US MARGIN DEBT NEARS RECORD AT $1.48 TRILLION

US margin debt jumped $26 billion in September to $1.48 trillion, the second-highest level on record, according to FINRA data. Only June's $1.502 trillion peak sits higher. Since the start of 2026, investors have added $254 billion in borrowed money to their portfolios, a 21% surge in nine months. Leveraged positions tied to $SPY and the broader market have rarely run this hot.