Macro Update & Top Ideas - September 2026
Key Topics
The Fed hiked. Here’s what Fundstrat is watching now.
The Fed just raised rates for the first time since 2023 and signaled more hikes could follow. Inflation is running hot, yields are moving, and the headlines say the easy part of this market is over.
On Wednesday, Tom Lee explained why “max hawkish” may not mean what the market thinks, flagging two data points that could shift the conversation within two weeks: the first Core PCE print under the new methodology on September 30, and the September jobs report on October 3.
Then Mark Newton ran live technicals on Fundstrat’s refreshed Top 5 and Bottom 5 ideas, across two lists: large caps and SMID caps.
Beyond the stock lists, Tom and Mark also covered:
• The six factors Tom is weighing most for stocks right now, and why he still sees 2026 playing out in three phases
• The 2027 earnings picture, and why profits and valuations can move in opposite directions
• How Fundstrat is reading the AI trade, why space could extend it, and what has changed in crypto
• The key levels Mark is watching on the major indexes heading into Q4
Panel of Speakers
Thomas Lee, CFA AC
Head of Research
Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top-ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services. Mr. Lee received his BSE from the Wharton School at University of Pennsylvania with concentrations in Finance and Accounting. He is a CFA charterholder and is an active member of NYSSA and the NY Economic Club.
Mark L. Newton, CMT AC
Head of Technical Strategy
As former managing member/owner of Newton Advisors LLC, Mark has over 25 years of buy- and sell-side experience. Before Fundstrat, he worked at Diamondback Capital Management, and at Morgan Stanley, as a technical strategist. Mark has traded equity options as a market maker / floor trader on the CBOE, and has worked in risk management. He is a member of the Market Technicians Association, and former member of the CBOE, CBOT, and PHLX. He makes regular appearances on CNBC, FOX Business, and Bloomberg. Mark graduated with a BS in Finance from Virginia Tech in 1991, obtaining his Chartered Market Technician designation in 2002.
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