The Brief

Monday, September 14, 2026

“The first thing is character... before money or anything else. Money cannot buy it.”— J.P. Morgan

MARKET & MACRO DATA

	Value	1D	1M	YTD	1Y	ATH
S&P 500	7,657	▲ 0.86%	▼ 1.18%	▲ 11.64%	▲ 16.29%	▼ 2.04%
Nasdaq	26,333	▲ 0.96%	▼ 0.96%	▲ 13.33%	▲ 18.93%	▼ 3.15%
Russell 2000	2,904	▲ 0.45%	▼ 4.65%	▲ 15.78%	▲ 21.15%	▼ 5.40%
Emerging Markets (EEM)	$68	▲ 1.25%	▲ 2.08%	▲ 20.63%	▲ 29.81%	▼ 5.21%
Financials (XLF)	$57	▲ 0.67%	▼ 1.16%	▲ 4.22%	▲ 6.41%	▼ 2.30%
Energy (XLE)	$65	▲ 0.32%	▲ 6.73%	▲ 42.69%	▲ 47.04%	— n/a
Technology (XLK)	$188	▲ 1.32%	▼ 0.63%	▲ 30.06%	▲ 38.56%	▼ 13.69%
AI ETF (SMH)	$569	▲ 1.47%	▼ 2.79%	▲ 52.30%	▲ 86.82%	▼ 15.38%
Consumer Disc. (XLY)	$113	▲ 0.89%	▼ 4.18%	▼ 4.55%	▼ 5.33%	▼ 38.72%
Gold ($/oz)	$4,321	▲ 0.00%	▼ 1.36%	▲ 0.15%	▲ 17.35%	▼ 22.65%
Bitcoin (USD)	$77,987	▲ 1.50%	▲ 23.74%	▼ 13.29%	▼ 32.42%	▼ 38.20%
Copper ($/lb)	$6.43	▲ 0.00%	▼ 2.62%	▲ 13.95%	▲ 38.04%	▼ 5.57%
Brent Oil ($/bbl)	$108	▲ 0.00%	▲ 21.50%	▲ 77.04%	▲ 59.48%	▼ 27.05%
Natural Gas ($/MMBtu)	$2.89	▲ 0.00%	▲ 5.85%	▼ 20.04%	▼ 4.93%	▼ 81.67%
VIX (Volatility)	18.07	▲ 0.00%	▲ 26.81%	▲ 24.53%	▲ 15.17%	▼ 79.82%
3-Month T-Bill	4.00%	— n/a	▲ 11bps	▲ 35bps	▼ 9bps	▼ 163bps
2-Year Treasury	4.56%	— n/a	▲ 34bps	▲ 109bps	▲ 102bps	▼ 63bps
10-Year Treasury	4.95%	— n/a	▲ 25bps	▲ 76bps	▲ 91bps	▼ 31bps
US High-Yield Spread	2.70%	— n/a	▼ 2bps	▼ 13bps	▼ 14bps	▼ 191bps
US Dollar Index (DXY)	99.58	▲ 0.00%	▼ 0.09%	▲ 1.18%	▲ 2.34%	— n/a
US Unemployment	4.10%	Aug 2026 · Next release: October 2, 2026
US Inflation (CPI YoY)	3.40%	Aug 2026 · BLS CPI-U all items NSA
SOFR 3M (90d avg)	3.65%	Rate only · n/a across change periods

ECONOMICS, MARKETS & BUSINESS

Euro Declines as Dollar Gains on Fed Rate-Rise Expectations — The euro fell to a one-month low against a strengthening dollar, as markets priced in a possibility of the U.S. Federal Reserve increasing interest rates on Wednesday. Ask Claude ›
Why Mortgage Bonds Are at Risk if Rates Rise—and if They Fall — There are fewer people sitting on ultracheap mortgages than you might think. Ask Claude ›
Brent crude jumps above $108 after Saudi Arabia shuts down critical pipeline that bypasses Strait of Hormuz — Saudi Arabia has faced escalating attacks from Iran-allied militant groups in recent days. Ask Claude ›
Tech stocks fall after big AI groups call for slowdown — South Korea’s tech-heavy Kospi slides as Wall Street is set to open lower Ask Claude ›
Cadbury cut two months off its supply chain lead time for a key chocolate-bar ingredient in one move — Mondelez is expanding its chocolate manufacturing operations in Malaysia, with the company also seeing further room for growth across Southeast Asia. Ask Claude ›
Stock Market Today: Nasdaq Futures Drop, Oil Climbs — Talk of a safety-first AI slowdown weighs on tech stocks Ask Claude ›
Oil Jumps, Nasdaq Futures Slide as AI-Related Stocks Tumble Worldwide — Equity markets reacted with concern to a weekend essay by Anthropic’s CEO which warned against a race to the bottom in the development of new AI models. Ask Claude ›
U.S. Treasury yields are steady as 10-year closes in on 5% ahead of Fed rates decision — The 10-year Treasury yield is closing in on 5%, a level last touched in October 2023. Strategists say the drivers behind higher yields are more important. Ask Claude ›
Gold Falls as Higher Inflation Pushes Federal Reserve to Hike Rakes — Gold futures traded 1.1% lower in early European trade, as expectations that the U.S. would hike interest rates solidified. Ask Claude ›
European Stocks Mixed, Chip Stocks Slide — European stocks were largely mixed at the open as chip stocks fell sharply on investor concerns. Ask Claude ›
Metlen Signs Greek Energy Supply Deal with Petronas — Metlen said the partnership would enhance supply security and meet internal energy needs as well as broader European gas demand. Ask Claude ›
Shein shares fall 10% amid urgent recall of contact-lens cleaner by Australia, New Zealand — Shein's Hong Kong-listed shares fell as much as 10%, amid news that a contact lens product has been recalled urgently due to worries of contamination. Ask Claude ›

