US stocks fell on Tuesday as investors looked ahead to the Federal Reserve’s interest-rate decision and rising Treasury yields added pressure to equity valuations.
The Dow Jones Industrial Average fell 330.74 points, or 0.63%, to 52,090.46.
The S&P 500 dropped 0.45% to 7,585.51, while the Nasdaq Composite declined 0.77% to 25,983.58.
The broader decline came as investors assessed the potential impact of higher interest rates, rising oil prices and inflation concerns linked to the ongoing US-Iran war.
Treasury yields climb to highest level since 2007
The benchmark 10-year Treasury yield reached 5.041% on Tuesday, its highest level since 2007, before easing slightly. It later traded more than 5 basis points higher at 5.012%.
Treasury yields have remained a key focus for equity markets as government bonds have sold off amid concerns that higher energy prices could fuel inflation and encourage central banks to maintain a hawkish policy stance.
Higher rates are also increasing pressure on heavily indebted companies, including businesses that have made significant investments in artificial intelligence infrastructure.
Barclays strategists said higher rates were increasingly creating risks for equity portfolios after already weighing on valuations.
The approach of the 5% threshold for 10-year Treasury yields was also identified as an important point for stocks because rates above that level have historically become a more persistent headwind for equities.
Despite the broader market weakness, several AI-linked stocks recovered from recent declines. Coherent gained more than 1%, AMD rose 2%, and Qualcomm advanced 5%.
Oil prices add to inflation concerns
Oil prices extended their gains on Tuesday after Saudi Arabia shut a key pipeline that bypasses the Strait of Hormuz following attacks on its energy infrastructure.
Brent crude futures for November delivery rose 3% to above $109 a barrel, while West Texas Intermediate futures gained 5% to above $106. .
The latest move has added to concerns that higher fuel prices could feed into broader inflation and put further pressure on monetary policy.
Front-month WTI and Brent futures ultimately settled 4.4% and 2.9% higher, respectively, while diesel futures reached a record high.
The rise in energy prices has also intensified concerns about the economic impact of the ongoing Middle East conflict and the possibility that inflationary pressures could persist.
Fed decision takes centre stage
The Federal Reserve began its two-day monetary policy meeting, with its rate decision due Wednesday. Markets were pricing in a strong probability of a 25-basis-point increase from the current 3.5%-3.75% target range.
CME’s FedWatch tool showed expectations for a rate hike had risen sharply from 33.1% a month earlier, reflecting hotter inflation data and a significant increase in US crude prices over the past two weeks.
A rate increase would be the first in more than three years, according to the supplied data.
Investors are also assessing how policymakers could respond to continued energy-price pressures.
The potential for further rate increases could keep pressure on equities if higher oil prices contribute to broader inflation.
Bitcoin weakness and the Senate’s failure to advance comprehensive cryptocurrency legislation also weighed on crypto-related stocks, with Coinbase and Strategy closing sharply lower.
WTI crude oil can be expected to rise further to the next resistance level 105.00 – which has been reversing the price from the start of April.
WTI crude oil broke round resistance level 100.00
Likely to rise to resistance level 105.00
WTI crude oil recently broke the resistance zone set at the intersection of the round resistance level 100.00 and the resistance trendline of the daily up channel from the start of July, as can be seen from the daily WTI crude oil chart below. The breakout of this resistance zone accelerated the active minor impulse wave 3 of the intermediate impulse wave (3) from the start of August. The active impulse wave (3) belongs to the primary upward impulse wave (C) from the start of July.
Given the multi-month uptrend, and the bullish sentiment that can be seen across the crude oil markets today on multiple logistics blockages across the globe, WTI crude oil can be expected to rise further to the next resistance level 105.00 – which has been reversing the price from the start of April.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
When you live in South Florida, as I do, the only holidays that feels right are Fourth of July, Memorial Day, and Labor Day. Warm weather Halloween and Thanksgiving lack the turning leaves, orange pumpkins, and other hallmarks of those day to someone who grew up in Massachusetts.
Christmas, however, seems the most out of place because, well, there won’t ever be a white Christmas, and it’s hard to look at Santa without thinking that he’s probably sweating quite a bit.
Consumers are still planning to celebrate the holidays, but many are looking for places to stretch their budgets.
“Holiday decorations (-11%), show/experiences (-11%) and travel (-10%) are among the categories suffering the biggest declines in spending intention,” according to a 2024 study from Alix Partners.
The data showed that the biggest cutback is on self-gift-giving, so people seem to be making cuts where they can, but not skipping Christmas altogether.
“Some 42% of respondents intend to purchase most gifts on sale, an uptick from the 38% who were looking to that strategy in 2023. Spending declines are planned for nearly all product and services categories except for food and beverage at home,” the data showed.
That could create a challenge for retailers that depend heavily on discretionary holiday purchases, particularly if consumers decide to reuse decorations they already own.
Gordon Companies files Chapter 11 bankruptcy
While you may not know the brand name, Gordon Companies has a long history.
“Gordon Companies Inc. has been family owned and operated for nearly 50 years. We are experts in quality Christmas, holiday and seasonal decorations,” the company shared on its website.
Christmas Central is an e-commerce marketplace offering one of the largest online selections of Christmas decorations, home decor, outdoor furnishings, and accessories.
