WEEKEND WRAP: NASDAQ at Record Levels; Oil, Gas Remain Pricey; Interest Rates Spike; Gold, Silver Futures in Backwardation

In case any more proof was needed that equity markets remain grossly overvalued, this week's action on the NASDAQ sent home the message, clearly and loudly, closing at new all-time highs on Monday (27,122.09) and Tuesday (27,244.28) before giving a little back as the week progressed.

The Shiller PE ended the week at 41.48, a bit lower that recent highs, but still the second highest ever, behind the measure of 44.19 recorded at the height of the dotcom bubble (December 1999). It bears noting the Shiller Mean: 17.42, and the Median: 16.13, observing that stocks are generally 3X overpriced on a measuring tool that dates back to 1871. Perhaps, as some suggest, the world, and, especially the United States, entered a new epoch at the turn of the century. If true, then stocks are supposed to carry extreme valuations. If not, reversion to the mean might be a painful experience.

It also bears noting that the purchasing power of the dollar has undergone severe decline in the current century, so much that a stock that may have been worth $30 per share in 1990 is now worth $100 in devalued dollars. That would explain much of the upside tendencies to which the markets have grown accustomed. It does not explain, however, why gold has been revalued, in U.S. dollars, from less than $300 in the late 1990s to the current valuation of roughly $4400, a nearly 15-fold increase. That said, buying and holding gold would be the more fruitful investment. In 1996, the S&P 500 was roughly 1000. Today's price above $7,700 is not quite an 8-fold gain.

A NASDAQ price of 2,000 in 1998 returned closer to gold's mark, a roughly 14-fold increase. We should all be rich.

How markets will continue to play out through the midterms and beyond represents only a small snapshot of the longer term. It is likely time to stay the course, no matter one's investment preferences. With dollar depreciation accelerating, holding anything other than cash will probably be tradable for food or energy at some future point.

This comes as a reminder that the best investors are those who choose carefully and do not deter from their chosen paths.

Stocks

As noted, it was a darn good week for the NASDAQ, particularly in Mag7 and semi-related stocks. The AI push continues to fire up markets. Whether AI is eventually a boon or a bane, the money being thrown into it is serious, despite some setbacks, such as Oracle's troubles at a New Mexico build.

While the rise on the NASDAQ appears relentless, the Dow has struggled to keep pace. Year-to-date, the Naz is ahead by 16.46%, with the Dow lagging, up only 7.83%, less than half the gain. Though the NASDAQ rip may be a bit noisy, Dow stocks have suffered because of the rise in long-term interest rates, which are competing with dividend-bearing stocks, typical of the Dow 30 blue chips.

It's a case-in-point of speculation running hotter than investing and it will continue... until something breaks, if allowed to.

Heading into the midterms, the usual games are expected to continue, with back-and-forth with Iran and Ukraine leading the headlines. The Republican party's leader, President Trump, is likely to pull a rabbit out of somewhere for an October surprise that will leave Democrats crying in their non-alcohol beers. The stock market will love it. The press will loathe it. Most people will barely notice, and those that do will understand it for what it is, a cheap trick to garner support.

Thus, at least until November 3rd, expect stocks to continue ramping higher. That's not a prediction. It's simply a judgement call based on current non-realities.

The week ahead, which splits the end of the fiscal year and the 3rd and 4th quarters on Wednesday and Thursday, offers a few tasty tidbits of economic data.

Possibly the most impactful won't appear until Friday, when the BLS releases Non-farm payrolls for September. Prior to that, Tuesday offers the monthly JOLTS data. On Wednesday ADP releases its monthly employment report. The PCE price index and the third estimate of second quarter GDP are also out on Wednesday. S&P Global Manufacturing PMI and weekly unemployment claims are out on Thursday.

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
08/21/2026	3.80	3.77	3.80	3.88	3.90	3.95	4.03
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

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
08/21/2026	4.24	4.31	4.43	4.57	4.74	5.25	5.27
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

Treasuries had one of the most volatile weeks in years this past week, especially the 10-year note and 30-year bond, with yields rising to multi-year highs, though that did not seem to be particularly worrisome to equity investors.

2s-10s expanded to +36, 11 basis points higher than last week's tighter +25. Full spectrum continues at the high end of the range, up to +145. A steepening curve often reflects markets' belief in stronger growth, higher inflation, or 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.

The economy continues to be galloping right along. Warsh and the Fed made the first move to get that horse back in the bridle, but the bond vigilantes are doing what they do, bidding prices lower and yields higher.

