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Archived editionYou are reading the Thursday, September 24, 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 24 close · Yahoo FinanceSource details ↓

Narrow ParticipationUnderscores Cautious Tone

S&P 500 -0.02% at the close. META +4.50% ranked highest in the available leadership sample; AVGO -1.30% ranked lowest.

S&P -0.02%Breadth 3/11VIX +3.23%
01 / MARKETDefensive close

S&P -0.02%; Nasdaq +0.01%; VIX ended at 15.67.

02 / LEADERSHIPComm. Services over Materials

A 2.46-point spread separated the best and worst sectors.

03 / INTERNALSNarrow breadth

Cap weight outperformed by 0.42 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 constructive30 mixed17 defensive
DefensiveThu, Sep 24, 2026S&P 500 -0.02% · VIX +3.23% · 3/11 sectors upPublished in that day's issue

Solid cells were published in an archived issue (5); 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-18.2 pp

Prior 4-session average: 45.5%

VIX SAMPLE RANK100%

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

REGIME STREAK1

Consecutive archived sessions with the same regime classification.

LEADERSHIP STREAK1

Comm. Services ranked first in 1 consecutive archived session and 2 of the last 5.

S&P 5-SESSION+0.87%

Compounded from five archived Daily Tape session returns.

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)-0.08%
EQUAL-WEIGHT (RSP)-0.50%
ADVANCING / DECLINING3 / 8
POSITIVE SECTORS27.3%

Comm. Services (XLC) +1.27% ranked highest; Materials (XLB) -1.19% ranked lowest, separated by 2.46 percentage points. Interpretation: The spread between top and bottom sectors highlights relative positioning rather than any confirmed driver.

01Comm. Services (XLC)+1.27%
02Healthcare (XLV)+0.63%
03Energy (XLE)+0.37%
04Financials (XLF)-0.02%
05Cons. Discretionary (XLY)-0.30%
06Technology (XLK)-0.32%
07Real Estate (XLRE)-0.45%
08Industrials (XLI)-0.75%
09Cons. Staples (XLP)-0.89%
10Utilities (XLU)-0.98%
11Materials (XLB)-1.19%

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-0.24 pp+5.14 pp+7.89 ppMixed
Comm. ServicesXLC+1.35 pp+0.34 pp+1.41 ppLeading
EnergyXLE+0.45 pp-3.17 pp+1.09 ppMixed
HealthcareXLV+0.71 pp+0.79 pp-2.76 ppMixed
IndustrialsXLI-0.67 pp-0.51 pp-5.82 ppLagging
Cons. StaplesXLP-0.81 pp-2.17 pp-6.37 ppLagging
FinancialsXLF+0.06 pp-2.93 pp-6.56 ppMixed
Cons. DiscretionaryXLY-0.22 pp-0.50 pp-6.94 ppLagging
MaterialsXLB-1.11 pp-1.74 pp-7.24 ppLagging
Real EstateXLRE-0.37 pp-2.74 pp-7.73 ppLagging
UtilitiesXLU-0.90 pp-4.89 pp-8.66 ppLagging
Tracked large caps
Name1D5D1MTrend
Meta PlatformsMETA+4.58 pp+13.19 pp+36.13 ppLeading
Micron TechnologyMU+0.89 pp+9.69 pp+15.43 ppLeading
AppleAAPL-0.25 pp-1.17 pp+8.01 ppMixed
TeslaTSLA-0.49 pp+2.36 pp+7.52 ppMixed
NvidiaNVDA-0.33 pp+1.55 pp+5.17 ppMixed
MicrosoftMSFT-0.45 pp-0.81 pp+0.87 ppMixed
AlphabetGOOGL+1.42 pp-2.28 pp-1.66 ppMixed
BroadcomAVGO-1.22 pp+0.22 pp-1.99 ppMixed
AmazonAMZN+0.12 pp-1.57 pp-4.87 ppMixed

LeadershipMarket internals

Breadth and participation

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

SECTORS ADVANCING3 / 11

8 declined · 27.3% positive

EQUAL VS CAP WEIGHT · 1D-0.42 pp

RSP minus SPY. Cap weight led.

