Strikes, Spikes, and Hikes: DH Unplugged Tackles Iran Strikes, Oil Surge, and Market Jitters

As the final four months of the year begin, markets are taking on an 'elephanty' turn, according to hosts Andrew Horowitz and John C. Dvorak in Episode 816 of DH Unplugged, titled 'Strikes, Spikes, Hikes.' Published September 1, 2026, the episode dives into renewed U.S. bombing of Iran, a sharp spike in crude oil, rising bond yields, and a fresh wave of corporate winners and losers. Against a backdrop of eroding institutional trust and a Federal Reserve caught between political pressure and a wobbly labor market, the hosts preview what could be a volatile September.

Crude oil has surged roughly 13% in two weeks to about $91.80, with diesel crack spreads flashing inflation warnings. Meanwhile, Dell delivered blowout guidance, projecting fiscal 2027 EPS near $25.50 versus $18.99 prior, thanks to a 40% share in data centers. Nvidia is reportedly pursuing Hugging Face with a $12.9 billion offer, sparking fallout between Jensen Huang and Sam Altman. On the downside, Dick's Sporting Goods plunged roughly 30% as Foot Locker comps fell 3.6%, and Target faced backlash over a Halloween clown costume, highlighting the landmines of brand management.

The hosts didn't hold back on political and economic critiques. Horowitz turned to Treasury Secretary Scott Bessent and Fed nominee Kevin Warsh, saying, 'The administration is the boy who cried wolf right now,' adding that 'Bessent has really gotten a little bit crazed trying to manipulate the markets.' Dvorak connected the dots to bond yields and the dollar, arguing that 'It's a series of very large trust factors.' He warned that tariff escalation echoing Smoot-Hawley would signal America no longer believes it can compete.

The discussion also covered government equity stakes in Intel, MP Materials, and Trilogy Metals, with a lawsuit challenging the Intel arrangement. Horowitz, who disclosed a personal short position in Intel, questioned why Washington gets discounted shares that retail investors never see. Dvorak contrasted the U.S. approach with China's state-owned enterprise model and highlighted GLM 5.3 Flash from Chinese lab Z.ai, reportedly trained without a single Nvidia chip.

Other topics included President Trump's Fox News threat that Iran will be 'totally wiped out as a country' if it retaliates again, LEGO's 21% first-half revenue jump, and the baseball-card casino economy drawing scrutiny from Japanese regulators. Friday's August payrolls, ADP, JOLTS, and ISM data cap the preview.

For a deep dive into these market-moving stories and more, tune in to the full episode.