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

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

Oil/Gas

Conditions in the Middle East continue to erode, with Iran targeting more vessels and the U.S. maintaining its blockade. Some reports are suggesting that more oil is flowing out of the gulf region, with Saudi Arabia picking up most of te slack. The veracity of these reports is questionable, but the price of crude has fallen, which, in the larger scheme of things, doesn't really matter much.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.46 last week and $4.45 this week, remaining near the highest Sunday price in over four months. Peace prospects in the Middle East are off the table, oil flows remain disrupted, and the president is getting serious heat from party members concerning the upcoming midterms, which Republicans are now hoping that gas and diesel prices moderate over the next five weeks.

Gas prices in key states:

California (leader): $6.35 (+0.20)
Washington: $5.52 (-0.03)
Indiana: $3.89 (lowest) (-0.14)
Oklahoma: $4.07 (+0.05)
Louisiana: $4.00 (+0.01)
Mississippi: $3.97 (+0.01)
Florida: $4.40 (+0.12)
Illinois: $4.77 (-0.14)
Pennsylvania: $4.53 (-0.04)
New York: $4.45 (-0.01)
Maryland: $4.35 (+0.14)
Michigan: $4.67 (-0.25)
Texas: $3.89 (lowest) (-0.05)
Georgia: $4.17 (+0.11)

On Sunday, September 27, there are forty-seven (47) states with average prices at or above $4.00, with only three (3) below the $4 threshold (Texas, Louisiana, Mississippi), not including Hawaii ($5.56) and Alaska ($5.05), 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 14 weeks, but now, a gallon of unleaded regular is averaging above $4.00 ($3.89-4.17) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging higher, from $4.12 to $4.33. 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: $84,540.25
Last week: $80,888.60
2 weeks ago: $77,245.85
6 months ago: $66,214.66
One year ago: $109,587.90
Five years ago: $47,675.17

Crypto had a solid week to the upside, especially bitcoin, which ramped to its highest level in nine months.

Precious Metals

Gold:Silver Ratio: 66.64; last week: 66.09

Futures, per COMEX continuous contracts:

Gold price 8/28: $4,504.10
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

Silver price 8/28: $67.09
Silver price 9/4: $66.82
Silver price 9/11: $65.02
Silver price 9/18: $66.79
Silver price 9/25: $64.71

SPOT: (stockcharts.com)
Gold 8/28: $4,454.08
Gold 9/4: $4,429.45
Gold 9/11: $4,348.10
Gold 9/18: $4,377.63
Gold 9/25: $4,283.78

Silver 8/28: $66.34
Silver 9/4: $66.20
Silver 9/11: $64.48
Silver 9/18: $66.24
Silver 9/25: $64.28

Gold and silver continued to be under pressure, though both may be setting up bases that would suggest higher prices in the medium term. Conditions continue to suggest allocation of cash toward PMs. Futures prices being higher than spot, suggests that the purposeful suppression of prices in precious metals has exceeded the patience of buyers.

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:	68.95	92.50	74.88	72.00
1 oz silver bar:	69.95	81.00	75.54	75.91
1 oz gold coin:	4420.71	4663.96	4507.24	4479.42
1 oz gold bar:	4445.71	4597.12	4504.90	4489.73

The Single Ounce Silver Market Price Benchmark (SOSMPB) lost ground during the week, ending at $74.58, a decline of $1.43 per troy ounce from the September 20 price of $76.01.

WEEKEND WRAP

At the Close, Friday, September 25, 2026:
Dow: 51,828.62, +478.64 (+0.93%)
NASDAQ: 27,068.72, +129.34 (+0.48%)
S&P 500: 7,743.41, +39.28 (+0.51%)
NYSE Composite: 23,912.59, +96.09 (+0.40%)

For the Week:
Dow: +145.98 (+0.28%)
NASDAQ: +546.17 (+2.06%)
S&P 500: +92.91 (+1.21%)
NYSE Composite: -86.17 (-0.36%)
Dow Transports: -506.88 (-2.52%)

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.

Plunge Protection Team Worked Hard for Five Minutes on Thursday; They Will Be Back; Possible Iran Deal Pushes Oil Lower, Again

Call it whatever you prefer, but some form of the Plunge Protection Team was in action Thursday, just after noon ET.

