Latest edition 13 September 2026
3 stories
From the archive · Markets
The S&P 500 closed last week at an all-time high of 7,798.99 after two inflation reports came in softer than feared. What makes this rally unusual is the direction of the argument behind it: the next Federal Reserve move under debate is a rise, not a cut.
From the archive · Markets
Super Micro jumped 19% on results, memory makers surged, and Big Tech's AI spending is on course to top $700bn this year. The earnings are real; so is the size of the cheque being written to keep them coming.
Weak retail sales and soft jobs data lifted stocks last week because they argue against a rate hike. That logic has a shelf life, and the expiry conditions are visible in advance.
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