Sunday, October 4, 2026

The week of September 28 – October 2 ended with the most consequential labor data shock of the cycle: September nonfarm payrolls printed +29,000 against an 84–90K consensus — a significant miss — with August revised from +162K to +133K and July flipped from positive to −10,000, stripping 60,000 jobs from the prior two months; unemployment rose to 4.2% and wage growth decelerated to +0.1% M/M / +3.0% YoY. The immediate market verdict was a dovish relief rally — S&P 500 closed +0.7% on Friday to 7,722.72, Nasdaq +1.2% with Nvidia leading to an intraday record, VIX fell to 15.31 — but the week's full complexity is not captured by Friday's move: ISM Manufacturing Prices Paid surged to 77.9 on Thursday (highest since the start of the Iran war, +6.8 pts), creating a stagflationary signal that simultaneously eliminates the October FOMC hike and keeps December alive; Conference Board Consumer Confidence collapsed to 81.9 (12-year low) on Tuesday; and a Kuwait-flagged tanker was struck by a projectile in the Strait of Hormuz on October 1, confirming the triple chokepoint is not a static condition but an actively escalating one. The S&P 500 finished the week −0.3% from the prior Friday close (7,743.41 → 7,722.72), a deceptively muted print for a week that contained Q3's final PCE (+0.2% M/M, YoY +3.0%), GDP's upward revision to +2.2% SAAR, and two apex events — PCE and NFP — that together define the October 27–28 FOMC as a clear hold and December as the active hike gate.

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1. Sunday Futures Open (6 PM ET)

Three forces shape the Sunday open: the NFP-miss dovish rotation that drove Friday's +0.7% S&P rally (October hike probability collapsed to ~17% (CME FedWatch), down from ~70% the prior week — effectively a hold base case but not statistically zero) provides the constructive carry-in; the Kuwait tanker strike on October 1 and US Defense Secretary Hegseth's "ironclad" blockade framing over the weekend restores Hormuz risk premium, bidding oil and gold; and the FOMC Minutes on Wednesday October 7 — the first look inside the September committee's deliberations since the hike — will be the week's primary event and the key binary for whether the "December hike" dot retains full committee support after the NFP shock. Net Sunday bias: slight equity upside carry from Friday, oil mildly higher on tanker news, gold supported by dual floor (lower rates + geopolitical). Verify all levels before trading.

Oil, Gold & Safe Havens — Sunday Opening Bias

What to watch at 6 PM ET Sunday: Three forces organize the open: (1) Kuwait tanker strike October 1 — Brent/WTI futures should open with a modest bid as Hegseth's "ironclad" blockade framing eliminates any near-term Hormuz off-ramp; (2) NFP +29K dovish carry — equities opened the weekend in a constructive posture with October hike probability ~17% (CME FedWatch), effectively a hold base case; (3) ISM Services PMI Monday 10 AM — if the services sector mirrors the manufacturing sector's Prices Paid surge (77.9), the stagflationary signal intensifies and FOMC Minutes Wednesday becomes a more complex event for equities. Monday's ISM Services (10:00 AM ET) is the session's dominant macro catalyst.

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2. Weekend Developments

NFP September: +29K vs. 84–90K Consensus — October Hold Now the Base Case

Friday October 2's September employment report was the cycle's most consequential single data miss: nonfarm payrolls rose just 29,000 vs. an 84–90K consensus (BofA's prior Street low was ~60K), with August revised from +162K to +133K and July revised from a positive figure to −10,000 — total revisions stripping 60,000 jobs from the prior two months. Unemployment rose to 4.2% (from 4.1%), driven partly by new labor force participants. Average hourly earnings increased just 5 cents (+0.1% M/M), with YoY wage growth decelerating to +3.0%. Healthcare (+17K) and construction (+11K) were the sole meaningful positive contributors; manufacturing added only +9K.

Market implication: Friday's +0.7% S&P rally and Nasdaq's +1.2% surge (Nvidia leading to an intraday record) reflect the market's immediate verdict: October hike probability collapsed to ~17% (CME FedWatch), down from ~70% the prior week — effectively a hold base case but not statistically zero. The structural complexity: the NFP miss landed simultaneously with Thursday's ISM Prices Paid 77.9 — weak jobs + elevated prices = stagflationary. fomc_announcement transitions from "October hike live" to "December hike calibration" mode. nfp_momentum activates on the sub-50K print. unemployment_momentum activates on the 4.2% unemployment rate.

