THE DAILY TAPE
Menu
Archived editionYou are reading the Monday, September 21, 2026 close.

Figures are exactly as published after that session and are never revised. The current report lives on the Close Tape.

Go to the latest Daily Tape →

ARCHIVED DAILY TAPEIssue 26.39

44/44 quotes verifiedSome feeds unavailableThrough Sep 21 close · Yahoo FinanceSource details ↓

Tech Leadership DrivesUneven Market Gains

S&P 500 +1.49% at the close. Nasdaq +2.26% versus S&P 500 +1.49%, a +0.77 percentage-point spread.

S&P +1.49%Breadth 7/11VIX +0.41%
01 / MARKETMixed close

S&P +1.49%; Nasdaq +2.26%; VIX ended at 14.87.

02 / LEADERSHIPComm. Services over Energy

A 6.19-point spread separated the best and worst sectors.

03 / INTERNALSBroad breadth

Cap weight outperformed by 0.99 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 SESSIONS13 constructive31 mixed16 defensive
MixedMon, Sep 21, 2026S&P 500 +1.49% · VIX +0.41% · 7/11 sectors upPublished in that day's issue

Solid cells were published in an archived issue (2); 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.

OverviewHistorical context

How this session compared

Context is calculated only from earlier archived Daily Tape sessions, so the comparison never uses future data.

BREADTH VS PRIOR AVG+45.4 pp

Prior 1-session average: 18.2%

VIX SAMPLE RANK100%

Percentile rank within the current plus prior archived-session sample.

REGIME STREAK2

Consecutive archived sessions with the same regime classification.

LEADERSHIP STREAK1

Comm. Services ranked first in 1 consecutive archived session and 1 of the last 2.

S&P 5-SESSION—

Needs five consecutive archived sessions.

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)+1.55%
EQUAL-WEIGHT (RSP)+0.56%
ADVANCING / DECLINING7 / 4
POSITIVE SECTORS63.6%

Comm. Services (XLC) +3.89% ranked highest; Energy (XLE) -2.30% ranked lowest, separated by 6.19 percentage points. Interpretation: The spread between top and bottom sectors highlights relative leadership rather than a uniform market advance.

01Comm. Services (XLC)+3.89%
02Technology (XLK)+2.89%
03Cons. Discretionary (XLY)+1.30%
04Real Estate (XLRE)+1.00%
05Healthcare (XLV)+0.75%
06Financials (XLF)+0.43%
07Industrials (XLI)+0.41%
08Materials (XLB)-0.10%
09Utilities (XLU)-0.34%
10Cons. Staples (XLP)-0.41%
11Energy (XLE)-2.30%

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+1.34 pp+3.96 pp+4.88 ppLeading
Comm. ServicesXLC+2.34 pp-1.87 pp+2.34 ppMixed
EnergyXLE-3.85 pp-4.53 pp-3.09 ppLagging
FinancialsXLF-1.12 pp-3.56 pp-3.19 ppLagging
HealthcareXLV-0.80 pp-0.77 pp-3.23 ppLagging
Cons. StaplesXLP-1.96 pp-4.24 pp-5.02 ppLagging
Cons. DiscretionaryXLY-0.25 pp-2.24 pp-5.27 ppLagging
Real EstateXLRE-0.55 pp-2.31 pp-6.40 ppLagging
MaterialsXLB-1.65 pp-3.00 pp-6.40 ppLagging
IndustrialsXLI-1.14 pp-1.61 pp-6.85 ppLagging
UtilitiesXLU-1.89 pp-3.97 pp-8.09 ppLagging
Tracked large caps
Name1D5D1MTrend
Meta PlatformsMETA+9.88 pp+9.54 pp+34.26 ppLeading
IntelINTC+10.59 pp+23.41 pp+30.50 ppLeading
Advanced Micro DevicesAMD+8.40 pp+22.85 pp+29.44 ppLeading
SanDiskSNDK-2.96 pp+11.92 pp+8.71 ppMixed
AppleAAPL-0.70 pp-0.14 pp+7.23 ppMixed
Micron TechnologyMU+1.22 pp+11.08 pp+5.49 ppLeading
NvidiaNVDA+0.75 pp+5.88 pp+3.33 ppLeading
MicrosoftMSFT+0.04 pp-2.66 pp+2.57 ppMixed
AmazonAMZN+0.32 pp+0.03 pp-2.31 ppMixed

LeadershipMarket internals

Breadth and participation

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

SECTORS ADVANCING7 / 11

4 declined · 63.6% positive

EQUAL VS CAP WEIGHT · 1D-0.99 pp

RSP minus SPY. Cap weight led.

