WEEKEND WRAP: Midterms, Early Voting Underway; Gold, Silver Slaughtered as China Takes a Week Off; Bond Yields Remain Uncomfortably High

The week just past was something of a snoozer, other than Friday's lift-off thanks to the weak Non-farm payroll numbers for September.

Showing a gain of just 29,000 jobs over the month and negative revisions to July and August, the report served the interests of the speculative class, who viewed the weak labor market as a clue to the Fed's next action on interest rates, figuring the FOMC would be inclined to keep rates steady at the October 27-28 meeting, which also falls a week before the midterm election. That thesis proved to be good enough to propel stocks higher, interest rates lower, and spirits brighter heading into the weekend.

The biggest event of the weekend won't be the Chiefs-Raiders game, but Sunday's presidential election in Brazil, where President Luiz Inácio Lula da Silva holds a narrow polling lead over right-wing Senator Flávio Bolsonaro, though the polling data is well within te margin of error and South America overall has been leaning right lately, so the chances for conservative Bolsonaro are considered good. If neither candidate polls an outright majority, the two would engage in a final, run-off election October 25. Results of the election may be known before halftime of the late football game, in case anybody is interested.

It's officially silly season, with early voting already open in a handful of states, including Illinois, which allows early voting 40 days before the actual election day. More states will be opening the polls this week and next, with nearly all early voting states accepting ballots by the middle of October, as 15-20 days before election day is pretty much the average.

The President and the press are going to keep the lid on events in the Middle East, or at least try to shield the general public from reality, for the next month. After the midterms and the possible political "changing of the guard," there might be reason to change investing tactics, but, with the Democrats favored to win the House, and thus, split the government, that translates into good news, as no new legislation would be likely for two years. It may pay to be hopeful that the government just staggers along until the next election.

Stocks

The NASDAQ, and, notably, the Dow Jones Transportation Average, were the only major indices to put on gains over the past week. The NASDAQ, up less than 1/2 percent on the week, got a major boost on Friday, the jobs number serving as a catalyst to send tech stocks higher. The calculus for the move on the NASDAQ requires some sleight of hand. Tech and AI-related stocks need to borrow to expand, and keeping interest rates at what might be considered reasonable levels is a big step in the right direction. A weaker labor market keeps the Fed from raising rates too aggressively, at least for the moment.

Gains on the Transports had more to do with wishful thinking over gas and diesel prices, which have eased over the past week. Markets are so transitory these days that stock prices can be affected by simple headlines and make extreme moves in days or weeks. The level of speculation in markets, widely reflected in the tranny average, is enormous and the degree of crowding, dangerous.

The rest of the market is in a funk. The Dow is down roughly six percent from its August 5 high. The S&P has been flattened out over the same time span.

There's still another full week of trading before the banks and airlines begin releasing third quarter earnings reports, though Delta will announce Friday (October 9) before the opening bell.

On te economic front, the market will digest the S&P global PMI release at 9:45 am ET and ISM Service PMI at 10:00 am ET on Monday, so it could be a busy morning for traders. After that, economic data will be a trickle, and likely not very important. Minutes from the last FOMC meeting are released on Wednesday and weekly unemployment claims on Thursday. University of Michigan Consumer Sentiment poll data is out on Friday.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
08/28/2026	3.84	3.83	3.86	3.90	3.94	4.02	4.15
09/04/2026	3.79	3.83	3.90	3.91	4.00	3.98	4.13
09/11/2026	3.93	3.99	4.05	4.07	4.15	4.12	4.35
09/18/2026	3.97	3.98	4.10	4.14	4.24	4.24	4.44
09/25/2026	4.04	4.14	4.20	4.24	4.32	4.33	4.50
10/02/2026	4.04	4.09	4.11	4.19	4.26	4.27	4.46

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
08/28/2026	4.34	4.41	4.48	4.59	4.73	5.21	5.22
09/04/2026	4.37	4.45	4.54	4.65	4.78	5.25	5.24
09/11/2026	4.63	4.69	4.78	4.87	4.96	5.38	5.35
09/18/2026	4.76	4.83	4.86	4.93	5.01	5.38	5.34
09/25/2026	4.81	4.94	4.98	5.06	5.17	5.54	5.49
10/02/2026	4.83	4.96	5.06	5.17	5.28	5.67	5.63

