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Get Smart. · ANGLES.

• 0:01
  SPEAKER_00: Get Smart.
• 0:03
  SPEAKER_00: My Weekly Market Review, September 6th, 2026.
• 0:08
  SPEAKER_00: The shortage of any important news over the weekend was highlighted by the fact that
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  SPEAKER_00: the story of Trump's Lake Ontario stunt grabbed the headlines even as polls emerged
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  SPEAKER_00: to show that two-thirds of Americans do not approve of his tariff policy with
• 0:23
  SPEAKER_00: the midterms around the corner.
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  SPEAKER_00: This is in stark contrast to Canada,
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  SPEAKER_00: where the more that Prime Minister Carney sticks it back to the US,
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  SPEAKER_00: the more popular he becomes with his electorate.
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  SPEAKER_00: Those opposing political dynamics will definitely have an impact on
• 0:39
  SPEAKER_00: the short-term trajectory of the US-Canada relationship.
• 0:44
  SPEAKER_00: A resumption of US strikes in the Strait of Hormuz and
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  SPEAKER_00: the inevitable Iranian response triggered an oil price bounce and
• 0:51
  SPEAKER_00: a moderate stock sell-off on the final trading day of August on Monday.
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  SPEAKER_00: Nonetheless,
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  SPEAKER_00: the month still proved to be a positive one for the S&P 500 and the NASDAQ indexes,
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  SPEAKER_00: which both enjoyed their best Augusts since 2021.
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  SPEAKER_00: Interest rates jumped across the board,
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  SPEAKER_00: with the probability of a Fed funds rate increases before year-end continuing
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  SPEAKER_00: to rise.
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  SPEAKER_00: The highly impactful 10-year rate surpassed 475 for the first time in 20 months,
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  SPEAKER_00: and the mortgage rates reached another 2026 peak.
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  SPEAKER_00: The global bond route deepened on Tuesday as long-term interest rates around
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  SPEAKER_00: the world reached more multi-decade highs on growing inflation fears.
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  SPEAKER_00: Long-term rates in the U.S.
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  SPEAKER_00: rose back above where they were when Treasury Secretary Besant made his clumsy
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  SPEAKER_00: and visibly unsuccessful intervention attempt to bring them down just a couple
• 1:47
  SPEAKER_00: of weeks earlier.
• 1:50
  SPEAKER_00: September is historically the worst month of the year for stocks,
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  SPEAKER_00: and everything that did well in August,
• 1:56
  SPEAKER_00: Bitcoin, gold, and stocks, fell hard as the calendar flipped over.
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  SPEAKER_00: Pretty much the only thing that moved higher on what was a rough day all around
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  SPEAKER_00: for global financial markets was the price of oil,
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  SPEAKER_00: despite Trump's dismissal of the enduring conflict,
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  SPEAKER_00: which is rapidly depleting US military hardware, as just a little war.
• 2:18
  SPEAKER_00: Dell impressed Wall Street with its Q2 earnings, and the stock surged on Wednesday.
• 2:24
  SPEAKER_00: Exchanges of fire intensified in Iran, further spiking oil prices back above $95.
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  SPEAKER_00: U.S. interest rates,
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  SPEAKER_00: however,
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  SPEAKER_00: finally took a breather from their seemingly relentless march higher,
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  SPEAKER_00: and the stock indexes closed lightly in the green for the session.
• 2:43
  SPEAKER_00: With attention starting to turn to Friday's unemployment numbers,
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  SPEAKER_00: interest rates pulling back from recent highs,
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  SPEAKER_00: following FOMC voting member Christopher Waller's surprise comments
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  SPEAKER_00: that he saw promising signs of disinflation,
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  SPEAKER_00: and no coherent or credible developments in the war or tariffs,
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  SPEAKER_00: stock indexes seem comfortable moving very solidly higher on Thursday,
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  SPEAKER_00: although chipmakers continue to flounder.
• 3:12
  SPEAKER_00: On Friday,
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  SPEAKER_00: we got to see the August jobs report,
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  SPEAKER_00: which showed a sharp reversal from the previous month's shockingly bad release,
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  SPEAKER_00: with job creation crushing estimates this time around,
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  SPEAKER_00: but the overall unemployment rate holding at 4.1%.
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  SPEAKER_00: The good news for US workers was not so great for stocks,
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  SPEAKER_00: as the data was deemed to somewhat increase the chances of one
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  SPEAKER_00: or two Fed funds rate hikes this year.
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  SPEAKER_00: Weirdly,
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  SPEAKER_00: Trump reacted by citing the blowout report in a bizarre social media post
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  SPEAKER_00: to further pressure the Fed to lower interest rates,
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  SPEAKER_00: which of course is contrary to all established sensible economic theory.
• 3:55
  SPEAKER_00: If the voting members of the FOMC don't get smart and be patriots,
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  SPEAKER_00: he said,
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  SPEAKER_00: he will cut off trade with each of the estimated 97 countries around the world,
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  SPEAKER_00: including China, Mexico, Germany, and Japan, that have a trade surplus with the US.
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  SPEAKER_00: The combination of increased likelihood of Fed rate hikes
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  SPEAKER_00: and Trump's outlandish threats initially sent stocks spinning lower
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  SPEAKER_00: before gradually clawing their way back to finish the day largely unchanged.
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  SPEAKER_00: Over the course of the week,
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  SPEAKER_00: the S&P 500 and NASDAQ 100 large cap indexes,
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  SPEAKER_00: US small caps and international stocks all made gains.