Morning Commentary
Friday was a challenging session for the market, with mega-cap names slipping. Retailers were higher, including Walmart (WMT), which posted its financial results today.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancers |
935 |
1,619 |
|
Decliners |
1,875 |
2,656 |
|
New Highs |
198 |
228 |
|
New Lows |
15 |
64 |
|
Up Volume |
1.47 billion |
2.08 billion |
|
Down Volume |
2.32 billion |
3.11 billion |

Materials (XLB) continue to hint at a big move. It will be the largest beneficiary of IRA cash (see chart).


Sector Watch: Materials
The sector also got a spark from financial results from Vulcan Materials (VMC).

The S&P 500 Materials Sector (XLB) has zoomed past its 50-day moving average and could be on the cusp of a monumental breakout.
This sector has lots of value, which has seen lots of false starts but seems to have the wind in its sails now.

Today’s Session
Walmart (WMT) is out with results this morning that beat on top and bottom lines. International business is on fire and e-commerce is holding up well.
I broke out US comp sales, which continues to decline sequentially.
The biggest red flag is the average ticket without fuel was down 0.3%.
The stock is making a strong move ahead of the open.

More broadly, the market will open cautiously after an extra day might have had a sobering effect on some.
| Tweet |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
| 9/30/2026 1:35 PM | Waiting on Micron |
| 9/30/2026 9:42 AM | SALAD DAYS FOR SUPER INTELLIGENCE |
| 9/29/2026 1:38 PM | Weak Tone |
| 9/29/2026 9:35 AM | STRANGE DAYS INDEED |
| 9/28/2026 1:15 PM | A Soft Start to the Week |
| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
| 9/25/2026 1:21 PM | Diplomatic Hopes Set the Mood |
| 9/25/2026 9:38 AM | THE LEAD HORSES ARE BACK |
| 9/24/2026 1:20 PM | Yields Set the Tone |
| 9/24/2026 9:35 AM | TOO HOT? |
| 9/23/2026 1:09 PM | Rate Hike Fears |
| 9/23/2026 9:29 AM | RECORDS, RIVALS, AND THE RACE FOR AI |
| 9/22/2026 1:17 PM | Digesting Monday’s Rally |
| 9/22/2026 9:36 AM | A Strong Start to the Week |
| 9/21/2026 1:14 PM | Monday Momentum |
| 9/21/2026 9:33 AM | Tech Poised to Surge |
| 9/18/2026 1:32 PM | Yields Overshadowing Chip Strength |
| 9/18/2026 10:09 AM | REMEMBER 3D PRINTING? |
| 9/17/2026 1:29 PM | Bounce Back Thursday |
| 9/17/2026 9:45 AM | TIME FOR WARSH TO LEARN BLACKJACK AND BOXING |
| 9/16/2026 1:19 PM | Setting the Stage |
| More commentary archives | |
|
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|