Energy Alone Holds Green as PPI Looms, Qualcomm Lands $60B Deal

🔴 MACRO SNAPSHOT

• Producer Price Index for August is due at 8:30 AM ET today, alongside weekly jobless claims and existing home sales; CPI follows Friday — the pair sets up the last data points before the Sept 15-16 FOMC.
• Reports indicate Canada moved ahead with retaliatory tariffs on select US goods effective Sept 8, matching Washington's Section 232/338 rates dollar-for-dollar — the trade fight with Ottawa keeps widening.
• Overnight reporting says NATO deployed military aviation assets into Polish airspace after Russia launched roughly 149 drones at western Ukraine, with Ukrainian forces claiming 128 intercepted.
• Fed funds holds at 3.50%-3.75% ahead of next week's meeting.

🔄 SECTOR ROTATION

Winners: Energy (XLE) +0.83%, Technology (XLK) flat at 0.00%. Losers: Industrials (XLI) -1.51%, Consumer Discretionary (XLY) -1.34%, Utilities (XLU) -1.17%, Consumer Staples (XLP) -1.15%. Energy was the only sector to close green; even the usual defensive plays — staples, utilities — sold off alongside cyclicals, a spread that doesn't look like a clean risk-off or risk-on session ahead of today's inflation print.

📈 BONDS

10-year at 4.80%, 2-year at 4.39%. The 10y-2y spread sits at 0.40pp, down 0.01 from the prior session — still positive but compressing slightly as the curve waits on PPI and Friday's CPI.

🛢️ COMMODITIES

Gold $4,393.86, +1.01%. Silver $67.19, +2.46% — both metals extending gains even as broader equities sold off, consistent with a defensive tilt into the inflation prints.

💎 CRYPTO

Bitcoin $78,281.65, -0.21%. Ethereum $2,467.5, -0.70%. Both roughly flat overnight; separately, an industry analysis flagged up to 2 million bitcoin sitting idle behind a 32% tax bill as yield strategies compress and institutional products reshape the space 76.

📊 EARNINGS MOVERS

ADBE reports today, EPS estimate $6.08 — result not yet in. Upcoming: FDX reports 2026-09-17, EPS estimate $4.21.

🎯 NOTABLE SIGNALS

• META surged 6.55% to $653.69 after launching Muse, a personal AI agent that can shop, book travel and manage calendars; Morgan Stanley pegs the AI-agent market near $30 trillion 30.
• TTAN (ServiceTitan) fell 30% despite beating Q2 estimates and raising full-year guidance, after Q3 sales guidance disappointed and a law firm opened an investigation into disclosures 4534.
• GE agreed to buy Consolidated Precision Products for $11.75 billion to expand aerospace and defense casting capacity 66.
• SPCX (SpaceX) faces a Sept 30 deadline to deliver 110,000 Nvidia GPUs to Google under a $920M/month contract after reports of AI data centers running without backup power for months 42.

💡 MY TAKE

Energy's lone green print stands out against a broad, unexplained slide across cyclicals and even defensives — worth watching whether that's simply pre-PPI positioning or the start of something firmer. Tech's flat close is notable given the steady drumbeat of AI-infrastructure headlines (Qualcomm-Amazon, Dell/HPE server strength); if the group can't extend on good news, that's a read-through worth tracking into today's data.

Sector	Lean	Rationale
Energy	🟢	Only sector positive on the session
Technology	🟡	Flat despite fresh AI-capex headlines (Qualcomm's $60B Amazon deal)
Industrials	🔴	Worst sector loser at -1.51%
Consumer Discretionary	🔴	-1.34%, among the day's weakest

Bottom Line: A quiet-on-the-surface session masks a fairly indiscriminate risk-off tape heading into PPI, with only energy holding up and gold/silver both bid — a setup that leans cautious until the inflation data clarifies the picture. Signal over noise.

👁️ NAMES TO WATCH TODAY

QCOM (Qualcomm Inc.) — Landed a $60 billion AI data-center chip supply deal with Amazon, including $4B in warrants, marking a pivot from smartphones toward data-center revenue 77. AMZN (Amazon.com Inc.) — Partnered with Qualcomm on the $60B chip deal, another data point in Amazon's expanding AI-capex commitments 77. SWMR (Swarmer Inc.) — Agreed to acquire Ukrainian UGV maker Ratel Robotics for up to $224 million, adding combat-proven ground vehicles to its autonomy suite 5. BTGO (VerifiedX) — Raised $15 million led by Cantor Fitzgerald to build institutional Bitcoin custody, exchange listings and vBTC lending 75. MSFT (Microsoft Corp.) — Proofpoint extended AI-driven Prism Investigator to Microsoft 365, deepening insider-risk visibility across human and AI communications 6. GOOG (Alphabet Inc.) — AI Labs integrated Google's Gemini into its AIV chatbot, building an analytics platform for crypto and tech-stock research 11. ADBE (Adobe Inc.) — Reports today with EPS estimate $6.08; separately named in a forecast for an $18.24B digital-provenance market by 2035 tied to AI-content authentication 43. NVDA (NVIDIA Corp.) — Cited in AI Labs' Gemini-powered platform as underlying compute for AI workloads, part of the broader AI-infrastructure demand thread 11. KMDA (Kamada Ltd.) — CEO to present at the H.C. Wainwright Global Investment Conference Sept 15, spotlighting its plasma-derived therapy pipeline 1.