The Brief

Tuesday, September 22, 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	7,765	▲ 1.49%	▲ 1.18%	▲ 13.21%	▲ 16.00%	▼ 0.67%
Nasdaq	27,122	▲ 2.26%	▲ 3.60%	▲ 16.73%	▲ 19.01%	▼ 0.25%
Russell 2000	2,875	▲ 0.52%	▼ 4.72%	▲ 14.64%	▲ 16.73%	▼ 6.33%
EM (EEM)	$69	▲ 2.69%	▲ 2.55%	▲ 22.39%	▲ 29.21%	▼ 3.83%
Financials (XLF)	$56	▲ 0.07%	▼ 2.75%	▲ 1.77%	▲ 3.52%	▼ 4.61%
Energy (XLE)	$62	▼ 2.88%	▼ 1.85%	▲ 36.82%	▲ 42.49%	▼ 31.32%
Technology (XLK)	$195	▲ 2.77%	▲ 6.30%	▲ 35.03%	▲ 37.87%	▼ 10.39%
AI ETF (SMH)	$596	▲ 4.02%	▲ 6.35%	▲ 59.67%	▲ 85.00%	▼ 11.28%
Cons Disc (XLY)	$112	▲ 1.08%	▼ 4.91%	▼ 5.17%	▼ 6.55%	▼ 39.12%
Gold ($/oz)	$4,362	▼ 0.50%	▼ 7.15%	▲ 0.75%	▲ 15.55%	▼ 21.91%
Bitcoin (USD)	$85,891	▼ 0.82%	▲ 10.46%	▼ 4.51%	▼ 23.82%	▼ 31.94%
Copper ($/lb)	$6.86	▲ 2.54%	▲ 3.90%	▲ 21.57%	▲ 49.93%	▼ 0.01%
Brent Oil ($/bbl)	$98	▼ 2.69%	▲ 5.93%	▲ 60.72%	▲ 46.67%	▼ 33.77%
Nat Gas ($/MMBtu)	$3.00	▲ 5.64%	▲ 7.69%	▼ 17.19%	▲ 6.77%	▼ 81.01%
VIX (Volatility)	14.80	▼ 0.47%	▼ 6.62%	▲ 2.00%	▼ 8.07%	▼ 83.47%
3-Month T-Bill	4.14%	▲ 2bps	▲ 28bps	▲ 49bps	▲ 11bps	▼ 149bps
2Y Treasury	4.76%	▲ 9bps	▲ 57bps	▲ 129bps	▲ 119bps	▼ 43bps
10Y Treasury	5.01%	▲ 7bps	▲ 36bps	▲ 82bps	▲ 90bps	▼ 25bps
US HY Spread	2.68%	▼ 2bps	▼ 5bps	▼ 15bps	▼ 3bps	▼ 193bps
US Dollar Index (DXY)	100.35	▼ 0.08%	▲ 1.36%	▲ 1.96%	▲ 3.10%	▼ 39.08%
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)	3.66%	Rate only · n/a across change periods

ECONOMICS, MARKETS & BUSINESS

AI optimism lifts global stocks after Nasdaq nears record high – Taiwan’s tech-heavy index hits highest level after rising more than 60% this year Ask Claude ›
Paramount settles lawsuit with US states, clearing way for $110bn merger with Warner Bros – The deal includes an agreement to produce 30 films a year, or Paramount will be forced to sell off parts of its company. Ask Claude ›
McDonald's is hosting an investor day as its U.S. business struggles. Here are 4 things to expect – The presentation comes as McDonald's U.S. business disappointed in its most recent quarter. Ask Claude ›
Novo defends diversification push as CEO eyes deals beyond obesity – Novo CEO Mike Doustdar told CNBC that it is considering M&A opportunities as it faces growing competition in the weight-loss market. Ask Claude ›
U.S. Treasury yields ease as investors await fresh jobs data, Fed comments – Economic data, the Iran war and looming UN meetings are in focus. Ask Claude ›
U.S. Treasury Curve Flattening Suggests Stronger Fed Credibility – The 30-year Treasury yield was lower. Julius Baer suggested that stronger Fed credibility was containing long-end yields. Ask Claude ›
Stock Market Today: Oil Sinks Below $100, Lifting Stock Futures – Trump to address world leaders this morning Ask Claude ›
Smiths Group Shares Rise After Better-Than-Expected Results – The industrial-engineering company was one of the top gainers in the FTSE 100 index after it projected an acceleration in top-line growth for the year ahead. Ask Claude ›
Gold Falls as U.S. Treasury Yields, Crude Rise – Gold futures traded lower but remained within the $4,300-$4,400 range, as rising Treasury yields and a rebound in crude prices weighed on the precious metal. Ask Claude ›
India's large caps stuck in 'bygone economic era', says Bernstein, as foreign investors head for the exit – Global brokerage Bernstein said foreign investors had little reason to invest in India as large businesses were struggling to reinvent themselves. Ask Claude ›
Alibaba shares jump as new AI chip, data center buildout plans unveiled – Alibaba shares jumped 3% in Hong Kong on Tuesday as the tech giant unveiled a new AI chip and plans to sharply expand its global data center capacity Ask Claude ›
U.S. strikes Greenland deal for 'permanent control over security,' will send forces to Danish dog-sled outpost and reopen Cold War base: report – Trump said the agreement with Greenland and Denmark would give the U.S. "permanent control over security" in the Danish island territory. Ask Claude ›

