Morning Market Notes 10-01-26

Market Calendar

$SPX & $QQQ

Green premarket and tech is doing the driving. QQQ up 0.55% at 743.84, SPY up 0.37% at 765.45, DIA up 0.37%, IWM up 0.33%. VIX barely moving at 16.30. SPX closed at 7651.54, right on the 7650 Put Wall, and premarket already has us back above it and working toward 7700.

The catalyst is Micron. They beat after the close and guided big, data center revenue up roughly 11-fold, and management says it can't see when the memory shortage ends. That has the chip trade lit up again, the Nikkei ripped almost 3% overnight. Yesterday was ugly underneath, we rolled in the final minutes to close the day and the month red, with the 10 year pushing through 5.30%, its highest since 2002. Core PCE came in soft at 0.2% vs 0.3% expected, but Kashkari is still saying inflation is too high, so don't count on the Fed to bail out bonds. Oil is helping, WTI down over 1% near $89. QQQ is already through the 740 key with 745 resistance and the Call Wall right overhead. We'll see if the chip bid can drag SPX through 7700 or if yields cap it again.

Macro day: Jobless Claims at 8:30, Manufacturing PMI at 9:45, then ISM Manufacturing and Construction Spending at 10. First day of Q4, jobs report tomorrow.

Let's have a sesh.

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