As September begins, markets are already living up to their reputation for volatility, according to the latest episode of DH Unplugged, titled 'Strikes, Spikes, Hikes.' Hosts Andrew Horowitz and John C. Dvorak, publishing their weekly investing and markets podcast on September 1, 2026, point to a confluence of geopolitical, economic, and corporate developments that are setting the stage for a turbulent final four months of the year.
The most immediate catalyst is a renewed U.S. bombing campaign against Iran, which has sent crude oil prices surging roughly 13% in just two weeks to about $91.80 per barrel. The hosts note that diesel crack spreads are flashing inflation warnings, suggesting that the energy shock could ripple through consumer prices and complicate the Federal Reserve's policy path.
Meanwhile, bond yields are climbing, and the hosts see this as a symptom of a deeper erosion of trust in institutions. Horowitz, a certified financial planner, is blunt: 'The administration is the boy who cried wolf right now,' he says, adding that Treasury Secretary Scott Bessent has 'gotten a little bit crazed trying to manipulate the markets.' Dvorak, a veteran tech journalist, connects the dots to currencies, equities, and even private valuations, arguing that all rest on a foundation of trust. He warns that tariff escalation reminiscent of the Smoot-Hawley Act would signal that America no longer believes it can compete globally.
Corporate news is equally mixed. Dell Technologies provided blowout guidance, projecting fiscal 2027 earnings per share near $25.50, up from $18.99 prior, on the back of 40% data center share. In contrast, Dick's Sporting Goods plunged roughly 30% as Foot Locker reported comparable sales down 3.6%, highlighting the unevenness in consumer spending. Target faces a Halloween costume backlash over a clown design, underscoring brand-management landmines that can quickly go viral.
In the tech sector, Nvidia is reportedly pursuing a $12.9 billion acquisition of Hugging Face, a move that has reportedly caused friction between Jensen Huang and Sam Altman. The hosts also discuss the growing government equity stakes in Intel, MP Materials, and Trilogy Metals, with a lawsuit now 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 this with China's state-owned enterprise model and highlights GLM 5.3 Flash, a Chinese AI model reportedly trained without a single Nvidia chip.
Geopolitical risks extend beyond Iran. President Trump, in a Fox News interview, threatened that Iran will be 'totally wiped out as a country' if it retaliates again. The hosts also touch on LEGO's 21% first-half revenue jump and the 'baseball-card casino economy' drawing scrutiny from Japanese regulators.
Looking ahead, the hosts preview Friday's August payrolls report, along with ADP, JOLTS, and ISM data, as key indicators that could shape market sentiment. With the Fed caught between political pressure and a wobbly labor market, the September volatility may be just the beginning. As Dvorak puts it, 'It's a series of very large trust factors,' and until that trust is restored, markets could remain on edge.
