THE DAILY TAPE
Menu

DAILY MARKET INTELLIGENCEIssue 26.39NEXT ISSUE INSCHEDULED

44/44 quotes verifiedThrough Sep 25 close · Yahoo FinanceSource details ↓

Broad GainsConfirm Risk-On Tone

S&P 500 +0.51% at the close. 8 of 11 available sector ETFs advanced (72.7%); coverage 11/11.

S&P +0.51%Breadth 8/11VIX -5.11%
01 / MARKETConstructive close

S&P +0.51%; Nasdaq +0.48%; VIX ended at 14.87.

02 / LEADERSHIPIndustrials over Comm. Services

A 1.85-point spread separated the best and worst sectors.

03 / INTERNALSBroad breadth

Cap weight outperformed by 0.14 percentage points. This is a participation proxy, not an attribution of index contributions.

BriefThe tape

Major indexes

Previous close to latest close. Sparklines show the verified regular-hours session path when available.

01

Overview

How today fits the recent run of sessions, and the markets you follow.

OverviewRegime history

Recent regimes

Today's regime in the context of recent sessions. Select a day to see its inputs.

LAST 60 SESSIONS14 constructive29 mixed17 defensive
ConstructiveFri, Sep 25, 2026S&P 500 +0.51% · VIX -5.11% · 8/11 sectors upPublished in that day's issue

Solid cells were published in an archived issue (6); outlined cells are reconstructed from daily closes with the same rule, using only that day's moves. Constructive: S&P 500 up, VIX down, all 11 sector ETFs reporting and at least 60% advancing. Defensive: S&P 500 down, VIX up, all 11 reporting and at most 40% advancing. Otherwise mixed.

OverviewYour tape · Personal

Your watchlist

Pin up to 20 tracked markets on this device. Stored only in this browser; nothing is sent anywhere, and the published report is unchanged.

0 / 20
Loading your watchlist…

Add the indexes, sectors, stocks, rates, commodities or crypto you follow. Prices and moves come from the Sep 25 Close Tape.

02

Leadership & participation

What is actually participating in the move?

LeadershipSector leadership

Sector returns, ranked

All 11 sector ETFs ranked by session return, with weighting and participation checks.

CAP-WEIGHTED (SPY)+0.54%
EQUAL-WEIGHT (RSP)+0.40%
ADVANCING / DECLINING8 / 3
POSITIVE SECTORS72.7%

Industrials (XLI) +0.95% ranked highest; Comm. Services (XLC) -0.90% ranked lowest, separated by 1.85 percentage points. Interpretation: Return dispersion across sectors highlights relative leadership without confirming its underlying drivers.

01Industrials (XLI)+0.95%
02Technology (XLK)+0.80%
03Financials (XLF)+0.57%
04Healthcare (XLV)+0.49%
05Cons. Staples (XLP)+0.44%
06Utilities (XLU)+0.38%
07Materials (XLB)+0.24%
08Cons. Discretionary (XLY)+0.22%
09Real Estate (XLRE)-0.22%
10Energy (XLE)-0.89%
11Comm. Services (XLC)-0.90%

LeadershipRelative strength

Performance versus SPY

Persistent leaders versus one-day winners, measured against SPY.

RELATIVE STRENGTH VS SPYPERCENTAGE POINTS OF TOTAL RETURN · LEADING = AHEAD OF SPY IN ALL THREE WINDOWS
Sector ETFs
Name1D5D1MTrend
TechnologyXLK+0.26 pp+2.38 pp+6.57 ppLeading
Comm. ServicesXLC-1.44 pp+1.01 pp-0.29 ppMixed
EnergyXLE-1.43 pp-4.20 pp-0.93 ppLagging
HealthcareXLV-0.05 pp+0.49 pp-2.16 ppMixed
Cons. StaplesXLP-0.10 pp-1.50 pp-5.18 ppLagging
IndustrialsXLI+0.41 pp-0.60 pp-6.15 ppMixed
Cons. DiscretionaryXLY-0.32 pp-1.47 pp-6.34 ppLagging
FinancialsXLF+0.03 pp-2.74 pp-6.47 ppMixed
MaterialsXLB-0.30 pp-1.17 pp-7.69 ppLagging
Real EstateXLRE-0.76 pp-2.72 pp-7.96 ppLagging
UtilitiesXLU-0.16 pp-4.42 pp-9.44 ppLagging
Tracked large caps
Name1D5D1MTrend
Meta PlatformsMETA-3.87 pp+11.73 pp+29.66 ppMixed
Micron TechnologyMU-0.38 pp+5.28 pp+14.42 ppMixed
AppleAAPL+0.99 pp+0.21 pp+7.89 ppLeading
TeslaTSLA-2.08 pp+0.90 pp+6.69 ppMixed
NvidiaNVDA-0.32 pp+0.01 pp+6.58 ppMixed
MicrosoftMSFT+3.12 pp+3.27 pp+3.06 ppLeading
AlphabetGOOGL-0.08 pp-2.87 pp-0.29 ppLagging
BroadcomAVGO+0.16 pp-2.42 pp-1.50 ppMixed
AmazonAMZN-0.42 pp-2.85 pp-4.99 ppLagging

