Where markets were leaning on 2026-09-23
The net read we published that day, kept as a dated record. For where markets are leaning right now, see today's outlook.
Us Equities
The gist: US equity sentiment is currently caught in a tug-of-war, though the balance leans lower due to tightening macro conditions, rising yields, and a shift toward a net negative outlook on S&P 500 earnings. While a massive $212M insider purchase on the open market provides a significant counter-signal of support, this is being weighed against accelerating business activity (PMI), rising interest rates, and…
Updated 2026-09-23 23:54 UTC · sign up for the full net read + the markets you follow
Global Macro
The gist: The global macro outlook is leaning lower on stability and tech-heavy equities, driven by surging US Treasury yields and heightened geopolitical friction. While decarbonization infrastructure and specific travel sectors show upward momentum, the dominant theme is one of rising interest rates and economic activity pushing yields to multi-year highs.
Updated 2026-09-23 23:53 UTC · sign up for the full net read + the markets you follow
Crypto
The gist: The crypto market is leaning higher, driven by significant momentum in Bitcoin prices and robust institutional integration. While asset prices are trending upward due to massive ETF inflows and short squeezes, the market faces potential fragility near key psychological resistance levels. Watch: - Bitcoin's ability to maintain momentum as it approaches the $87,000 level.
Updated 2026-09-23 23:53 UTC · sign up for the full net read + the markets you follow
Rates Bonds
The gist: The rates and bonds market is leaning lower as bond prices face significant downward pressure driven by a surge in Treasury yields. The dominant driver is a sharp spike in yields—with the 10-year Treasury hitting levels not seen since 2007—fueled by stronger-than-expected manufacturing PMI data, rising oil prices, and hawkish sentiment. Watch: - The trajectory of U.S.
Updated 2026-09-23 23:17 UTC · sign up for the full net read + the markets you follow
Emerging Markets
The gist: Emerging markets show a fragmented outlook, leaning higher on specific sectors like clean energy, healthcare innovation, and Indian economic activity, while facing downward pressure from geopolitical friction. The net direction is balanced toward sideways as growth drivers in tech and infrastructure are offset by trade logistical delays and leadership transitions.
Updated 2026-09-23 23:16 UTC · sign up for the full net read + the markets you follow
Energy
The gist: The energy market is leaning higher, driven by geopolitical volatility and surging demand for specific commodities. While oil prices have risen above $100 per barrel due to conflict between the US and Iran, LNG demand is also seeing upward momentum following record-high US LNG imports into Egypt. Watch: - Global oil price stability relative to the $100 per barrel threshold amid ongoing US-Iran conflict.
Updated 2026-09-23 22:56 UTC · sign up for the full net read + the markets you follow
Commodities
The gist: The commodities market shows a fragmented outlook, leaning higher on strategic supply chains, construction inputs, and agricultural sectors, while facing significant downward pressure from precious metals and traditional mining/energy earnings.
Updated 2026-09-23 22:20 UTC · sign up for the full net read + the markets you follow
Eu Equities
The gist: The outlook for EU equities leans lower as rising global interest rates and energy price volatility weigh on sentiment. While tech-driven momentum and select large-cap industrial/financial earnings provide some support, these are being offset by pressure from rising oil prices and weakness in the German residential real estate sector.
Updated 2026-09-23 22:20 UTC · sign up for the full net read + the markets you follow
Fx
The gist: The FX market is leaning higher for the US Dollar against major peers, driven by growing expectations for the Federal Reserve to tighten monetary policy. While the US Dollar Index rose 0.24% to 100.79 points, the Euro and British Pound have faced downward pressure, though the broader FX landscape remains sideways with localized volatility seen in the EUR and KRW.
Updated 2026-09-23 21:24 UTC · sign up for the full net read + the markets you follow
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