The Christmas.com e-commerce marketplace features everything you need for the holidays. We feature hundreds of quality sellers from around the United States for Christmas and holiday decor and gifts.
From artificial Christmas trees and accessories to lights and decorations for holidays throughout the year, Northlight features Christmas and holiday decor for all seasons.
PoolCentral offers a deep stock of equipment and accessories for your pool, spa, and outdoor space.
The company reported $10 million to $50 million in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-11242, according to Bondoro.
RTM Nexus CEO Dominick Miserandino thinks that Christmas presents challenges for retailers who make most of their income for the holiday.
“Selling Christmas trees is an eight-week cash grab disguised as a full-time business,” he told TheStreet
He sees it as a risky strategy.
“You buy inventory and pay shipping months in advance, burning cash while sitting on empty warehouses all summer. If freight rates spike or last year’s stock doesn’t sell, you run out of money right before the orders start rolling in, he added.
Gordon Companies sells artificial Christmas trees.
Shutterstock
Gordon Companies Chapter 11 basics:
Gordon Companies Inc. filed for Chapter 11 bankruptcy protection on Sept. 14, 2026, in the U.S. Bankruptcy Court for the Western District of New York. The case number is 1-26-11242.
The Buffalo, New York-based company is an importer, wholesaler, and retailer of seasonal decorations and home décor.
Gordon Companies reported estimated assets of between $10 million and $50 million and liabilities in the same range.
The bankruptcy filing lists between 200 and 999 creditors.
The filing indicates that funds will be available for distribution to unsecured creditors.
Gordon Companies is a family-owned business whose roots go back to the opening of Dave’s Christmas Wonderland in Western New York in 1977.
The company began e-commerce operations in 2001 and launched Christmas Central in 2004.
Court records identify Jeff Sands as Gordon Companies’ chief restructuring officer.
The company’s largest unsecured creditors include FedEx, Jay Gershberg, Speier Display Inc., Joseph Lombardo, and Yensay International Co. Ltd., according to the creditors’ filing.
“Even as people embrace new technology, they want something more old-fashioned under the wrapping paper this year: screen-free gifts, in-person experiences, and a season that feels nostalgic. The brands that understand that desire can do more than move products. They can become part of the memory,” according to PWC’s 2026 Holiday Outlook.
The study also showed a number of things:
Gift spending looks resilient, projected to dip just 2% year over year (YoY), despite historic lows in consumer confidence. For most households, the presents under the tree or by the candles aren’t going to get cut.
Millennials are pulling back the most, with an expected decline of 10% on gift spend and 37% on travel. Now in their parenting and mortgage-paying prime, they’re still spending, just more carefully.
AI is the new coupon clipping. Twenty-nine percent of consumers plan to use AI somewhere in their holiday shopping, up from last year, when 22% said they planned to use AI, mostly to research products, compare prices, and stay on budget.
The digital generation is leading an analog gift revival. Sixty-four percent of consumers say they’re prioritizing screen-free gifts this year, and that number climbs to 78% among Gen Z.
“Holiday gift spending is projected to dip just 2% from last year, even as consumer confidence fell 18.5% YoY, according to the University of Michigan’s index (from 60.7 in June 2025 to 49.5 in June 2026 when the survey was fielded),” PWC shared.
Deloitte has a more optimistic view of the holiday season.
“Holiday retail sales are projected to total between $1.70 trillion and $1.71 trillion during the November 2026 through January 2027 period, representing an increase of 4% to 4.8% from the same period in 2025,” according to Deloitte’s annual holiday retail forecast. In 2025, holiday sales increased by 4.1% in the same period.
Gordon Company has not commented on its Chapter 11 filing, and it is not the same company as Gordon Brothers, a company that helps struggling companies sell distressed assets.
The company did not immediately return a request for comment sent to its media inquiries email. Gordon Company’s website are currently still taking orders.
This is a developing story and will be updated as news allows.
Hewlett Packard Enterprise (HPE) shares fell 8% on Monday after Evercore ISI downgraded the stock to In Line from Outperform, citing its sharp recent rally and more balanced risk-reward profile.
The brokerage maintained its $65 price target.
HPE shares closed at $62.08 on Friday, Sept. 11, after gaining 15% over the previous five trading sessions and 184% over the past six months.
According to Evercore analyst Amit Daryanani, the stock had risen 158.5% year to date, compared with an 11.9% gain for the S&P 500.
HPE was also up 37.6% in the third quarter, while the benchmark index had gained 2.1%.
Evercore says HPE shares are fairly valued
Daryanani said the downgrade reflected the recent appreciation in HPE’s share price.
The stock was trading at 13 times projected fiscal 2027 earnings, compared with its five-year average of eight times.
“Given the stock now trading at 13x FY27 P/E versus its five-year average of 8x and 14x EV/’27 FCF, in line with its historical average, we believe shares are fairly valued at current levels,” Daryanani wrote in a note to clients.
Evercore said the company’s recent re-rating was supported by fundamental improvements.
The brokerage credited HPE management with strong execution during the first year of integrating Juniper Networks, particularly amid challenging supply conditions.
HPE shares have gained 192% since the Juniper acquisition closed, according to Evercore.
However, the firm said the setup could become more difficult from this point, with fewer immediate catalysts available to support another expansion in the stock’s valuation multiple.