Friday's jobs number (+29,000) impacted stocks and bonds alike, with the prospect of the Fed keeping interest rates on hold at the October 27-28 FOMC meeting elevated due to perceived weakness in the labor market. Despite prices for long-dated maturities rising and yields falling, the general picture, on a weekly basis, was still unpleasant, with 30-year bond yields rising 14 basis points and 10-year note yields up 11 basis points. While those figures were off the highs earlier in the week, they are still above the comfort level for the government on an ongoing basis. Demand continues to weaken for U.S. debt and there's little anybody can do - and that includes Treasury Secretary Bessent and Fed Chair Warsh - about the ailing condition of the market.

With the yield on two-year notes barely budging, 2s-10s expanded to +45, up 20 basis points over the past two weeks. Full spectrum continues to test the high end of the range, screaming to +159 reflecting stronger growth, higher inflation, and greater government borrowing needs. The evident danger appears to be at the long end, which doesn't seem to want to stop pricing in high inflation and persistent government spending. Borrowing costs to finance the behemoth U.S. government are blowing out. While that's not a problem for the general economy yet, the bankruptcy of the federal government continues unabated and the issue has gone past a level of seriousness to what most people would define as a crisis.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31
7/2: +35
7/10: +35
7/17: +37
7/24: +36
7/31: +47
8/7: +46
8/14: +51
8/21: +50
8/28: +39
9/4: +41
9/11: +33
9/18: +25
9/25: +36
10/2: +45

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117
7/2: +128
7/10: +135
7/17: +133
7/24: +136
7/31: +149
8/7: +140
8/14: +146
8/21: +147
8/28: +138
9/4: +145
9/11: +142
9/18: +137
9/25: +145
10/2: +159

Oil/Gas

Oil prices continues to trend in a range of $91-93 for WTI crude on the futures market, with the Middle East remaining a hot potato, though not as hot as previously, as the U.S. government attempts to keep a lid on prices until the midterm elections.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.45 last week and $4.33 this week, a solid drop in prices just in time for the midterms. Lower prices at the pump are generally considered to be a positive for the Republican party and the timing of various initiatives by President Trump and his gang might be a little off, since early voting has already begun in some states while the price of gas remains unacceptably high, though it's obvious that Trump will be pulling out all stops to get the price lower as more states open for early voting (generally from 7 to 20 days before actual election day).

Looking at individual states, the biggest drops in price occurred in the Southeast and Mid-Atlantic. Florida and Georgia saw prices fall, on average, by 36 cents. In Michigan, the price has been falling for the past two weeks, down another 22 cents this week.

Gas prices in key states:

California (leader): $6.38 (+0.03)
Washington: $5.46 (-0.06)
Indiana: $3.74 (lowest) (-0.15)
Oklahoma: $3.92 (-0.15)
Louisiana: $3.90 (-0.10)
Mississippi: $3.91 (-0.06)
Florida: $4.04 (-0.36)
Illinois: $4.65 (-0.12)
Pennsylvania: $4.47 (-0.06)
New York: $4.46 (+0.01)
Maryland: $4.21 (-0.14)
Michigan: $4.45 (-0.22)
Texas: $3.89 (0.00)
Georgia: $3.81 (-0.36)

On Sunday, October 4, there are thirty-sex (36) states with average prices at or above $4.00, with twelve (12) below the $4 threshold (other than Indiana, all clustered in the Southeast), not including Hawaii ($5.61) and Alaska ($5.00), with four above $5 (California, Nevada, Oregon, and Washington) and one, California, above $6.00. The Southeast has maintained as the lowest region overall over the past 15 weeks, with prices falling below $4.00 this week ($3.81-3.95) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging higher, from $4.04 to $4.21. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest.

All Northeast states, from Delaware and Maryland all the way to Maine, continue to average well above $4.00.

