Opening Bell: 9.8.26

The Economic Fallout From a Potential Return to $100 Oil [DealBook]Goldman Sachs warns it could hit $120 a barrel, while Treasury Secretary Scott Bessent suggests that oil could sink to $40 or $50 if the Strait of Hormuz fully reopens. (We’d love to see it, but we aren’t holding our breath.)…. Investors are bracing for more inflation data this week that could persuade the Fed to raise its benchmark lending rate for the first time in three years. That uncertainty is roiling the bond market, just as rising oil and copper prices (more on copper below) threaten to pinch households and businesses.Canada’s retaliatory tariffs take effect as Trump threatens to ban Bombardier jet sales in US [CNN]Canadian Minister of Industry Mélanie Joly said the government is specifically tailoring its countermeasures to “put political pressure” on the Trump administration to reconsider its actions…. Beyond Trump’s Bombardier threat, he’s likely to unveil counterduties, prompting yet another response from Carney. This next tit-for-tat could hit closer to home.Ontario Premier Doug Ford has said that his province could put restrictions on electricity exports to the border states it supplies, such as New York and Michigan.Robinhood Wins a New Role in the Oura IPO: Underwriter [WSJ]It is the first official underwriting gig for Robinhood…. Working as an underwriter should give Robinhood more influence over the number of shares ultimately set aside for its customers. In recent years, retail traders have clamored for more access to newly public companies—but the number of shares allocated to brokerages in popular offerings often fall well short of demand.For Many Individual Traders, Prediction Markets Are Hot—and Crypto Is Not [WSJ]Many of the same traders who fueled crypto’s past rallies are now spending more time and money on event-based contracts. These contracts offer yes-or-no wagers on everything from the outcome of state elections to the Federal Reserve’s next interest-rate move to who will be the next James Bond—and are easier to trade than trying to make sense of crypto’s boom-and-bust cycles, some traders say.Millennium Nears $100 Billion in New Era for Giant Hedge Funds [Bloomberg via Yahoo!]Its assets have hit $97 billion, according to people familiar with the matter, more than double what Millennium oversaw six years ago…. It's a golden age for the industry's top players. The largest, AQR Capital Management, surpassed $140 billion of hedge fund assets this year, and DE Shaw & Co. now oversees about $90 billion. A half-dozen other firms have exceeded $75 billion, the most ever to eclipse that threshold.Hunter Biden (and His Laptop) Enter the Cryptosphere With New Meme Coin [WSJ]Biden’s token will trade under the ticker, $LAPTOP, and launch Sept. 9 on Base, a digital ledger built by Coinbase Global…. In recent X posts, Biden called decentralized digital currencies the “inevitable future,” and weighed in on the dispute between the Trump family’s flagship crypto venture World Liberty Financial and Chinese-born entrepreneur Justin Sun.