The NASDAQ, Dow, and S&P 500, without any news or algo-gripping headlines other than the usual clickbait trope of a potential deal to open the Strait of Hormuz, suddenly shot skyward between 12:13 and 12:18 pm ET, the NASDAQ gaining 173 points, the Dow up 276, and the S&P popping 40 points, all in just a five-minute window, ostensibly during one of the slowest trading periods of the day, right at lunchtime.

To those unfamiliar with the Plunge Protection Team (otherwise known as the President's Working Group on Financial Markets, was created in 1988 by President Ronald Reagan following the stock market crash of October 1987, also known as Black Monday, to restore investor confidence and maintain orderly markets. It has been in operation in U.S. markets - and probably in foreign markets as well - ever since.

Over the years, since 1988 is more than a generation ago, the function and makeup of the "Working Group" or "PPT" has probably morphed into something different, more complex, less obvious, and involving different players. The U.S. Treasury Secretary, Scott Bessent, comes to mind, since he is the self-declared "house" of financial markets, and also the Exchange Stabilization Fund (ESF), which operates as a slush fund to manage FX flows and other internal plumbing of the world's market structures.

The upshot of Thursday's knee-jerk appreciation for stocks is that what used to be regarded as free, open, fair markets are nothing but, and haven't been for a long time. Thursday's very noticeable upswing was the result of naked intervention and the work was done by agents of the federal government and/or Wall Street's big money insiders. The existence of these manipulating entities (there are surely more than one) is both grotesque and immoral. While nobody likes to see stocks lose value, an equal number of people probably don't like being told lies, especially when those lies involve the deliberate destruction of the currency - in the immediate case, the U.S. dollar's purchasing power - via asset hijacking on public exchanges.

Talk to anybody under the age of 35 about money or economics and you're more than likely to come away with a feeling that they don't understand any of it and probably shouldn't be trusted to pay their own rent. Boomers, the fast-fading generation that benefitted most from fiat money and the necessity of asset price inflation, might understand and comprehend a bit more, but, generally, not much.

The lucky ones got their college degrees, bought houses, worked their forty years or so and retired with pretty healthy benefits from 401k plans, defined benefit plans, and, of course, Social Security. They had it good. Better than most, even better than their "Greatest Generation" parents. Some of them still remember 10-cent comic books, 20-cent McDonald's cheeseburgers and 35-cent-a-gallon gasoline. These days, a decent comic book is $4-6, a Mickey D's cheeseburger typically runs north of $3.00, and gas is $4.35 a gallon on a good day.

The purchasing power of the U.S. dollar has been consistently and purposely debased since the mid-60s when silver coins were taken out of circulation and exacerbated in 1971 when then-president Richard M. Nixon ended the convertibly of dollars into gold "temporarily", which turned into "permanently" pretty darn quickly.

The last Baby Boomers were born in 1964, making them roughly 62 years old today and eligible for early retirement under Social Security, but, luck being tough for late arrivers, they face a 30% cut from full benefits, which used to be age 65, then 66, and now kick in at age 67.

Baby Boomers were retiring at a rate of 10,000 per day, but, they are dying at about 15,000 a day, producing a net loss of 5,000 per day or 1,825,000 people per year that will no longer be receiving SS benefits, yet the system continues to predict insolvency by the year 2030, which is not that far away.

American politicians of all stripes have squandered the wealth of the country. It's that simple. Instead of investing in better infrastructure and public works that would benefit the general public, they spent it on useless wars, military hardware, and the creation of the largest welfare state ever known. Less than half the country actually works for a living, about 169 million. The rest are either under the age of 18, retired, or on the dole, about 72 million. It's a national disgrace and the blame falls squarely on the public, which allowed it to happen by electing the same crooked politicians year after year, cycle after cycle and listening to the controlled propaganda machine called the mainstream media cheering it all on, all the time.

The U.S. government has been running defictis averaging $2 trillion a year since 2020 and that's unlikely to change. Interest alone on the public debt is now more than $1.4 trillion a year. You pay taxes, the government collects and spends that money, then borrows another $2 trillion every year. That is not a sustainable position no matter how hard you listen to President Trump and his band of horn-blowers telling you everything is just fine and dandy, thank you.

Living standards, educational standards, and just about every other standard in the United States has been falling for decades. You or somebody you know might be able to maintain their standard of living, but you or they are paying more for it because the currency is rapidly being debased. In the early 1970s, the median price of existing home was around $23,000. Today, it's $404,000. A thirty-year mortgage on such a home costs over $2,000 a month, and that's before property taxes, insurance, and utilities and maintenance costs.