Bitcoin

This week: $85,242.28
Last week: $84,540.25
2 weeks ago: $80,888.60
6 months ago: $67,130.08
One year ago: $123,857.10
Five years ago: $54,963.55

Crypto and bitcoin remain bid, though off recent highs. Not everybody is convinced that bitcoin or any crypto is either money or a good investment, kind of sounding like tulips.

Precious Metals

Gold:Silver Ratio: 68.59; last week: 66.64

Futures, per COMEX continuous contracts:

Gold price 9/4: $4,477.20
Gold price 9/11: $4,390.00
Gold price 9/18: $4,415.90
Gold price 9/25: $4,320.50
Gold price 10/2: $4,172.10

Silver price 9/4: $66.82
Silver price 9/11: $65.02
Silver price 9/18: $66.79
Silver price 9/25: $64.71
Silver price 10/2: $60.71

SPOT: (stockcharts.com)
Gold 9/4: $4,429.45
Gold 9/11: $4,348.10
Gold 9/18: $4,377.63
Gold 9/25: $4,283.78
Gold 10/2: $4,141.90

Silver 9/4: $66.20
Silver 9/11: $64.48
Silver 9/18: $66.24
Silver 9/25: $64.28
Silver 10/2: $60.39

Gold and silver were ravaged by the COMEX and LBMA, as China celebrated National Day (October 1) and Golden Week (Oct. 1-7). Most of China's exchanges - for stocks and commodities, including gold and silver - are closed for the duration of Golden Week, reopening on October 8, leaving pricing of precious metals in the hands of the master manipulators. Naturally, the devious operators took full advantage of China's absence, taking gold and silver markets to the proverbial cleaners.

Expect more downward pressure on PMs until Thursday, October 8, when China's markets re-open. Spot prices in China (and India and elsewhere) are unaffected by the COMEX gambit. For instance, the spot price for silver in China is currently pegged at $69.18 in China and $71.55 in India, presenting a huge opportunity for arbitrage. No doubt, vast amounts of bullion have been leaving American shores, headed to the East for quick profits. In the short term, this leverage is celebrated in the West as cunning and wise, while China, India and other Asian nations are more than happy to trade their fiat dollars for precious metals.

Over the long term, this strategy of suppression works only so long as US$ are acceptable for exchange, a condition that has been slowly eroding. The U.S. treasury market is a prime example of general disdain for the dollar. Bond buyers are demanding higher yields and international buyers have been trimming their holdings of treasuries for years. Holders of precious metals will eventually be rewarded - and they have been recently - but the road to higher precious metals prices is a bumpy one.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	66.11	85.48	72.73	70.43
1 oz silver bar:	66.98	88.57	72.31	68.00
1 oz gold coin:	4266.60	4518.70	4373.47	4364.10
1 oz gold bar:	4311.60	4426.96	4365.47	4369.62

The Single Ounce Silver Market Price Benchmark (SOSMPB) took a massive hit this week, falling to $70.87, a decline of $3.71 per troy ounce from the September 27 price of $74.58.

WEEKEND WRAP

At the Close, Friday, October 2, 2026:
Dow: 51,176.96, +250.40 (+0.49%)
NASDAQ: 27,190.86, +319.27 (+1.19%)
S&P 500: 7,722.72, +56.27 (+0.73%)
NYSE Composite: 23,654.31, +127.47 (+0.54%)

For the Week:
Dow: -651.66 (-1.26%)
NASDAQ: +122.12 (+0.45%)
S&P 500: -20.69 (-0.27%)
NYSE Composite: -258.28 (-1.08%)
Dow Transports: +437.53 (+2.24%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

A Dysfunctional Internal Revenue Service (IRS) Poses a Threat to American Citizens; BLS: 29,000 Jobs in September Sends Stock Futures Soaring

Absolutely wonderful news:

"The IRS no longer has the resources to pursue all delinquent filers."

