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Archived editionYou are reading the Wednesday, September 23, 2026 close.

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

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ARCHIVED DAILY TAPEIssue 26.39

44/44 quotes verifiedThrough Sep 23 close · Yahoo FinanceSource details ↓

Stocks Retreatas Yields Climb

S&P 500 -0.76% at the close. Russell 2000 -1.28% versus S&P 500 -0.76%, a -0.52 percentage-point spread.

S&P -0.76%Breadth 5/11VIX +2.08%
01 / MARKETMixed close

S&P -0.76%; Nasdaq -0.69%; VIX ended at 15.18.

02 / LEADERSHIPMaterials over Utilities

A 3.39-point spread separated the best and worst sectors.

03 / INTERNALSMixed breadth

Equal weight outperformed by 0.08 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
MixedWed, Sep 23, 2026S&P 500 -0.76% · VIX +2.08% · 5/11 sectors upPublished in that day's issue

Solid cells were published in an archived issue (4); 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+0.1 pp

Prior 3-session average: 45.4%

VIX SAMPLE RANK100%

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

REGIME STREAK4

Consecutive archived sessions with the same regime classification.

LEADERSHIP STREAK2

Materials ranked first in 2 consecutive archived sessions and 2 of the last 4.

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)-0.72%
EQUAL-WEIGHT (RSP)-0.64%
ADVANCING / DECLINING5 / 6
POSITIVE SECTORS45.5%

Materials (XLB) +1.15% ranked highest; Utilities (XLU) -2.24% ranked lowest, separated by 3.39 percentage points. Interpretation: The spread between top and bottom sectors highlights relative positioning rather than any confirmed catalyst.

01Materials (XLB)+1.15%
02Energy (XLE)+0.96%
03Cons. Staples (XLP)+0.62%
04Technology (XLK)+0.25%
05Industrials (XLI)+0.07%
06Healthcare (XLV)-0.12%
07Financials (XLF)-0.47%
08Cons. Discretionary (XLY)-1.41%
09Real Estate (XLRE)-1.76%
10Comm. Services (XLC)-1.91%
11Utilities (XLU)-2.24%

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+0.97 pp+4.37 pp+5.90 ppLeading
Comm. ServicesXLC-1.19 pp-3.05 pp+0.56 ppMixed
EnergyXLE+1.68 pp-4.07 pp-1.36 ppMixed
HealthcareXLV+0.60 pp-1.00 pp-3.73 ppMixed
Cons. StaplesXLP+1.34 pp-2.98 pp-4.31 ppMixed
IndustrialsXLI+0.79 pp-1.06 pp-6.16 ppMixed
MaterialsXLB+1.87 pp-2.50 pp-6.45 ppMixed
FinancialsXLF+0.25 pp-4.22 pp-6.81 ppMixed
Cons. DiscretionaryXLY-0.69 pp-2.06 pp-6.84 ppLagging
UtilitiesXLU-1.52 pp-5.16 pp-7.18 ppLagging
Real EstateXLRE-1.04 pp-4.11 pp-7.20 ppLagging
Tracked large caps
Name1D5D1MTrend
Meta PlatformsMETA+1.74 pp+8.52 pp+32.42 ppLeading
Micron TechnologyMU-1.50 pp+13.61 pp+16.94 ppMixed
TeslaTSLA+1.04 pp+4.08 pp+8.14 ppLeading
AppleAAPL-0.08 pp-0.68 pp+7.81 ppMixed
NvidiaNVDA-0.75 pp+3.36 pp+7.52 ppMixed
MicrosoftMSFT+1.24 pp+0.03 pp+1.92 ppLeading
BroadcomAVGO-1.90 pp+2.67 pp-1.65 ppMixed
AlphabetGOOGL-3.08 pp-3.54 pp-3.68 ppLagging
AmazonAMZN-1.52 pp-0.72 pp-5.69 ppLagging

LeadershipMarket internals

Breadth and participation

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

SECTORS ADVANCING5 / 11

6 declined · 45.5% positive

EQUAL VS CAP WEIGHT · 1D+0.08 pp

RSP minus SPY. Equal weight led.

EQUAL VS CAP · 5D / 1M-2.9 pp / -5.1 pp

Total-return spread. Persistent positives favor broader participation.

20-SESSION HIGHS / LOWS3 / 5

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-DAY36%

4 of 11 sector ETFs above their moving average.

