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%)

WEEKEND WRAP Equinox Edition: Stocks Waver After FOMC Rate Hike; Gold, Silver Rebound; Gas Prices Soar in Midwest; Inflation Persistent

The first day of fall is officially Tuesday, the 22nd.

That shouldn't come as a shock. Summer always ends around this time of year. Fund managers will be looking seriously to close their books with gains over the next six weeks, right up until the midterms, at which point, things could get a bit more scary.

A lot of people would prefer some cooler temperatures and relief from what has been an exceedingly hot summer in many places across the U.S. Blame science and El Niño.

Stocks

The week was split between minor gains on the NASDAQ and S&P, with the Dow and NYSE Composite losing ground. Preference was seen for tech stocks, usually the most volatile, after the Fed hiked the federal funds rate from 3.50-3.75% to 3.75-4.00% on Wednesday.

Market reaction was muted, some might say priced in, as the FOMC was widely expected to raise rates in an effort to stave off inflation. What happens at the next two FOMC meetings of 2026 - October 26-27 and December 8-9 - remains uncertain, though condition may warrant further rate hikes if data continues to suggest high prices for food and, especially, energy, as gas prices have hit the highest levels since May and are threatening to go even higher.

President Trump's war effort against Iran has been a miserable failure, one that may lead to Republicans losing control of the House and Senate in November's midterms. Wall Street would probably relish that, as split branches of the government usually results in gridlock, with neither party able to dictate policy nor pass any new legislation. The up-or-downside of the Democrats taking control in the legislative branch might result in another round of impeachment proceedings against Trump, though without a super-majority in the Senate, it migt not be worth the effort, given Republicans would be reluctant to convict one of their own, and the President would be a lame duck for the remainder of his term, though January, 2029.

More likely would be a mad scramble to find a suitable runner for president by the Dems. They have nobody with any particular outstanding qualities. Maybe they'll put up Michelle Obama or send Hillary Clinton out on the stump again. If it's Kamala Harris, she's an almost certain loser.

Disregarding politics for now, the stock market (and the Republicans) seems desperate for some kind of positive catalyst leading up to 3rd quarter earnings results, which are still three weeks away. For the interim, stocks could easily trade in either direction or simply continue their sideways meanderings.

With the rate policy decision out of the way, there won't be much on the economic calendar for the market to digest. The Chicago Fed reports on economic activity on Monday, the Richmond Fed releases its manufacturing index Tuesday. On Wednesday, China's President Xi arrives in Washington for a series of meetings with Trump. The visit will be brief, with Xi heading home on Friday.

Thursday may be the most impactful day of the week with New Home Sales and Building Permits for August and the usual weekly unemployment claims data. Friday offers the Michigan Consumer Sentiment report and Durable Goods Orders for August. There are a slew of Fed speakers making the rounds during the week, so the chance that one of them may slip in a tidbit about the future of interest rate policy will be closely followed.

Probably more than anything else, even the warnings of AI doom from Anthropic and OpenAI that fell on deaf ears this week, interest rates will be driving investment decisions. Conditions in the Middle East and Ukraine will also be in focus.

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
08/14/2026	3.79	3.80	3.81	3.86	3.88	3.95	3.98
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

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
08/14/2026	4.17	4.24	4.36	4.51	4.68	5.25	5.25
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

With the FOMC rate hike achieved on Wednesday, treasuries took the news without skipping a beat, sending long-dated maturities toward multi-year highs. Attributed to those known as "bond vigilantes", the mysterious gang that bids yields higher and bond prices lower, long-term rates are poised to break out to even higher levels given the government's reluctance to cut spending as the fiscal year hurtles toward the September 30 end.

Though Fed Chairman Warsh is wont to speak out loud about the federal government's drunken sailor spending polices, there is the undertone of defiance in not just the Fed's recent rate hike but also in Warsh's reluctance to give any advance optics on future Fed policies. Warsh has the full picture and if raising interest rates won't keep the government from overspending, he might consider pushing them even higher, making interest payments on the debt even more onerous than they already are.

There appears to be at least a skirmish, if not an all-out war, between the Fed and Treasury. Secretary Bessent appears to be on board with the government's free-spending policies and only acts to keep interest rates on the long end when it is absolutely a necessity. Warsh, on the other hand, seems to be plotting a war path toward the government. If he can't convince them to rein in spending by raising rates, he might just start talking about it on any given occasion. He is acutely aware of the problem, but seems to want to be gentlemanly about forcing the issue.

In terms of spreads, 2s-10s are heading for convergence, contracting down to +25, the tightest since February, 2025. Full spectrum continues at the high end of the range, dropping slightly from last week's +142 to +137. 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.

Tightening in the notes from two to 10 years, suggests something different, namely tighter conditions and potential recession. The treasury curve plays the long game, so there isn't likely to be anything conclusive before the first quarter of 2027, unless there's chaos in the political class, always a possibility.