Juniper integration and networking margins remain key
Evercore identified three developments that could make it more constructive on HPE shares.
The first is continued progress in integrating Juniper Networks, particularly if the integration leads to higher margins.
The second involves the company’s business mix and margin quality.
Evercore noted that cloud and artificial intelligence activities generate lower margins than networking equipment.
The third potential catalyst is any benefit from HPE’s Helios opportunity.
The brokerage expects those potential tailwinds to emerge primarily during fiscal 2027 and fiscal 2028.
Networking remains particularly important to HPE’s profitability, accounting for more than half of segment operating profit.
Although networking orders increased 36% in the July quarter, pro forma revenue rose 10%, trailing the growth reported by Cisco and Arista, according to Evercore.
HPE faces a tougher setup after strong rally
Evercore said HPE’s recent performance had been justified by improvements in execution and the Juniper integration.
Nevertheless, the firm believes further gains could depend on stronger networking supply conditions and additional margin improvement.
“From here, however, we see a tougher setup,” Daryanani wrote, adding that the balance between potential returns and risks had become more even.
“With risk/reward more balanced at current levels, we are moving to the sidelines with an In Line rating,” he said.
Global commodity and currency markets are increasingly feeling the shockwaves of renewed instability in the Middle East, most notably marked by Saudi Arabia’s emergency shutdown of its crucial East-West pipeline following a targeted drone attack. With key logistical arteries constrained, West Texas Intermediate (WTI) has charged past the psychological milestone of $100 to trade near $103 a barrel, pushing monthly gains past 15%. This sudden energy inflation is not merely a regional supply story; it is actively complicating central bank inflation mandates worldwide, expanding cost burdens for industrial and consumer sectors alike, and providing direct, fundamental backing to commodity-linked currencies like the Canadian Dollar while unsettling broader equity valuations.
Global Central Banks Face Hawkish Policy Convergence and Sticking Inflation
Financial markets have entered a high-stakes gauntlet of monetary policy decisions dominated by the prospect of aggressive rate action and stubborn consumer price pressures. In the United States, sticky inflation data have driven market expectations for a Federal Reserve quarter-point rate hike to roughly 90%, lifting the 10-year Treasury yield to a staggering 5% threshold not seen since late 2023. Concurrently, international counterparts—ranging from a hawkish European Central Bank (ECB) and the Bank of England to an anticipated rate adjustment from the Bank of Japan—are reacting to persistent energy-driven price momentum. This synchronization of tightening biases is fundamentally reshaping global yield spreads, fostering intense volatility across major currency crosses, and challenging traditional safe-haven dynamics.
Soaring Sovereign Bond Yields Disrupt Equity Market Valuations
The dramatic escalation of fixed-income yields to multi-year highs is exacting a heavy toll on broader equity markets, forcing a painful re-pricing of risk across major indices. As the benchmark 10-year US Treasury yield brushes against 5%, risk-free government debt has re-emerged as a formidable competitor to risk assets, rendering meager corporate dividend yields less attractive to institutional capital. Growth-oriented sectors, rate-sensitive housing names, and major indices like the Dow Jones Industrial Average are bearing the brunt of this macroeconomic squeeze. Investors are rapidly realizing that the bond market is effectively doing the Federal Reserve’s tightening work for it, tightening financial conditions and leaving equity bulls with an uphill battle.
Top upcoming economic events:
09/15/2026 02:00:00 – Industrial Production (YoY): This key Chinese metric measures the total inflation-adjusted output of factories, mines, and utilities. As a high-impact indicator for the world’s second-largest economy, it provides critical insights into global manufacturing health and industrial demand.
09/15/2026 02:00:00 – Retail Sales (YoY): Tracking total consumer-level receipts in China, this high-impact report gauges domestic consumption strength. It directly dictates retail trends and consumer confidence within the broader Asian market matrix.
09/15/2026 06:00:00 – Claimant Count Change: This high-impact UK labor market release measures the change in the number of people claiming unemployment-related benefits. It acts as an immediate yardstick for domestic job market stress ahead of upcoming Bank of England decisions.
09/15/2026 06:00:00 – ILO Unemployment Rate (3M): Representing the percentage of the total workforce that is unemployed and actively seeking employment over a three-month period, this high-impact UK release heavily influences wage growth evaluations and local currency strength.
09/16/2026 06:00:00 – Consumer Price Index (YoY): As the headline measure of inflation for the United Kingdom, this high-impact report tracks the annual change in prices for a representative basket of goods and services, dictating near-term monetary policy expectations.
09/16/2026 06:00:00 – Core Consumer Price Index (YoY): This high-impact UK data point strips out volatile food and energy costs to reveal underlying inflationary trends. It serves as a primary benchmark for central bankers assessing sticky price pressures.
09/16/2026 12:30:00 – Retail Sales (MoM): Measuring month-over-month changes in retail store receipts across the United States, this high-impact indicator gauges consumer spending vigor, which underpins the majority of domestic economic activity.
09/16/2026 12:30:00 – Retail Sales Control Group: This high-impact US metric excludes volatile items like autos, gas, and building materials to calculate a clearer core consumer spending figure used directly in Gross Domestic Product estimations.