SECTOR ADVANCE / DECLINE · 20 SESSIONS-41Cumulative net advancing sector ETFs. Daily total return including dividends.
Aug 25: net +2, cumulative +2Aug 26: net -1, cumulative +1Aug 27: net -9, cumulative -8Aug 28: net -1, cumulative -9Aug 31: net -7, cumulative -16Sep 1: net -3, cumulative -19Sep 2: net +7, cumulative -12Sep 3: net +5, cumulative -7Sep 4: net -5, cumulative -12Sep 8: net -5, cumulative -17Sep 9: net -8, cumulative -25Sep 10: net -7, cumulative -32Sep 11: net +7, cumulative -25Sep 14: net -5, cumulative -30Sep 15: net -7, cumulative -37Sep 16: net -6, cumulative -43Sep 17: net +7, cumulative -36Sep 18: net -7, cumulative -43Sep 21: net +3, cumulative -40Sep 23: net -1, cumulative -41

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
    Barr, A Long-Term View on the Costs of Shelter
    Federal Reserve
  2. Official sourceFed speech
    Jefferson, Discount Window Modernization and Treasury Market Functioning
    Federal Reserve
INTERPRETATIONBASED ON OBSERVED DATA
“Equity direction, volatility and participation signals are not pointing in unanimous agreement.”

S&P 500 -0.76%; VIX +2.08%; positive sector share 44.4%. 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.

Verified evidence unavailable. Interpretation: No interpretation without verified evidence.

NVDANvidia · $5.45T
-1.47%

Verified session data unavailable.

$225.51
DAY LOW $224.02DAY HIGH $228.95View asset
REGULAR SESSION5 MIN
AAPLApple · $4.92T
-0.80%

Verified session data unavailable.

$337.02
DAY LOW $335.61DAY HIGH $341.80View asset
REGULAR SESSION5 MIN
GOOGLAlphabet · $4.13T
-3.80%

Verified session data unavailable.

$337.83
DAY LOW $337.45DAY HIGH $350.00View asset
REGULAR SESSION5 MIN
MSFTMicrosoft · $3.72T
+0.52%

Verified session data unavailable.

$500.59
DAY LOW $495.90DAY HIGH $509.44View asset
REGULAR SESSION5 MIN
AMZNAmazon · $2.69T
-2.24%

Verified session data unavailable.

$249.27
DAY LOW $247.76DAY HIGH $253.81View asset
REGULAR SESSION5 MIN
METAMeta Platforms · $1.90T
+1.02%

Verified session data unavailable.

$744.10
DAY LOW $739.51DAY HIGH $763.90View asset
REGULAR SESSION5 MIN
AVGOBroadcom · $1.69T
-2.62%

Verified session data unavailable.

$354.99
DAY LOW $354.01DAY HIGH $362.90View asset
REGULAR SESSION5 MIN
TSLATesla · $1.50T
+0.32%

Verified session data unavailable.

$380.12
DAY LOW $377.58DAY HIGH $386.70View asset
REGULAR SESSION5 MIN
MUMicron Technology · $1.21T
-2.22%

Verified session data unavailable.

$1,071.88
DAY LOW $1,064.25DAY HIGH $1,105.50View 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 5.11%, a +15.00 basis-point change. Interpretation: Rising yields can lift the valuation bar for rate-sensitive equities, though co-movement alone does not confirm a causal link.

POSITIVE SECTOR SHARE45.5%
Cap-weighted S&P -0.72% vs. equal weight -0.64%
S&P 500 / REGULAR SESSION7,706.03
Low 7,697.09 · High 7,754.57 · 78 points · Range change −46.02
DAY LOW7,694.89
DAY HIGH7,761.94
NASDAQ 1D-0.69%

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
3M4.030%+5 bps4.16%-1 bps
2YNo index—4.71%-5 bps
5Y5.000%+17 bps4.83%+0 bps
10Y5.110%+15 bps4.96%+0 bps
30Y5.400%+10 bps5.29%+0 bps

Official curve as of Sep 22 (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+5 bps d/d2Y → 10Y · official curve as of Sep 22 (prior session)
3M–10Y+80 bps+1 bps d/d3M → 10Y · official curve as of Sep 22 (prior session)
5s30s+46 bps+0 bps d/d5Y → 30Y · official curve as of Sep 22 (prior session)
5s10s+11.0 bpsSession close5Y → 10Y · Cboe yield indexes
CREDITSPREADS ARE ACTUAL OAS · ETF ROWS ARE PRICE PROXIES
HYG ETF proxy$78.10-0.74% priceHigh-yield corporate bond ETF. A price, not a spread.LQD ETF proxy$103.89-1.14% priceInvestment-grade corporate bond ETF. A price, not a spread.
REAL YIELDS & RATE VOLATILITYTREASURY REAL PAR CURVE · ICE BOFA MOVE
5Y REAL YIELD2.51%+1 bps d/dTreasury real par curve as of Sep 22 (prior session)
10Y REAL YIELD2.63%+1 bps d/dTreasury real par curve as of Sep 22 (prior session)
TIP ETF proxy$104.81-0.82% priceTIPS bond ETF price, not a real yield.MOVE INDEX95.45+17.55%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 50Local close Sep 21Europe6,318.20+1.31%
FTSE 100Local close Sep 21United Kingdom10,739.00+0.75%
Hang SengLocal close Sep 21Hong Kong25,042.71+1.18%