The economy seems to be galloping right along. Warsh and the Fed made the first move to get that horse back in the bridle. Time, and the government response, will tell where this is all going. Thus far, the government, most of which will be absent the next six weeks, doesn't seem concerned at this juncture. They should be.

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

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

Oil/Gas

Conditions in the Middle East have reached extreme levels of conflict and the war has spread to include Saudi Arabia, as Houthi rebels have escalated their attacks on the kingdom. Brent ($98.77)and WTI ($94.77) each closed out the week lower, though gas prices in the U.S. gapped higher across the country.

As long as the U.S. continues to ply military policy in the region, oil and gas prices will be unstable and probably to the high side, affecting all business and pricing of just about everything on the consumer end. President Trump, whatever his intentions were at the end of February, needs to find an escape route quickly or risk his party losing the midterms, and, with that, the ability ot direct any kind of policy.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.29 last week and $4.46 this week, rising to 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 more likely than ever to lose.

Gas prices in key states:

California (leader): $6.15 (+0.18)
Washington: $5.55 (0.00)
Indiana: $4.03 (+0.44)
Oklahoma: $4.02 (+0.20)
Louisiana: $3.99 (+0.12)
Mississippi: $3.96 (+0.13)
Florida: $4.28 (+0.16)
Illinois: $4.91 (+0.43)
Pennsylvania: $4.57 (+0.07)
New York: $4.46 (+0.10)
Maryland: $4.21 (+0.02)
Michigan: $4.92 (+0.61)
Texas: $3.94 (lowest) (+0.10)
Georgia: $4.06 (+0.07)

On Sunday, September 20, there are forty-five (45) states with average prices at or above $4.00, with only three (3) below the $4 threshold (Texas, Louisiana, Mississippi), not including Hawaii ($5.53) and Alaska ($5.04), 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 13 weeks, but now, a gallon of unleaded regular is averaging above $4.00 ($3.94-4.13) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices ranging higher, from $4.16 to $4.41. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest.

Prices in the Midwest shot higher this week as Illinois saw prices rise 43 cents and the shock was even worse in Michigan, with prices up 61 cents. All Northeast states, from Delaware and Maryland all the way to Maine, continue to average well above $4.00. Gas prices overall were higher in every state on the mainland, bar none.

Bitcoin

This week: $80,888.60
Last week: $77,245.85
2 weeks ago: $79,607.76
6 months ago: $70,687.77
One year ago: $115,706.10
Five years ago: $42,707.03

Crypto remains somewhat relevant despite the Senate turning down a cloture vote on the CLARITY act this week. The act seeks to define currencies and/or financial assets in cyrpto-land, as if anybody in the real world actually cares. The danger comes in the form of stablecoins gobbling up the treasury market and reducing the national debt to an absolute laughing stock and US$ currency to even cheaper status.

And this is supposed to be good for the United States?

Precious Metals

Gold:Silver Ratio: 66.09; last week: 67.43

Futures, per COMEX continuous contracts:

Gold price 8/21: $4,661.60
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

Silver price 8/21: $69.01
Silver price 8/28: $67.09
Silver price 9/4: $66.82
Silver price 9/11: $65.02
Silver price 9/18: $66.79

SPOT: (stockcharts.com)
Gold 8/21: $4,609.49
Gold 8/28: $4,454.08
Gold 9/4: $4,429.45
Gold 9/11: $4,348.10
Gold 9/18: $4,377.63

Silver 8/21: $68.96
Silver 8/28: $66.34
Silver 9/4: $66.20
Silver 9/11: $64.48
Silver 9/18: $66.24

Gold and silver made gains over the week, rebounding sharply after being take down on the rate hike news. Still the safe haven of choice for people with brains, precious metals continue to be sold at what will look like bargain-basement prices in the not-so-distant future. Fiat currencies are being debased at an ever-increasing pace. There is no other reasonable refuge for protecting wealth.

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:	69.99	92.00	77.97	75.72
1 oz silver bar:	69.95	82.29	75.83	74.50
1 oz gold coin:	4527.21	4788.42	4641.27	4641.04
1 oz gold bar:	4542.85	4701.28	4600.34	4583.95

The Single Ounce Silver Market Price Benchmark (SOSMPB) lost ground during the week, ending at $76.01, a loss of $1.67 per troy ounce from the September 13 price of $77.68.

WEEKEND WRAP

The summer is just about over, so start putting away the beach gear and break out the boots. Markets are moving in ominous directions, with the major averages well off all-time highs and those record numbers beginning to look smaller and smaller in the rear-view mirror. The last record closes for the major indices were more than a month ago. Chances of breaking out between today and the midterms are slim, though one cannot fully ever discount the Wall Street ability to defy logic.

Stocks look to be trending sideways to lower and as long as interest rates at the long end continue to remain stubbornly high and inflation remains a problem, stocks don't appear ready to change that pattern.