09/16/2026 17:00:00 – ECB’s President Lagarde speech: Featuring high-impact commentary from European Central Bank President Christine Lagarde, this address is closely monitored by traders for forward-looking guidance on the Eurozone’s interest rate trajectory.
09/15/2026 09:00:00 – ZEW Survey – Economic Sentiment: This medium-impact European survey captures institutional investor expectations regarding economic health over a six-month horizon, offering a vital leading indicator for Eurozone market sentiment.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
PepsiCo has spent decades building some of the world’s most recognizable snack brands. From Lay’s and Doritos to Cheetos and Cracker Jacks, the company has built a portfolio that reaches just about every cranny of the snack aisle.
Now, it’s looking for new ways to put those brands in front of consumers.
Over the last year, PepsiCo has made a focused effort to bring its food brands beyond the snack aisle, working with restaurants, grocery stores, and convenience retailers to turn familiar bites into meal ingredients.
It’s a strategy designed to keep some of PepsiCo’s biggest food brands relevant as consumers’ tastes and eating habits evolve.
PepsiCo is taking its snacks beyond the aisle
“Across restaurants, franchises, retailers and quick-service menus, PepsiCo foods and flavors, including Flamin’ Hot, Doritos and other portfolio favorites… are being reimagined as enticing menu items built for real meal occasions,” the company said in a press release earlier this year.
These new menu items have shown up in half a dozen places so far, with more drops planned for the end of the year.
In August, Subway confirmed the launch of Doritos Hot Honey Nachos. The limited-time offering starts with a layer of Nacho Cheese-flavored Doritos topped with classic nacho fixings and doused in hot honey sauce.
The menu item is a follow-up to 2025’s Foot-Long Nachos, which, at just $5, were a fan favorite.
Subway isn’t the only fast food chain that’s turned a Pepsi snack into a menu item.
KFC locations in Canada are offering KFC x Doritos Loaded, a limited-edition nacho-style item that’s topped with original breaded chicken tenders, and Osmow’s has The Walking Shawarma, its signature shawarma platter served with Sweet Chili Heat Doritos.
Grocery store chain Kroger and convenience store chain Circle K are also getting in on the menu integrations, offering Flamin’ Hot Boneless Chicken Wings (boneless chicken bites coated in Flamin’ Hot Cheeto breading) to consumers at several thousand locations.
PepsiCo is working with restaurants, grocery stores, and convenience retailers to integrate familiar snack flavors into meals.
While these collaborations feel spontaneous and trendy to consumers, they didn’t just happen on a whim. Rather, they are a direct result of PepsiCo’s long-term growth strategy.
“These collaborations help keep our brands culturally relevant,” Janelle Rowe, senior vice president of foodservice at PepsiCo, told TheStreet. “Food culture evolves quickly, particularly among younger consumers, and menu innovation allows our brands to participate in those conversations in authentic ways.”
That strategy is particularly important as attitudes around snacking are changing.
As GLP-1 use rises and consumers become more health conscious, many shoppers are cutting back on traditional snack foods such as chips and cookies.
“Consumers have moved from snacking on autopilot to making much more deliberate decisions about what they eat and how often,” Suzy Davidkhanian, vice president and principal analyst at eMarketer, told Reuters in July.
PepsiCo is feeling the effects of that shift.
Sales in the Dorito maker’s food business declined by 2% in the second quarter of the 2026 fiscal year, according to the company’s earnings report. Overall sales volumes in the sector have dropped four times over the last six quarters.
As a result, the company is working to find new ways to make its existing products appeal to customers.
“Many of these [collaborations] start with what we’re already seeing consumers do,” Rowe told me. “People are increasingly incorporating their favorite brands and flavors into meals, recipes and food experiences. We’re working with operators to bring those ideas to life at scale.”
When the collaborations are executed well and really land with diners, the effect is positive for Pepsi, Rowe says.
“[The collaborations] can create a halo effect for our brands,” she told me. “Consumers encounter familiar brands in new settings, which can strengthen awareness, engagement and affinity across our broader portfolio.”
For PepsiCo, the hope is that this increased engagement ultimately translates into stronger demand for its food brands.
But the success of these collaborations doesn’t mean Pepsi sees its food brands fully transitioning from finished products into ingredients.
“We don’t see it as an either-or proposition,” Rowe told me.
“Consumers continue to enjoy our brands in their traditional forms, and we expect that will remain true,” she continued. “At the same time, consumers are increasingly showing us that they want to experience those same flavors in new ways, whether that’s through menu items, recipes, food hacks or broader culinary experiences.
“Ultimately, consumers are showing us how they want to engage with our brands,” she said. “Our role is to listen to those signals and work with customers to bring them to life.”
The Toronto Blue Jays look for a third consecutive win when they open a three-game home set against the Detroit Tigers on Monday. Catch all the action on Sportsnet or Sportsnet+ and follow every play with the live tracker.
Top artificial intelligence (AI) stocks like Micron, Nvidia, AMD, and other firms like SanDisk and Western Digital will be in focus as concerns about the industry rose after Anthropic’s Dario Amodei urged a slowdown to AI model development.
Anthropic’s CEO called to slow AI development
Nvidia stock ended the week at $218, down from the month-to-date high of $234. Similarly, Micron dropped to $975 from the year-to-date high of $1,253, while AMD was trading at $516. Other top companies like SanDisk, Western Digital, and Oracle have also come under pressure.