ISM Manufacturing Prices Paid: 77.9 — The Stagflationary Signal Within the Beat

Thursday's ISM Manufacturing PMI printed 54.5 (vs. 54.8 consensus) — essentially unchanged from August's 54.6, confirming expansion for the ninth consecutive month — but the report's critical sub-index was Prices Paid: 77.9, up 6.8 points, the highest since the start of the Iran war. The surge was attributed to: (1) higher steel and aluminum costs rippling through supply chains; (2) tariffs on imported goods; (3) rising petroleum-product costs tied to the Middle East conflict. New Orders improved to 55.3 (+1.6 pts from 53.7); Employment accelerated to 52.7 (+1.5 pts from 51.2).

Market implication: ISM Prices Paid at 77.9 is the week's most important number for the Fed's FOMC Minutes (due Wednesday October 7). Even with October now a hold, a committee that saw 77.9 Prices Paid in the same week as a +29K NFP print faces a genuine stagflationary dilemma: the December dot remains live because inflation pressures have not resolved. warflation_hedge thesis is now explicitly visible in the manufacturing supply chain — the Iran war's oil price impact is flowing through to upstream industrial costs at an accelerating rate. The ISM Services Prices Paid component (due Monday) is the most important follow-on read.

Kuwait Tanker Strike — Hormuz Escalation Continues Actively

A Kuwait-flagged tanker was struck by a projectile in the Strait of Hormuz on October 1, with five Indian nationals among those rescued. The incident reflects the ongoing pace of hostilities in the strait: approximately 30 drone attacks and 10 anti-ship missile attacks per week against commercial shipping since August, with IMF PortWatch recording only ~1 vessel transiting per day versus a pre-crisis baseline of 85. US Defense Secretary Hegseth characterized the American naval blockade as "ironclad" over the weekend. Iran has set seven conditions for reopening the strait. The Saudi East-West Pipeline is operating at approximately 80%+ of pre-attack capacity (~6M bpd vs 7M bpd max), having recovered faster than expected following the September 11 drone strikes.

Market implication: The Kuwait tanker strike is the weekend's most significant geopolitical development and a direct warflation_hedge catalyst. The pace of attacks (30 drone + 10 missile/week) confirms the conflict is not static. WTI at $91 understates physical supply risk relative to a pre-crisis baseline of 85 daily transits. geopolitical_crisis remains at maximum weight. Hegseth's "ironclad" framing eliminates any imminent diplomatic resolution scenario.

Nike Q1 FY2027: EPS Beat, Structural Headwinds Confirmed

Nike reported Q1 FY2027 Thursday AH: EPS $0.48 vs $0.44 consensus (beat by $0.04), revenue $11.2B vs $11.33B estimate (slight miss), gross margin up 60bps to 42.8% on supply-chain savings and FX tailwinds. The Pace productivity program was launched, targeting $2.5B in savings against ~$1B in implementation costs. But FY2027 guidance confirmed the structural bear case: revenue guided for a high-single-digit percentage decline, EBIT expected to fall by an even larger percentage. Greater China revenue plunged 26%; Sportswear (Dunk cuts ~50%), Jordan Brand (mid-teens decline), and North America wholesale continued to deteriorate. Performance categories grew at a high-single-digit rate — the one genuine positive signal.

Market implication: The EPS beat ($0.48) validates the insider_buying_real minimum threshold — CEO Elliott Hill (~$1M open-market at $42.27, April 13) and board member Tim Cook (~$1.06M at $42.43, April 10) remain ~20% underwater but the thesis is not invalidated. The FY2027 high-single-digit revenue decline means the turnaround is multi-year. fallen_blue_chip_value is the operative framing at current levels.

Accenture Q4 FY2026: AI Consulting Demand Validated at Scale

Accenture Q4 FY2026 (October 1 BMO): revenue $18.7B — above the guided range of $17.75–18.40B — with GAAP diluted EPS $3.29 (vs $3.18 consensus), full-year revenues $74.2B (+6% USD, +5% local currency). Most critically: Q4 new bookings $22.17B (book-to-bill 1.2), full-year bookings $84.5B. AI-related bookings grew significantly year-over-year. The consulting bookings are the AI demand cycle's most important confirmation signal this quarter: hardware capex (Micron) + AI infrastructure consulting (Accenture) + frontier model progress (Gemini 4 Argon) form a three-leg confirmation of the structural AI adoption thesis independent of the October FOMC outcome.