EQUAL VS CAP · 5D / 1M-2.6 pp / -4.8 pp

Total-return spread. Persistent positives favor broader participation.

20-SESSION HIGHS / LOWS8 / 3

Closing highs vs lows across 24 tracked instruments.

SECTORS ABOVE 20-DAY18%

2 of 11 sector ETFs above their moving average.

SECTORS ABOVE 50-DAY36%

4 of 11 sector ETFs above their moving average.

SECTORS ABOVE 200-DAY46%

5 of 11 sector ETFs above their moving average.

SECTOR ADVANCE / DECLINE · 20 SESSIONS-35Cumulative net advancing sector ETFs. Daily total return including dividends.
Aug 24: net +5, cumulative +5Aug 25: net +2, cumulative +7Aug 26: net -1, cumulative +6Aug 27: net -9, cumulative -3Aug 28: net -1, cumulative -4Aug 31: net -7, cumulative -11Sep 1: net -3, cumulative -14Sep 2: net +7, cumulative -7Sep 3: net +5, cumulative -2Sep 4: net -5, cumulative -7Sep 8: net -5, cumulative -12Sep 9: net -8, cumulative -20Sep 10: net -7, cumulative -27Sep 11: net +7, cumulative -20Sep 14: net -5, cumulative -25Sep 15: net -7, cumulative -32Sep 16: net -6, cumulative -38Sep 17: net +7, cumulative -31Sep 18: net -7, cumulative -38Sep 21: net +3, cumulative -35

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 sourceFed speech
    Jefferson, Discount Window Modernization and Treasury Market Functioning
    Federal Reserve

Unavailable at generation: U.S. Bureau of Labor Statistics releases.

INTERPRETATIONBASED ON OBSERVED DATA
“Cap-weighted outperformance points to concentrated leadership rather than broad-based index gains.”

RSP +0.56% versus SPY +1.55%; equal weight minus cap weight -0.99 percentage points. 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.

INTC +12.14% ranked highest in the available technology sample; SNDK -1.41% ranked lowest. Interpretation: Wide dispersion among selected technology names separates stock-specific strength from the broader sector narrative.

AAPLApple
+0.85%

AAPL +0.85%, -1.41 percentage points versus Nasdaq.

$338.98
DAY LOW $333.05DAY HIGH $339.64View asset
REGULAR SESSION5 MIN
MSFTMicrosoft
+1.59%

MSFT +1.59%, -0.67 percentage points versus Nasdaq.

$501.61
DAY LOW $491.33DAY HIGH $501.87View asset
REGULAR SESSION5 MIN
NVDANvidia
+2.30%

NVDA +2.30%, +0.04 percentage points versus Nasdaq.

$227.38
DAY LOW $221.56DAY HIGH $228.50View asset
REGULAR SESSION5 MIN
AMZNAmazon
+1.87%

AMZN +1.87%, -0.39 percentage points versus Nasdaq.

$258.45
DAY LOW $253.60DAY HIGH $259.49View asset
REGULAR SESSION5 MIN
METAMeta Platforms
+11.43%

META +11.43%, +9.17 percentage points versus Nasdaq.

$741.25
DAY LOW $679.60DAY HIGH $753.00View asset
REGULAR SESSION5 MIN
SNDKSanDisk
-1.41%

SNDK -1.41%, -3.67 percentage points versus Nasdaq.

$1,766.64
DAY LOW $1,737.01DAY HIGH $1,834.49View asset
REGULAR SESSION5 MIN
AMDAdvanced Micro Devices
+9.95%

AMD +9.95%, +7.69 percentage points versus Nasdaq.

$615.52
DAY LOW $582.27DAY HIGH $616.69View asset
REGULAR SESSION5 MIN
INTCIntel
+12.14%

INTC +12.14%, +9.88 percentage points versus Nasdaq.

$121.78
DAY LOW $114.93DAY HIGH $124.73View asset
REGULAR SESSION5 MIN
MUMicron Technology
+2.77%

MU +2.77%, +0.51 percentage points versus Nasdaq.

$1,043.96
DAY LOW $1,030.68DAY HIGH $1,064.49View 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 eased.
Oil fell.

The ten-year yield closed at 4.96%, a -4.00 basis-point change. Interpretation: A modest pullback in yields may ease valuation pressure on rate-sensitive equities, though correlation alone does not confirm the linkage.