In a long post, Dario Amodei, Anthropic’s CEO, urged that companies should slow down the rollout of AI models. Other top leaders, including OpenAI’s Sam Altman and Elon Musk have also supported the move.
Fears of the impact of the ongoing AI race have rose in the past few days after an Anthropic employee resigned, citing the dangers of the ongoing race to have the best models. In his statement, he warned that unchecked AI growth will likely lead to human extinction in the next few years.
In another major announcement, Anthropic said that it had identified Houthi members conduct research on biological weapons using its platform. At the same time, there are concerns that the AI growth will lead to more cyberattacks. Just recently, OpenAI said that a rogue agent had hacked Hugging Face.
Meanwhile, President Barrack Obama said that Democrats should increase their focus on the AI industry ahead of the election. He believes that Democrats will stand a better chance of winning if they highlight the dangers of AI. This is a sharp contrast to President Trump who has pressed the US to increase its data center rollout.
Impact of these statements on AI companies
Top AI stocks will likely retreat as investors react to the warnings from these top AI companies.
However, in reality, chances are that the AI growth will likely continue because of its competitive nature. For one, in addition to American companies, top Chinese firms like DeepSeek and Moonshot are attempting to gain market share.
Therefore, GPU companies like Nvidia and AMD will likely continue seeing strong growth in the foreseeable future. The same is true with memory companies like Micron, SanDisk, and Western Digital.
Indeed, analysts expect that their revenue growth will continue growing. Analysts see Nvidia’s annual revenue surging to over $411 billion this year followed by $700 billion next year. In most cases, Nvidia normally does better than expected, meaning that its revenue will be higher than that.
AMD’s annual revenue growth is expected to be 46% this year to $46 billion followed by $61 billion next year. Micron’s annual figure is expected to be over $130 billion and $244 billion.
At the same time, these companies are trading at relatively low valuations. Nvidia has a forward price-to-earnings ratio of 23, while Micron has a multiple of less than 14. These are encouraging metrics considering that the S&P 500 Index has a multiple of 19. Therefore, any potential retreat will likely be brief as the companies have strong fundamentals.
Elon Musk’s net worth is $929.4 billion, according to the Forbes Real-Time Billionaires list as refreshed on 13 September 2026, which prices his holdings at Friday’s close. The common assumption is that Musk’s road back to $1 trillion runs through Tesla. It does not. He is $70.6 billion short, and on Forbes’ own share counts that gap closes if SpaceX (NASDAQ: SPCX) rises $13.80, or 9.1%, to $165.01. Tesla on its own would have to climb 48.8% to $543.90, above the highest price the stock has ever traded. SpaceX closed at $151.21 and Tesla at $365.44 on 11 September. Every $1 on SpaceX now moves Musk’s fortune by $5.12 billion; every $1 on Tesla moves it by $0.40 billion. The richest person in the world is, in practical terms, a concentrated position in a stock that has been public for 13 weeks.
That arithmetic turns the trillion into a volatility question, and the market pricing it looks too calm. Polymarket’s “Elon Musk Net Worth on September 30?” contract puts only 15.9% on Musk being worth $1 trillion or more at month-end. We rebuilt Forbes’ figure from the holdings Forbes itself discloses, matched it to within $0.02 billion on three separate dates, and ran the two stocks forward over the 13 sessions left in September. Using the last 20 sessions of trading, the chance of a trillion comes out at 19.7%. Using the last 40, it is 29.3%. And the stock’s own record agrees with the higher number: of 49 thirteen-session windows since SPCX began trading, 15, or 30.6%, delivered the 9.1% gain Musk now needs. Polymarket is pricing three quiet weeks, not the stock it is actually betting on.
Key facts: Elon Musk’s net worth, September 2026
$929.4 billion, ranked first in the world, with Larry Page second at $277.9 billion — Forbes Real-Time Billionaires, updated 13 September 2026 on the 11 September close
82.9% is SpaceX: 4,766,475,230 shares worth $720.7 billion plus 350 million options struck at $8.40 worth $50.0 billion — Forbes holdings data, 13 September 2026
15.6% is Tesla: 395,620,252 shares worth $144.6 billion; private stakes add $14.1 billion — Forbes holdings data, 13 September 2026
$70.6 billion from $1 trillion, equal to SPCX at $165.01 (+9.1%) with Tesla unchanged — FinanceFeeds calculation
Last above $1 trillion on 30 June; peak $1.204 trillion on 16 June; low $688.8 billion on 31 July, all on today’s holdings — FinanceFeeds calculation from stockanalysis.com closes
The 9 September share unlock cost him about $30.4 billion in one session as SPCX fell 3.9% — FinanceFeeds calculation
15.9% Polymarket odds of $1 trillion or more on 30 September; 96.45% odds he is still the richest person on 31 December — Polymarket, 13 September 2026
Musk’s current holdings, valued at every close since SPCX’s first session in our price record (15 June). The three dots are Forbes’ own published marks, which the reconstruction reproduces. Chart: FinanceFeeds. Data: Forbes, stockanalysis.com.
Elon Musk’s Net Worth, Rebuilt Line by Line
Forbes does something most wealth trackers do not: it publishes the holdings behind the number. On 13 September its real-time feed listed exactly three market positions for Musk, plus a single line for everything private. Multiply them out and the headline figure falls out to the dollar.
