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Archived editionYou are reading the Monday, September 28, 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 26.40

44/44 quotes verifiedThrough Sep 28 close · Yahoo FinanceSource details ↓

S&P 500 falls 0.77%Declines spread across most sectors as volatility climbed

3 of 11 sector ETFs rose. Among the largest stocks, NVDA led at +1.68% and META trailed at -4.79%.

S&P -0.77%Breadth 3/11VIX +8.07%
01 / MARKETDefensive close

S&P -0.77%; Nasdaq -0.92%; VIX ended at 16.07.

02 / LEADERSHIPHealthcare over Comm. Services

A 1.91-point spread separated the best and worst sectors.

03 / INTERNALSNarrow breadth

Equal weight outperformed by 0.09 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 constructive28 mixed18 defensive
DefensiveMon, Sep 28, 2026S&P 500 -0.77% · VIX +8.07% · 3/11 sectors upPublished in that day's issue

Solid cells were published in an archived issue (7); 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-19.7 pp

Prior 6-session average: 47.0%

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

Healthcare ranked first in 1 consecutive archived session and 1 of the last 7.

S&P 5-SESSION-1.04%

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)-0.74%
EQUAL-WEIGHT (RSP)-0.65%
ADVANCING / DECLINING3 / 8
POSITIVE SECTORS27.3%

Healthcare (XLV) led at +0.33% and Comm. Services (XLC) trailed at -1.58%, a 1.91-point gap. Interpretation: Healthcare held up best while communication services lagged furthest behind, showing a clear split in sector performance.

01Healthcare (XLV)+0.33%
02Cons. Staples (XLP)+0.27%
03Energy (XLE)+0.10%
04Real Estate (XLRE)-0.51%
05Utilities (XLU)-0.66%
06Materials (XLB)-0.66%
07Technology (XLK)-0.89%
08Industrials (XLI)-0.97%
09Financials (XLF)-1.19%
10Cons. Discretionary (XLY)-1.41%
11Comm. Services (XLC)-1.58%

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-0.15 pp+0.86 pp+3.76 ppMixed
EnergyXLE+0.84 pp+0.46 pp+0.79 ppLeading
HealthcareXLV+1.07 pp+2.35 pp+0.71 ppLeading
Comm. ServicesXLC-0.84 pp-2.08 pp+0.59 ppMixed
Cons. StaplesXLP+1.01 pp+1.46 pp-2.17 ppMixed
IndustrialsXLI-0.23 pp+0.31 pp-4.86 ppMixed
Cons. DiscretionaryXLY-0.67 pp-1.86 pp-5.25 ppLagging
FinancialsXLF-0.45 pp-2.04 pp-5.58 ppLagging
Real EstateXLRE+0.23 pp-1.89 pp-6.14 ppMixed
MaterialsXLB+0.08 pp+0.55 pp-6.14 ppMixed
UtilitiesXLU+0.08 pp-2.44 pp-7.94 ppMixed
Tracked large caps
Name1D5D1MTrend
Meta PlatformsMETA-4.05 pp-2.43 pp+25.90 ppMixed
Micron TechnologyMU-1.87 pp+1.98 pp+13.18 ppMixed
AppleAAPL-0.04 pp+0.85 pp+8.06 ppMixed
MicrosoftMSFT-0.61 pp+2.53 pp+1.30 ppMixed
TeslaTSLA-3.20 pp-3.73 pp+1.23 ppMixed
AlphabetGOOGL+0.40 pp-2.42 pp+1.16 ppMixed
NvidiaNVDA+2.42 pp+1.68 pp+1.01 ppLeading
AmazonAMZN-0.67 pp-3.74 pp-3.46 ppLagging
BroadcomAVGO-0.18 pp-2.58 pp-5.25 ppLagging

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+0.09 pp

RSP minus SPY. Equal weight led.

EQUAL VS CAP · 5D / 1M-0.4 pp / -4.5 pp

Total-return spread. Persistent positives favor broader participation.

20-SESSION HIGHS / LOWS0 / 7

Closing highs vs lows across 24 tracked instruments.

SECTORS ABOVE 20-DAY18%

2 of 11 sector ETFs above their moving average.