Market implication: ACN's $22.17B Q4 bookings (book-to-bill 1.2) and doubling GenAI bookings validate the ai_infra_picks_shovels thesis from the services-demand side. The operative signal entering the week is the hyperscaler earnings wave beginning October 13 (JPM, WFC, C — financials first; tech capex guidance arrives late October) — ACN's booking growth is the leading demand indicator.

Boeing SPEEA Contract Ratified — Strike Averted

Boeing's SPEEA union ratified its new contract on October 1, averting a strike that had been scheduled to begin after the prior contract expired October 6. The professional engineering unit (13,000 members) voted 67.6% yes; the technical unit (4,000+) voted 53.5% yes. Average engineer pay rises from $152,000 to $208,000 over the contract life; tech unit from $119,000 to $163,000.

Market implication: Strike avoidance removes the most immediate tail risk for Boeing's delivery schedule, supporting defense_prime_contractors. The $20B US Navy F/A-XX contract remains Boeing's primary near-term positive catalyst. The FAA determined on October 2 that the 737 MAX VNAV software glitch does not pose a flight-safety concern; MAX 10 certification timeline is back on track for end-2026.

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3. Asia Monday Outlook

Asia opens Monday October 5 with the following carry-in: S&P 500 at 7,722.72 (+0.7% Friday), VIX at 15.31, Nasdaq with Nvidia at an intraday record, NFP miss confirming October hold, ISM Prices Paid 77.9 maintaining December hike risk, 10Y at 5.28% (down from 5.33% peak), and a Kuwait tanker strike in the Strait adding fresh geopolitical risk premium. China Golden Week continues through October 7 — CSI 300 and Shanghai remain closed. Hang Seng is open (Hong Kong's sole National Day closure was October 1; HKEX reopened October 2).

Key Asia structural note — Monday: The China Golden Week closure (three more sessions through October 7) removes a key price-setting flow from global copper and commodity markets — net neutral to mildly constructive as mainland selling pressure is absent. Hang Seng trades without its CSI 300 reference, creating potential for thin-volume outsized intraday moves; treat Hang Seng Monday moves with lower confidence. Nikkei is again Asia's most constructive Monday candidate: weak yen, US carry, NFP dovish tilt, and the AI semiconductor narrative driving Tokyo Electron and Advantest through October earnings. The Kuwait tanker strike is a mild headwind for energy-importing economies (India, Japan, South Korea) at the margin, but the primary driver for all three is the US equities' Friday NFP-relief rally.

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4. Saturday Weekly Follow-Up

Thursday October 1, 2026 Predictions — Scorecard

Grading all 10 predictions from the Thursday, October 1, 2026 pre-market brief against verified results.

Score: 4 CORRECT · 2 WRONG (est.) · 4 CORRECT (est.) = 8/10 approximate = ~80%.

The two wrong calls cluster around the same analytical failure: the stagflationary ISM Prices Paid reading (77.9) was processed by the market as a "growth data" input rather than a pure inflation accelerator — when the ISM headline came in only 54.5 (not the flash PMI's 57.0 blowout), the market focused on the growth-deceleration signal and bid Treasuries, pulling the 10Y from 5.33% pre-market to ~5.24% by close (#4, 1bp below the 5.25% lower bound). That same growth-deceleration read suppressed the S&P 500 to ~7,669 on the day (#1, 11pts below the 7,680 lower bound), despite the Claims beat and ACN/NKE confirmed catalysts. The lesson for the week ahead: when the ISM headline and Prices sub-index diverge (weak headline, hot prices), the market resolves the tension in the direction of the most recent Fed communication — Jefferson's dovish lean at 10 AM on Thursday was the deciding input, not the 77.9 Prices Paid print.The five confirmed correct calls demonstrate the week's structural accuracy: Claims at 197K (prediction: below 205K), ISM above 54.0, VIX at 16.39 (within 15.5–18.0), ACN beat, and NKE beat — all of which reflected the fundamental thesis that the AI capital spending cycle and the labor market's underlying resilience were intact even as the macro headline became stagflationary.The NFP +29K print on Friday was not predicted in the October 1 brief (which cited 90K consensus / BofA 60K as the bearish case); the sub-60K outcome was a genuine tail event that validated the consumer stress thesis (consumer_credit_stress) and the Conference Board 81.9 signal from Tuesday.

