Market Summary
U.S. equities remained under pressure through midday Thursday as the confluence of surging crude oil prices and multi-year-high Treasury yields continued to unsettle risk sentiment. As of 11:55 ET, the Dow Jones Industrial Average traded at 51,185.48, down 326.11 points (-0.63%); the Nasdaq Composite fell 184.60 points (-0.68%) to 26,772.48; and the S&P 500 slipped 33.73 points (-0.44%) to 7,672.30. Selling accelerated into the midday session, with all three major averages notching fresh session lows shortly before the report’s most recent update.
The primary catalyst remains the one-two punch of rising energy prices and elevated rates. WTI crude jumped $4.25 (+4.6%) to $96.41/bbl as a U.S.-Iran truce remains elusive, while the 10-year Treasury yield pushed to a multi-year high near 5.15-5.16%. Rate-hike expectations for the October FOMC meeting have firmed further, adding another layer of pressure on rate-sensitive and growth-oriented names. Small caps underperformed broadly, with the Russell 2000 down roughly 0.8-0.9% alongside similar losses in the S&P Mid Cap 400.
Sector rotation was pronounced, with defensive and energy-linked groups outperforming while technology and mega-cap growth names lagged. Energy (+1.6%), Communication Services (+0.8%, powered by Meta’s continued AI-driven rally), and Health Care (+0.6%) were the lone bright spots, while Information Technology (-1.2%) led decliners as the Philadelphia Semiconductor Index fell 1.8% and Oracle tumbled nearly 5% on a force majeure headline. Market internals remained decisively negative, with decliners outpacing advancers by roughly 3-to-1 on the NYSE and better than 2.5-to-1 on the Nasdaq.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones Industrial Average | 51,185.48 | -326.11 | -0.63% |
| Nasdaq Composite | 26,772.48 | -184.60 | -0.68% |
| S&P 500 | 7,672.30 | -33.73 | -0.44% |
Breadth (NYSE/Nasdaq):
- NYSE: 695 advancers / 1,912 decliners | Volume: 229.97 mln
- Nasdaq: 1,169 advancers / 2,938 decliners | Volume: 3.90 bln
WaveFinder Breadth Metrics:
- Primary Sentiment: Very Bearish (Bulls 712 / Bears 1,061)
- 4% Sentiment: Bearish (Bulls 45 / Bears 207)
- 40 SMA Sentiment: Oversold
- 9-Month Bulls: 5 / Bears: 23 (Follow-Through: 23.08%)
- % of Stocks Above 20-day SMA: 26%
- % of Stocks Above 40-day SMA: 18.96%
Breadth readings underscore a broadly deteriorating technical backdrop, with fewer than one in five names holding above their 40-day moving average.
Sector Performance
Advancing:
1. Energy: +1.6% — benefiting directly from the surge in crude oil prices
2. Communication Services: +0.8% — led by strength in Meta Platforms
3. Health Care: +0.6% — defensive positioning amid broader weakness (WaveFinder ATR 2.06%, rising, P63 — highest volatility percentile of the day)
Declining:
4. Information Technology: -1.2% — widest sector loss, pressured by semiconductors and Oracle (WaveFinder ATR 1.18%, rising, P95 — most elevated volatility reading in the market)
5. Consumer Discretionary: Weak (WaveFinder ATR -2.38%, falling, P0)
6. Materials: Weak (WaveFinder ATR -1.28%, flat, P32)
7. Industrials: Weak (WaveFinder ATR -2.23%, flat, P16)
8. Utilities: Weak (WaveFinder ATR -4.70%, falling, P0)
9. Financials: Weak (WaveFinder ATR -2.21%, falling, P0)
10. Consumer Staples: Not flagged by Briefing.com (WaveFinder ATR -1.14%, falling, P32)
11. Real Estate: Not flagged by Briefing.com (WaveFinder ATR -3.22%, flat, P0)
Eight of eleven S&P 500 sectors are in negative territory, with Energy, Communication Services, and Health Care the only groups holding gains at midday.
Key Earnings & Movers
- Everpure (P) 128.74, +19.09 (+17.41%) — Top S&P 500 performer, hitting record highs after a bullish Analyst Day; preliminary FY28 revenue guidance of $7.0-7.3 billion implies 39-45% growth.
- Oracle (ORCL) 137.57, -6.99 (-4.84%) — Mega-cap tech laggard after Bloomberg reported the company sent a “force majeure” notice to the developer of its New Mexico data center project.
- Meta Platforms (META) 766.69, +22.59 (+3.04%) — Bucking mega-cap weakness on continued enthusiasm for its Muse AI agent.
- MGM Resorts (MGM) 34.30, -3.54 (-9.37%) — Worst-performing S&P 500 component after People Incorporated withdrew its acquisition proposal.
- People Incorporated (PPLI) 37.14, +1.18 (+3.27%) — Higher after withdrawing its MGM acquisition proposal.
- Darden Restaurants (DRI) 209.90, -3.78 (-1.77%) — Lower on in-line fiscal Q1 results; same-restaurant sales growth slowed to 3.1% from 4.6%, though FY27 EPS guidance of $11.10-$11.35 was reaffirmed.
- BlackBerry (BB) — Little changed despite a Q2 beat and raised FY27 guidance, as record QNX performance was offset by a more cautious Q3 setup and softer Secure Communications profitability.