TECH & AI

Insight Partners’ Deven Parekh on why the firm is diversifying while everyone else bets the farm on OpenAI and Anthropic — Insight Partners' Devin Parekh opens up about losing Legora to General Catalyst, why he's fine holding stakes in rival AI labs, and why — even as everyone else piles into OpenAI and Anthropic — his $9 Ask Claude ›
Larry Ellison cancels $7.5 billion sale of Oracle stock — Oracle had previously disclosed that Ellison planned to sell 50 million shares worth around $7.5 billion. Ask Claude ›
The 9 buzziest startups from Y Combinator’s latest Demo Day, according to VCs — From floating reactors to brain chips: VCs picked their favorite YC startups from the summer batch. Ask Claude ›
What’s behind the AI industry’s latest warnings of doom? — On Equity, we discussed the AI industry's latest debate about whether it poses an existential threat to humanity. Ask Claude ›
Trump downplays warnings of AI risks, citing rivalry with China — The US president said "negative forces" were airing concerns about "things that won't happen". Ask Claude ›
Questions mount over what an AI 'slowdown' would look like — While pacing AI development might sound like a quick fix, it is far from an easy solution. Ask Claude ›
Obama urges Democrats to have a ‘clear plan’ for AI safeguards — Obama recently said that Democrats need to make artificial intelligence one of their “central agendas” and “have a very clear plan” to address concerns around the technology’s economic impact and safe Ask Claude ›
TechCrunch Mobility: Lyft has entered the robotaxi chat — Welcome back to TechCrunch Mobility, your hub for the future of transportation, and now, more than ever, the role AI is playing in it. Ask Claude ›

WORLD & INTERNATIONAL

Indonesia’s Prabowo fires finance minister after just a year — Turmoil in south-east Asia’s largest economy follows central bank governor’s resignation in July Ask Claude ›
Europe’s disclosure push has gone ‘too far’, says Liechtenstein — Prince Michael of Liechtenstein accuses EU of ‘bureaucratic zeal’ over anti-money laundering rules Ask Claude ›
Submit a question: What do British businesses need from the Budget? — Take part in a live Ask an Expert Q&A with John Gapper, the FT’s chief UK business columnist, on Thursday September 17 at 1pm BST Ask Claude ›
FirstFT: Anthropic bullish on profitability — Also in today’s newsletter: Oil surges as Hormuz talks postponed and Warsh and Trump on collision course Ask Claude ›
Sand, Beer and Dogs on the Pitch: Scots Are Suddenly Crazy About Cricket — The sport, long regarded in the country as the game of the English upper classes, is having a revival—without the snooty traditions. Ask Claude ›
Queen’s secret Whitlam correspondence inspires Sydney Theatre Company play in 2027 — STC’s 2027 program also features Celeste Barber in Amy Sedaris and David Sedaris play, Tim Minchin as Scrooge and the return of The Picture of Dorian Gray Six years after the Australian historian Jenn Ask Claude ›
Malaysian boy acquitted for murder of schoolgirl on grounds of insanity — The killing of the 16-year-old nearly a year ago had shocked Malaysia and sparked debate about social media. Ask Claude ›
Beijing launches drone buyback in crackdown after Citic Tower crash — Amnesty for banned aerial devices comes months after light aircraft struck Chinese capital’s tallest office tower Ask Claude ›

EARNINGS RELEASES (next 30 days)

Date	Company	Consensus Rev / EPS	Watch
Sep 17, 2026	FedEx FDX	$21.9B / $4.82	Volume recovery and cost-out progress; macro freight demand signal
Oct 7, 2026	JPMorgan Chase JPM	$42.5B / $4.61	Net interest income trajectory; credit card delinquency trends
Oct 8, 2026	Wells Fargo WFC	$20.3B / $1.38	NII sensitivity to rate cuts; expense discipline vs. regulatory costs
Oct 13, 2026	Goldman Sachs GS	$12.9B / $8.54	Investment banking revival; FICC trading vs. prior quarter

WEEK AHEAD

Date	Event
Sep 15–16, 2026	FOMC Meeting & Rate Decision (Sep 15–16, 2026) — Rate decision Sep 16 at 2 PM ET; SEP (dot plot) released First meeting with updated Summary of Economic Projections post-summer; will set tone for year-end rate path.

ON THE RADAR

Date	Event
Sep 25, 2026	U.S. PCE Price Index (August) Last PCE before Oct FOMC. Fed needs to see sustained progress toward 2% target.
Oct 2, 2026	U.S. Jobs Report (September) Q3 labour market health check; impacts Oct FOMC hold/cut decision.
Oct 14, 2026	U.S. CPI (September) Q3 inflation summary; key input for Nov and Dec FOMC decisions.
Oct 27–28, 2026	FOMC Meeting & Rate Decision (Oct 27–28, 2026) — Rate decision Oct 28 at 2 PM ET No dot plot; decision driven by Sep jobs and CPI data. Market consensus: hold.
Oct 29, 2026	U.S. Q3 2026 GDP Advance Estimate Consensus: +1.8% annualized — First read on Q3 growth; consensus +1.8% annualized after a soft Q2. A miss would reinforce rate cut case.

Marz Capital — The Brief · Sourced from Yahoo Finance, BLS, StatsCan, FRED, CNBC, Reuters & web search · Note: some 1M/YTD/1Y market columns show n/a where data was unavailable at time of research · Treasury "ATH" reflects the past 20 years, not full history, since older-regime peaks (e.g. ~15% in 1981) aren't a meaningful comparison to today

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