Who can afford that? Only people making upwards of $100,000 a year and that's stretching it.

The point being that inflation, the hidden tax Austrian economists have persistently warned about for decades, has eaten away at everything in America. Even though it may not feel like it, it's now down to bare bones, which is why the Plunge Protection Team went in and goosed stocks on Thursday. They had to, because the system cannot withstand even a hint of a correction or significant downturn. Any thought of a recession is out of the question. Outside of the Covid experience of 2020, the U.S. hasn't had a real recession since 2008, which, in terms of economic history, is a long time. Recessions generally occur about every 10 years. They clean out bad investment and create an environment from which the general economy can grow. Nowadays, the U.S. can't afford that because it has overindulged on credit and a true correction in stocks and an accompanying recession would more than likely cause a calamitous crash and politicians taking blame, and we can't have that.

So, expect stocks to not lose value, but for food and gas prices to continue higher for the foreseeable future, meaning well into 2027 and probably beyond. The U.S. is trapped in a vicious debt cycle of its own creation and there is no escape except to continue inflating asset values (stocks), which comes neatly wrapped with price inflation for everything else.

On Thursday, the PPT turned big losses into minor ones. Friday might look like a huge, broad rally. Muppets who sold on Thursday are bag-holders. Wall Street elite made bank.

It bears repeating:

The government needs to keep the game going, the rich are perfectly willing to play along, the middle class has no choice, and the poor get a free ride. - Fearless Rick, Money Daily, 9/22/26

With the opening bell minutes away, Dow futures are up 135, NASDAQ futures are up 113, and S&P futures are ahead by 18 points. The Trump-Xi summit has taken a back seat to negotiations with Iran this morning, with hopes of a deal driving oil lower (WTI, $92/barrel) and equities higher. The elephant in the room continues to be yields on long-dated treasury maturities. Yield on the 10-year note is at 5.18% with the 30-year yielding 5.47%.

At the Close, Thursday, September 24, 2026:
Dow: 51,349.98, -161.61 (-0.31%)
NASDAQ: 26,939.37, +3.34 (+0.01%)
S&P 500: 7,704.13, -1.90 (-0.02%)
NYSE Composite: 23,816.49, -31.75 (-0.13%)

Spiking Treasury Yields Send Equity Investors Scrambling for the Exits; Gas, Diesel Prices Harming Republican Midterm Chances; Gold, Silver Under Pressure

Treasury yields took off like bottle rockets on the 4th of July Wednesday, spurred higher by Flash PMI data that came in far ahead of expectations for September.

The headline flash S&P Global US PMI Composite Output Index rose from 56.0 in August to 58.4 in September, registering the fastest expansion since July 2021 and an acceleration of growth for a fourth successive month.

The S&P Global US Manufacturing PMI jumped from 53.9 in August to 57.0 in September, according to the flash reading, registering the strongest improvement in business conditions since May 2022.

The acceleration in business activity sent yields spiking higher. By the end of the day, yield on the 10-year note jumped to 5.11% a move of 15 basis points over Tuesday's level. Yield on the 30-year bond advanced 11 basis points, from 5.29% to 5.40%.

Long-dated maturities, from the two-year note to the seven-year all spiked higher by 14 to 16 basis points (0.14 to 0.16%) over the course of the day. With bond prices falling, stocks were equally out of favor as the major indices each took losses, led by the NASDAQ, which shed 1.13% after making new highs on Monday and again on Tuesday.

Exit doors at the NASDAQ and NYSE are wide open Thursday morning, with stock futures tumbling in anticipation of the opening bell. The 30-year bond yield tacked on another four basis points in early trading Thursday, sending the yield to its highest level since 2004. With bond prices reeling, investors are becoming nervous about risky stock holdings. An hour before the open, Dow futuers were off by 185 points, with NASDAQ futures falling 330 and S&P futures off 33.

Crude oil prices have been rising overnight with WTI futures above $94 and Brent futures topping $100 as Iran upped the ante in the ongoing conflict, suggesting an expansion of the war into the Indian Ocean if it is attacked again. The U.S. continues to maintain a military blockade in the region and has a major base at Diego Garcia, some 2400 miles from Iran. Expansion of the war to target U.S. Navy vessels and possibly its most important refueling base is a condition that American leaders have not anticipated. Iran's rhetoric continues to speak defiance, but neither side seems ready to back down or negotiate at this point, even though negotiators were reported to have met on the sidelines of the UN General Assembly Wednesday.

