The Brief

Thursday, September 17, 2026

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”– Warren Buffett

MARKET & MACRO DATA

	Value	1D	1M	YTD	1Y	ATH
S&P 500	7,552	▼ 0.45%	▼ 2.50%	▲ 10.11%	▲ 14.42%	▼ 3.39%
Nasdaq	25,978	▼ 0.01%	▼ 2.50%	▲ 11.80%	▲ 16.70%	▼ 4.46%
Russell 2000	2,859	▼ 0.40%	▼ 6.50%	▲ 13.98%	▲ 18.75%	▼ 6.87%
EM (EEM)	$66	▼ 0.06%	▼ 2.38%	▲ 16.86%	▲ 23.39%	▼ 8.17%
Financials (XLF)	$56	▼ 1.62%	▼ 2.87%	▲ 1.82%	▲ 3.42%	▼ 4.56%
Energy (XLE)	$64	▼ 2.88%	▲ 2.32%	▲ 40.26%	▲ 42.30%	▼ 29.59%
Technology (XLK)	$184	▲ 0.10%	▼ 3.36%	▲ 27.46%	▲ 35.53%	▼ 15.41%
AI ETF (SMH)	$546	▲ 0.64%	▼ 8.17%	▲ 46.15%	▲ 78.73%	▼ 18.79%
Cons Disc (XLY)	$110	▼ 0.63%	▼ 5.63%	▼ 6.90%	▼ 8.78%	▼ 40.23%
Gold ($/oz)	$4,364	▼ 0.54%	▼ 1.28%	▲ 0.79%	▲ 17.38%	▼ 21.88%
Bitcoin (USD)	$76,291	▲ 0.18%	▲ 17.95%	▼ 15.18%	▼ 34.50%	▼ 39.55%
Copper ($/lb)	$6.60	▲ 2.57%	▲ 1.77%	▲ 16.97%	▲ 44.32%	▼ 3.06%
Brent Oil ($/bbl)	$99	▼ 6.10%	▲ 9.17%	▲ 63.57%	▲ 46.24%	▼ 32.60%
Nat Gas ($/MMBtu)	$2.89	▼ 0.14%	▲ 4.00%	▼ 20.20%	▼ 6.87%	▼ 81.70%
VIX (Volatility)	15.98	▼ 9.77%	▲ 0.88%	▲ 10.13%	▲ 1.65%	▼ 82.15%
3-Month T-Bill	4.11%	▲ 0bps	▲ 24bps	▲ 46bps	▲ 5bps	▼ 152bps
2Y Treasury	4.67%	▲ 2bps	▲ 48bps	▲ 120bps	▲ 113bps	▼ 52bps
10Y Treasury	5.00%	▲ 3bps	▲ 28bps	▲ 81bps	▲ 95bps	▼ 26bps
US HY Spread	2.76%	▲ 5bps	▲ 6bps	▼ 7bps	▲ 1bps	▼ 185bps
US Dollar Index (DXY)	100.15	▼ 0.15%	▲ 0.51%	▲ 1.76%	▲ 3.39%	▼ 39.20%
US Unemployment	4.10%	Aug 2026 · Next release: October 2, 2026
US 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

Trump says he still has confidence in Fed Chair Warsh, demands 1% or lower interest rates – President Donald Trump previously threatened to cut off trade with countries that have trade surpluses with the U.S. if the Fed doesn't cut interest rates. Ask Claude ›
Oil Prices Slip After Fed’s First Rate Hike in Three Years – Oil prices fell again in early European trading Thursday, helped by hopes Saudi Arabia could also restore some disrupted export capacity. Ask Claude ›
Jeff Gundlach says the Fed should have hiked rates by more to fight rising inflation – The Fed should have hiked rates by half percentage point rather than a quarter, the investor told CNBC. Ask Claude ›
10-year Treasury yield hits highest level since 2007 as traders bet a Fed rate hike is coming Ask Claude ›
Stocks Rally, Yields Fall as Lower Oil Boosts Market Mood – U.S. futures were in the green and 10-year Treasury yields fell below 5% in early European trade, as the dollar weakened slightly but remained elevated. Ask Claude ›
US rate rise jolts yen ahead of Bank of Japan meeting – Fed increase adds to pressure on central bank to tighten monetary policy Ask Claude ›
Analysis: How Trump could reignite the Fed independence fight after Warsh's rate hike – The Federal Reserve unanimously raised interest rates by a quarter point despite repeated calls from President Donald Trump for lower rates. Ask Claude ›
Dow Falls 500 Points as the Federal Reserve Raises Key Interest Rate – Stocks turned lower after Fed Chairman Kevin Warsh signaled inflation is still too hot. Ask Claude ›
Turkish stocks slide in ‘fund run’ as investors withdraw $1bn – Index provider MSCI raises prospect of cutting Turkey from emerging market to frontier status amid accusations of ‘co-ordinated trading’ by fund managers Ask Claude ›
World’s best-performing sovereign wealth fund expects equities pullback – New Zealand’s superannuation fund grows 14% despite being underweight on US tech stocks Ask Claude ›
Bank of England defies Fed’s rate-hike lead, leaving rates unchanged – The Bank of England is expected to keep rates steady Thursday, even after U.K. inflation rose to 3.1% and energy costs keep pressure on prices. Ask Claude ›
Labor crisis in U.S. chip manufacturing leaves Samsung, TSMC desperate for talent – U.S. semiconductor manufacturing faces a historic worker shortage as demand soars. Here’s how chipmakers and U.S. universities aim to fix it. Ask Claude ›

