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Good morning. Surprisingly, the Justice Department has a sense of humor. Operation Big Tuna, named for The Office (opens in a new tab), seized $225M stolen by a crypto scam ring. That's where it gets messy (opens in a new tab). An online gaming company says the wallets are actually its money, but hundreds of victims have filed competing claims. A judge still has to sign off before any payout moves. The government caught the fish. Now it needs to figure out how to serve it.
Top Idea
Why Growth Stocks Are Back on Wall Street’s Shopping List
Growth chasers have found their second wind. After months of lagging broader indexes, US growth stocks are drawing fresh attention as investors reassess earnings power, valuations, and ETF performance. Now comes the tougher call: which corner of growth has the most room left to run?
Re-engagement signal: Growth stocks trailed for months, then started showing signs that the selling had gone too far. The Vanguard S&P 500 Growth ETF holds artificial-intelligence leaders including Nvidia, Micron Technology, Microsoft, and Alphabet, along with payments names and health care innovators. Barron's noted that analysts expect companies in that growth ETF to deliver 18% annual earnings growth from the end of 2026 through 2028, twice the equal-weighted S&P 500 expectation.
- The growth ETF trades at just over 21 times (opens in a new tab) next-12-month earnings, only five points above the equal-weighted S&P 500.
- RBC strategist Lori Calvasina wrote that “the earnings backdrop favors Tech and the mega cap growth trade broadly,” supporting renewed interest.
ETFs Show Where Momentum Is Moving
ETF flows and recent performance point to broader demand for growth exposure. Actively managed funds targeting internet, disruption, and innovation themes are seeing particular interest. Morningstar found (opens in a new tab) that five of August 2026's 10 top-performing US equity ETFs were large-growth funds, with the category gaining 3.56% on average during the month.
- Large-cap growth ETFs rallied in August, with Baron First Principles ETF up 15.4% and Fidelity Disruptors ETF up 7.16%, versus the category’s 3.56% average.
- Mid-cap growth fund ARK Next Generation Internet ETF gained 15.04% in August, well ahead of the category’s 1.91% average.
Stock picker's warning: The biggest growth-stock winners still come with a catch. Momentum can disappear long before the earnings story does. NerdWallet’s September 2026 ranking (opens in a new tab) put Sandisk Corp first for one-year performance, with AXT Inc and CIENA Corp close behind. So while that makes selecting individual winners tempting, ETFs offer a way to spread the risk when market leaders lose steam. Growth is back on the menu, but investors still need to be picky about what they order.
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Large-Cap Recap
Energy Stocks Catch a Tailwind From Global Supply Shocks
War-driven supply disruptions in the Middle East have pushed Brent crude above $100 and boosted European natural gas prices. That pressure has helped drive the Energy Select Sector up more than 46% this year. Meanwhile, heightened demand for hard assets is drawing private capital into pipelines and production wells. US exporters such as Cheniere Energy and Venture Global are benefiting directly from higher global pricing. [Read (opens in a new tab)]
Diesel Pressures Set Up a Freight Recovery
Rising diesel costs are squeezing profit margins across the transport industry, yet analysts see an impending supply reset lifting carrier rates. Major firms such as J.B. Hunt Transport Services, Old Dominion Freight Line, and Knight-Swift Transportation have recently pulled back from prior highs. Meanwhile, tighter driver capacity and aging fleets are reducing available equipment. That dynamic could accelerate contract rate increases for surviving operators as the freight cycle turns. [Read (opens in a new tab)]
Nvidia and Palantir Team Up for AI Supply Chain Platform
Nvidia and Palantir Technologies unveiled an artificial intelligence supply chain platform combining Nvidia models with Palantir software. Nvidia is already testing the system internally to manage its extensive supplier network. Meanwhile, the companies are marketing the software to manufacturers and government agencies. That partnership expands Nvidia into industrial software while offering Palantir another channel into large commercial customers. Investors are awaiting details on future revenue potential. [Read (opens in a new tab)]
Market Pulse
Reddit, Inc.
RDDTThe social platform’s shares rose as August data showed accelerating user growth, fueled by a sharp rebound in its international audience.
The Cooper Companies, Inc.
COOThe medical device maker’s shares sank after weak fourth-quarter guidance and a decision to keep CooperSurgical overshadowed a narrow earnings beat.
Take-Two Interactive Software, Inc.
TTWOThe video game publisher’s shares climbed as investors refocused on GTA VI, its late-2026 release slate and expectations for record fiscal 2027 bookings.
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Markets & Economy
White House plans $500 Obamacare refunds ahead of midterms: The administration will issue direct-deposit rebates to 1M Americans using federal health exchanges. Officials said the funds stem from $500M in excess user fees collected during the previous administration. [Read (opens in a new tab)]
Wholesale prices accelerate on energy costs: US producer prices rose 0.4% in August as energy prices jumped 4.2% following renewed oil pressure. The annual PPI rate accelerated to 5.4%, keeping pressure on the Fed ahead of its upcoming meeting. [Read (opens in a new tab)]
Existing home sales hit 14-month low: US existing home sales fell 2% in August to an annual rate of 3.98M units as elevated mortgage rates continued to weigh on buyers. Inventory improved during the month, but home prices still climbed to a new record. [Read (opens in a new tab)]
Business & Tech
CoreWeave can’t keep up with AI chip demand: CoreWeave says every Nvidia GPU it can secure could be sold to multiple customers. The shortage underscores how AI infrastructure demand is still outrunning available computing capacity. [Read (opens in a new tab)]
Kalshi expands beyond prediction markets: Kalshi launched perpetual futures tied to gold and silver after receiving regulatory approval. The move pushes the platform deeper into traditional derivatives and adds pressure on established exchanges like CME Group and Cboe. [Read (opens in a new tab)]
Macy’s raises outlook as luxury banners outperform: Macy’s lifted its 2026 forecasts after stronger sales at Bloomingdale’s and Bluemercury. Shares fell as turnaround investments are expected to produce a wider current-quarter loss despite improving underlying demand. [Read (opens in a new tab)]
Chart
Digit of the Day
S&P 500 Profit Forecasts Jump 32% As Wall Street Chases The Rally
Wall Street suddenly agrees on one thing — the earnings are that good. Profit forecasts for the S&P 500 have surged to 32% this year (opens in a new tab), a third higher than analysts penciled in before summer. Now, strategists are racing to lift their year-end targets... before the market gets there first.
- HSBC made the boldest call, lifting its target from $7.65K to $8.10K (opens in a new tab) — while Barclays raised its own to $7.95K from $7.80K.
- In Q2, 86% of firms topped estimates (opens in a new tab), the best rate since 2021 — powered by AI names like Amazon and Alphabet.
Not so fast: Despite the bullish targets, RBC sees real risk of a 5-10% pullback. The bank points to September's historically rough stretch (opens in a new tab), AI backlash creeping into midterm campaign issues, and a war in Iran still without a peace deal. Nvidia is feeling the strain too, warning that surging memory costs will squeeze margins ahead. Even so, RBC calls the guidance risk "elusive," since most 2027 EPS growth forecasts are still rising. Wall Street is bracing for turbulence, but nobody's betting the earnings story breaks first.
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