Stock Spotlight
Everpure (P): +17.41% to $128.74, all-time highs
Everpure is today’s standout performer following a bullish Analyst Day that reset the market’s long-term growth expectations for the storage and data management provider. While the company reaffirmed its FY27 outlook, the headline was a preliminary FY28 revenue view of $7.0-7.3 billion, implying 39-45% growth — an acceleration from the 37-38% growth embedded in FY27 guidance. Management pointed to eight consecutive quarters of accelerating growth, driven by continued share gains in core enterprise storage and an expanding AI-driven opportunity set.
Beyond the growth acceleration, the margin story is equally compelling: non-GAAP operating margin is projected to expand to 24-26% in FY28, up from 18.7-18.9% in FY27, with operating income expected to rise 80-100% year-over-year to $1.7-1.9 billion. Everpure also outlined a total addressable market that it sees nearly doubling from $108 billion in 2026 to $207 billion by 2030, spanning Core + Core AI, Modern Data Software, Scale AI, and Hyperscale Solutions. A second top-five hyperscaler design win, secured in August, provides early validation of the expanded opportunity, though execution risk remains given the magnitude of the projected FY28 step-up.
Bond Market & Treasuries
Treasury yields remain at multi-year highs, extending Wednesday’s sharp selloff. As of the 11:12 ET bond market update:
- 2-year yield: 4.90% (+1 bp)
- 3-year yield: 4.97% (unchanged)
- 5-year yield: 5.02% (+2 bps)
- 10-year yield: 5.15% (+4 bps); a separate midday equity update cited the 10-year at 5.16% (+5 bps)
- 30-year yield: 5.44% (+4 bps)
The move higher follows Wednesday’s aggressive selloff, which was driven by stronger-than-expected September PMI data and hawkish commentary from Fed Governor Michael Barr. New York Fed President John Williams added to the pressure Thursday morning, saying another rate hike by year-end is reasonable — though this was largely already priced in. A $44 billion 7-year Treasury note auction is set for results at 13:00 ET; the prior 7-year auction produced a high yield of 4.512%, a bid-to-cover of 2.50, and an indirect bid of 60.8%. Markets are also digesting elevated rate-hike odds, with the CME FedWatch Tool showing a 70.9% probability of a 25-bp hike at the October FOMC meeting and a 52.3% probability of a follow-on hike in December.
Commodities
- Crude Oil (WTI): $96.41/bbl, +$4.25 (+4.6%) — climbing further as a U.S.-Iran truce remains elusive, a key inflationary headwind pressuring both equities and bonds.
- Gold: $4,318.00/oz, -$58.60 (prior session, 23-Sep)
- Silver: $64.94/oz, -$1.65 (prior session, 23-Sep)
- Copper: $6.75/lb, -$0.09 (prior session, 23-Sep)
- Natural Gas: $3.15, +$0.18 (prior session, 23-Sep)
Overseas Markets
(Prior session, 23-Sep, most recent available data)
Europe: DAX -0.6%, FTSE 100 flat, CAC 40 -0.4%
Asia: Nikkei closed (holiday), Hang Seng -1.0%, Shanghai Composite -0.4%
Overseas weakness broadly mirrored the U.S. narrative of rising rates and energy costs weighing on risk appetite heading into the current session.
Economic Data
- New Home Sales (August): +6.4% m/m to 684,000 (Briefing.com consensus: 610,000) vs. an upwardly revised 643,000 in July (from 607,000). Down 2.0% y/y. Median price fell 5.8% y/y to $393,700; average price fell 8.8% y/y to $478,700. Supply eased to 8.5 months from 9.0 months. Sales strength was concentrated in the Midwest (+84.9%) and South (+6.9%), while the Northeast (-36.1%) and West (-15.2%) declined.
- Initial Jobless Claims (week ended Sep 19): 197,000, down 1,000 from prior week (Briefing.com consensus: 202,000). Continuing claims rose 2,000 to 1.719 million (week ended Sep 12). Takeaway: layoff activity remains low, consistent with solid labor demand.
- Q2 Current Account Deficit: Widened to $246.0 billion (Briefing.com consensus: -$221.0 billion) from an upwardly revised -$212.6 billion in Q1 (from -$228.6 billion).
Overall, today’s data did little to shift market sentiment, with attention remaining squarely on oil prices, Treasury yields, and Fed policy expectations.
Looking Ahead
- 7-Year Treasury Note Auction — $44 billion auction results due at 13:00 ET today; will be watched closely following a weak 5-year auction earlier in the week.
- Trump-Xi Bilateral Meeting — White House meeting between President Trump and President Xi, with a bilateral session held at 11:30 ET; market participants await details on trade-truce extension (through January 10) and potential agriculture/financial-services announcements from China.
- Fed Rate-Hike Trajectory — Continued focus on October (70.9% probability of a 25-bp hike) and December (52.3% probability) FOMC meetings following hawkish commentary from Fed officials Barr and Williams.
- Oil/Iran Developments — Ongoing monitoring of U.S.-Iran negotiations, with crude prices likely to remain a key swing factor for inflation expectations and equity sentiment.
- Corporate Earnings Flow — Continued reaction to Darden Restaurants, BlackBerry, and Everpure results/guidance likely to influence sector positioning into the next session.