-- Treasury Inspector General for Tax Administration (TIGTA)

What may be even better, after Money Daily tried to find out just who this Inspector General is, is that the position is currently vacant, though, since January, 2024, Heather M. Hill is TIGTA's Principal Deputy Inspector General, performing the duties of the Inspector General, following the death of J. Russell George.

According to Jeremy Portnoy, of RealClearInvestigations, Americans underpaid taxes by by an estimated $696 billion in 2022, which is kind of funny and kind of sad, since those taxes were filed in the early months of 2023, which is now more than three years ago. Even the investigation of unpaid taxes by wily American citizens is past due.

Here is the actual report filed by TIGTA [PDF] just in case anyone wants to pore over completely useless numbers and findings.

The trouble with the IRS is that it's hardly functional in its current form. The system is still running on COBOL, a computer language created in 1959. If it wasn't for automatic payroll deductions, the IRS would hardly collect anything at all. Corporate taxes, which account for less than nine percent of all taxes, are wildly reduced by accounting practices devised by the IRS in its voluminous, 75,000 pages of rules, regulations, guidance, and court interpretations.

Perhaps the worst part of the entire IRS structure is that it is supposedly "voluntary", which, in the strict interpretation of the word means individuals don't actually have to submit tax forms or pay income taxes. Good luck trying that approach. Despite there being no actual laws that require American citizens to file tax returns and pay taxes on their income, the Supreme Court has repeatedly supported the agency's spurious position.

About $14 billion is annually spent by the IRS, a huge number, yet they still have trouble processing returns in a timely, efficient manner. Since they are doing such a poor job collecting taxes, maybe President Trump's concept to abolish the agency in favor of tariffs and other taxes isn't so far-fetched. Of course, when Elon Musk and his DOGE team went snooping around the agency, the blowback from Capitol Hill was swift and thunderous. Senators and Reps in the House don't want their golden calf reduced or even restructured. Thus, the government's chief collection agency remains dysfunctional.

While that's good news, it also implies that the federal government, $40 trillion in debt and generally bankrupt, is unable to collect taxes from its sovereign people. That's really not good news. It means chaos, if not already present in the government architecture, is well on its way and that, if it's even possible, the government will become more broke, faster, unable to pay it's debts with money it can't collect.

If IRS agents and upgraded systems with AI are released upon the general population, the effects could be devastating. The agency is known for its heavy-handed tactics and extreme penalties and interest charges. They have the power to seize assets, close businesses, and generally wreak havoc upon their intended victims.

Knowing all of this, Americans better just keep their heads down, do as they're told, file their returns on time and pay the piper. Of course, there are more than 14 million individuals who don't follow that advice. The number is growing, and, surprisingly, some of these non-filers work for the IRS.

Geez, Louise...

As far as that September Non-farm Payroll report from the BLS was concnerned, bummer!

The labor market gained only 29,000 jobs in September.

According to the BLS (excerpts):

Both nonfarm payroll employment (+29,000) and the unemployment rate (4.2 percent) changed little in September, the U.S. Bureau of Labor Statistics reported today. Employment in all major industries changed little over the month.

Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in September. The unemployment rate has remained in a narrow range of 4.1 percent to 4.3 percent since March.

Total nonfarm payroll employment changed little in September (+29,000), following an average monthly gain of 45,000 over the prior 12 months. Employment in all major industries changed little over the month.

While the BLS itself might desire to pooh-pooh what is a disappointing number, the reality of the situation - a weakening labor market - is a forerunner of a weak economy. As usual, prior months were revised lower.

The change in total nonfarm payroll employment for July was revised down by 31,000, from +21,000 to -10,000, and the change for August was revised down by 29,000, from +162,000 to +133,000. With these revisions, employment in July and August combined is 60,000 lower than previously reported.

Wall Street popped champagne bottles and stock futures spiked on the news. The immediate reaction is that a number this weak will put the FOMC on hold at their October 27-28 meeting, keeping the federal funds target rate at 3.75-4.00%, and, with that, everybody should be piling further into overpriced stocks.

Yippie!