MacroDigital assets

Major cryptocurrencies

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

BTC-2.11%
$84,354
BitcoinView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

ETH-2.51%
$2,684
EthereumView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

SOL-3.02%
$115
SolanaView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

XRP-4.46%
$1.5000
XRPView asset
VERIFIED PATH15 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

S&P 500 -0.76%; VIX +2.08%; positive sector share 44.4%.

02Interpretation

With mixed signals across equities, volatility and participation, the session's move lacks broad confirmation.

03Next-session checks

Participation above 4/9 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it. Use 5.11% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns. Check whether Materials (XLB) retains relative strength and whether Utilities (XLU) closes the gap.

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.

Report session · Wednesday, Sep 23

  1. 8:45 AM CTSource 9:45 AM ET
    Flash Manufacturing PMI

    Business surveysImportance: Low (source)

    Actual
    —
    Consensus
    53.6
    Previous
    53.2
    Forex Factory Economic Calendar ↗
  2. 8:45 AM CTSource 9:45 AM ET
    Flash Services PMI

    Business surveysImportance: Low (source)

    Actual
    —
    Consensus
    55.8
    Previous
    56.8
    Forex Factory Economic Calendar ↗
  3. 9:05 AM CTSource 10:05 AM ET
    FOMC Member Barr Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  4. 9:30 AM CTSource 10:30 AM ET
    Crude Oil Inventories

    EnergyImportance: Low (source)

    Actual
    —
    Consensus
    -0.7M
    Previous
    -0.6M
    Forex Factory Economic Calendar ↗
  5. 11:00 AM CTSource 12:00 PM ET
    FOMC Member Goolsbee Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗

Next session · Thursday, Sep 24

  1. 3:10 AM CTSource 4:10 AM ET
    FOMC Member Williams Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  2. 7:30 AM CTSource 8:30 AM ET
    Current Account

    Economic dataImportance: Low (source)

    Actual
    —
    Consensus
    -258B
    Previous
    -227B
    Forex Factory Economic Calendar ↗
  3. 7:30 AM CTSource 8:30 AM ET
    FOMC Member Barkin Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  4. 7:30 AM CTSource 8:30 AM ET
    Unemployment Claims

    EmploymentImportance: Medium (source)

    Actual
    —
    Consensus
    201K
    Previous
    196K
    Forex Factory Economic Calendar ↗
  5. 7:50 AM CTSource 8:50 AM ET
    FOMC Member Hammack Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  6. 9:00 AM CTSource 10:00 AM ET
    New Home Sales

    HousingImportance: Low (source)

    Actual
    —
    Consensus
    615K
    Previous
    607K
    Forex Factory Economic Calendar ↗
  7. 9:10 AM CTSource 10:10 AM ET
    FOMC Member Paulson Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  8. 9:30 AM CTSource 10:30 AM ET
    Natural Gas Storage

    EnergyImportance: Low (source)

    Actual
    —
    Consensus
    50B
    Previous
    44B
    Forex Factory Economic Calendar ↗
  9. Time not published
    4-Week Bill auction (reopening)

    Treasury auctionOffering $90B · CUSIP 912797VN4

    U.S. Treasury Fiscal Data ↗
  10. Time not published
    7-Year Note auction

    Treasury auctionOffering $44B · CUSIP 91282CRM5

    U.S. Treasury Fiscal Data ↗
  11. Time not published
    8-Week Bill auction (reopening)

    Treasury auctionOffering $85B · CUSIP 912797VY0

    U.S. Treasury Fiscal Data ↗

AheadForward look

What to watch next

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

  • Participation above 4/9 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 5.11% as the ten-year closing reference; test whether a move above it coincides with weaker technology relative returns.
  • Check whether Materials (XLB) retains relative strength and whether Utilities (XLU) closes the gap.
01Cross-asset checks
    02Rates & confirmation
    • Use 5.11% 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
    • Check whether Nasdaq relative strength persists or converges with the S&P 500.
    04Risk dashboard
    • Participation above 4/9 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
    • Use 5.11% 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-BILL4.03%+5 bps
    GOLD$4,320.40-1.28%
    WTI CRUDE$92.16-2.57%
    RUSSELL 20002,838.66-1.28%