Continuation of the regional fracas appears to be counter-productive for the Trump administration which risks losing control of the House and Senate in the upcoming midterms. An end to the fighting and opening of the Strait of Hormuz would ease prices for gas at the pump and also for diesel fuel, which has hit record prices as the White House reportedly has scrapped a proposed diesel export ban.

Diesel, used widely in industry, farming, and trucking, has the potential to raise prices on just about everything that needs to be shipped, from food to household and consumer goods. According to AAA, a gallon of diesel currently costs $6.52, a 73% jump from the $3.77 price just before the war began at the end of February.

Meanwhile, gold and silver remain under pressure. Gold fell to a low of $4,244 and silver priced as low as $63.20 per troy ounce overnight.

Between the ongoing conflicts in Ukraine and the Middle East, soaring prices for food and fuel, interest rates ripping higher, bubble prices on stocks in general, and policies coming out of the White House that make little to no sense, markets are set up for a near-perfect storm.

How Wall Street and Washington try to manage to talk their way out of this mess will be a wonder to behold. The narrative that President Trump and his allies continue to promote - that America is the "hottest" nation and the economy is just all well and good - appears to be cracking under the weight of reality.

At the Close, Wednesday, September 23, 2026:
Dow: 51,511.59, -352.10 (-0.68%)
NASDAQ: 26,936.04, -308.24 (-1.13%)
S&P 500: 7,706.03, -58.61 (-0.75%)
NYSE Composite: 23,848.25, -180.82 (-0.75%)

Stocks Settled After NASDAQ New High; Xi to Meet with Trump Wednesday; Gold, Silver Lower; WTI Trading Around $90/barrel

There was limited follow-through Tuesday after the NASDAQ closed at an all-time high on Monday and inched higher Tuesday. There didn't seem to be much conviction after President Trump sung his own praises at the UN General Assembly. The Dow lost ground while the S&P finished the day nearly unchanged.

There are rumors swirling about possible negotiations in the Middle East with Iran as the central focus, though Trump has already said that the war will be resolved after the midterms, so any reports are being taken with appropriate grains of salt. WTI crude oil fell to $90/barrel on Tuesday and appears to be holding at that level as trading approaches for Wednesday's session.

China’s president Xi is due to arrive in Washington for talks with Trump, though breakthroughs on any of the vital issues such as AI and rare earth minerals seem to be more wishful thinking from the U.S. side. As usual, the White House will frame the talks as "constructive", despite little actually being accomplished regarding trade, tariffs, or anything else.

There are no major economic drops this morning. Thursday will be more impactful, with New Home Sales and Building Permits for August and the usual weekly unemployment claims data.

Gold and silver are taking their lumps this morning after making gains overnight. Silver, which was as high as $67.57, is down to $64.95, while gold also has been sold off, settling in around $4300 per troy ounce.

Stock futures are tanking less than an hour before the opening bell. Dow futures are off 135 points; NASDAQ futures are down 78, and S&P futures are lower by eight points.

The NASDAQ has put in four straight sessions on the upside, though the other majors have not followed suit, especially the Dow, where dividend-bearing stocks have been negatively affected by the recent rate hike. Stocks cannot compete with treasury yields approaching five percent.

After Tuesday's boastful speech at the UN, President Trump will be looking for more ways to influence markets through the Xi visit. Markets seem to be waiting for some kind of development to push higher.

At the Close, Tuesday, September 22, 2026:
Dow: 51,863.69, -185.14 (-0.36%)
NASDAQ: 27,244.28, +122.18 (+0.45%)
S&P 500: 7,764.64, -0.06 (-0.00%)
NYSE Composite: 24,029.06, -57.60 (-0.24%)

Shocker! Led by Tech, Wall Street Sends Stocks to Huge Gains; NASDAQ Closes at All-Time High; Bitcoin Surges; Stocks Have No Ceiling

Just as many thought the Fed rate hike would put the kibosh on stocks, the recent trend on the majors - down seven of eight sessions - was reversed beginning Thursday, with the rally extending through Friday and topped off by Monday's record-shattering run on the NASDAQ.

Closing at an all-time high, the NASDAQ was spirited by semis, as Advanced Micro Devices (AMD) crossed the $1 trillion market capitalization threshold with a gain of 9.95%, while Intel (INTC) surged 12%.

Mag7 stocks, especially META Platforms (META), which exploded by more than 11%, joined the party. (BTW: the film, "The Social Contract", covering the origins of Facebook, is a worthwhile two hours of movie magic, currently offered free with ads on Youtube.)

