Gary Black(@garyblack00):US stocks were mixed pre-market as the global bond selloff intensified and a rebound in oil prices offset AI strength. Brent rose 2.2% to $100/bbl and the 10-year yield hit 5.33%, its highest level since 2002. Bitcoin fell and gold was flat. Yesterday’s August PCE came in below forecasts; September payrolls are due Friday. $MU beat and guided higher on AI memory demand, but shares slipped on cycle worries, while peer memory chip manufacturers rose as did $GOOG as its flagship Gemini 4 Argon AI model began rolling out. S&P 2026 EPS estimates imply a 20.9x P/E and 4.8% earnings yield, at the highest level of inversion versus Treasury yields since the late-1990s/2000s dot com peak. $TSLA looks extended at a 225x 2026 P/E vs +45% long-term forward EPS growth amid negative EPS revisions and commoditization of unsupervised autonomy. For greater detail see my daily pre-mkt summary for Subscribers.

2026.10.01 09:33

US stocks were mixed pre-market as the global bond selloff intensified and a rebound in oil prices offset AI strength. Brent rose 2.2% to $100/bbl and the 10-year yield hit 5.33%, its highest level since 2002. Bitcoin fell and gold was flat. Yesterday’s August PCE came in below forecasts; September payrolls are due Friday. $MU beat and guided higher on AI memory demand, but shares slipped on cycle worries, while peer memory chip manufacturers rose as did $GOOG as its flagship Gemini 4 Argon AI model began rolling out. S&P 2026 EPS estimates imply a 20.9x P/E and 4.8% earnings yield, at the highest level of inversion versus Treasury yields since the late-1990s/2000s dot com peak. $TSLA looks extended at a 225x 2026 P/E vs +45% long-term forward EPS growth amid negative EPS revisions and commoditization of unsupervised autonomy. For greater detail see my daily pre-mkt summary for Subscribers.