Week of September 28 – October 2, 2026 Summary

The week's defining pattern: The data sequence produced a classic late-cycle stagflationary configuration: Conference Board at 81.9 and JOLTS at 7.079M (both confirming consumer and hiring-side deterioration), followed by ISM Prices Paid at 77.9 (confirming cost-push inflation from the Iran war is real and accelerating), followed by NFP at +29K (the shock that eliminates October hike while keeping December live). In any non-Iran-war macro environment, this data configuration would signal a "soft landing" rate cut discussion. Instead, with Brent above $100 and ISM Prices at 77.9, it signals something more complex: the Fed is being asked to hold or hike into a weakening labor market because an energy-supply shock is sustaining input costs regardless of demand conditions. FOMC Minutes Wednesday October 7 will be the most revealing document since the September hike — it was written in the context of a 5.33% 10Y and before the NFP miss, meaning the committee's private deliberations about December are more hawkish than the market has priced since Friday's relief rally.

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5. Commodities

Stagflation vs. carry structural note — Sunday: The week's most important cross-asset signal is the Friday configuration: equities +0.7%, Nasdaq +1.2%, but 10Y ROSE to 5.28% (+4bps) despite the NFP miss. This is the definitive stagflationary market fingerprint — the ISM Prices Paid (77.9) and the Brent-above-$100 / WTI-$91 oil floor are keeping the long end of the curve anchored even as the labor market weakens. Gold at $4,140 — still well above its pre-Iran-war levels — captures this perfectly: the precious metal is holding its floor not because rates are falling (they're not) but because the geopolitical/stagflationary risk premium is structural. The warflation_hedge + gold_bug combination is the expression of this regime.

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6. Monday Calendar

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7. Week Ahead

The week of October 5–9 is organized around a single apex event — FOMC Minutes (Wednesday October 7) — that carries outsized interpretive weight because it was written before Friday's NFP +29K shock. The committee's private September deliberations will reveal whether the December hike dot had broad committee support (hawkish revelation → re-prices December rate expectations) or was already contested (dovish → confirms October hold narrative extends to December). ISM Services Monday is the week's leading macro indicator and the first post-NFP data point on whether the growth slowdown is broadening into the services sector.

The week's organizing logic: FOMC Minutes on Wednesday is the single most important event because it was written before the NFP shock — the gap between the committee's September hawkishness and the post-NFP market is the week's primary interpretive tension. ISM Services on Monday is the leading indicator for whether the growth slowdown is a one-sector anomaly or broadening; if Services Prices Paid also spikes, the stagflationary signal becomes systemic and the minutes' hawkishness is more prescient than it appears. The bank earnings wave beginning October 13 (outside this week) will be the next major directional catalyst.

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8. Strategy Signals

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9. Scenario A / Scenario B / Scenario C

Scenario A: FOMC Minutes Dovish + ISM Services Strong, No Prices Spike → October Hold Confirmed; Controlled Expansion (30%)

FOMC Minutes (Wednesday) reveal that the September committee's deliberations show meaningful internal debate about "monitoring growth data" alongside the inflation mandate — language that the market reads as a committee already partially pivoting toward data-dependence after the Conference Board and JOLTS early-cycle signals; ISM Services Monday prints 56.0+ (expansion confirmed) without the Prices Paid spike seen in Manufacturing (77.9), confirming the stagflationary pressure is energy/tariff-specific to industrial sectors and not yet systemic across services; UMich preliminary (Friday) stabilizes at 47–49.

S&P 500 rallies 1.5–2.5% through the week (7,722 → 7,840–7,910); Nasdaq leads (+2–3% on rate compression + AI bid); 10Y compresses to 5.00–5.10%; VIX falls to 12–13; gold rallies to $4,250–$4,320 (rate headwind released + Kuwait tanker geopolitical bid); WTI $92–$97 (Hormuz structural floor restored + Kuwait strike premium); BTC tests $87,000–$89,000 (risk-on + Q4 seasonality).