LeadershipMarket internals

Breadth and participation

Participation measured across stated, tracked universes. None of these is presented as NYSE or Nasdaq constituent breadth.

SECTORS ADVANCING8 / 11

3 declined · 72.7% positive

EQUAL VS CAP WEIGHT · 1D-0.14 pp

RSP minus SPY. Cap weight led.

EQUAL VS CAP · 5D / 1M-1.4 pp / -5.5 pp

Total-return spread. Persistent positives favor broader participation.

20-SESSION HIGHS / LOWS3 / 1

Closing highs vs lows across 24 tracked instruments.

SECTORS ABOVE 20-DAY27%

3 of 11 sector ETFs above their moving average.

SECTORS ABOVE 50-DAY36%

4 of 11 sector ETFs above their moving average.

SECTORS ABOVE 200-DAY36%

4 of 11 sector ETFs above their moving average.

SECTOR ADVANCE / DECLINE · 20 SESSIONS-40Cumulative net advancing sector ETFs. Daily total return including dividends.
Aug 28: net -1, cumulative -1Aug 31: net -7, cumulative -8Sep 1: net -3, cumulative -11Sep 2: net +7, cumulative -4Sep 3: net +5, cumulative +1Sep 4: net -5, cumulative -4Sep 8: net -5, cumulative -9Sep 9: net -8, cumulative -17Sep 10: net -7, cumulative -24Sep 11: net +7, cumulative -17Sep 14: net -5, cumulative -22Sep 15: net -7, cumulative -29Sep 16: net -6, cumulative -35Sep 17: net +7, cumulative -28Sep 18: net -7, cumulative -35Sep 21: net +3, cumulative -32Sep 22: net +1, cumulative -31Sep 23: net -9, cumulative -40Sep 24: net -5, cumulative -45Sep 25: net +5, cumulative -40

Universes: 11 S&P sector ETFs; SPY and RSP; 20-session highs and lows across sector ETFs, tracked mega-caps, SPY, RSP, QQQ and IWM. Not covered by current data sources: NYSE and Nasdaq advance/decline counts; Exchange-wide new highs and new lows; Share of index constituents above moving averages. These are left out rather than approximated.

03

What drove the tape

The verified context around the session, the read it supports, and the names that set the pace.

DriversVerified catalysts

Verified news from the session

Developments published between the prior close and this report, from official sources first and allowlisted publishers second. Listed as context, never as the cause of a move.

  1. Official sourceEconomic data
    Major Economic Indicators Latest Numbers
    U.S. Bureau of Labor Statistics
INTERPRETATIONBASED ON OBSERVED DATA
“Equity gains, easing volatility, and widespread sector advances together point to a risk-on tilt.”

S&P 500 +0.51%; VIX -5.11%; positive sector share 72.7%. Interpretation reflects price relationships; no event catalyst is inferred.

DriversMega-cap & AI

Largest companies by market cap

The market’s largest leaders, ordered by market cap: close, session range, daily return, and the latest verified price path.

MSFT +3.66% ranked highest in the available leadership sample; META -3.33% ranked lowest. Interpretation: Dispersion among leading mega-cap names separates individual stock performance from any broader mega-cap narrative.

NVDANvidia · $5.43T
+0.22%

NVDA +0.22%, -0.26 percentage points versus Nasdaq.

$225.07
DAY LOW $223.13DAY HIGH $226.94View asset
REGULAR SESSION5 MIN
AAPLApple · $4.98T
+1.53%

AAPL +1.53%, +1.05 percentage points versus Nasdaq.

$341.07
DAY LOW $334.53DAY HIGH $341.67View asset
REGULAR SESSION5 MIN
GOOGLAlphabet · $4.21T
+0.46%

GOOGL +0.46%, -0.02 percentage points versus Nasdaq.

$343.92
DAY LOW $341.11DAY HIGH $347.03View asset
REGULAR SESSION5 MIN
MSFTMicrosoft · $3.83T
+3.66%

MSFT +3.66%, +3.18 percentage points versus Nasdaq.

