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Good morning:.

Following a rather calm open to the trading day, stocks turned downward mid-morning with the tech-heavy Nasdaq falling the most.  But there doesn’t seem to be a published major announcement behind the move.  Maybe investors are just taking a break.

And a break might be healthy … as the first article below points out there has been (as Bank of America phrases it) a “stock-fueled retirement party” … as some have looked at stock returns and decided to retire early … assuming any storm clouds in the distance won’t head their way (my metaphor).

For those still in the work force?  A degree of concern exists as a Statista survey showed 41% of respondents feel … thanks to AI … millions of jobs will be lost and 23% think their own job might be in jeopardy.  In this regard, Virtual Capitalist posted its own result after asking U.S. economists what they see as the biggest downside risks to the U.S. economy … and higher inflation (24%), energy prices (35%) and Geopolitical issues (47%) did not hold the top spot but, instead, “AI Investment Correction” was a concern of 59%.

The Trump Administration … possibly realizing mid-terms are fast approaching … tossed out the idea of banning the export of diesel for the moment in the attempt to bring record prices down here in the U.S. … but a number of economists are questioning the move, according to CBS News, claiming the U.S. already produces more than it uses (exporting the excess) and such a move would cause the price across the globe to jump, instead of fall.

But the administration is realizing something just has to be done as it does not appear we are keeping price increases in check … as mortgage rates climb above 7% and Fed Governor Michael Barr yesterday in a speech in Chicago publicly announced that more rate hikes are needed as “… risks to achieving our inflation target have increased …”   Yikes.

Okay, that’s enough for me today as I want to take my eyes off the market for a while and prepare some quant-related problems for a class tomorrow.

I really do prefer when the finance course I teach has a lot of math in that day’s lesson … as I find mathematics to be much more rewarding than teaching something like English

… after all …

… as the saying goes …

… fractions speak louder than verbs.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

New and want to subscribe to Wit & Wisdom? Subscribe here   A Look At The News | September 23, 2026 As of 11:01 AM today … There is a lot of joy surrounding recent stock records … but it comes with a degree of concern as some act as if equities will continue to shine … with no plan for a rainy day (CNBC) https://www.cnbc.com/2026/09/21/stock-gains-fuel-retirements-among-older-workers-economists.html   To afford a new home, some borrowers are opting for riskier mortgages … either not knowing or ignoring lessons learned during the housing crisis (CNBC) https://www.cnbc.com/2026/09/23/nearly-10percent-of-borrowers-opted-for-riskier-mortgages-last-week.html   Discussions are being held to quickly ban diesel exports … one of many ways thought to calm nerves before the mid term elections … but it could come back to haunt us (Time) https://time.com/article/2026/09/23/diesel-export-ban-pump-prices-trump-energy/   We often consider older folk as being a bit forgetful (and sometimes more than a bit) but some stay mentally sharp even as they have very long lives (DiscoverWildScience) https://discoverwildscience.com/scientists-just-discovered-how-some-brains-dont-slow-down-with-age-some-superagers-stay-sharp-2-392582/   Let’s see … we had meat … then lettuce … and now pasta? There seems to be some tainted spaghetti in the Walmart aisles … and you need to wonder if other stores are affected (DailyMail) https://www.dailymail.com/health/article-16151191/pasta-walmart-recall-listeria-fears.html   … but of even more concern is something that seems contained for now … measles … as this highly contagious disease could soon make its way into the headlines (FoxNews) https://www.foxnews.com/health/worlds-most-contagious-virus-hits-major-us-airport-officials-warn-possible-exposure The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.