BUZZ Investing: Rising Oil Prices and Treasury Yields Pressure Equities
17 September 2026
Read Time 6 MIN
Key Takeaways
- Equities fell as oil and yields climbed: the S&P 500 declined 2.5% and the Nasdaq Composite 2.6% between selection dates (August 13 – September 10, 2026), while the BUZZ Index held up better with a 0.8% decline. Renewed U.S.–Iran hostilities and Strait of Hormuz disruptions pushed crude above $100 per barrel, lifting energy and adding to inflation concerns.
- Policy expectations turned more hawkish: July inflation stayed above target and Fed Chair Kevin Warsh left further tightening on the table at Jackson Hole, sending the 10-year Treasury yield to 4.95% and the 30-year to 5.37% by September 10 and pressuring rate-sensitive growth names.
- Bitcoin exposure led, commercial space lagged: Strategy Inc. (MSTR) rose 32.4% as bitcoin gained 21.7% on improving U.S. regulatory sentiment, while Rocket Lab (RKLB) fell 22.6% on Neutron timing uncertainty and AST SpaceMobile (ASTS) also detracted.
Index performance is not illustrative of fund performance. It is not possible to invest directly in an index. Past performance is no guarantee of future results.
U.S. equity markets declined during the recent period between selection dates (August 13 – September 10, 2026 the “Period”), as rising energy prices and Treasury yields outweighed generally supportive corporate earnings. The S&P 500 declined 2.5%, the Nasdaq Composite fell 2.6%, and the BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) declined 0.8%. Energy equities benefited as renewed hostilities between the United States and Iran and continued disruptions around the Strait of Hormuz pushed oil prices sharply higher. Higher crude prices also added to inflation concerns and placed further pressure on interest-rate-sensitive areas of the market.
Technology performance was mixed. The Philadelphia Semiconductor Index declined 6.8%, while the Bloomberg Magnificent 7 Total Return Index gained 1.2%, supported by continued strength among the largest technology companies. Nvidia’s quarterly results and outlook reinforced expectations for sustained hyperscaler spending, while Salesforce reported better-than-expected results and raised its full-year revenue outlook. In our view, these results helped sustain investor interest in the largest technology companies, even as weakness persisted across semiconductors and other parts of the broader growth complex.
Monetary policy and the Treasury market became increasingly important drivers as the Period progressed. July inflation remained above the Federal Reserve’s target, while minutes from its July meeting showed continued internal support for tighter policy. At Jackson Hole, Fed Chair Kevin Warsh emphasized the lack of sufficient progress on inflation and left the possibility of further tightening on the table. Rate-hike expectations increased following the speech, and Treasury yields continued to climb. On September 10, the 10-year Treasury yield reached 4.95%, and the 30-year yield rose to 5.37%, as oil moved above $100 per barrel and concerns around inflation, fiscal deficits, and long-term debt issuance remained elevated. A Treasury buyback operation provided little relief, with yields ending the Period near multi-year highs.
The BUZZ Index returned 10.08% during the month of August compared to a return of 2.72% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index lags the S&P 500 with returns of 13.01% and 13.14%, respectively, as of the end of August.
Strategy Leads BUZZ Index Gains as Bitcoin Rallies
Strategy Inc. (NASDAQ: MSTR) was the leading BUZZ Index gainer during the Period, rising 32.4% as bitcoin advanced 21.7%. The shares may have received an additional boost after President Trump met with cryptocurrency executives at the White House and urged Congress to advance the Digital Asset Market Clarity Act, renewing optimism around a clearer U.S. regulatory framework for digital assets. Strategy also continued to refine the financing structure supporting its bitcoin treasury, raising capital through common-share sales while directing proceeds toward cash reserves, preferred-share dividends, and repurchases of its STRC preferred stock. The company’s preferred securities have attracted some scrutiny due to their high dividend obligations and reliance on continued access to capital, but Strategy ended the Period with substantial dollar liquidity available to support those obligations and respond to market conditions. In our view, bitcoin’s rally, improving regulatory sentiment, and Strategy’s stronger liquidity position all contributed to the advance.
