Public Markets 8 Hours

Last updated: September 22, 2026, 2:04 PM ET

Equities and Rates

US stocks climbed again on Monday morning, pressing toward records as traders held onto AI-fueled gains and oil prices slipped. Nvidia’s valuation reset has brought its shares to roughly half the multiple they fetched in 2025, a sobering recalibration for the AI trade’s bellwether. The riskiest corners of the market are losing their edge as interest rates climb, unwinding a small-cap diversification trade that had run for most of the year. In an echo of prior bubbles, negative-beta stocks have surged to levels last seen near the tech-bubble peak — fewer ziggers, more zaggers, as one strategist put it. Hedge funds are pulling back from the Treasury basis trade as bond gaps vanish, shrinking a popular position to its smallest size in more than two years. Oaktree’s Howard Marks warned that the US displays a complete lack of fiscal discipline, with efforts to push down long-term borrowing costs unlikely to succeed without spending restraint. Richmond Fed President Tom Barkin cautioned that inflation pressures will take time to pass, tempering hopes for rapid easing. Dividend cuts are sending a bearish signal to investors, a classic warning that corporate boards see softer cash flows ahead.

Energy and Commodities

Oil fell to $98 a barrel as Saudi Arabia signaled the reopening of the East-West pipeline, a key route for Saudi crude to the Red Sea that had been closed for two weeks. Global crude dropped below $100 a barrel as investors anticipated the damaged Saudi pipeline’s return. Russian oil flows dipped as US sanctions and returning Saudi supplies loom over the market, threatening to eat into Kremlin revenues. Record oil supertanker rates are making waves across the entire fleet, with high earnings for the biggest carriers spreading to smaller vessels. Corn eased as traders waited to see whether China will buy US supplies, with the American harvest set to accelerate. US natural gas futures regained ground, recovering much of Monday’s losses as production softened. In the UK, Ineos idled three chemical plants in Hull as gas prices soared, suspending factories that support thousands of jobs at the Sir Jim Ratcliffe-owned conglomerate. Europe’s power exchange giant EEX is eyeing new weather futures for renewable energy, as the world’s biggest power bourse considers listing contracts tied to wind and solar variability. Refining stocks’ rally stalled as talk of a diesel export ban swirled, adding headwinds to this year’s big run in US refiners. The energy and utilities tape drew market talk on Shell, BP and more.

Credit, Deals and Munis

BlackRock and Vanguard municipal bond ETFs recorded record inflows after a bond rout, the two largest muni ETFs posting their biggest hauls on record as yields reset higher. South African government bonds drew strong demand at auction ahead of a rate decision, with investors snapping up paper. Paramount is preparing a $49 billion debt sale after lawsuits settled, with bankers reaching out to investors ahead of the financing. The studio won over US states but now faces a bond-market test, emerging from the Warner Bros. Discovery acquisition with net debt of roughly $49 billion. Paramount settled the states’ antitrust suit, clearing the way for the Warner megadeal, though British Columbia separately sued OpenAI over a mass school shooting. Hollywood watchers believe the studio prevailed over states seeking to block the deal, and the question now is what comes next for the combined company. Warburg Pincus and Clayton Dubilier & Rice are near a deal to buy Canaccord’s UK wealth division at a £1bn-plus valuation, with the private equity groups in advanced buyout talks. Abu Dhabi’s XRG is said to eye a stake in the Shell-led LNG Canada project, exploring an acquisition in the export terminal. Rusal is sounding out buyers for its Jamaica and Guyana assets, as Russia’s top aluminum producer seeks to divest. Dangote has hired Engineers India for a $16 billion Kenya refinery, tapping the team that built his Lagos plant. Adani group firms settled a disclosure probe by India’s regulator, closing one of the investigations that followed a US short-seller’s allegations. Indonesia will form a new body to oversee land reform and settle related conflicts, a move aimed at unlocking investment.

