US markets return today after the Labor Day holiday. Investors come back to a busy week of earnings, elevated Treasury yields, and persistent pressure on consumer names.
Treasury yields are back in the spotlight. Economist Robin Brooks flagged that the real problem in the Treasury market is "worse than meets the eye," with weak economic data colliding with supply pressure. Big Tech's AI debt binge is adding to the strain. META and AMZN are now issuing so much debt they rival the US government in the market. Treasury Secretary Scott Bessent added further noise, predicting oil could fall to $40–$50 once the Iran conflict ends. Energy Secretary Chris Wright countered that gas prices are "more likely to go down than up" despite hitting record highs this Labor Day weekend.
Chewy leads the bearish pile-on. Short interest sits at 52.3% of free float. Wix.com saw its SI jump 6.2 percentage points in a week to 17.8%. remains extreme at 75.3%, with zero borrow available.
NVDA board member Mark Stevens filed $411M in sales over three days. It is one of the largest insider disclosures seen in recent weeks. No 10b5-1 plan has been confirmed.
Oracle and RH report Thursday. Kroger follows Friday. Analysts upgraded ADSK and MCO this week, while Computacenter posts UK half-year results.
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