$516.17
DAY LOW $497.30DAY HIGH $519.40View asset
REGULAR SESSION5 MIN
AMZNAmazon · $2.69T
+0.12%

AMZN +0.12%, -0.36 percentage points versus Nasdaq.

$249.67
DAY LOW $247.18DAY HIGH $250.88View asset
REGULAR SESSION5 MIN
METAMeta Platforms · $1.91T
-3.33%

META -3.33%, -3.81 percentage points versus Nasdaq.

$751.66
DAY LOW $746.54DAY HIGH $769.57View asset
REGULAR SESSION5 MIN
AVGOBroadcom · $1.68T
+0.70%

AVGO +0.70%, +0.22 percentage points versus Nasdaq.

$352.81
DAY LOW $349.43DAY HIGH $354.43View asset
REGULAR SESSION5 MIN
TSLATesla · $1.47T
-1.54%

TSLA -1.54%, -2.02 percentage points versus Nasdaq.

$372.11
DAY LOW $367.67DAY HIGH $386.83View asset
REGULAR SESSION5 MIN
MUMicron Technology · $1.22T
+0.16%

MU +0.16%, -0.32 percentage points versus Nasdaq.

$1,082.28
DAY LOW $1,073.00DAY HIGH $1,108.72View asset
REGULAR SESSION5 MIN

04

Cross-asset & macro

Yields, oil, the dollar, credit, overseas closes and crypto: the read beyond U.S. equities.

MacroMacro pulse

Yields rose.
Oil fell.

The ten-year yield closed at 5.18%, a +2.00 basis-point change. Interpretation: Rising yields may raise the valuation bar for rate-sensitive equities, though correlation alone does not confirm causation.

POSITIVE SECTOR SHARE72.7%
Cap-weighted S&P +0.54% vs. equal weight +0.40%
S&P 500 / REGULAR SESSION7,743.41
Low 7,698.82 · High 7,747.43 · 78 points · Range change +15.81
DAY LOW7,693.08
DAY HIGH7,752.07
NASDAQ 1D+0.48%

MacroRates & credit

Treasury yields and credit

Session yields, the official Treasury curve, actual credit spreads and bond ETF proxies, each labeled with its source and date.

TREASURY YIELDSSESSION CLOSE (CBOE INDEX) · OFFICIAL PAR CURVE (U.S. TREASURY)
TenorSession close1DOfficial pard/d
3M4.070%+0 bps4.24%+5 bps
2YNo index—4.87%+2 bps
5Y5.010%-2 bps5.03%+4 bps
10Y5.180%+2 bps5.18%+7 bps
30Y5.500%+4 bps5.47%+7 bps

Official curve as of Sep 24 (prior session). Treasury publishes it late in the afternoon, so the Close Tape can show the prior session. U.S. Treasury ↗

CURVEBASIS POINTS
2s10s+31 bps+5 bps d/d2Y → 10Y · official curve as of Sep 24 (prior session)
3M–10Y+94 bps+2 bps d/d3M → 10Y · official curve as of Sep 24 (prior session)
5s30s+44 bps+3 bps d/d5Y → 30Y · official curve as of Sep 24 (prior session)
5s10s+17.0 bpsSession close5Y → 10Y · Cboe yield indexes
CREDITSPREADS ARE ACTUAL OAS · ETF ROWS ARE PRICE PROXIES
HYG ETF proxy$77.86-0.04% priceHigh-yield corporate bond ETF. A price, not a spread.LQD ETF proxy$103.21+0.06% priceInvestment-grade corporate bond ETF. A price, not a spread.
REAL YIELDS & RATE VOLATILITYTREASURY REAL PAR CURVE · ICE BOFA MOVE
5Y REAL YIELD2.70%+5 bps d/dTreasury real par curve as of Sep 24 (prior session)
10Y REAL YIELD2.85%+9 bps d/dTreasury real par curve as of Sep 24 (prior session)
TIP ETF proxy$104.54+0.23% priceTIPS bond ETF price, not a real yield.MOVE INDEX104.58+0.00%Treasury implied volatility · Yahoo Finance

MacroGlobal check

Overseas closes

Regional closes, daily direction, and each market’s latest verified path. Local closing times differ from New York.

MARKETREGIONCLOSE1DPATH
Nikkei 225Local close Sep 24Japan65,513.99+0.76%
Euro Stoxx 50Europe6,302.82+0.48%
FTSE 100United Kingdom10,695.25+0.14%
Hang SengLocal close Sep 24Hong Kong24,761.13-0.29%

MacroDigital assets

Major cryptocurrencies

Crypto trades around the clock; each move is measured over the reported session.