At the Close, Thursday, October 1, 2026: Dow: 50,926.56, +20.51 (+0.04%) NASDAQ: 26,871.60, +10.53 (+0.04%) S&P 500: 7,666.45, +14.91 (+0.19%) NYSE Composite: 23,526.84, +36.05 (+0.15%)

Markets Continue to Play Patty-Cake with Rising Interest Rates; Inflation, Gas Prices, Iran Will Remain Unresolved Until Midterms

Wednesday didn't prove to be much better for those holding equity positions than the previous two days. Initially, the S&P and NASDAQ posted gains, but, as the day wore on, there was no further upside. At the very end of the session, in literally the last ten minutes, the S&P slipped into the red and the NASDAQ lost the vast majority of the day’s gains. The Dow spent almost the entire session in the red.

The market tried desperately to avoid the elephant in the room: the rapidly-rising interest rate yields on longer-dated treasury securities. By the end of the session, the reality of a 10-year note yield approaching 5.30% and the 30-year already having eclipsed 5.65% could hardly go unnoticed. The dumping of stocks at the close was one of the more unusual events in some time, especially considering that it was the end of the month and te quarter.

As Thursday rolls in, futures are, as usual, trending higher on virtually no news. This particular playbook - goosing futures into the open - seems to have a short shelf life. After a while, everybody begins to see right through it, set down their Zero-Day-to-Expiry options for the day and wait for the selling to begin. Friday might offer some insight with September Non-farm Payrolls announced prior to the open, but probably not.

Stocks continue to be wildly overvalued and the market a carnival led by barkers on TV and in government. All-time highs are close by, but the Dow is actually down 6.34% from its August 5 high. And, it's October.

The main issues for the U.S. and its economy haven't gone away. They're just being maintained as best as possible until the midterms. The fighting and bombings in Ukraine and Russia continue. The Middle East remains a powder keg. Inflation is still at unacceptable levels, housing continues to be completely unaffordable for any reasonable middle class family, and gas and diesel prices are through the roof.

It's a happy day in hell when all that matters is the election of some people whose main purpose in life is to get elected and re-elected and everything else is put on hold.

As the eminent Dr. Chris Martenson has opined at least a hundred times: "It doesn't have to be this way."

At the Close, Wednesday, September 30, 2026:
Dow: 50,906.05, -443.87 (-0.86%)
NASDAQ: 26,861.06, +63.52 (+0.24%)
S&P 500: 7,651.54, -19.30 (-0.25%)
NYSE Composite: 23,490.80, -218.80 (-0.92%)

ADP Reports 90,000 Jobs Added in September; PCE Below Expectations; GDP Grew at 2.2% in Q2 According to BEA's Third Estimate

Stocks spent another session leaning to the downside Tuesday, awaiting something, anything that might light a fire in the belly of the investment community.

They'd have to wait.

The only impactful economic release was the monthly JOLTS report that demonstrated, for the third straight month, that there were fewer job openings than people unemployed.

A slightly brighter picture emerged Wednesday morning when ADP released its National Employment Report for September, showing private employers adding 90,000 jobs during the month.

Hiring accelerated for the first time since May, led by education and health care and leisure and hospitality. Financial activities and professional and business services showed weakness.

Shortly thereafter, the BEA announced its third estimate of GDP for the second quarter.

Real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the second quarter of 2026 (April, May, and June), according to the third estimate released today by the U.S. Bureau of Economic Analysis (BEA). In the first quarter, real GDP increased 2.5 percent (revised). The contributors to the increase in real GDP in the second quarter were consumer spending, investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased.

The BEA also threw some shade on the otherwise upbeat data, announcing that personal consumption expenditures (PCE) increased $190.8 billion (0.9 percent).

Real PCE increased $92.8 billion (0.6 percent at a monthly rate) in August. From the preceding month, the PCE price index for August increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

From the same month one year ago, the PCE price index for August increased 3.4 percent. Excluding food and energy, the PCE price index increased 3.0 percent from one year ago.

Though these readings were flat, they were not increasing, and were below Wall Street estimates, offering some hope that the FOMC might keep the federal funds target rate at the current 3.75-4.00% at the October meeting. Futures markets were relieved on the news, with all three major indices spiking higher as the opening bell approached.