At the Close, Friday, September 18, 2026:
Dow: 51,682.64, -95.40 (-0.18%)
NASDAQ: 26,522.54, +104.24 (+0.39%)
S&P 500: 7,650.50, +12.74 (+0.17%)
NYSE Composite: 23,998.76, -90.79 (-0.38%)

For the Week:
Dow: -890.65 (-1.69%)
NASDAQ: +189.51 (+0.72%)
S&P 500: +12.74 (+0.17%)
NYSE Composite: -332.80 (-1.37%)
Dow Transports: -549.17 (-2.66%)

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.

Stocks Bounce After Fed Rate Hike Decision Along with Gold and Silver; Tech Remains Preferred as Dow Sits in the Red

Stocks staged a broad rally just one day after the FOMC raised interest rates 25 basis points in action that seemed to be suspiciously-timed.

The one-day event moved the needle on stocks from negative toward positive for the week, though not sufficiently to get the Dow out of the doldrums. As of Thursday’s close, the 30 blue chips were down 795 points. The NASDAQ was up 85 points through the closing bell Thursday, while the S&P 500 remained down 19 points.

While it is obvious that Wall Street would have preferred the FOMC to keep rates at the prior levels or even lower the federal funds rate, there appears to be a contingent of traders and interests that could not care less.

Judging by Thursday's reaction rally, it's apparent that tech continues to lead, while stocks which provide dividend returns, such as many of the Dow stocks, are being unloaded because fixed income rates are approaching, or have exceeded, the returns on those stocks, without the attendant market risk.

Thursday also featured a meaningful bounce in precious metals as gold and silver both jumped during the day in the West and overnight into Friday. Gold recovered to as high as $4,400, and silver is holding steady around $66.50.

As the opening bell approaches, stock futures are diving, with only the NASDAQ, which operates under a completely different set of priorities and guidance, holding in positive territory.

Friday's trading should see a continuation of the tug of war between equity bulls and bears, though with the last two weeks providing sufficient clues on directionality, the bears appear to have the upper hand for a variety of reasons, not the least of which is the glaringly obious overvaluation in stocks overall.

Thursday's run-up was nothing more than a hissy fit staged by longs to offer the impression that the market can survive anything, even rate intervention by the now-hated Fed, which refuses to offer forward guidance and the opportunity to front-run rates.

Speaking of which, the 10-year is still yielding 4.98% and the 30-year bond, 5.31%. High rates are usually regarded as anathema for stocks.

At the Close, Thursday, September 17, 2026:
Dow: 51,778.04, +316.14 (+0.61%)
NASDAQ: 26,418.30, +439.88 (+1.69%)
S&P 500: 7,637.76, +85.95 (+1.14%)
NYSE Composite: 24,089.55, +155.41 (+0.65%)

After the Rate Hike: What Comes Next? Wall Street Set Up for Reaction Rally and Massive Dip-Buying; Crude Oil Lower; Gold, Silver Bid

Now that the Federal Reserve has made its stand against inflation public policy via its first rate hike in three years, raising the federal funds rate 1/4 of a percent, from 3.50-3.75% to 3.75-4.00% on Wednesday, the outlook for financial assets has become cloudier.

What comes next relies more on sentiment than actual facts on the ground. The Wall Street cognoscenti, in control of most of the money flows in and out of equities, will likely brush off the rate hike as little more than in blip in the overall market function. A quarter point hike isn't likely to upend the applecart, though outside developments in the Middle East and in the AI sector might give some pause to consider the general overvaluation of stocks.

A pushback rally on Thursday is a good possibility, especially after the late-day surge on the major indices Wednesday. Bargain hunters and dip buyers will be out in force. Stock futures are higher across the complex with Dow futures soaring (+660) with the opening bell due to ring in just a half hour. NASDAQ futures are up 450 and S&P futures show a 93-point rise.

It's not surprising to anyone at this point that Wall Street will whistle right past the Fed decision, though how long the party lasts is another question. The major indices are well off their all-time highs, stocks have been down seven of the past eight sessions through Wednesday, and the questions on inflation, gas prices, and the general conflict with Iran are far from resolution.

Right on cue, yields on the 10-year note and 30-year bond have fallen and WTI crude oil futures have dropped below $96/barrel.

Thursday morning's good news probably won't offset the damage done the previous few weeks to stocks, but when the big money sees a buying opportunity, retail investors seem to fall in line with enthusiasm. One bright side is an overnight rally in precious metals, with gold and silver both erasing losses from Wednesday.

What Washington does in advance of the midterms isn't likely to have much effect on stock prices. The next big event horizon is still a few weeks off, when third quarter earnings begin to release.

It's a trader's market at this point and the general feeling - at least for today - seems to be pointing towards ignoring inflation, Iran, and just about anything that might smell just a bit sour.

At the Close, Wednesday, September 16, 2026:
Dow: 51,462.14, -630.97 (-1.21%)
NASDAQ: 25,978.42, -3.15 (-0.01%)
S&P 500: 7,551.81, -33.92 (-0.45%)
NYSE Composite: 23,919.04, -209.42 (-0.87%)