September is shaping up to be a volatile month for markets, as crude oil spikes, bond yields climb, and a fresh wave of corporate news rattles investors. In Episode 816 of the podcast DH Unplugged, titled “Strikes, Spikes, Hikes,” hosts Andrew Horowitz and John C. Dvorak dissect the latest developments, from renewed U.S. bombing of Iran to a Target Halloween backlash. The episode, published September 1, 2026, frames the market's classic autumn turbulence against a backdrop of eroding institutional trust and a Federal Reserve caught between political pressure and a wobbly labor market.
One of the most pressing concerns is the sharp rise in crude oil, which has surged roughly 13% in two weeks to about $91.80 per barrel. Horowitz and Dvorak point to diesel crack spreads as flashing inflation warnings, suggesting that energy costs could feed through to consumer prices. This spike comes amid renewed U.S. military action against Iran, following President Trump's threat on Fox News that Iran will be “totally wiped out as a country” if it retaliates again. The geopolitical tension adds another layer of uncertainty to an already jittery market.
Bond yields are also on the rise, and Dvorak connects this to broader issues of trust. “It's a series of very large trust factors,” he argues, warning that tariff escalation echoing Smoot-Hawley would signal that America no longer believes it can compete. The hosts are highly critical of the administration's economic management. Horowitz says, “The administration is the boy who cried wolf right now,” and adds that Treasury Secretary Scott Bessent “has really gotten a little bit crazed trying to manipulate the markets.” This skepticism extends to the Federal Reserve, which is navigating political pressure and a weakening labor market ahead of Friday's August payrolls, ADP, JOLTS, and ISM data.
Corporate earnings are providing both winners and losers. Dell blew past expectations with fiscal 2027 EPS guidance near $25.50 versus $18.99 prior, driven by a 40% data center share. In contrast, Dick's Sporting Goods plunged roughly 30% as Foot Locker comps fell 3.6%. Nvidia is reportedly pursuing a $12.9 billion acquisition of Hugging Face, but the episode also covers the fallout between Jensen Huang and Sam Altman. Target faces a backlash over a Halloween clown costume, highlighting brand-management landmines in today's social media environment.
The hosts also delve into government equity stakes in Intel, MP Materials, and Trilogy Metals, with a lawsuit challenging the Intel arrangement. Horowitz, who discloses a personal short position in Intel, questions why Washington gets discounted shares that retail investors never see. Dvorak contrasts the U.S. approach with China's state-owned enterprise model and flags GLM 5.3 Flash from Chinese lab Z.ai, reportedly trained without a single Nvidia chip. LEGO's 21% first-half revenue jump and the baseball-card-casino economy drawing scrutiny from Japanese regulators round out the discussion.
As the final four months of the year begin, the hosts warn that markets are turning “elephanty,” a term they use to describe unwieldy and difficult to manage. With oil spikes, bond jitters, and a Target backlash, investors face a complex landscape where trust is in short supply. The episode is available now at DH Unplugged and via Apple Podcasts, Spotify, and Amazon Music/Podcasts.