There's nothing like goosing inflation expectations to a level that ensures the actual data will come in below them to pump up markets. Wall Street and the trained seals in the corporate media are notorious for raising or lowering expectations in order to keep the narrative on a positive thrust. This morning's example is another of that kind.

"Be careful what you wish for" is applicable to the current conditions.

At the Close, Tuesday, September 29, 2026:
Dow: 51,349.92, -131.59 (-0.26%)
NASDAQ: 26,797.54, -22.84 (-0.09%)
S&P 500: 7,670.84, -12.85 (-0.17%)
NYSE Composite: 23,709.60, -47.71 (-0.20%)

Stocks Slump to Open Week; Boomers Increasingly Favoring Fixed-Income Over Equities Becomes a Long-Term Concern

Stocks stumbled out of the gate Monday and remained in negative territory for the entire session as tensions in the Middle East and persistent inflation continued to worry investors. At the same time, higher yields in long-dated treasuries pulled skeptics out of dividend-paying stocks to the perceived safety of fixed income.

The logic is simple. Why hold stocks with three or four percent returns when two-year notes are throwing off a similar amount, risk-free. Stocks can rise or fall in price, which erodes gains, while bonds deliver monthly or quarterly returns without the worry.

Retirees, and the fund managers who handle their money, are moving to the safety of corporate and treasury paper, avoiding the drama. Baby Boomers, who represent the largest pools of investment funds, are sailing away toward Easy Street, now that the regime of low rates is finally dead and buried.

The only problem with this generational shift is that inflation continues to noisily erode purchasing power, though that is not a concern for the elderly armed with significant assets. They have enough continuing income from pensions, Social Security and long-held investments that make rising prices an annoyance rather than a base case concern.

The dynamics of geo-politics, midterms, and data center power grabs don't bother people in their 60s, 70s and 80s as much as it does working-class middle-aged individuals, who are still building retirement nest-eggs and looking for opportunities n stocks. Simplified, it may be assumed that Millennials are driving the speculative side of the market while Boomers are beginning to wind down equity holdings in favor of more and more treasury issuance, a relief to the government, which has been running low on buyers at a time when issuance is high and growing.

If the federal government insists on overspending and running larger and larger deficits, elderly Americans are increasingly more than happy to fund them at higher and higher rates. After all, holdings in treasury notes and bonds are funding some 20-30% of government expenditures, so anybody on Social Security might be said to be self-funding, getting a monthly stipend from the money they've lent to the government, plus a generous return. It's really a win-win for them.

There are a number of caveats to which the government should be paying attention. While there are roughly 10,000 Boomers retiring every day, 14,000 to 15,000 are dying at the same time. That means the government will be paying out less in benefits over time, net of annual COLAs, though, on the other hand side of the coin, their pool of potential investors will be shrinking. The government will also be spending more of the budget on interest on the debt, which, if rates continue to rise, means that spending amount will accelerate.

At some point there's a collision of interests. Maybe, when interest on the debt exceeds Social Security spend, Boomers, who are declining in number anyway, might not see investing with the government as a solid prospect. At that point, the government may run out of willing investors, though Millennials may pick up some of the slack. It's a problem without a solution at this point, but it's still a condition that may not become realized for another five years, when the last of the Baby Boomers (those born in 1964) reach full retirement age, making 2030-2031 appear as a possible inflection point.

In the meantime, stocks will continue their antics, but it is the funding mechanism - treasuries and other fixed income investments - that is calling the shots and sending the real signal. It's something to bear in mind when considering investment horizons.

As the open approaches on Tuesday, stock futures are higher, but only moderately. There are still too many issues in the finance and investment world under consideration to formulate a positive picture.

At the Close, Monday, September 28, 2026:
Dow: 51,481.51, -347.11 (-0.67%)
NASDAQ: 26,820.38, -248.34 (-0.92%)
S&P 500: 7,683.69, -59.72 (-0.77%)
NYSE Composite: 23,757.31, -155.28 (-0.65%)