POSITIVE SECTOR SHARE63.6%
Cap-weighted S&P +1.55% vs. equal weight +0.56%
S&P 500 / REGULAR SESSION7,764.70
Low 7,695.07 · High 7,778.18 · 78 points · Range change +69.15
DAY LOW7,691.19
DAY HIGH7,779.22
NASDAQ 1D+2.26%

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
3M3.980%+0 bps4.14%+2 bps
2YNo index—4.76%+9 bps
5Y4.830%-3 bps4.86%+8 bps
10Y4.960%-4 bps5.01%+7 bps
30Y5.300%-3 bps5.34%+5 bps

Official curve as of Sep 18 (prior session). Treasury publishes it late in the afternoon, so the Close Tape can show the prior session. U.S. Treasury ↗

CURVEBASIS POINTS
2s10s+25 bps-2 bps d/d2Y → 10Y · official curve as of Sep 18 (prior session)
3M–10Y+87 bps+5 bps d/d3M → 10Y · official curve as of Sep 18 (prior session)
5s30s+48 bps-3 bps d/d5Y → 30Y · official curve as of Sep 18 (prior session)
5s10s+13.0 bpsSession close5Y → 10Y · Cboe yield indexes
CREDITSPREADS ARE ACTUAL OAS · ETF ROWS ARE PRICE PROXIES
HYG ETF proxy$78.68+0.19% priceHigh-yield corporate bond ETF. A price, not a spread.LQD ETF proxy$105.09+0.37% priceInvestment-grade corporate bond ETF. A price, not a spread.
REAL YIELDS & RATE VOLATILITYTREASURY REAL PAR CURVE · ICE BOFA MOVE
5Y REAL YIELD2.55%+9 bps d/dTreasury real par curve as of Sep 18 (prior session)
10Y REAL YIELD2.68%+7 bps d/dTreasury real par curve as of Sep 18 (prior session)
TIP ETF proxy$105.68+0.39% priceTIPS bond ETF price, not a real yield.MOVE INDEX81.20+0.69%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 18Japan65,018.95+1.38%
Euro Stoxx 50Europe6,318.20+1.31%
FTSE 100United Kingdom10,739.00+0.75%
Hang SengHong Kong25,042.71+1.18%

MacroDigital assets

Major cryptocurrencies

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

BTC+6.73%
$86,603
BitcoinView asset
VERIFIED PATH5 MIN

Verified session data unavailable.

ETH+5.05%
$2,776
EthereumView asset
VERIFIED PATH5 MIN

Verified session data unavailable.

SOL+6.86%
$119
SolanaView asset
VERIFIED PATH5 MIN

Verified session data unavailable.

XRP+8.51%
$1.5300
XRPView asset
VERIFIED PATH5 MIN

Verified session data unavailable.

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 +0.56% versus SPY +1.55%; equal weight minus cap weight -0.99 percentage points.

02Interpretation

The gap between equal-weight and cap-weight performance suggests leadership remains narrow rather than broadly participatory.

03Next-session checks

Participation above 7/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it. Use 4.96% 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 8/9 advancing technology names; fewer advancers would narrow leadership.

AheadMarket calendar

Upcoming events

Scheduled events as recorded when this issue was published. U.S. releases, Treasury auctions, tracked earnings and market-structure dates for this session and the next. Times in Central Time.

Next session · Tuesday, Sep 22

  1. 1:30 AM CTSource 06:30 GMT
    Fed Goolsbee Speaks

    Central bank

    Nasdaq Economic Calendar ↗
  2. 3:30 AM CTSource 08:30 GMT
    Chicago Fed National Activity

    Central bank

    Actual
    -0.04
    Consensus
    —
    Previous
    0.08
    Nasdaq Economic Calendar ↗
  3. 6:30 AM CTSource 11:30 GMT
    3-Month Bill Auction

    Treasury auction

    Actual
    4.015%
    Consensus
    —
    Previous
    3.970%
    Nasdaq Economic Calendar ↗
  4. 6:30 AM CTSource 11:30 GMT
    6-Month Bill Auction

    Treasury auction

    Actual
    4.155%
    Consensus
    —
    Previous
    4.060%
    Nasdaq Economic Calendar ↗

AheadForward look

What to watch next

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

  • Participation above 7/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 4.96% 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 8/9 advancing technology names; fewer advancers would narrow leadership.
01Cross-asset checks
  • Test whether DX-Y.NYB (+0.21%) and GC=F (-0.93%) retain their directional relationship in the next comparable window.
  • Test whether CL=F (-4.51%) and ^GSPC (+1.49%) retain their directional relationship in the next comparable window.
02Rates & confirmation
  • Use 4.96% 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 8/9 advancing technology names; fewer advancers would narrow leadership.
  • Check whether Nasdaq relative strength persists or converges with the S&P 500.
04Risk dashboard
  • Participation above 7/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 4.96% 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-BILL3.98%+0 bps
GOLD$4,383.90-0.93%
WTI CRUDE$95.78-4.51%
RUSSELL 20002,875.36+0.52%