SECTORS ABOVE 50-DAY27%

3 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-44Cumulative net advancing sector ETFs. Daily total return including dividends.
Aug 31: net -7, cumulative -7Sep 1: net -3, cumulative -10Sep 2: net +7, cumulative -3Sep 3: net +5, cumulative +2Sep 4: net -5, cumulative -3Sep 8: net -5, cumulative -8Sep 9: net -8, cumulative -16Sep 10: net -7, cumulative -23Sep 11: net +7, cumulative -16Sep 14: net -5, cumulative -21Sep 15: net -7, cumulative -28Sep 16: net -6, cumulative -34Sep 17: net +7, cumulative -27Sep 18: net -7, cumulative -34Sep 21: net +3, cumulative -31Sep 22: net +1, cumulative -30Sep 23: net -9, cumulative -39Sep 24: net -5, cumulative -44Sep 25: net +5, cumulative -39Sep 28: net -5, cumulative -44

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
    Cook, An Update on AI and the Economy
    Federal Reserve
INTERPRETATIONBASED ON OBSERVED DATA
“Weakness in stocks, a jump in volatility and narrow sector participation together point toward a more defensive posture among investors.”

S&P 500 -0.77%; VIX +8.07%; 27% of sector ETFs rose. 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.

Among the largest stocks, NVDA led at +1.68% and META trailed at -4.79%. Interpretation: Returns among the largest stocks varied widely, separating individual company moves from any single narrative about mega-cap strength.

NVDANvidia · $5.53T
+1.68%

NVDA +1.68%, 2.60 points ahead of the Nasdaq.

$228.86
DAY LOW $228.04DAY HIGH $233.21View asset
REGULAR SESSION5 MIN
AAPLApple · $4.94T
-0.78%

AAPL -0.78%, 0.14 points ahead of the Nasdaq.

$338.40
DAY LOW $338.04DAY HIGH $342.99View asset
REGULAR SESSION5 MIN
GOOGLAlphabet · $4.19T
-0.34%

GOOGL -0.34%, 0.58 points ahead of the Nasdaq.

$342.75
DAY LOW $339.56DAY HIGH $343.59View asset
REGULAR SESSION5 MIN
MSFTMicrosoft · $3.78T
-1.35%

MSFT -1.35%, 0.43 points behind the Nasdaq.

$509.22
DAY LOW $502.22DAY HIGH $513.33View asset
REGULAR SESSION5 MIN
AMZNAmazon · $2.66T
-1.41%

AMZN -1.41%, 0.49 points behind the Nasdaq.

$246.15
DAY LOW $244.73DAY HIGH $247.77View asset
REGULAR SESSION5 MIN
METAMeta Platforms · $1.82T
-4.79%

META -4.79%, 3.87 points behind the Nasdaq.

$715.62
DAY LOW $713.19DAY HIGH $750.58View asset
REGULAR SESSION5 MIN
AVGOBroadcom · $1.67T
-0.92%

AVGO -0.92%, in line with the Nasdaq.

$349.57
DAY LOW $347.32DAY HIGH $355.85View asset
REGULAR SESSION5 MIN
TSLATesla · $1.41T
-3.94%

TSLA -3.94%, 3.02 points behind the Nasdaq.

$357.45
DAY LOW $356.80DAY HIGH $369.43View asset
REGULAR SESSION5 MIN
MUMicron Technology · $1.19T
-2.61%

MU -2.61%, 1.69 points behind the Nasdaq.

$1,053.98
DAY LOW $1,032.00DAY HIGH $1,084.81View 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 5.24%, a +6.00 basis-point change. Interpretation: Rising yields raise the bar for growth-oriented equity valuations, though this pattern alone does not explain the day's stock moves.

POSITIVE SECTOR SHARE27.3%
Cap-weighted S&P -0.74% vs. equal weight -0.65%
S&P 500 / REGULAR SESSION7,683.69
Low 7,668.97 · High 7,717.53 · 78 points · Range change −21.89
DAY LOW7,666.60
DAY HIGH7,724.15
NASDAQ 1D-0.92%

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
3M4.060%-1 bps4.24%+0 bps
2YNo index—4.81%-6 bps
5Y5.070%+6 bps4.98%-5 bps
10Y5.240%+6 bps5.17%-1 bps
30Y5.560%+6 bps5.49%+2 bps

Official curve as of Sep 25 (prior session). Treasury publishes it late in the afternoon, so the Close Tape can show the prior session. U.S. Treasury ↗