Top BUZZ Index Contributors: August 13, 2026 – September 10, 2026
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| Strategy Inc | MSTR | 2.31 | 0.75 |
| Moderna Inc | MRNA | 0.10 | 0.33 |
| GameStop Corp | GME | 2.92 | 0.31 |
| Sandisk Corp | SNDK | 3.04 | 0.29 |
| Meta Platforms Inc | META | 2.93 | 0.27 |
| BitMine Immersion Technologies | BMNR | 0.80 | 0.26 |
| Robinhood Markets Inc | HOOD | 1.90 | 0.24 |
| Tesla Inc | TSLA | 3.03 | 0.20 |
| Apple Inc | AAPL | 2.88 | 0.20 |
| Bloom Energy Corp | BE | 1.02 | 0.18 |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
Commercial Space Companies Lead BUZZ Index Decliners
Rocket Lab Corporation (NASDAQ: RKLB) was the leading BUZZ Index detractor during the Period, as its shares declined 22.6%. The shares remained under pressure following the company’s second-quarter update, despite record revenue of $234 million and a backlog of $2.36 billion. Investors focused instead on a wider-than-expected loss, a softer gross-margin outlook, and uncertainty around the timing of the maiden flight of Rocket Lab’s Neutron rocket. Management indicated that Neutron remained targeted to reach the launchpad during the fourth quarter, but that the window for completing its first flight in 2026 was narrowing. Given Neutron’s importance to Rocket Lab’s expansion into the larger medium-lift launch market, the timing uncertainty weighed on the shares despite continued growth across the company’s Space Systems business and order backlog.
Bottom BUZZ Index Contributors: August 13, 2026 – September 10, 2026
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| Rocket Lab Corp | RKLB | 1.99 | -0.53 |
| AST SpaceMobile Inc | ASTS | 2.69 | -0.48 |
| Nebius Group NV | NBIS | 2.84 | -0.41 |
| BlackBerry Ltd | BB | 1.76 | -0.35 |
| CoreWeave Inc | CRWV | 1.55 | -0.28 |
| Applied Digital Corp | APLD | 1.53 | -0.26 |
| Palantir Technologies Inc | PLTR | 3.28 | -0.25 |
| Super Micro Computer Inc | SMCI | 3.23 | -0.22 |
| SoFi Technologies Inc | SOFI | 2.66 | -0.17 |
| Celsius Holdings Inc | CELH | 1.27 | -0.13 |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.
BUZZ Index September 2026 Rebalance Highlights
Moderna, Inc.
Potentially significant news emerged from Moderna Inc. (NASDAQ: MRNA) last month, when the company announced that its experimental mRNA melanoma vaccine, intismeran, had achieved key milestones in a Phase 3 clinical trial. Moderna reported that the treatment meaningfully reduced the risk of melanoma recurrence among patients who had undergone surgery to remove their cancer. Although the full results have not yet been published or peer reviewed, the announcement generated considerable interest across the medical and investment communities. Moderna shares rose 177% following the news, their largest single-day gain on record, as investors considered the potential for mRNA technology to extend beyond infectious diseases and help train the immune system to target certain cancers. The announcement drove a sharp increase in positive investor sentiment toward Moderna. After moving in and out of the BUZZ Index in recent years at weights generally between 0.5% and 1.0%, MRNA surged to the Index’s 3% maximum weight for the first time since 2022.
Lululemon Athletica Inc. and Walmart Inc.
Other notable additions to the BUZZ Index this month included two consumer stocks that experienced sharp post-earnings declines. Lululemon Athletica Inc. (NASDAQ: LULU) declined 17.4% in the trading session following its earnings release, as weaker sales, particularly in North America, added to concerns about the company’s growth outlook. The shares are now approximately 80% below their all-time high, a significant reversal for a company once viewed as one of the retail sector’s leading growth businesses. Elsewhere in the consumer sector, Walmart Inc. (NYSE: WMT) fell 9.2% in the trading session following its second-quarter results. Although headline results exceeded expectations, the company lowered its third-quarter outlook and pointed to signs of slowing consumer spending, particularly among more price-sensitive customers. Both stocks have been featured in the BUZZ Index previously and re-enter this month as investors appear to see value following their respective declines, with sentiment suggesting that the market reactions may have been overdone. LULU and WMT enter the September BUZZ Index with weights of 1.24% and 0.93%, respectively.
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