Morning Market Notes 09-01-26

Market Calendar

$SPX & $QQQ

September opens the same way August closed, risk-off. QQQ down 1.18% premarket and SPY off 0.62%, already trading under the 765 Put Wall. VIX bid up 7% to 16. Second straight day the protection bid shows up before the cash open.

It's still a Hormuz story. Two tankers, one Saudi and one South Korean, took projectile hits overnight, oil caught another bid, and the 10-year yield ran to a 20-month high near 4.79%. Yields are doing the damage, NVDA, AMD and Micron all down over 1% with a Fed decision three weeks out. Dealers moved the goalposts too, the SPX Call Wall pulled down from 8000 to 7700 and the Put Wall slid to 7600, walls chasing spot lower for a second straight day. Fades into 7700 stay the play until the tape proves otherwise.

Macro is stacked at the top of the hour: S&P Manufacturing PMI at 9:45, then ISM Manufacturing, JOLTS and Construction Spending all at 10. All undercards to Friday's jobs report.

Let's have a sesh.

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