CHRIS VERSACE: Good morning, Action Alerts Plus members. Let's get started this morning recapping two of the things that we talked about last week. First, we exited the shares of Clear Secure after Treasury yields popped following the September employment report.
And, second, when we added to our position in McDonald's last week, we also shared that we were adding a quote, "panic point" for the shares. Now a panic point isn't the same as a formal stop loss. But it's a level at which we may cut the shares to stem further losses. It's all part of our renewed effort, especially during a nervous market, facing a number of different headwinds that we want to double down on risk management for the portfolio. And with that, in Friday's roundup, we instilled panic points for nearly all the portfolio's positions.
Now with that, let's move into this week. Following last week's jobs data, including the employment report finding far more jobs created during the month of September than expected and little progress on wage inflation, this week, we have the September CPI and PPI reports, as well as a dozen Fed speakers making the rounds. Ahead of those reports, we're already hearing Fed comments that it may need to do more given the strength of the economy.
Now as we get ready for the inflation data, we'll be keeping in mind the recent rollover in oil occurred only late in September. And as we shared in our comments to you this morning, data points for the used vehicle price index show it rebounding yet again in September. We also had comments earlier this month that the September PMI reports showed input and output inflation continued to blow.
All of that leaves the door open for the CPI and PPI reports to potentially show less progress than the market is hoping for. If that happens, it could make a wobbly market become even more so. As we get ready for those reports and some subsequent Fed head comments, we're also entering the early innings of the September quarter earnings season. And for us, that begins tomorrow with PepsiCo.
Last week, concerns about the potential impact of obesity drugs hit several sectors of the market, including our own PepsiCo shares. On Friday, we shared findings that point to those concerns being likely overblown. But let's remember it's early days for those drugs. And we've seen many, many times before the market is likely to overly fixate on new developments. I'm sure you recall NFTs, the metaverse, and so on.
For us, we'll be focusing on PepsiCo's guidance for its seasonally strongest quarter. And it could give us the opportunity for members who are underweight PepsiCo shares to pick those up, especially if the company's guidance claps back hard against those obesity drug concerns.
And while Bank of America won't report until next week, we will be hearing this week from JP Morgan, Wells Fargo, and Citigroup. In those reports, comments on net interest income expectations, lending activity, and the outlook for investment banking are what we'll be focused on when it comes to our shares of not only Bank of America but also Morgan Stanley shares that are in the bullpen.
And, members, we can't ignore the weekend's geopolitical developments and the violence in Israel. At a minimum, it's a fresh layer of uncertainty for the market, especially the oil market. We are seeing a risk off response with oil, gold, treasuries, and the dollar all moving higher this morning. However, given today's holiday, in our view, the market's response could be a little muted because the bond market is closed.
We do realize that this is a developing and evolving story and one that is going to have several moving pieces. Our thinking to cut to the quick on this is that it will not be over quickly, and we will be watching developments as well as responses gaming out what it means for the market and our holdings. And, of course, we'll be sharing those thoughts with you in our alerts.
In the short term, however, these developments are giving rise to our shares of Lockheed Martin, XLE, GLD, and the cyber ETFs, as well as our inverse market ones. That'll do it for today. And, yes, we will have much more on our alerts during today and the coming days about all of this and what it means for you and for the portfolio. I'll be back tomorrow for our take on Pepsi earnings and much more.