Holding
Units
Price
Value
Share
SpaceX Class A shares
4,766,475,230
$151.21
$720.7bn
77.5%
SpaceX options (strike $8.40)
350,000,000
$142.81 intrinsic
$50.0bn
5.4%
Tesla shares
395,620,252
$365.44
$144.6bn
15.6%
Private holdings (Neuralink, The Boring Company, other)
—
—
$14.1bn
1.5%
Total
$929.4bn
100%
Collapse that table and you get a formula anyone can run from a quote screen: Musk’s net worth ≈ 5.1165 × the SPCX price + 0.3956 × the TSLA price + $11.16 billion. The constant is the private stakes less the cost of exercising the options. We tested it against the three Forbes figures published over the past three weeks. At the 26 August close it gives $862.39 billion against Forbes’ $862.39 billion; at 4 September, $908.22 billion against $908.2 billion; at 11 September, $929.40 billion against $929.40 billion. Having reproduced the number that closely, we can treat Forbes’ methodology as a known function of two share prices, which is what makes the rest of this analysis possible.
Think of Musk’s fortune as a fund that strikes its net asset value every afternoon, with 83% of the book in one stock and 16% in another. The chart above is that fund’s daily NAV since SpaceX listed. It was already above $1 trillion at 15 June, the first close in our price record, topped out at $1.204 trillion on 16 June when SPCX closed at $201.80, and bottomed at $688.8 billion on 31 July. On today’s holdings it has spent six sessions above $1 trillion, the last of them on 30 June, which is also the last time SPCX closed above the $165.01 Musk now needs.
What the formula leaves out matters as much as what it contains. Musk’s Schedule 13G for SpaceX, filed 13 August, reports beneficial ownership of 6,418,547,515 Class A shares, or 48.4%, a count that includes Class B options exercisable within 60 days. His Tesla Schedule 13G/A, filed 17 June, reports 699,580,882 shares, or 19.9%, including 286,428,773 restricted shares “subject to a service-based vesting condition”. Forbes counts 395.6 million. The gap of 303,960,630 Tesla shares, the 2018 award Musk exercised in June, is worth $111.1 billion at Friday’s close. On the SEC’s basis his Tesla stake is $255.7 billion, not $144.6 billion.
Neither figure includes the 2025 CEO Performance Award of 423,743,904 Tesla shares, which the same filing says Musk “disclaims beneficial ownership” of until it is earned. At the current price that block would be worth about $154.9 billion gross. For the range of outcomes on the stock that dominates all of this, see our SPCX $215 bull versus $90 bear scenarios.
Musk has framed the listing that created this structure as a funding decision rather than a cash-out. Asked why SpaceX was going public, he said in an interview SpaceX filed with the SEC as a free writing prospectus on 8 June:
“We’ve been cash flow positive since around 2014 or 2015 and have been self-funding… What’s different now is that we’re embarking on a significant capital growth phase.”
— Elon Musk, Chief Executive Officer, SpaceX
Quick Take: Forbes’ $929.4 billion is 5.12 × SPCX + 0.40 × TSLA + $11.2 billion, reproducible to the cent. SpaceX is 82.9% of it. SEC filings put his Tesla stake $111 billion higher, and a further $155 billion Tesla award sits outside every tracker until it vests.
What Moved It: +$67.0 Billion in 12 Sessions
Between the 26 August close and the 11 September close, Musk’s net worth rose from $862.4 billion to $929.4 billion, a gain of $67.0 billion. SPCX rose 8.3% over the stretch and Tesla 5.7%. But the path was anything but smooth, and the two largest moves came from decisions taken by other people.
An analyst upgrade added $53.9 billion in a day. On 3 September, Oppenheimer’s Timothy Horan raised his SpaceX price target to $280 from $250 and kept a Buy rating, as reported by TradingKey and covered in our note on the SPCX surge after the Oppenheimer call. SPCX closed 6.4% higher. By our calculation, Musk’s fortune went from $872.3 billion to $926.2 billion between the 2 and 3 September closes.
A share unlock he took no part in cost $30.4 billion. On 9 September, SpaceX released another tranche of roughly 319 million post-IPO shares from lock-up, the third staged release since the listing. SPCX fell from $153.47 to $147.55, down 3.9%, and Musk’s net worth fell from $942.0 billion to $911.6 billion. He could not have sold into that move even if he had wanted to. The SpaceX prospectus is explicit: “Shares held by Mr. Musk will not be subject to any early release provisions.” The remaining release dates are set out in our SpaceX lock-up calendar through 8 December.
The holders on the other side of those unlocks are institutions with very different constraints. Saudi Arabia’s Public Investment Fund reported 154,146,835 SPCX shares in its 13F filed on 14 August, a position worth about $23.3 billion at Friday’s close, as detailed in our breakdown of the PIF’s $26.3 billion SpaceX stake. Every such holder can trade on days when Musk cannot, which is why his number absorbs every unlock and can monetise none of them.
