Welcome Back,

Market Headlines 👀 

• US PPI (Price producer index) comes in at 1.6% YoY; est 1.3%. +0.7% MoM; est: +0.4%

• US Retail sales come in at +0.6% MoM; est: 0.1%.

• US weekly jobless claims came in at 220k; est: 225k.

• US 30y mortgage rate rose to 7.18% from previous 7.12%.

• European Central Bank (ECB) raises rates 0.25bps bringing its benchmark rate to 4.5%.

• Softbank (SFTBY) chipmaker ARM debuts trading today raising about $4.87b, shares opened north of $58 making it the biggest tech IPO of the year.

• Bridgewater Associates founder Ray Dalio says he does not prefer to hold bonds.

• Delta Airlines (DAL) announces massive overhaul to its loyalty program.

• Walt Disney (DIS) holds initial talks with Nextstar Media group over the sale of ABC network.

• Nvidia (NVDA) Nvidia and Capital One both make an investment at a $43b valuation via a private round in the cloud company Databricks.

  S&P 500 Heat Map

Recap Around the Street 🧠

Retail sales are lining up with inflation trends…it’s mostly energy driven. Warnings from the transportation sector (ie airlines, trucking) imply that we may be approaching the end of the rope on nominal spending barring a major decline in costs or an increase in income.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Friday, September 15th: University of Michigan sentiment; Empire manufacturing; Quad witching;

• US central bank speakers in blackout period ahead of next weeks FOMC meeting.

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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