Thursday, September 10, 2026

Market Regime: NEUTRAL QNTM's macro overlay sits in neutral territory — no strong tailwind or headwind signal, consistent with a market pinned between inflation risk and steady growth data.

Conviction: 48.8/100 A composite near the midpoint, with only 2.6% of the 1,422-name universe screening "high conviction" — the model sees a broadly balanced, low-clarity tape rather than a clear directional edge.

On the calendar today

August Producer Price Index data is due at 8:30 am ET, with headline PPI M/M estimated at +0.4% (prior 0.0%) and Y/Y +5.3%; core PPI M/M est. +0.3%, Y/Y +4.6% . Weekly initial jobless claims and August existing home sales are also scheduled for release this morning . The European Central Bank holds its policy meeting later this morning, with a rate hike widely expected . The FOMC's pre-meeting "quiet period" continues through September 17 ahead of the Sept. 15–16 meeting . Corporate news flow includes Wealthfront's Q2 report, an Axogen acquisition announcement, and an FDA-related setback for Biohaven.

Overnight & premarket

Futures are mixed after Wednesday's third straight decline — Dow +125 (0.24%), S&P +0.09%, Nasdaq -0.21% . Treasury yields have climbed to 3-year highs, with the 10-yr above 4.85%, while Brent crude sits above $102/bbl amid ongoing U.S.-Iran tensions .

What to watch 1) PPI surprise vs. elevated inflation expectations heading into Friday's CPI; 2) ECB decision and any spillover to rates/dollar; 3) Oil/yield trajectory — both near multi-year highs and a persistent drag on risk appetite.

Educational research, not investment advice.