The rest of the Mag7:
Alphabet Inc Class C (GOOG) gained 1.88%
Apple (AAPL) was up a modest +0.85%
Tesla Inc (TSLA) added +3.03%
Amazon.com (AMZN) rose +1.87%
Microsoft MSFT tacked on +1.59%
NVIDIA (NVDA) pushed ahead by +2.30%

By the looks of things, there's no end to the AI revolution. While there has been more than enough coverage given to the dangerous CAPEX expenditures by the hyperscalers and to infrastructure demand for data centers, none of that seems to matter to investors who continue to pile into the same stocks that are leading the charge to a better world, guided by AI and implemented by robotics.

It's hard to argue with the logic nor the returns. Year-to-date, the NASDAQ is up 16.69%, the S&P has gained 13.43%, and the Dow is bringing up the rear at a paltry 8.29%. The "new" economy, in shades of the 1998-2000 internet boom (and bust) has outpaced the industrials by a wide margin. Naysayers who predict an end similar to the 2000 NASDAQ have missed out on gains or misled investors on the benefits of owning growth stocks.

Bitcoiners were also rewarded for their patience after the Senate failed to reach cloture on the CLARITY act last week. The granddaddy of crypto-currencies raced ahead by seven percent on Monday, hitting $87,000 for the first time since late January. The logic, according to crypto crusading Michael Saylor of Strategy (MSTR), is that bitcoin is better off without government definitions, regulations, and rules regarding its use. Once again, it's difficult to dispute that kind of thinking. Governments, whether they be authoritarian, socialized, or democratic, tend to muck up just about anything they lay their hands upon. Perhaps Americans might all be better off being enemies of the state, so to speak, largely ignoring laws, reporting requirements, and legislation that only seems to slow human progress. Austrian economists would offer a loud cheer for that, if there are any to be found.

While Money Daily has roundly criticized bitcoin and crypto in general as little more than speculative froth in an open-ended marketplace, the true believers - akin to gold bugs and silver stackers - might just have something going with this nebulous currency and course change for humanity. Leaving government in the dust of progress does have its appeal, after all. Surveillance, taxes, fees and other regalia of government control are so 1900s. This is a new century. The irony is that with midterm elections just six weeks away, more and more people don't really care who "represents" them. Americans have grown weary of being told what to do, how to think and lied to by elected officers. It may not show up at the polls, but in everyday life, people are just not paying much attention to the parasites in state capitals and Washington D.C. They desire more freedom and less control. If they don't get it out of the people they vote for, they'll simply take it themselves.

It's not like people haven't risen up against governments in the past, but America's case may be more subtle and nuanced. For the poor, welfare, disability, and food stamp fraud keeps the wolf from the door. Those stuck in the middle rungs of the income ladder have it the hardest, as their labor is taxed and the money taken before they ever see it. Their choices for survival run the gamut from taking second jobs to working off the books or striving to move up in corporate environments. That's why the middle class has shrunk in America. It has become a real struggle to support a family, own a home, and keep up appearances without going deep into debt. The alternative is to drop out, become poor, and take advantage of the generosity of the Nanny State.

Wealthy people in America - the top 10% of income earners, and the top 1% - have the best of it. They make the majority of their money from business investments and returns on stocks and bonds. They are taxed liberally, but have a variety of means to thwart the IRS and enough money to hire accountants to achieve lower tax take-out.

All told, Americans are taxed at onerous rates and must struggle to find ways to beat the system. This has been par for the course for more than 50 years as the federal debt burden has grown to outrageous size and the welfare-warfare empire has expanded. Almost all of the federal budget covers just four main elements: the military, Social Security, Medicare/Medicaid, and interest on the $40+ trillion debt, which is growing faster than the other three main components.

Government has managed to keep all of these plates spinning for longer than anyone could have reasonably expected and will probably continue to do so as the debt rises past $45, $50, even $60 trillion. In the meantime, they risk losing control of the general public.

But, maybe that's why stocks have no ceiling and continue to rise. The government needs to keep the game going, the rich are perfectly willing to play along, the middle class has no choice, and the poor get a free ride.

Everybody's happy.

At the Close, Monday, September 21, 2026:
Dow: 52,048.83, +366.19 (+0.71%)
NASDAQ: 27,122.09, +599.55 (+2.26%)
S&P 500: 7,764.70, +114.20 (+1.49%)
NYSE Composite: 24,086.66, +87.91 (+0.37%)