Tesla, meanwhile, is supplying the narrative rather than the dollars. On 12 September Tesla teased a 1 October event for the next-generation Roadster, per Bloomberg, with a teaser image showing thrusters firing. Musk’s reply on the company’s X post, reported by Tesla Oracle, was: “It’s out of this world.” The SpaceX imagery feeds the long-running question of whether the two companies eventually combine. Neither company has announced any such plan. On Tesla’s second-quarter call on 22 July, Musk declined to rule it out, according to Reuters: “As you can tell from the many collaborations on so many fronts with SpaceX, there’s more and more overlap.”
For the wealth arithmetic, a merger would matter less than it sounds. Tesla moves Musk’s fortune by $0.40 billion per dollar against SpaceX’s $5.12 billion, so Tesla’s 5.7% gain over the fortnight was worth about $7.8 billion, less than a single average SpaceX session. For the Tesla-specific scenarios, see our TSLA $500 bull versus $250 bear page.
Quick Take: One analyst note added $53.9 billion and one unlock subtracted $30.4 billion. Neither involved anything Musk did. Tesla’s news flow is louder, but its dollar impact on his fortune is roughly one-thirteenth of SpaceX’s per dollar of share price.
The Trillionaire Odds: Polymarket Against the Tape
Polymarket runs a seven-bracket contract on Musk’s net worth on 30 September. It resolves on the Bloomberg Billionaires Index datapoint for that date, not on Forbes. We set its prices on 13 September beside two versions of our model: one using SPCX and Tesla volatility and correlation over the last 20 sessions (42.7% and 50.5% annualised, correlation 0.46), and one using the last 40 (79.9% and 58.8%, correlation 0.23). Both run 400,000 simulated paths over the 13 sessions to 30 September on Forbes’ holdings.
Net worth on 30 Sep
Polymarket
Model, 20-day volatility
Model, 40-day volatility
Below $700bn
1.3%
0.1%
4.0%
$700bn-$800bn
8.2%
5.2%
15.0%
$800bn-$900bn
35.5%
32.6%
26.2%
$900bn-$1tn
42.5%
42.5%
25.5%
$1tn-$1.1tn
13.0%
16.9%
16.7%
$1.1tn or more
2.9%
2.8%
12.6%
$1 trillion or more
15.9%
19.7%
29.3%
The pattern is clear once the columns sit side by side. Polymarket’s middle brackets match the calm, 20-day model almost exactly: 42.5% against 42.5% for $900 billion to $1 trillion, and 35.5% against 32.6% for the bracket below. Traders have, in effect, priced SpaceX as if the last month of trading is the whole story. The trouble is that SPCX’s annualised volatility since listing is 82.5%, nearly double the recent 42.7%, and the stock has had 13 sessions with moves of 5% or more, including a 13.6% fall on 5 August and a 15.8% rise on 7 August. Using the fuller volatility, the $1 trillion tail nearly doubles to 29.3% and the sub-$800 billion tail almost doubles as well.
The historical base rate settles which column deserves more weight. Across the 49 thirteen-session windows in SPCX’s short price history, the stock gained 9.13% or more in 15 of them, a 30.6% hit rate, much closer to the 40-day model than to Polymarket’s 15.9%. Two caveats belong next to that. First, this is a thin market: the whole seven-bracket event has traded $16,912, and no single bracket has more than about $850 of resting liquidity, so a handful of orders can move it. Second, it settles on Bloomberg, which we could not access; shifting our model up or down by $5 billion to allow for methodology differences moves the $1 trillion probability by only one to two points.
The longer-dated question is not close. Polymarket’s “Richest person on December 31, 2026?” contract, which has traded $1.93 million in total and $196,657 on the Musk leg alone, puts him at 96.45%. That is consistent with the arithmetic: Page, at $277.9 billion, would need Musk to lose roughly 70% of his fortune for their positions to swap. Our look at the trillionaire race among Musk’s rivals shows how far back the field sits.
Quick Take: Polymarket prices a 15.9% chance Musk is a trillionaire on 30 September. SPCX’s recent volatility implies about 20%, its fuller volatility about 29%, and its own history about 31%. The market is thin and is pricing the calm, not the stock.
Why No Two Trackers Agree, and the Rules Behind It
The same fortune is measured under three different rulebooks, and each produces a defensible but different number.
The SEC counts control. Beneficial ownership under the Schedule 13G regime counts shares a holder can vote or dispose of, including options exercisable within 60 days. That is why Musk’s SpaceX filing shows 6.42 billion shares and his Tesla filing shows 699.6 million, including restricted stock that has not vested. The rule is designed to tell other shareholders who controls a company, not what anyone is worth.
Forbes counts economic ownership. Its real-time list holds 4.77 billion SpaceX shares, 350 million options at intrinsic value and 395.6 million Tesla shares, and it leaves out the restricted Tesla block, the 2025 award and the unvested performance shares. Bloomberg runs its own index and updates at the close of each New York trading day; its site returned a CAPTCHA wall to every request we made, so we cite no Bloomberg figure here. That matters because Bloomberg, not Forbes, settles both Polymarket contracts cited above.
Contracts decide what he can sell. Here the answer is none of it. Under the prospectus, Musk agreed with the underwriters that for “a period of 366 days after the date of this prospectus, all of the shares owned by him are subject to” lock-up restrictions, which runs to June 2027. The prospectus adds that the shares locked for more than a year total 7.8 billion, “including 100% of the shares owned by Mr. Musk”, about 60% of the shares outstanding after the offering. So the largest fortune ever recorded is fully marked to market every afternoon and fully illiquid at the same time.
