Morning Preview: September 15, 2026

Early Look

Tuesday, September 15, 2026

U.S. futures are edging lower once again as the 10-year Treasury yield pushed back above 5% and oil prices stay elevated ahead of the Federal Reserve’s interest rate decision on Wednesday afternoon where there is roughly an 85% chance of a Fed rate hike per fed fund futures. The 10 year note yield rose to 5.03%, its highest level since July 2007, which pushes the average interest rate on a 30Y mortgage up to 7.17%. In Asian markets, The Nikkei Index was little changed, down -8 points to 63,484, the Shanghai Index fell -21 points to 3,864, and the Hang Seng Index dropped -250 pints to 24,667. In Europe, the German DAX is down -89 points to 25,354, while the FTSE 100 falls -45 points to 10,852. The U.S. 10-year Treasury yield climbed to 5.03%, surpassing its 2023 peak and reaching its highest level since 2007. Rising oil prices (which are higher again this morning), heavier government debt, and renewed inflation concerns are driving a broader global bond selloff, increasing pressure on equity valuations and borrowing costs. Bitcoin prices fall over -2.6% below $77,000 ahead of voting on Clarity Act later in the day, and the Federal Reserve’s rate decision on Wednesday. The Clarity Act aims to create a regulatory framework for cryptocurrencies, and had stalled amid concerns of insufficient ethics and illicit finance safeguards. Brent crude oil prices rose more than 1% above $107 per barrel after attacks on Saudi Arabian energy infrastructure left the kingdom’s East-West pipeline offline, raising fears that damage to energy infrastructure and transport routes could take longer to repair. In addition to the FOMC policy meeting tomorrow, the Bank of England is expected to hold steady on rates Thursday while the Bank of Japan is expected to hike rates by 25bps. On the economic calendar, investors will monitor the Empire State Manufacturing Index and the 20-yr Bond Auction. Markets remain on edge after Anthropic, OpenAI and SpaceXAI leaders all suggested it would be prudent to slow the rate at which they advance model capabilities amid mounting fears of misuse of artificial intelligence.

• The Dow Jones Industrial Average fell -152.09 points, or 0.29%, to 52,421.20
• The Nasdaq Composite dropped -146.62 points, or 0.56%, to 26,186.41
• The Russell 2000 Index declined -11.70 points, or 0.40% to 2,892.24

• 8:30 AM ET                  Empire Manufacturing data for September
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 1:00 PM ET U.S. Treasury sells $18B in 20-yr notes
• 2:00 PM ET FOMC Policy rate meeting (two day meeting)     
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: EPM TCOM

• Goldman Sachs Global Retailing Conference, 9/14-9/15
• H.C. Wainwright & Co., LLC 28th Annual Global Investment Conference, 9/14-9/16, in New York
• Morgan Stanley 24th Annual Global Healthcare Conference, 9/14-9/16 in New York, NY
• Oppenheimer Fintech Leaders Conference, 9/15 in New York
• Oppenheimer AI Infrastructure Conference, 9/15 in New York
• Piper 5th Annual Growth Frontiers Conference, 9/14-9/15 in Nashville
• Stifel Immunology and Inflammation Forum, 9/15-9/16 (virtual)
• Truist Technology Conference – AI Transformation & Evolving Enterprise Debates, 9/15

• China Aug Retail Sales rose +0.4% y/y vs +0.8% consensus, China Aug Industrial output rose +5.2% y/y vs +4.8% consensus and China Aug Home Prices fell -0.1% m/m unchanged vs prior; -3% y/y vs -3.2% prior.
• Wells Fargo downgrades the US Technology Sector to Equal Weight from Overweight while upgraded the Healthcare sector to Overweight from Equal Weight.

• Dave & Busters (PLAY) Q2 adj. EPS ($0.27) vs. est. ($0.18); revenue $544.1Mm vs. est. $556.8Mm; adj. EBITDA $98.9Mm vs est $120.56Mm; comparable-store sales -2.9%.
• Etsy (ETSY) upgraded to Outperform from Perform at Oppenheimer with a $90 price target citing the company’s AI search benefits, product improvements, and app engagement for the upgrade.
• Lear Corp. (LEA) downgraded to Neutral from Overweight at JPMorgan and cut tgt to $150 from $175 saying the shares are likely to be range-bound until the company’s 2028 growth inflection nears.
• Magna (MGA) was downgraded to Neutral from Overweight at JPMorgan and cut tgt to $72 from $77 saying the company’s large revenue base makes individual contract wins less impactful, and its limited non-auto exposure constrains above-market growth.
• Ulta Beauty (ULTA) upgraded to Equal Weight from Underweight at Wells Fargo and raise tgt to $525 from $450, after meeting with management saying the company is navigating industry headwinds better than expected and sees a more balanced risk/reward at current share levels.

• Radiant Logistics (RLGT) Q4 adj EPS $0.15 vs. est. $0.07; Q4 revs $261.4M vs. est. $231.3M; Q4 adj EBITDA $10.4M and Q4 ADJ EBITDA margin 15.5%
• Sasol (SSL) signed an agreement to supply co-processed sustainable aviation fuel (SAF) to luxury tourism outfit, White Desert, for its polar trips to Antarctica, company officials said.

• Genworth Financial (GNW) said the court of appeal denies AXA appeal of trial court judgement rejecting contribution claim.
• Grab (GRAB) said it will acquire a 60% stake in BNPL service provider Atome Financial for $1.49 billion.

• Kestra Medical (KMTS) Q1 EPS ($0.75) vs. est. ($0.62); revenue $31.0Mm vs. est. $29.0Mm; gross margin 56.5%; adj. EBITDA loss ($24.0Mm) vs. est. ($24.1Mm); FY revenue guidance $141Mm vs. prior $137Mm and est $137Mm.
• ResMed (RMD) upgraded to Outperform from Sector Perform at RBC Capital saying the company will continue benefiting from increased awareness and penetration of the global obstructive sleep apnea market.
• Veracyte (VCYT) announced its acquisition of Convergent Genomics. which includes $150M in upfront cash consideration and up to $30M in additional cash consideration tied to key milestones.
• Vera Therapeutics (VERA) TRUTAKNA stabilizes kidney function and cuts disease progression risk 76% in Phase 3 ORIGIN 3; at 52 weeks, mean eGFR change was -0.1 with TRUTAKNA vs. -5.7 with placebo; annualized eGFR slope through 104 weeks was -0.6 vs. -5.6, both p<0.0001.
• Waystar (WAY) shares rise after Reuters reports the company is exploring options, including a potential sale; the sale could return the healthcare software firm to private hands two years after going public in 2024.

• GlobalFoundries (GFS) files to sell 9.91M ordinary shares for holders.
• New York Times (NYT) upgraded to Buy from Neutral at Guggenheim with an $82 price target.