EQUAL VS CAP · 5D / 1M-1.4 pp / -5.3 pp

Total-return spread. Persistent positives favor broader participation.

20-SESSION HIGHS / LOWS1 / 7

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-DAY46%

5 of 11 sector ETFs above their moving average.

SECTOR ADVANCE / DECLINE · 20 SESSIONS-48Cumulative net advancing sector ETFs. Daily total return including dividends.
Aug 26: net -1, cumulative -1Aug 27: net -9, cumulative -10Aug 28: net -1, cumulative -11Aug 31: net -7, cumulative -18Sep 1: net -3, cumulative -21Sep 2: net +7, cumulative -14Sep 3: net +5, cumulative -9Sep 4: net -5, cumulative -14Sep 8: net -5, cumulative -19Sep 9: net -8, cumulative -27Sep 10: net -7, cumulative -34Sep 11: net +7, cumulative -27Sep 14: net -5, cumulative -32Sep 15: net -7, cumulative -39Sep 16: net -6, cumulative -45Sep 17: net +7, cumulative -38Sep 18: net -7, cumulative -45Sep 21: net +3, cumulative -42Sep 23: net -1, cumulative -43Sep 24: net -5, cumulative -48

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
    U.S. International Transactions and Investment Position, 2nd Quarter 2026
    U.S. Bureau of Economic Analysis
INTERPRETATIONBASED ON OBSERVED DATA
“Equity direction, volatility and sector participation together point toward a defensive posture.”

S&P 500 -0.02%; VIX +3.23%; positive sector share 27.3%. 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.

META +4.50% ranked highest in the available leadership sample; AVGO -1.30% ranked lowest. Interpretation: Dispersion among selected large-cap leaders separates individual stock performance from the broader mega-cap narrative.

NVDANvidia · $5.42T
-0.41%

NVDA -0.41%, -0.42 percentage points versus Nasdaq.

$224.58
DAY LOW $221.09DAY HIGH $224.90View asset
REGULAR SESSION5 MIN
AAPLApple · $4.90T
-0.33%

AAPL -0.33%, -0.34 percentage points versus Nasdaq.

$335.92
DAY LOW $334.30DAY HIGH $338.91View asset
REGULAR SESSION5 MIN
GOOGLAlphabet · $4.19T
+1.34%

GOOGL +1.34%, +1.33 percentage points versus Nasdaq.

$342.36
DAY LOW $336.02DAY HIGH $343.09View asset
REGULAR SESSION5 MIN
MSFTMicrosoft · $3.70T
-0.53%

MSFT -0.53%, -0.54 percentage points versus Nasdaq.

$497.93
DAY LOW $491.22DAY HIGH $498.88View asset
REGULAR SESSION5 MIN
AMZNAmazon · $2.69T
+0.04%

AMZN +0.04%, +0.03 percentage points versus Nasdaq.

$249.38
DAY LOW $245.60DAY HIGH $250.43View asset
REGULAR SESSION5 MIN
METAMeta Platforms · $1.98T
+4.50%

META +4.50%, +4.49 percentage points versus Nasdaq.

$777.59
DAY LOW $743.01DAY HIGH $779.82View asset
REGULAR SESSION5 MIN
AVGOBroadcom · $1.67T
-1.30%

AVGO -1.30%, -1.31 percentage points versus Nasdaq.

$350.36
DAY LOW $346.89DAY HIGH $351.43View asset
REGULAR SESSION5 MIN
TSLATesla · $1.49T
-0.57%

TSLA -0.57%, -0.58 percentage points versus Nasdaq.

$377.94
DAY LOW $375.70DAY HIGH $383.33View asset
REGULAR SESSION5 MIN
MUMicron Technology · $1.22T
+0.81%

MU +0.81%, +0.80 percentage points versus Nasdaq.

$1,080.53
DAY LOW $1,044.00DAY HIGH $1,081.04View 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 gained.

The ten-year yield closed at 5.16%, a +5.00 basis-point change. Interpretation: An elevated yield backdrop raises the valuation bar for duration-sensitive equities without implying a direct causal link.