TECH & AI

Google’s $899 Googlebook is a bet that you’ll buy a new laptop for Gemini – Google’s AI-native Googlebook ties Gemini to the cursor, dictation, widgets, and other parts of the desktop experience. Ask Claude ›
Nvidia boss says there is ‘0% chance’ AI destroys the world by 2030 | AI (artificial intelligence) Ask Claude ›
Not all AI workers think the tech could kill everyone – In text exchanges and conversations, multiple people who have worked for leading companies are sceptical of the warnings. Ask Claude ›
Meta deal will help plastics recycling startup MacroCycle build its first factory – Meta is giving plastic recycling a boost in a new deal with startup MacroCycle, which is building its first commercial plant. Ask Claude ›
Morphotonics raises €40M to expand its display tech into data centers – Deeptech company Morphotonics raises €40M from investors including 3M Ventures, Innovation Industries, BOM, and Invest-NL. Ask Claude ›
The man who built Apple’s stores doesn’t buy Silicon Valley’s bet on AI shopping – Apple Store architect Ron Johnson says Apple's secret sauce has always been its people. Ask Claude ›
OpenAI forms math advisory group as its AI resolves more than 100 open problems – The group won't be given leeway to slow down or redirect OpenAI's ongoing mathematical research. Ask Claude ›
Meta’s Muse is outpacing ChatGPT’s early mobile launch – Meta’s new AI agent Muse has racked up more downloads and daily active users in the U.S. and Canada than ChatGPT did over the same period after its mobile debut, according to new estimates from Appfig Ask Claude ›

WORLD & POLITICS

Four dead after powerful Typhoon Dujuan lashes Japan – The storm pulled away from Japan after bringing heavy rains and strong winds to Tokyo and surrounding areas. Ask Claude ›
Iran must stop arming Houthis in Yemen, G7 says ahead of UN General Assembly – The G7 also condemns "in the strongest terms" Houthi attacks on Saudi Arabia, saying that the escalation in fighting in Yemen jeopardises global energy security. Ask Claude ›
British Columbia sues OpenAI and Sam Altman over Tumbler Ridge mass school shooting – Canadian province alleges deadly attack could have been prevented if company had warned police of shooter’s ChatGPT use British Columbia has sued OpenAI in California, saying a mass shooting at a scho Ask Claude ›
Man and police officer wounded in exchange of gunfire near Ontario synagogue – Officials say man was critically injured and officer was wounded in Yom Kippur incident near Belleville synagogue A police officer and a man were wounded in an exchange of gunfire on Sunday near a syn Ask Claude ›
AI staff complain of mental toll over fears of threat to society – Top researchers at Aisi, OpenAI, Anthropic and Google DeepMind report burnout and stress over developing powerful AI Ask Claude ›
Brent Falls Below $100 a Barrel on U.S.-Iran Diplomacy Hopes – Oil reversed initial gains after reports that Iran offered to reopen the Hormuz Strait within seven days if the U.S. takes steps toward easing military pressure. Ask Claude ›
Lithuania ready to 'fight back' but has evacuation plans in face of Russia threats, PM tells BBC – Sinkevičius told BBC Newsnight Lithuanians feel "constantly threatened" by Moscow, but the nation was prepared to "fight back" if attacked. Ask Claude ›
Eleven injured in shooting outside Turkish school – Footage appears to show a male in the area carrying a firearm, while officials say the attacker has been captured. Ask Claude ›

EARNINGS RELEASES (next 15 days)

Date	Company	EPS Forecast	Watch
Sep 22	AutoZone AZO	$54.78	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	$2.06	Traffic trends and input and labor cost inflation
Sep 29	Carnival Corporation CCL	$1.36	Travel demand and occupancy and booking trends
Sep 30	Micron Technology MU	$31.24	Chip demand, supply bottlenecks, and AI infrastructure spending
Sep 30	Jabil JBL	$3.86	Contract manufacturing volumes and customer concentration
Sep 30	FactSet Research Systems FDS	$4.32	Trading volumes and data and subscription revenue growth
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
Oct 6	Constellation Brands STZ	$3.63	Consumer spending on premium beverages

WEEK AHEAD

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.

ON THE RADAR

Date	Event
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

Marz Capital, 475 Kent Ave, Brooklyn, NY 11249

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