Let's get to the broader market ahead of tomorrow's Fed decision. Joining us now is Piper Sandler chief investment strategist Michael Cananteritz. Michael was ranked Excel's top portfolio strategist for the second year in a row.Michael, thank you for joining us. So, so do you expect the gains this year to continue through the end of the year and into next. >> Yeah, I I think you know we remain constructive on the market.I think the difference is going to be the leadership. you know, in the summer from the A ...

Market Performance - U.S. stocks traded higher, with the Dow Jones index gaining approximately 0.1% on Monday, closing at 45,856.77. The NASDAQ rose 0.75% to 22,307.16, and the S&P 500 increased by 0.37% to 6,608.41 [1] - Consumer discretionary shares experienced a significant increase of 1.9%, while health care stocks fell by 0.5% on the same day [1] Economic Indicators - The New York Empire State Manufacturing Index declined to -8.7 in September, down from 11.9 in August and below market estimates of 5 [2][10] Commodity Market - In commodity news, oil prices rose by 1% to $63.31, while gold increased by 0.3% to $3,698.80. Silver saw a slight decrease of 0.1% to $42.810, and copper rose by 1% to $4.6975 [5] European Market - European shares were mostly higher, with the eurozone's STOXX 600 rising by 0.47%. Spain's IBEX 35 Index increased by 0.63%, while London's FTSE 100 fell by 0.01%. Germany's DAX 40 gained 0.27%, and France's CAC 40 rose by 1.05% [6] Asian Market - Asian markets closed mostly mixed, with Hong Kong's Hang Seng rising by 0.22%, China's Shanghai Composite falling by 0.26%, and India's BSE Sensex declining by 0.15% [7] Company News - Check-Cap Ltd. (CHEK) shares surged by 261% to $2.68 following a definitive merger agreement with MBody AI. Helius Medical Technologies, Inc. (HSDT) shares increased by 161% to $19.70 after announcing a $1.25 billion SOL-backed treasury strategy with an oversubscribed PIPE offering at $6.88 per share [9] - Robo.ai Inc. (AIIO) shares rose by 43% to $2.0850 after signing a joint venture agreement to establish Robo.ai Industrial City in Dubai [9] - aTyr Pharma, Inc. (ATYR) shares dropped by 81% to $1.1694 after failing to meet primary endpoints in a Phase 3 study [9] - Avidity Biosciences, Inc. (RNA) shares fell by 7% to $41.68 following a filing for an offering of 15 million shares of common stock [9] - The Hain Celestial Group, Inc. (HAIN) shares decreased by 26% to $1.5894 after reporting worse-than-expected fourth-quarter financial results [9]

Group 1 - Copper prices reached their highest level in over a month, supported by positive manufacturing data from China and a weaker dollar [1][9] - Three-month copper on the London Metal Exchange (LME) was down 0.2% at $9,886 per metric ton after hitting $9,947, the highest since July 24 [1] - LME copper has increased by 12% this year, rebounding from $8,105 in early April, which was the lowest in over 16 months [1][6] Group 2 - A private sector survey indicated that China's factory activity in August expanded at the fastest pace in five months, driven by rising new orders [2] - The overall macro and cyclical conditions in China are improving, which is expected to positively impact final demand [2] - Chinese equities have also shown strong performance, reflecting broader market positivity [4] Group 3 - Concerns about US tariffs are dampening factory activity in other parts of Asia, which may affect metals markets [5] - The dollar index fell to a five-week low, influencing commodity prices for buyers using other currencies [7] - A weaker dollar makes commodities priced in US currency cheaper for international buyers, impacting overall demand [8]

Economic Activity - China's manufacturing activity unexpectedly contracted in July [1] Market Concerns - The contraction adds to worrying signs about the Chinese economy [1]

Economic Outlook - Asia's manufacturing activity slowdown deepened in June, signaling a warning for the region's growth prospects [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **US Economics** sector, specifically focusing on **durable goods orders** and **manufacturing activity**. Core Insights and Arguments 1. **Durable Goods Orders Decline**: Durable goods orders fell by **6.3% MoM** in April, which was a smaller decline than the consensus expectation of **-7.8%** but aligned with Citi's estimate of **-6.1%**. This decline was primarily due to weakness in transportation goods orders, while durable goods orders excluding transportation saw a modest increase of **0.2%** after a contraction in March [3][6][4]. 2. **Core Capital Goods Orders**: Core capital goods orders (nondefense excluding aircraft) experienced a significant decline of **1.3% MoM**, with shipments of core capital goods falling slightly by **0.1%**. However, shipments of nondefense capital goods including aircraft rose by **3.5%**, indicating some support for business equipment investment in GDP [4][6][7]. 3. **Impact of Tariffs**: The call highlighted that strong aircraft orders in March may have been a result of buyers locking in prices before anticipated tariff-related increases. The expectation is that tariffs will continue to weigh on manufacturing activity and business investment in GDP into the second half of the year [1][5][6]. 4. **Volatility in Manufacturing Activity**: There is an expectation of continued volatility in manufacturing activity data due to tariff delays, which may lead to more front-loading of activity in the coming months. However, the overall sentiment is that uncertainty surrounding tariffs will negatively impact manufacturing [5][6]. 5. **Weakness in Orders**: The decline in core capital goods orders is seen as a proxy for underlying investment demand. Continued weakness in these orders is expected to lead to a further pullback in shipments in the coming months, which would negatively affect business equipment investment in GDP [7][4]. Additional Important Information - The report emphasizes the potential conflict of interest due to Citi Research's business relationships with companies covered in its reports, advising investors to consider this when making investment decisions [2][13]. - The analysts responsible for the report certify that their views accurately reflect their personal opinions and were prepared independently [12]. This summary encapsulates the critical insights from the conference call, focusing on the current state of the US durable goods orders and the implications for the manufacturing sector.