Morning Preview: September 22, 2026

Early Look

Tuesday, September 22, 2026

And just like that, the Nasdaq Composite moved back into record territory after surging 2.25% on Monday, led by a massive jump in Mag 7 stocks (META), semiconductors (AMD, INTC, ARM), and different segments of the AI trade, rising 599.55 points, or 2.26%, to 27122.09, its first record close since June 2. Meanwhile, the Dow Jones Industrial Average rose 366.19 points, or 0.71%, to 52048.83.The S&P 500 gained 114.20 points, or 1.49%, to 7764.70. U.S. futures are looking at a slightly higher open as oil prices are looking lower. Stocks rallied on Monday as oil futures tumbled due to hopes of a resumption in U.S.-Iran negotiations, causing a relief rally that pushed high-risk technology stocks to record highs. Oil futures fell $4.52, or 4.5%, to $95.78 a barrel as President Trump signalled an openness to meeting Iranian officials coming to N.Y. for a gathering of the UN General Assembly. The yield on the two-year Treasury rose slightly to 4.751%, the highest close since July 1, 2024, while the yield on the 10-year Treasury note declined 3.3bps to 4.962%. In Asian markets, The Nikkei Index remained closed for holiday, the Shanghai Index edged higher 2 points to 3,952, and the Hang Seng Index climbed 45 points to 25,087. In Europe, the German DAX is up 139 points to 25,714, while the FTSE 100 is up 20 points to 10,759. Oil prices are easing again this morning after reports from a Senior Iranian official that Iran can reopen Hormuz within seven days if the US eases military pressure and lifts the port blockade. Details of an agreement to end hostilities with US can be discussed in New York via mediators.

• The Dow Jones Industrial Average rose 367.62 points, or 0.71%, to 52,050.26
• The Nasdaq Composite surged 599.55 points, or 2.26%, to 27,122.09
• The Russell 2000 Index advanced 14.96 points, or 0.52% to 2,875.36

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Richmond Fed Manufacturing Index for September
• 1:00 PM ET US Treasury to sell $78B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: KBH WOR

• Bank America Global Healthcare Conference 2026, 9/22-9/23, in New York
• Barrington Virtual Fall Investment Conference, 9/22
• Jefferies AI Summit, 9/22-9/23, in San Francisco, CA

• Thor Industries (THO) Q4 EPS $0.78 vs. est. $0.91 on sales down -8.4% y/y to $2.31.6M vs. EST $2.17B; Q4 net income fell -67.5% y/y to $40.84M; for fiscal 2026, net income attributable to shareholders declined 31.3% to $177.54M, while net sales rose 0.3% to $9.61B.

• Jacobs (J) has secured a contract from Germany’s federal radioactive waste disposal company, Bundesgesellschaft für Endlagerung mbH, to provide advisory and project support services for the Konrad Repository in Salzgitter.
• SpaceX (SPCX) has stopped selling Falcon 9 missions that carry multiple companies, the Wall Street Journal reported, citing people familiar with the matter. Some companies have reportedly struggled to secure flights beyond 2028 as SpaceX prepares to wind down its flagship rocket, adding pressure on satellite operators amid delays affecting competing launch vehicles.
• Refiners Marathon (MPC) and Valero (VLO) were downgraded to Hold from Buy at Jefferies saying they believe the risk-reward balance now supports holding existing refining positions, but waiting for volatility to add to positions. Even with elevated strip pricing from 2H26-2029, the current share price implies 2030 midcycle margins near 2025 levels.

• KKR (KKR) is creating a new equipment-finance company Akrapoint Commercial Capital with an initial investment of $350 million. Akrapoint expects to issue loans that help small and medium-size businesses finance mission-critical equipment across the “mid-ticket” range, which it defines as $250,000 to $5 million in cost; foresees the average loan being around $500,000 to $600,000 – WSJ.
• MetLife (MET) upgraded to Overweight from Neutral at Piper Sandler and raised tgt to $110 as believes the market is not yet realizing MetLife’s strategic execution over the last few years.

• Travere Therapeutics (TVTX) announces planned Chief Executive Officer transition; appoints Bradley L. Campbell as President and CEO effective December 1, 2026.

• Qnity Electronics, Inc. (Q), a premier technology solutions leader across the semiconductor value chain, today announced that it has been added to the PHLX Semiconductor Sector Index (SOX).
• SanDisk (SNDK) was initiated with a Buy at Rosenblatt and $2,400 price target saying new AI compute platforms are creating an opportunity to reposition NAND Flash from a commodity storage medium to a more system-critical component of AI infrastructure.
• Vicor (VICR) raises Q3 sequential growth guidance to more than 20% from nearly 10% in view of royalties from a recently announced non-exclusive license to Vertical Power Delivery.
• Ai sector was strong on Monday despite a NY Times report that SB Energy, a subsidiary of SoftBank that has proposed to build the largest data center project in the world in Ohio, had originally planned its I.P.O. for this month. But the offering has been delayed, as investors question the company’s sought-after valuation of $50 billion or more, according to interviews with four people familiar with the deal’s marketing efforts.