Tesla’s 2025 award adds a governance layer on top. Shareholders approved it at the 6 November 2025 annual meeting, per Tesla’s 8-K. Until the shares are earned, Musk’s 13G/A says they are “subject to a voting agreement” under which “an irrevocable proxy has been given to Tesla’s secretary to vote the shares proportionately to the votes of other shareholders”. The first tranche requires a Tesla market value of $2 trillion, against about $1.44 trillion today, which would take the stock to roughly $506. The tension is plain: the award was sold to shareholders as a way to keep Musk focused on Tesla, while 83% of his measured wealth now sits in a different company. Musk himself has said any combination would need formal handling. “It’s got to be done with the appropriate process,” he said on the July call, as reported by Reuters.
What Happens Next
1. The 24 September unlock is the swing event for the September contract. Tracker estimates compiled in our lock-up coverage put the next tranche at roughly 328.4 million shares, and it lands inside the window Polymarket is pricing. The 9 September tranche of about 319 million shares coincided with a 3.9% fall in SPCX. A move of that size on 24 September would take about $30 billion off Musk’s net worth and push him towards the $800 billion to $900 billion bracket. A rally that shrugs it off, as SPCX did after the 3 September upgrade, puts $1 trillion in reach. Our base case is that he finishes September between $900 billion and $1 trillion, with the trillion itself closer to a one-in-four chance than one-in-six.
2. The bigger overhang is the earnings-triggered release in November. The largest remaining tranche, about 1.3 billion shares, is scheduled to unlock two trading days after SpaceX reports third-quarter results, with a final tranche of about 797.6 million on 8 December. That is roughly four times the September supply. We expect that calendar, more than any Tesla headline, to decide whether Musk ends 2026 above or below $1 trillion, because each $1 of SpaceX price is worth $5.12 billion to him and Tesla cannot offset that at $0.40 billion.
3. Tesla’s upside will stay invisible to the trackers until it vests. The 1 October Roadster event and Tesla’s third-quarter deliveries will move TSLA, but on Forbes’ basis a 10% Tesla rally adds only about $14.5 billion. The 423.7 million-share 2025 award, worth about $155 billion at today’s price, will not appear in any headline figure until a tranche is earned, and the first requires a $2 trillion valuation that Tesla has never reached.
The single number to watch is $165.01. Until SpaceX closes above it, Elon Musk’s net worth stays below $1 trillion on Forbes’ own holdings. Once it does, he is a trillionaire again, with no need for Tesla to move at all.
Frequently Asked Questions
What is Elon Musk’s net worth today?
Elon Musk’s net worth is $929.4 billion, per the Forbes Real-Time Billionaires list updated on 13 September 2026 using the 11 September market close. That comprises $720.7 billion of SpaceX shares, $50.0 billion of SpaceX options, $144.6 billion of Tesla shares and $14.1 billion of private holdings. He is ranked first in the world, ahead of Larry Page at $277.9 billion.
How far is Elon Musk from becoming a trillionaire again?
He is $70.6 billion short of $1 trillion. On Forbes’ holdings, that gap closes if SpaceX stock rises to $165.01, a 9.1% gain from its $151.21 close, with Tesla unchanged. Tesla alone would need to reach $543.90, up 48.8% and above its record high. Polymarket prices a 15.9% chance he is worth $1 trillion or more on 30 September.
Was Elon Musk ever a trillionaire?
Yes. Forbes says he became the world’s first trillionaire on 12 June 2026, when SpaceX began trading. Valuing his current holdings at each daily close, his net worth peaked at $1.204 trillion on 16 June and stayed above $1 trillion for six sessions, the last on 30 June. It then fell as low as $688.8 billion on 31 July before recovering.
How much of Elon Musk’s wealth comes from SpaceX?
About 82.9%. Forbes counts 4,766,475,230 SpaceX shares and 350 million options, together worth $770.7 billion of his $929.4 billion. Tesla accounts for 15.6% and private companies 1.5%. That concentration means every $1 move in SPCX shifts Musk’s net worth by $5.12 billion, compared with $0.40 billion for a $1 move in Tesla.
Why do Forbes, Bloomberg and SEC filings show different numbers?
They count different things. SEC filings report beneficial ownership, including restricted Tesla shares and options exercisable within 60 days: 699.6 million Tesla shares and 6.42 billion SpaceX shares. Forbes counts economic ownership, including 395.6 million Tesla shares. Bloomberg runs its own daily index. The Tesla difference alone is worth about $111 billion at current prices.
Can Elon Musk sell his SpaceX shares?
Not until June 2027. The SpaceX prospectus says all of Musk’s shares are locked up for 366 days after the June 2026 offering and that his shares “will not be subject to any early release provisions.” Other holders are being released in staged tranches through 8 December 2026, but Musk is excluded from all of them.
This article is for information only and is not investment advice or a recommendation to buy or sell any security. Net worth figures are estimates published by third parties and change with every trading session; the Forbes figures cited are timestamped 13 September 2026 and reflect the 11 September 2026 closes. Calculations labelled as FinanceFeeds’ hold Forbes’ disclosed holdings constant and vary only share prices. Probability estimates are model outputs, not forecasts of certainty. Bloomberg’s index could not be accessed and no Bloomberg figure is cited.
