, transmission, storage and comms, with backlog hitting a record $13.9B in Q2, Piper argues. The debate is execution, in the firm's opinion, given six renewable-energy projects face cost overruns, and it wants clean delivery before turning more constructive on the 10%-12% 2027 Energy margin target.
• NXT Piper Sandler initiated coverage of Nextpower with an Overweight rating and $116 price target, implying 39% upside. For FY27/FY28, the firm's revenue estimates are 8%/10% above consensus, while adjusted EBITDA is roughly 4%/1% above consensus, respectively. By FY30, Piper's estimates exceed the company's CMD targets, which it views as conservative given its conviction in international utility-scale solar demand and growth in adjacent products and services. The firm views the company's November CMD as the next catalyst for potential guidance updates and further validation of the long-term outlook.
• PWR Piper Sandler initiated coverage of Quanta Services with an Overweight rating and $731 price target, implying about 17% upside. The firm's FY28 revenue sits 5% above consensus and its 2030 revenue and EBITDA run ahead of the company's own framework, reflecting its conviction that Quanta is structurally positioned to outgrow a capex cycle the market still underestimates. Piper models margin capture following volume, which back-end loads the earnings power relative to the Street.
• MTZ Piper Sandler analyst Dimple Gosai initiated coverage of MasTec with an Overweight rating and $321 price target. The firm notes MasTec builds power lines, gas pipelines, power plants and telecom networks with its own crews. Three of its four segments sit in strong capital cycles; the fourth, Communications, guided down in July and took the stock with it, which Piper views as an overreaction. The firm forecasts FY28 adjusted EBITDA of $2.6B, 5% ahead of consensus and roughly 15% ahead of management's $2.20B Capital Markets Day target.

• UBER Scotiabank initiated coverage of Uber with an Outperform rating and $100 price target.
• DASH Scotiabank initiated coverage of DoorDash with an Outperform rating and $275 price target.

• PAYX Stifel raised the firm's price target on Paychex to $130 from $110 and keeps a Hold rating on the shares ahead of fiscal Q1 earnings due later this month.
• RVMD Stifel analyst Laura Prendergast raised the firm's price target on Revolution Medicines to $230 from $215 and keeps a Buy rating on the shares. The raised target accounts for daraxonrasib pricing and feedback from the firm's payer/PBM expert call, the analyst tells investors.

• BXP Truist raised the firm's price target on BXP to $68 from $64 and keeps a Hold rating on the shares. BXP's stronger-than-expected portfolio performance supports higher 2026-2027 FFO, but elevated leverage, refinancing dilution, and higher interest rates could constrain longer-term NFFO growth despite upside from improving occupancy and development activity, the analyst tells investors in a research note.

• TMO UBS upgraded Thermo Fisher to Buy from Neutral with a price target of $730, up from $540, after assuming coverage of the name. Thermo Fisher is positioned for a durable return to 5%-6%+ organic growth in 2027, supported by improving pharma/biotech funding, bioprocessing demand, reshoring, AI-driven R&D investment, share gains, and stabilization in China and A&G, the analyst tells investors in a research note. The firm says 50-70 basis points of margin expansion and double-digit EPS growth provide further upside.
• XPEV UBS analyst Paul Gong lowered the firm's price target on XPeng to $12 from $18 and keeps a Neutral rating on the shares. XPeng is emerging as a leading Chinese automaker in humanoid robotics, with its robotics business recently raising over $900M at a $6.3B+ valuation, but the core auto business remains challenged by intense competition, supply-chain issues, and short product cycles, the analyst tells investors in a research note.