BTC-0.41%
$84,035
BitcoinView asset
VERIFIED PATH15 MIN

BTC-USD -0.41% for the reported session.

ETH+0.22%
$2,693
EthereumView asset
VERIFIED PATH15 MIN

ETH-USD +0.22% for the reported session.

SOL+4.56%
$122
SolanaView asset
VERIFIED PATH15 MIN

SOL-USD +4.56% for the reported session.

XRP+2.61%
$1.5700
XRPView asset
VERIFIED PATH15 MIN

XRP-USD +2.61% for the reported session.

05

Next session

What matters next: the takeaways from this close, the scheduled events, and what to watch.

AheadDecision summary

Three takeaways

The move, the cross-asset read, and the marker that matters next.

01Observed

RSP +0.40% versus SPY +0.54%; equal weight minus cap weight -0.14 percentage points.

02Interpretation

Cap-weighted outperformance suggests concentrated leadership rather than a fully verified breadth signal.

03Next-session checks

Participation above 8/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it. Use 5.18% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns. Compare next-session participation with today’s 7/9 advancing leaders; fewer advancers would narrow leadership.

AheadMarket calendar

Upcoming events

U.S. releases, Treasury auctions, tracked earnings and market-structure dates for this session and the next. Times in Central Time.

Report session · Friday, Sep 25

  1. 4:15 AM CTSource 5:15 AM ET
    FOMC Member Williams Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  2. 7:30 AM CTSource 8:30 AM ET
    Core Durable Goods Orders m/m

    Business surveysImportance: Low (source)

    Actual
    —
    Consensus
    0.6%
    Previous
    0.4%
    Forex Factory Economic Calendar ↗
  3. 7:30 AM CTSource 8:30 AM ET
    Durable Goods Orders m/m

    Business surveysImportance: Low (source)

    Actual
    —
    Consensus
    -0.3%
    Previous
    1.1%
    Forex Factory Economic Calendar ↗
  4. 8:20 AM CTSource 9:20 AM ET
    FOMC Member Schmid Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  5. 9:00 AM CTSource 10:00 AM ET
    Revised UoM Consumer Sentiment

    ConsumerImportance: Medium (source)

    Actual
    —
    Consensus
    47.4
    Previous
    47.8
    Forex Factory Economic Calendar ↗
  6. 9:00 AM CTSource 10:00 AM ET
    Revised UoM Inflation Expectations

    InflationImportance: Medium (source)

    Actual
    —
    Consensus
    —
    Previous
    4.6%
    Forex Factory Economic Calendar ↗
  7. 1:00 PM CTSource 2:00 PM ET
    FOMC Member Hammack Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗

Next session · Monday, Sep 28

  1. Time not published
    13-Week Bill auction (reopening)

    Treasury auctionOffering $95B · CUSIP 912797VJ3

    U.S. Treasury Fiscal Data ↗
  2. Time not published
    26-Week Bill auction

    Treasury auctionOffering $82B · CUSIP 912797WM5

    U.S. Treasury Fiscal Data ↗

AheadForward look

What to watch next

Variables to monitor next, framed as conditions rather than predictions.

  • Participation above 8/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 5.18% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns.
  • Compare next-session participation with today’s 7/9 advancing leaders; fewer advancers would narrow leadership.
01Cross-asset checks
  • Test whether DX-Y.NYB (-0.28%) and GC=F (+0.61%) retain their directional relationship in the next comparable window.
  • Test whether CL=F (-1.99%) and ^GSPC (+0.51%) retain their directional relationship in the next comparable window.
02Rates & confirmation
  • Use 5.18% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns.
  • Look for agreement between equity direction, volatility and sector participation before treating the move as broadly confirmed.
03Technology leadership
  • Compare next-session participation with today’s 7/9 advancing leaders; fewer advancers would narrow leadership.
  • Check whether Nasdaq relative strength persists or converges with the S&P 500.
04Risk dashboard
  • Participation above 8/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 5.18% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns.

Reference & methodology

Supporting reference levels, delivery options, and where every number on this page comes from.

13W T-BILL4.07%+0 bps
GOLD$4,324.40+0.61%
WTI CRUDE$92.73-1.99%
RUSSELL 20002,837.55+0.07%

Delivery Make it part of the routine

Follow the archive feed or install The Daily Tape as an app. No account is required.

RSS FEEDGet every Close Tape

Subscribe in any RSS reader and receive each archived session as soon as it publishes.

Open feed →
INSTALLABLE APPKeep it one click away

Install for a standalone window and home-screen access. Market data always loads fresh; nothing is kept offline where it could go stale.

Use your browser’s Install / Add to Home Screen option