Weekly U.S. Equities Macro Outlook (Sep 21–Sep 25):

Sep 21 (Monday)

1. Nasdaq-100 and S&P Dow Jones quarterly rebalances take effect before the open; SpaceX’s weight rises from about 1.28% to 2.82%. Per the source outlooks, S&P 100 adds Palo Alto, Arista, Sandisk and Dell; S&P 500 adds Bloom Energy and Illumina; passive rebalancing may stir related tech names;
2. 2027 FOMC voter and Chicago Fed President Goolsbee speaks (18:30);
3. He Lifeng’s U.S. trade delegation continues talks through the 23rd; Beijing and Washington remain in contact on a possible leaders’ meeting this year; Trump delivers a GOP fundraising keynote in New York;

Sep 22 (Tuesday)

1. ★★★★ The 81st U.N. General Assembly high-level week opens; Trump is due to meet Gulf leaders on a postwar plan for Iran and says he is close to a “big decision” on whether to escalate strikes;
2. New York Fed President Williams (22:05) and Fed Vice Chair Jefferson (22:20) speak at a U.S. Treasury market conference; Richmond Fed President Barkin speaks (01:00 Beijing time Wednesday / 13:00 ET Tuesday); Treasury auctions $69 billion of 2-year notes;
3. U.S. releases ADP weekly employment change for the week ended Sep 5 (20:15) and the September Richmond Fed manufacturing index (22:00);
4. AutoZone (AZO) and Thor Industries (THO) report before the open;
5. Qualcomm Snapdragon Summit opens, with the TSMC 2nm Snapdragon 8 Elite Gen6 expected;
6. new Mac mini and Mac Studio go on sale;

Sep 23 (Wednesday)

1. ★★★★ U.S. releases September S&P Global flash manufacturing and services PMIs (21:45), a post-hike read on growth momentum; EIA crude inventories for the week ended Sep 18 also out (22:30);
2. Iran’s president Pezeshkian is expected to address the U.N.; Treasury auctions $70 billion of 5-year notes;
3. Meta Connect 2026 opens, with XR hardware, VR headsets and new smart glasses in focus;
4. Cintas (CTAS), Paychex (PAYX), General Mills (GIS) and Manchester United (MANU) report before the open;

Sep 24 (Thursday)

1. U.S. releases initial jobless claims for the week ended Sep 19 (20:30) and August new home sales, annualized (22:00);
2. A cluster of Fed speakers: Williams fireside chat (16:10), Barkin (20:00), Hammack opening remarks (20:50), Paulson at a fintech conference (22:10);
3. Treasury auctions $44 billion of 7-year notes; with the 10-year yield hovering near 5%, bid demand will test appetite for higher rates;
4. ★★★ BlackBerry (BB) reports before the open; Costco (COST) reports after the close;

Sep 25 (Friday)

1. U.S. releases August durable goods orders, month-over-month (20:30), plus the final September University of Michigan consumer sentiment and 1-year inflation expectations (22:00);
2. New York Fed President Williams speaks (17:15);
3. Qualcomm Snapdragon Summit wraps, with focus on the 2nm flagship chip launch and follow-through

 *This week’s core U.S. equity themes center on China-U.S. trade talks and Trump’s Iran decision, Fed officials’ signals on the hiking path, the Nasdaq rebalance and SpaceX weight increase, Costco and other consumer earnings, and the Qualcomm/Meta industry events; market volatility is expected to rise