Where markets were leaning on 2026-09-18
The net read we published that day, kept as a dated record. For where markets are leaning right now, see today's outlook.
Rates Bonds
The gist: The rates and bonds market is showing a lean toward higher interest rate and inflation expectations. While regulatory discussions regarding bank stress testing and SVB reviews suggest a sideways trend for monetary policy, this is being outweighed by rising 12-month inflation expectations and energy-driven price shifts that are actively driving market interest rate pricing.
Updated 2026-09-18 13:43 UTC · sign up for the full net read + the markets you follow
Energy
The gist: The energy market is leaning higher for distillate fuel oil and associated freight costs. This upward direction is being driven by a combination of elevated crude oil prices and tight global supplies of the fuel. Watch: - Trends in crack spreads and distillate fuel oil pricing.
Updated 2026-09-18 13:13 UTC · sign up for the full net read + the markets you follow
Us Equities
The gist: The outlook for US equities is leaning higher following a period of volatility, driven by a recent +1.1% single-day move in the SPY that sits far outside its normal range. While large-cap technology faces downward pressure following a $144M insider open-market sale of NVDA on 2026-09-04, the broader market momentum appears to be shifting upward.
Updated 2026-09-18 04:43 UTC · sign up for the full net read + the markets you follow
Commodities
The gist: The commodity market is trending sideways as participants digest new regulatory developments. The primary driver is increased clarity regarding commodity trading infrastructure following a recent CFTC position. Watch: - Regulatory developments concerning passive software providers and their ability to facilitate trading with registered entities.
Updated 2026-09-18 00:13 UTC · sign up for the full net read + the markets you follow
Eu Equities
The gist: Broad EU equities are leaning higher following a significant +1.2% single-day move on 2026-09-17, a shift noted as being well outside the market's normal range. In contrast, specific sub-sectors including healthcare, travel, and UK rail-related infrastructure appear to be moving sideways.
Updated 2026-09-18 00:13 UTC · sign up for the full net read + the markets you follow
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