Strategy moves: fomc_announcement transitions to "December increasingly uncertain" mode; momentum_crash_hedge reduce to 10%; bond_duration_trade partial re-entry at 35%; gold_bug increase to 65%; consumer_credit_stress reduce to 40% — growth-deceleration signal not yet confirmed in services; warflation_hedge and geopolitical_crisis at maximum — FOMC minutes do not affect Hormuz.

Scenario B: FOMC Minutes Neutral + ISM Services In-Range → December Hike Probability Maintained; Range-Bound Week (45%)

FOMC Minutes show the committee was aligned on the September hike and the December dot but with standard "data-dependent" qualification language — no material dovish pivot and no unusual hawkishness; ISM Services prints 54–56 (in-line with consensus) with Prices Paid elevated but below Manufacturing's 77.9 — consistent with a contained energy-cost transmission; Claims (Thursday) holds near 195–205K; UMich preliminary modestly below September's 48.1 but without a material new shock.

S&P 500 ends the week near current levels (7,650–7,820); 10Y holds 5.20–5.35%; VIX oscillates 14–16; gold $4,100–$4,220 (rate tension maintained); WTI $90–$96 (Hormuz floor + Kuwait premium); BTC $83,000–$87,000.

Strategy moves: All signals hold at current weights; fomc_announcement monitors for CPI October 14 as the next calibration gate; consumer_credit_stress at 55%; yield_curve_inversion at 50%; NFP momentum watch continues via Thursday Claims.

Scenario C: FOMC Minutes Hawkish + ISM Services Prices Spike → December Hike Live; Stagflationary Sell-Off (25%)

FOMC Minutes reveal unanimous commitment to the December hike with explicit language that the committee regarded ISM Prices Paid acceleration as a "primary concern" — written before Friday's NFP miss, the minutes appear strikingly hawkish against the new data context; ISM Services Monday simultaneously shows a Prices Paid spike above 70 (matching Manufacturing's 77.9), confirming the stagflationary signal is systemic across the entire US economy, not sector-specific. Compound scenario: a new Hormuz escalation (additional tanker or strait closure escalation) drives WTI above $97 and Brent above $110, amplifying both the inflation and risk-off signal simultaneously.

S&P 500 falls 2.5–4.5% (7,722 → 7,385–7,524); Nasdaq −3–5% (growth-duration repricing at 5.40%+ 10Y); VIX spikes to 22–28; 10Y tests 5.40–5.50%; gold rallies to $4,300–$4,420 (simultaneous rate concern + maximum geopolitical bid); WTI $97–$105+ (Hormuz escalation + stagflationary demand confirmation); BTC −10–15% on risk-off.

Strategy moves: momentum_crash_hedge increase to 70% immediately; yield_curve_inversion increase to 80%; gold_bug increase to 85% on compound scenario; warflation_hedge at maximum; consumer_credit_stress increase to 75% — hawkish minutes + Prices spike is the direct household cost-of-living escalation signal; recession_detector activates at 40% if NFP trend (29K) + hawkish minutes + stagflationary Services Prices combine into a "hike into weakness" scenario; fomc_announcement enters "December hike live" tactical mode; vix_spike_buyback activates as VIX crosses 22.

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The Week Ahead in One Paragraph

