Investment Review №355. The Rally Isn't for Everyone

29.09.2026 — 7 670

• Carnival's Q3 results beat expectations, with EPS at $1.43 and revenue reaching a record $8.44bn. Improved profitability and cost containment more than offset a 36% rise in fuel costs.

 

30.09.2026 — 7 651

• Micron's Q4 results and guidance beat expectations on stronger memory pricing. The company expects the supply deficit to deepen in 2027-28, although capacity expansion is driving higher costs.
• August core PCE inflation came in at 0.245% MoM vs. 0.3% expected. Following prior-period revisions, the YoY rate eased to 3.0%, tempering concerns around underlying price pressures.

 

01.10.2026 — 7 666

• Nike reported a 4.3% YoY decline in quarterly revenue to $11.21bn, below expectations. Weak FY guidance triggered an ~8% selloff, taking shares to their lowest level since 2013.

 

02.10.2026 — 7 722

• U.S. payrolls increased by just 29k vs. 90k expected, while unemployment came in at 4.18%. A downward 66k revision to prior data added to evidence of a weakening labor market.

 

05.10.2026 — 7 773

• The U.S. ISM Services PMI fell to 54.9 in September from 55.4. The reading remains above the 50 threshold, signaling continued expansion in the sector despite a slowdown in activity.