CURVEBASIS POINTS
2s10s+36 bps+5 bps d/d2Y → 10Y · official curve as of Sep 25 (prior session)
3M–10Y+93 bps-1 bps d/d3M → 10Y · official curve as of Sep 25 (prior session)
5s30s+51 bps+7 bps d/d5Y → 30Y · official curve as of Sep 25 (prior session)
5s10s+17.0 bpsSession close5Y → 10Y · Cboe yield indexes
CREDITSPREADS ARE ACTUAL OAS · ETF ROWS ARE PRICE PROXIES
HYG ETF proxy$77.54-0.41% priceHigh-yield corporate bond ETF. A price, not a spread.LQD ETF proxy$102.47-0.72% priceInvestment-grade corporate bond ETF. A price, not a spread.
REAL YIELDS & RATE VOLATILITYTREASURY REAL PAR CURVE · ICE BOFA MOVE
5Y REAL YIELD2.64%-6 bps d/dTreasury real par curve as of Sep 25 (prior session)
10Y REAL YIELD2.83%-2 bps d/dTreasury real par curve as of Sep 25 (prior session)
TIP ETF proxy$104.09-0.43% priceTIPS bond ETF price, not a real yield.MOVE INDEX96.00+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 25Japan66,364.20+1.30%
Euro Stoxx 50Europe6,301.28-0.02%
FTSE 100United Kingdom10,684.88-0.10%
Hang SengLocal close Sep 25Hong Kong24,510.09-1.01%

MacroDigital assets

Major cryptocurrencies

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

BTC-1.22%
$83,429
BitcoinView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

ETH-0.34%
$2,678
EthereumView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

SOL-2.78%
$119
SolanaView asset
VERIFIED PATH15 MIN

Verified session data unavailable.

XRP-1.97%
$1.4900
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

3 of 11 sector ETFs rose.

02Interpretation

With only a small fraction of sectors advancing, the broad market showed limited support beneath the headline decline.

03Next-session checks

Participation above 3/11 advancing sector ETFs would broaden the next-session reading; lower participation would weaken it. Use 5.24% 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 1/9 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 · Monday, Sep 28

  1. 7:15 AM CTSource 8:15 AM ET
    FOMC Member Bowman Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  2. 12:25 PM CTSource 1:25 PM ET
    FOMC Member Cook Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  3. 12:30 PM CTSource 1:30 PM ET
    FOMC Member Barkin Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗

Next session · Tuesday, Sep 29

  1. 8:00 AM CTSource 9:00 AM ET
    HPI m/m

    Economic dataImportance: Low (source)

    Actual
    —
    Consensus
    0.1%
    Previous
    0.0%
    Forex Factory Economic Calendar ↗
  2. 8:00 AM CTSource 9:00 AM ET
    S&P/CS Composite-20 HPI y/y

    Economic dataImportance: Low (source)

    Actual
    —
    Consensus
    2.2%
    Previous
    2.1%
    Forex Factory Economic Calendar ↗
  3. 9:00 AM CTSource 10:00 AM ET
    CB Consumer Confidence

    ConsumerImportance: Medium (source)

    Actual
    —
    Consensus
    89.2
    Previous
    89.4
    Forex Factory Economic Calendar ↗
  4. 9:00 AM CTSource 10:00 AM ET
    JOLTS Job Openings

    EmploymentImportance: Medium (source)

    Actual
    —
    Consensus
    7.23M
    Previous
    7.27M
    Forex Factory Economic Calendar ↗
  5. 10:00 AM CTSource 11:00 AM ET
    FOMC Member Bowman Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  6. 11:40 AM CTSource 12:40 PM ET
    FOMC Member Barr Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  7. 12:00 PM CTSource 1:00 PM ET
    FOMC Member Goolsbee Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  8. 12:30 PM CTSource 1:30 PM ET
    FOMC Member Musalem Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  9. 1:00 PM CTSource 2:00 PM ET
    FOMC Member Williams Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  10. 2:00 PM CTSource 3:00 PM ET
    FOMC Member Waller Speaks

    Central bankImportance: Low (source)

    Forex Factory Economic Calendar ↗
  11. 3:30 PM CTSource 4:30 PM ET
    API Weekly Statistical Bulletin

    Economic dataImportance: Low (source)

    Forex Factory Economic Calendar ↗
  12. Time not published
    52-Week Bill auction

    Treasury auctionOffering $54B · CUSIP 912797WJ2

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

    Treasury auctionOffering $85B · CUSIP 912797UY1

    U.S. Treasury Fiscal Data ↗

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 5.24% 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 1/9 advancing leaders; fewer advancers would narrow leadership.
01Cross-asset checks
  • Test whether DX-Y.NYB (+0.22%) and GC=F (-3.83%) retain their directional relationship in the next comparable window.
  • Test whether CL=F (+0.51%) and ^GSPC (-0.77%) retain their directional relationship in the next comparable window.
02Rates & confirmation
  • Use 5.24% 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 1/9 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 5.24% 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-BILL4.06%-1 bps
GOLD$4,155.60-3.83%
WTI CRUDE$92.88+0.51%
RUSSELL 20002,817.91-0.69%