September 24, 2026

The major averages finished the session mixed today as higher rates and oil prices weighed on all but a narrow group of equities. Economic data saw Initial Jobless Claims ease 1K to 197K, while Continuing Claims rose 2K. Stocks opened lower as yields climbed after several Fed presidents made hawkish comments, with Philadelphia Fed President Anna Paulson saying, “some further tightening may be warranted.” The rate on the 10-year Treasury rose to 5.201%, while the 30-year landed at 5.486%, its highest yield since 2004. Crude oil prices came off their highs of the day on a report that the U.S. and Iran discussed a phased deal to reopen Hormuz and end the blockade, but traders took the story with a grain of salt after numerous prior conflicting reports. Communication Services (XLC) was the strongest sector, getting a boost from a +4.52% spike in shares of Meta Platforms (META) as the stock notched a new record high. Healthcare (XLV) and Energy (XLE) also outperformed. Materials (XLB), Utilities (XLU), Consumer Staples (XLP) and Industrials (XLI) were the weakest market groups, with eight of 11 sectors finishing in the red. Cybersecurity stocks continued their rally, with CrowdStrike (CRWD) and Fortinet (FTNT) hitting new highs as investors worried about rogue AI agents hacking companies. The DJIA continued to diverge from the broader market as it lost 161.61 points (-0.31%) and settled at 51349.98. The S&P 500 eased 1.90 points (-0.02%), closing at 7704.13, while the NASDAQ added 3.34 points (+0.01%), finishing at 26939.37.

Breadth was negative, with declining issues beating advancing issues 1.9:1 on the NYSE and 1.5:1 on the NASDAQ. Declining volume was 63% on the NYSE and 55% on the NASDAQ. The VIX rose 0.49 (+3.23%), closing at 15.67. Crude oil prices jumped 2.97 (+3.22%), and the October contract closed at $95.13 a barrel. Gold prices lost 9.20 (-0.21%) and finished at $4,309.20 an ounce. Bitcoin (BTC) closed the session at $84,420.

It was a volatile day, with 'story' stocks providing the fireworks. Underlying breadth continues to confirm that the majority of stocks are under distribution, but spikes in overweighted technology stocks, like META today, are keeping the S&P 500, NASDAQ and NASDAQ 100 above key support at their respective 50-day MAs. Volatility is likely to remain an issue going forward as investors get bombarded with claims from both sides of the aisle in Washington as the two sides position for midterm elections.

Earnings releases to watch for on Friday include: None.

Friday's Market-Moving Economic Calendar: Durable Goods Orders and Consumer Sentiment.

*Charts of the various market timing components can be found by going to the Market Edge Home page and clicking on 'Market At A Glance', which is located on the right-hand side of the page just below the 'Market Recap' section.

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