TECH & AI

Comp AI sets eyes on a continuously agentic future for security and compliance – Comp AI, a cybersecurity and compliance startup, announced a $34 million Series A round led by Roo Capital and Grand Ventures. Ask Claude ›
Why are there concerns AI could threaten humanity, and how real are they? – Existential fears about AI have once again reared their head - here's what you need to know. Ask Claude ›
Uncontrolled AI could lead to 'silicon species' rivalling humans, warns Microsoft – Mustafa Suleyman says he believes rival AI firm Anthropic is in effect teaching Claude it "may be conscious". Ask Claude ›
Iceland-based Treble raises $18 million for its voice simulation platform – Treble's voice simulation platform is used by voice AI model developers, AI wearable, and robotics companies Ask Claude ›
Snap tries to make the case again for its $2,200 smart glasses – Since Specs' debut earlier this year, Snap has clearly been looking for an opportunity to explain why the smart glasses deserve to exist. Ask Claude ›
Musk’s long-time backer is giving SpaceX stock to its investors – Valor Equity Partners is handing out stock to its LPs instead of cash returns. Ask Claude ›
Al Gore says the real AI risk isn’t data centers – In an interview with TechCrunch, Al Gore suggested he isn't losing sleep over AI data center emissions – he's more worried about the AI industry's own warnings about where the technology is headed. Ask Claude ›
Snapchat open to putting time limits on teens, boss tells BBC – Evan Spiegel says it would be "an important step forward for the industry" in an interview with the BBC. Ask Claude ›

WORLD & POLITICS

Trump suggests EU-Canada associate member deal would be ‘hostile act’ – US president threatens to impose ‘very serious’ tariffs on the bloc if the measure is approved Ask Claude ›
Ninth woman's body found as South African police investigate string of deaths – South Africa police have cautioned against assuming that all the killings are linked but many women are afraid. Ask Claude ›
Eight children among 21 killed after war-damaged Gaza building collapses, rescuers say – Some 10 families had reportedly been living in the six-storey building in Gaza City that was hit by an Israeli strike last year. Ask Claude ›
Michelin-starred Seoul restaurant fined for using ants as garnish – The owner of the acclaimed establishment avoids jail but is made to pay 15 million won (£8,144; $10,965). Ask Claude ›
‘We are prey’: discovery of seven women’s bodies fuels anger over femicide in South Africa – String of female murder victims found near Johannesburg’s international airport, including five in the past week The discovery of the bodies of eight women around Johannesburg’s international airport, Ask Claude ›
River home to 500 crocodiles chosen as Olympic rowing venue – A river that is home to about 500 saltwater crocodiles is given the OK to host Olympic and Paralympic rowing and canoeing events at the 2032 Brisbane Games. Ask Claude ›
FirstFT: Warsh defies Trump – Also in today’s newsletter: OpenAI discloses a string of incidents by its AI models and EU asks China to voluntarily restrict exports of hybrid cars Ask Claude ›
EU announces plan to restrict social media access for under-15s – Under the plans, only children over 15 would be able to set up their own social media accounts. Ask Claude ›

EARNINGS RELEASES (next 15 days)

Date	Company	EPS Forecast	Watch
Sep 22	AutoZone AZO	$54.97	Vehicle sales, parts demand, and consumer auto spending
Sep 23	Cintas CTAS	$1.35	Contract renewals and outsourcing demand
Sep 23	Paychex PAYX	$1.33	Hiring demand and labor market trends
Sep 23	General Mills GIS	$0.72	Input costs and pricing power
Sep 24	Costco Wholesale COST	$6.48	Grocery and staples volume and price competition
Sep 24	Darden Restaurants DRI	$2.05	Traffic trends and input and labor cost inflation
Sep 29	Carnival Corporation CCL	$1.35	Travel demand and occupancy and booking trends
Sep 30	Micron Technology MU	$31.17	Chip demand, supply bottlenecks, and AI infrastructure spending
Sep 30	Jabil JBL	$3.86	Contract manufacturing volumes and customer concentration
Oct 1	Accenture ACN	$3.19	Enterprise IT spending and project pipelines
Oct 1	Nike NKE	$0.44	Consumer discretionary spending and brand pricing power
Oct 1	McCormick & Company MKC	$0.75	Input costs and pricing power

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 updated rate-path forecast at this meeting; decision driven by September jobs and inflation 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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