POSITIVE SECTOR SHARE27.3%
Cap-weighted S&P -0.08% vs. equal weight -0.50%
S&P 500 / REGULAR SESSION7,704.13
Low 7,663.15 · High 7,715.62 · 78 points · Range change +27.10
DAY LOW7,662.57
DAY HIGH7,719.01
NASDAQ 1D+0.01%

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%+4 bps4.19%+3 bps
2YNo index—4.85%+14 bps
5Y5.030%+3 bps4.99%+16 bps
10Y5.160%+5 bps5.11%+15 bps
30Y5.460%+6 bps5.40%+11 bps

Official curve as of Sep 23 (prior session). Treasury publishes it late in the afternoon, so the Close Tape can show the prior session. U.S. Treasury ↗

CURVEBASIS POINTS
2s10s+26 bps+1 bps d/d2Y → 10Y · official curve as of Sep 23 (prior session)
3M–10Y+92 bps+12 bps d/d3M → 10Y · official curve as of Sep 23 (prior session)
5s30s+41 bps-5 bps d/d5Y → 30Y · official curve as of Sep 23 (prior session)
5s10s+13.0 bpsSession close5Y → 10Y · Cboe yield indexes
CREDITSPREADS ARE ACTUAL OAS · ETF ROWS ARE PRICE PROXIES
HYG ETF proxy$77.89-0.27% priceHigh-yield corporate bond ETF. A price, not a spread.LQD ETF proxy$103.15-0.71% priceInvestment-grade corporate bond ETF. A price, not a spread.
REAL YIELDS & RATE VOLATILITYTREASURY REAL PAR CURVE · ICE BOFA MOVE
5Y REAL YIELD2.65%+14 bps d/dTreasury real par curve as of Sep 23 (prior session)
10Y REAL YIELD2.76%+13 bps d/dTreasury real par curve as of Sep 23 (prior session)
TIP ETF proxy$104.30-0.49% priceTIPS bond ETF price, not a real yield.MOVE INDEX95.45+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 18Japan65,018.95+1.38%
Euro Stoxx 50Europe6,272.50-0.43%
FTSE 100United Kingdom10,679.99-0.24%
Hang SengLocal close Sep 23Hong Kong24,834.12-0.83%

MacroDigital assets

Major cryptocurrencies

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

BTC-0.19%
$84,220
BitcoinView asset
VERIFIED PATH15 MIN

BTC-USD -0.19% for the reported session.

ETH+0.04%
$2,686
EthereumView asset
VERIFIED PATH15 MIN

ETH-USD +0.04% for the reported session.

SOL+1.57%
$117
SolanaView asset
VERIFIED PATH15 MIN

SOL-USD +1.57% for the reported session.

XRP+1.33%
$1.5200
XRPView asset
VERIFIED PATH15 MIN

XRP-USD +1.33% 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

3 of 11 available sector ETFs advanced (27.3%); coverage 11/11.

02Interpretation

Limited sector participation suggests the broader market's advance remains far from confirmed.

03Next-session checks

Participation above 3/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it. Use 5.16% 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 4/9 advancing leaders; 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.

Report 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. 9:15 AM CTSource 10:15 AM ET
    President Trump Speaks

    Economic dataImportance: Medium (source)

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

    EnergyImportance: Low (source)

    Actual
    —
    Consensus
    50B
    Previous
    44B
    Forex Factory Economic Calendar ↗

Next 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 ↗

AheadForward look

What to watch next

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

  • Participation above 3/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 5.16% 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 4/9 advancing leaders; fewer advancers would narrow leadership.
01Cross-asset checks
  • Test whether DX-Y.NYB (+0.19%) and GC=F (-0.42%) retain their directional relationship in the next comparable window.
  • Test whether CL=F (+3.44%) and ^GSPC (-0.02%) retain their directional relationship in the next comparable window.
02Rates & confirmation
  • Use 5.16% 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 4/9 advancing leaders; fewer advancers would narrow leadership.
  • Check whether Nasdaq relative strength persists or converges with the S&P 500.
04Risk dashboard
  • Participation above 3/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it.
  • Use 5.16% 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%+4 bps
GOLD$4,300.20-0.42%
WTI CRUDE$95.33+3.44%
RUSSELL 20002,835.57-0.11%