• VMC Wells Fargo analyst Timna Tanners downgraded Vulcan Materials to Underweight from Equal Weight with a price target of $254, down from $305. The firm downgraded three names in construction materials citing an "increasingly cautious" 2027 outlook due to leaner government spending and higher interest rates. Wells' more cautious earnings outlook and valuation multiples reflect concern over state and federal government spending, on top of continued housing weakness, the analyst tells investors in a research note. The firm now now assumes organic volumes decline in 2027.
• CRH Wells Fargo lowered the firm's price target on CRH to $107 from $132 and keeps an Overweight rating on the shares. The firm downgraded three names and lowered targets in construction materials citing an "increasingly cautious" 2027 outlook due to leaner government spending and higher interest rates. Wells' more cautious earnings outlook and valuation multiples reflect concern over state and federal government spending, on top of continued housing weakness, the analyst tells investors in a research note. The firm now now assumes organic volumes decline in 2027.
• MLM Wells Fargo analyst Timna Tanners upgraded Martin Marietta to Overweight from Equal Weight with a price target of $609, up from $581. The firm cites the company's benefits to 2027 earnings from its recently closed Lhoist North America acquisition, plus pricing catch-up from the Quikrete asset swap and New Frontier acquisition for the upgrade. Martin Marietta is now Wells' top pick in construction materials. The analyst expects the company can win over investors with acquisition benefits and quick accretion.
• PHVS Wells Fargo raised the firm's price target on Pharvaris to $65 from $55 and keeps an Overweight rating on the shares. The firm notes Deucrictibant showed injectable like efficacy, reducing attack rates by 83% vs placebo, across all hereditary angioedema subtypes and by 87% in Types 1 and 2. Wells assumes a 90% probability of success in the prophylactic indication.
• PAYX Wells Fargo raised the firm's price target on Paychex to $111 from $95 and keeps an Underweight rating on the shares. The firm doesn't anticipate Q1 print to be a big catalyst. Wells expects reiterated 2027 guide early in fiscal year, with potential upwards bias to float income outlook. Street Q2 margins may be a little high, the firm adds, noting that 21-times 2027 price to earnings looks pricey based on Paychex's growth.
• SYK Wells Fargo analyst Larry Biegelsen lowered the firm's price target on Stryker to $348 from $418 and keeps an Overweight rating on the shares. The firm hosted Stryker at the 2026 Wells Fargo Healthcare Conference in Boston. Wells is lowering its 2026 revenue estimate, implying organic revenue growth of 8.1% which sits below the company's guidance of 8.3%-9.3%. The firm's Q3 revenue estimate now assumes organic growth of 8.9% vs. 10.1%, previously. Its revised revenue guidance assumes continued pressure on peripheral vascular as well as hips and knees globally throughout the balance of the year.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 1:00 PM ET US Treasury to sell 3-year notes

• Earnings After the Close: AVO BRZE CASY GME INNV MIND TTAN YQ

• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA
• China CPI, PPI for August

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell 10-yr notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEO AVAV COO GLOO KEQU LAKE LMNR LSAK NAVN SKIL WLTH

• Bank America Media, Communications & Entertainment Conference, 9/9-9/10, in New York
• Bank America Gaming & Lodging Conference, 9/9-9/10
• Barclay’s Global Consumer Conference, 9/8-9/10, in Boston, MA
• Cantor Healthcare Conference, 9/9-9/11, in New York
• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• Citigroup 2026 Biopharma Back to School Conference, 9/9-9/10, in New York, NY 
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Jefferies Global Industrials & Materials Conference, 9/9-9/10 in New York
• Jefferies Renewables, Clean Energy, & Construction Conference, 9/9-9/11, in New York
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for August
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for August
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for August
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for August
• 10:00 AM ET                 Existing Home Sales M/M for August
• 10:00 AM ET                 Wholesale Inventory M/M for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell 30-yr notes

• Earnings After the Close: ADBE CPRT DSGX IBEX ORCL REF ZUMZ

• Bank America Gaming & Lodging Conference, 9/9-9/10
• Barclay’s Global Consumer Conference, 9/8-9/10, in Boston, MA
• B Riley Securities Consumer & TMT Conference, 9/10 in New York
• Benchmark TMT Conference, 9/10 in New York
• Cantor Healthcare Conference, 9/9-9/11, in New York
• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• Citigroup 2026 Biopharma Back to School Conference, 9/9-9/10, in New York, NY 
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Jefferies Global Industrials & Materials Conference, 9/9-9/10 in New York
• Jefferies Renewables, Clean Energy, & Construction Conference, 9/9-9/11, in New York
• JP Morgan Global macro Conference, 9/10, in New York
• Lake Street 10th Annual Best Ideas Growth Conference, 9/10 in New York
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA
• Wolfe Research TMT Conference, 9/10 in San Francisco, CA

• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for August
• 8:30 AM ET CPI Core – Ex: Food & Energy M/M for August
• 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for August
• 10:00 AM ET                 University of Michigan Confidence, Sept-prelim
• 11:00 AM ET                 Cleveland Fed CPI for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 2:00 PM ET                    Federal Budget for August

• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11

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