Market Review: September 25, 2026

Closing Recap

Friday, September 25, 2026

US equity futures bounced back overnight across the board. Rising yields continued to pressure the rate-sensitive names but investors broadly seem to be adjusting expectations. Durable goods were in-line and core durable goods slightly softer but didn’t move equities pre-market. Gains began to evaporate shortly after the open, though, and the indices waffled between gains and losses as Treasury rates continued their upward trajectory. In sentiment today, the Fear and Greed Index remained in Fear territory at 38/100 versus 30 (Fear) last week, but well off last month’s 59 (Greed) level.

 By mid-morning, breadth favored decliners by 7:6 with IWM (-0.26%) versus SPY (+0.19%) and QQQ (+0.22%). SPY breadth was neutral while QQQ breadth favored advancers by 5:4. Sector performance tilted negative with Technology (+0.83%), Industrials (+0.45%) and Materials (+0.02%) outperforming while Real Estate (-0.41%), Energy (-0.93%) and Communications (-1.04%) paced the underperformers with 3 sectors gaining versus 8 declining.

Heading into the final hour of trading, equities held gains broadly, though larger-cap names NVDA, META, NFLX and TSLA were lower. Breadth favored advancers by 10:7 with both SPY and QQQ breadth also favoring advancers. IWM underperformed but remained in the green. Separately, Fars news reported around the time oil prices settled that an informed source said headlines about another round of negotiations are false and were being pushed in the US to manage oil and market prices. The market did not react in any meaningful way.

• Durable Goods Less Transports for August +0.3% versus estimate +0.6%.
• University of Michigan Sentiment, Sept-final 48.1 versus estimate 47.6.
• University of Michigan 1-yr and 5-yr inflation expectations 4.6% versus estimate 4.7% and 3.4%, in-line, respectively.
• Baker Hughes Weekly rig count up 3 at 455 (up 31 versus a year ago).

• Gold futures bounced overnight and remained to the upside, though finished off the highs and with a loss for the week. Some pointed to the decline in oil prices and hopes for a deal with Iran as a supporting factor for gold today, but the headwind will remain rising rates. December gold futures settled +$23.20/oz, or +0.54%, at $4,321.20.

• Pool supply retailer LESL shares initially fell after reports that the company is preparing to file for Chapter 11 bankruptcy as soon as next week as it grapples with declining sales and a heavy debt load.
• Shares of MH drifted lower after announcing proposed an offering of senior secured notes and refinancing of credit facilities.
• Microcap Dog & pet product company BARK gapped higher initially after news GNK Holdings seeks a non-binding shareholder interest in potential $11.00 per share cash tender offer.
• COST shares gained despite mixed earnings and guidance reported last night.
•  NKE-owned Converse told employees it’s pausing all marketing this week after an earlier ad sparked outrage.
• SMG agreed to acquire the Black Kow brand and provided guidance for FY26 and FY27.

• GWW shares fell after Barclays cut Q3 and Q4 EPS estimates.

• Reuters reported that F’s F-150 truck production at Michigan plant will be down for nearly one week per internal memo.
• The EU delayed a vote on TSLA’s FSD until at least December.
• TSLA is beginning deliveries of its Semi trucks to the first set of customers this week, executives said ​at its plant in Sparks, Nevada, almost nine years after CEO Elon ‌Musk unveiled the electric big rigs.

• JPM begins phased rollout of data security center for third-party data management.
• BX‘s top PE executive, Joseph Baratta, is preparing to leave the firm, according to people familiar with the matter, the latest in a series of departures by senior leaders.

• CIFR initially popped after announcing a $5B, 10-year Barber Lake data center lease extension with an unnamed AI lab; to bear the first $359.3m of cost overruns.
• MSTR proposed daily dividends on preferred stock; Strategy is seeking shareholder approval to shift four preferred-stock series.
• Shares of AGO lifted following an upgrade from Roth Capital due to the company confirming their Brightline Florida OpCo bonds would be unaffected by Chapter 11.
• M&A website sparked a rally in PYPL shares after stating, “a U.S technology company based on the West Coast may be evaluating an all-stock takeover of PayPal after talks between the Stripe/Advent consortium ended.”
• COIN CEO Brian Armstrong notes SPCX’s grok is the leading Ai for agentic traders on Coinbase.

•  Amster Howard reports 9.0% stake in RWT as of September 18 – SEC filing.

• JNJ said tremfya® (guselkumab) is the first and only il-23 inhibitor to show significant improvement in spinal pain and stiffness in Landmark axial psoriatic arthritis (PSA) study.
• Shares of PGTX moved higher after a WSJ article highlighted the company in an article about “the Peptide Boom” along with JNJ, ABBV and TAK
• ADRX, an IPO on its 1^st day of trading, gaining nearly +30% from its $17.00 IPO pricing.
• RGNX’s stock initially moved upwards after reporting positive three-year durability data for surabgene lomparvovec in diabetic retinopathy at Retina Society Meeting.
• BMY announced the first presentation of results for zenbexus (iberdomide) in combination with daratumumab from phase 3 excaliber-rrmm trial in relapsed or refractory multiple myeloma.
• FDA approves RHHBY’s gazyva (obinutuzumab) to reduce relapse risk in pediatric/adult idiopathic nephrotic syndrome patients 2+ years.
• FDA approves INCY’s atebrioz (zilurgisertib) for fibrodysplasia ossificans progressiva in adults & pediatric patients 12 years+. 

• BMRA may offer up to $250M of common stock, Preferred stock, debt securities, and warrants per SEC filing

• JBL shares were aloft after last night’s SEC filing that said Akamai had authorized Jabil to buy about $1.7B of memory components under contract manufacturing agreement.
• Peru’s mining minister said his country expected to add 1M metric tons of annual copper output within 5-6 years. FCX

Technology

Internet, Media & Telecom
     •   VIAV shares were higher after announcing the company had achieved CMMC Level 2 certification    for aerospace and defense product lines.
     •   META misled New Mexico consumers, jury finds in trial over Cambridge Analytica scandal.
     •  META bolsters muse safety warning after Security vulnerability found per The Information

• MSFT introduced a new Copilot with home, code, and autopilot agent; says cowork, code, and autopilot run on usage-based billing.
• AI cloud company Nscale raised $3.36B in pre-IPO convertible financing supported by investors including NVDA, funds managed by APO, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council.
• Despite drifting significantly off of morning highs, shares of AKAM remained ~+5% higher in afternoon trading after the company announced a seven-year, $11.6 billion cloud services commitment from Anthropic on Thursday night.
• SONY and UMG sue Suno, accusing it of ‘model laundering per The Verge.
• US prosecutors have closed an investigation into deals CRWD made with a distributor without taking further action per Bloomberg.
• Anthropic is asking shareholders to approve a Palantir-style structure granting its 7 co-founders 50.1% of voting power if three retain minimum stakes per The Information.
• GOOGL CEO Neal Mohan has rejected the idea of joining META’s multistate settlement agreement related to child safety, CNN reports.

• AMD saw its stock price lift moderately high following a PT raise by BofA, to $720 from $620.
• SKHYs Solidigm eyes a 2027 IPO that could value it at $150B, sources note.