Autos, Retail and Corporate News

Auto Zone posted higher sales and expects further growth, reporting fiscal fourth-quarter profit of $931.6 million as the auto-parts retailer benefited from resilient repair demand. Thor Industries faces more headwinds in fiscal 2027 after profit dropped 31% in a challenging fiscal 2026, with the RV maker warning many pressures persist. Mercedes-Benz aims to close its AI gap with Chinese rivals through a Wayve deal, integrating the start-up’s autonomous driving system into at least several models. The auto and transport roundup carried insight on AutoZone, Thor Industries and diesel prices. Door Dash will pay $131.5 million to resolve a New York City investigation into minimum-pay law compliance, including $12.3 million in direct payments to workers. Gap is getting into the boy-band business, making a foray into “fashiontainment” as the clothing company looks to cement a cultural comeback. Amazon stopped Meta’s Muse at the door, blocking the AI model, while DTC caviar puts the sector’s premium prices in question. RBC analysts warned that luxury earnings estimates for European makers are overly optimistic, setting up potential disappointments. Patagonia is offering $100 to customers who help others plan to vote, with the outdoor brand — which sued the Trump administration this month — ramping up civic engagement. A Hollywood shift is under way as Car Max cuts jobs again and OpenAI pushes the US to lead in global AI safety standards. The tech, media and telecom roundup carried market talk on Samsung, Meta and Singtel.

Technology and AI

Anthropic released a cheaper AI model ahead of its IPO, with the new Claude sharpening its pitch to investors before a blockbuster listing. AI staff are complaining of a mental toll, with top researchers at AISI, OpenAI, Anthropic and Google Deep Mind reporting burnout and anxiety over threats to society. Unions are confronting AI threats in the workplace, with the machinists union showing how workers are negotiating for a say in how automation is deployed. Trump and Xi will discuss AI risks and competition at a US-China summit, putting artificial intelligence on the leaders’ agenda. The conversation about AI is at a fever pitch, with Washington and Beijing jockeying over the technology’s rules. A Fields Medalist raised concerns about AI solving math problems, arguing the long human process of trial and error still matters. A fake AI image of Trump kissing a woman spread despite being debunked, underscoring how advances in AI and content sharing outpace corrections. The tech-utopian movement Praxis says it found a home in Uruguay after a sprawling world tour, with the crypto-backed “digital nation” planning a city. An army of paid creators is carpeting the web with political content, producing a blizzard of messaging distinct from celebrity influencers. SpaceX’s Falcon 9 phaseout is spurring a hunt for new ways to launch payloads, with Trump saying a deal to lower fertilizer costs is in the works. Google-backed Proxima Fusion is pushing for a local supply chain as the US dominates fusion funding, with the European start-up set to invest in production of crucial materials. The next generation of American scientists is fading away, with the US talent pipeline thinning under Trump policies even as the administration racks up “wins” in its anti-woke crusade. A Kremlin-backed forgery scheme funneled $69 billion through banks, fooling global lenders, while North Korea tested a new hypersonic weapon. Radiant World sent Mizuho a fake Glencore email, according to a court filing, with Glencore telling the bank it believes it was defrauded. Standard Chartered CEO Bill Winters said the bank shut down accounts of Russian “bad guys,” describing the lender’s exit from money-laundering exposure.

Politics, Policy and World

The Trump administration ejected 750,000 people from Obamacare markets, claiming fraud, with Vice President JD Vance saying the measure would save the government $2.2 billion. Brazil’s Lula warned against meddling at the UN as Trump looms over the vote, sending a thinly veiled message to Washington. Mirroring Trump, US allies are expected to label Latin American cartels as terrorists at the UN General Assembly, with 14 countries set to follow suit on the sidelines. Republicans in tight Senate races are calling for an end to the Iran war, with Representative Ashley Hinson of Iowa and Mike Rogers of Michigan distancing themselves from the conflict. Trump is back on TV, briefly, as many networks carried his UN speech live, though a suspension of pool coverage remains in effect. The White House press pool was explained amid Trump’s changes, with his decision to ban three news outlets escalating the dispute. Jamie Dimon said the US shouldn’t punish India over Russian oil, arguing India and global oil markets shouldn’t be penalized as Washington pressures Moscow. A US fighter jet crashed in Germany, injuring the pilot in the latest incident involving military aircraft. A pastor’s wife, Cherie Geng, is trying to free her husband, among dozens of church figures detained in China’s crackdown.

Culture, Media and Obituaries

Ella Langley’s “Choosin’ Texas” toppled a chart record, holding the No. 1 spot on the Billboard chart for a 23rd nonconsecutive week and breaking Mariah Carey’s mark. Hayden Panettiere’s death was caused by an overdose of fentanyl and other drugs, the coroner said; the actress, who starred in “Heroes” and “Nashville,” died last month. Charles Spencer’s memoir “Swan Song” draws on love and vengeance, a book about Lady Diana reviewed as full of both. Nearly 30 years after Princess Diana died, her brother’s book reveals her struggles, offering new detail on the pressures she faced.