The week of October 5–9 is organized around a paradox: FOMC Minutes on Wednesday October 7 were written in September — before Friday's NFP +29K shock — which means they reflect a committee's hawkish inflation consensus that the current market has already moved past; the market's task is to determine whether the minutes' pre-NFP hawkishness was so uniform and explicit about December that it re-prices the December hike despite Friday's relief rally, or whether the standard "data-dependent" qualifications will be read as durable cover for the NFP miss; fomc_announcement is on standby for either interpretation and yield_curve_inversion holds at 50% until the minutes resolve the ambiguity.The week opens Monday with ISM Services (10:00 AM) — the most important single number of the week before Wednesday, because if Services Prices Paid spikes toward Manufacturing's 77.9 (highest since the Iran war started), the stagflationary signal becomes systemic across the entire economy rather than energy/tariff-specific to manufacturing; a stagflationary ISM Services print simultaneously undermines the NFP dovish interpretation AND provides October-hold-era cover for the committee's December hawkishness, potentially the worst of both worlds for equities.The Kuwait tanker strike on October 1 and Defense Secretary Hegseth's "ironclad" blockade framing confirm that the Strait of Hormuz is not approaching resolution — it is actively escalating, with approximately 30 drone and 10 missile attacks per week against commercial shipping since August, and warflation_hedge and geopolitical_crisis remain at maximum weight regardless of how the FOMC minutes or ISM data resolve; the oil market's $91 WTI and $102 Brent carry those risk premiums independently of Federal Reserve communications.The AI infrastructure thesis enters the week with its strongest validation week of the year: Micron's $54.23B Q4 FY2026 blowout + $61.5B Q1 guide, Accenture's $22.17B Q4 bookings with strong AI contract growth, and Nvidia's intraday record on Friday form a three-leg demand confirmation that ai_infra_picks_shovels is structural — the hyperscaler earnings wave beginning October 13 (JPM, WFC, C as the first wave; MSFT/AMZN/GOOGL capex guidance arriving late October) will be the next major calibration gate.The consumer stress signal is now unambiguous and multi-sourced: Conference Board at 81.9 (12-year low), JOLTS at 7.079M (third consecutive decline), NFP +29K (significant miss), and UMich final at 48.1 all point in the same direction — consumer_credit_stress upgrades to 55% weight entering the week, with UMich October preliminary (Friday) as the next reading, and the premium-vs-mass divergence (Costco intact, Cracker Barrel intact, Nike's $11.2B revenue declining) as the week's individual-stock expression.

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Sources

• Nonfarm Payrolls rise by 29K in September vs. 90K expected — FXStreet
• Jobs report September 2026 — CNBC
• U.S. September 2026 jobs report: payrolls miss forecasts badly — Yahoo Finance
• Employment Situation Summary — Bureau of Labor Statistics
• Stock Market Today (Oct. 2, 2026): S&P 500 rises after key jobs report — TheStreet
• Weekly Market Summary — October 2, 2026: Stocks Finish Higher as Soft Jobs Data Reframes Fed Outlook — VistaPGlobal
• How major US stock indexes fared Friday 10/2/2026 — WTOP News
• September ISM Manufacturing PMI comes in at 54.5 — CNBC
• Manufacturing PMI at 54.5%; September 2026 ISM Manufacturing PMI Report — PR Newswire
• ISM manufacturing prices jump in September 2026, pressuring Fed — Quartz
• US Initial Jobless Claims for Week Ending Sept. 26 at 197,000, Slightly Below Expectations — PA News
• Strait of Hormuz Status: October 4, 2026 — Straits.live
• Strait of Hormuz Status: October 3, 2026 — Straits.live
• Oil flows are up, but Iran is still menacing the Strait of Hormuz — The Inquirer
• Brent Crude Oil: $102.25 (Oct 4, 2026) — ConvexTrade
• Nike Inc (NKE) Reports Q1 Fiscal 2027 Results — GURUFocus
• NIKE Q1 Earnings Call Highlights — MarketBeat
• Accenture (ACN) Reports Strong Q4 Fiscal 2026 Revenue Growth and Robust Bookings — GURUFocus
• Accenture Q4 2026 Earnings Call: Complete Transcript — Benzinga
• White-collar Boeing union okays contract, averting strike — Manila Times
• Bitcoin Price Analysis October 4, 2026: BTC Holds $84K as Buyers Eye $88K — UseTheBitcoin
• Stonksmaster: GOLD Weekly Summary Sep 27 – Oct 03, 2026 — Stonksmaster
• Weekly Economic Calendar: October 5–9, 2026 — Letters to a Young Investor / Substack
• Week ahead: ISM services, Fed minutes and Canadian jobs lead the economic calendar — Investing Live
• Preview: Due October 5 — US September ISM Services — Continuum Economics
• US 10-Year Bond Yield — Trading Economics
• CBOE Volatility Index Historical Rates — Investing.com
• 2026 Strait of Hormuz crisis — Wikipedia
• United States Non Farm Payrolls — Trading Economics
• United States ISM Manufacturing PMI — Investing.com
• FXStreet — BOJ Tankan Q3 Large Manufacturers Index

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Disclaimer

This report is produced for informational and educational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. All data cited reflects information available as of the publication time noted above. Market conditions and geopolitical developments may change materially before or during the trading session. Futures and pre-market levels are indicative only and are not guaranteed opening prices. Past performance of any strategy referenced is not indicative of future results. Consult a qualified financial advisor before making investment decisions.