Market Summary
U.S. equities closed out the week on a strong note Friday, September 25, as a sharp reversal in crude oil and encouraging signals from U.S.-Iran diplomatic talks broadened the rally beyond the technology sector that had led early gains. The Dow Jones Industrial Average surged 478.64 points (+0.93%) to 51,828.53, outperforming its peers, while the S&P 500 added 39.28 points (+0.51%) to close at 7,743.51 and the Nasdaq Composite gained 129.34 points (+0.48%) to finish at 27,089.76. The Russell 2000 (+0.1%) and S&P Mid Cap 400 (+0.3%) also turned positive after spending much of the morning underwater.
Technology and semiconductor strength remained the dominant theme, with Microsoft (+3.66%) a standout mega-cap and DJIA contributor. Industrials also outperformed on strength in names like Bloom Energy, while financials contributed to the advance. The session’s turning point came when WTI crude reversed sharply lower on reports that U.S.-Iran talks had entered a “technical phase” with a potential Strait of Hormuz agreement in focus — helping ease inflation angst and pulling Treasury yields off their highs.
Despite the constructive headline tape, breadth remained only modestly positive (eight of eleven S&P 500 sectors advanced), consistent with a market narrative all month in which mega-cap and semiconductor leadership has masked broader softness. The gains left all five major averages higher for the week, with the DJIA snapping a three-week losing streak.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones | 51,828.53 | +478.64 | +0.93% |
| S&P 500 | 7,743.51 | +39.28 | +0.51% |
| Nasdaq Composite | 27,089.76 | +129.34 | +0.48% |
Advance/Decline (NYSE): 1,513 advancing / 1,203 declining | Volume: 1.06 bln
Advance/Decline (Nasdaq): 2,588 advancing / 2,291 declining | Volume: 7.32 bln
WaveFinder Breadth Metrics:
- Primary Sentiment: Bearish | 4% Sentiment: Bullish | 40 SMA Sentiment: Neutral
- Primary Bulls: 422 | Bears: 640
- 4% Bulls: 140 | Bears: 115
- % of Stocks Above 20-day SMA: 40.0%
- % of Stocks Above 40-day SMA: 21.02%
- 9-Month Bulls: 8 | Bears: 5 (Bull Follow-Through: 28.57%)
The divergence between constructive 4% sentiment and bearish primary sentiment, combined with only 21% of stocks above their 40-day moving average, underscores the narrow, mega-cap-driven nature of the advance.
Sector Performance
Ranked by daily performance (Briefing.com Industry Watch + WaveFinder volatility context):
1. Information Technology — +1.0% (Strong) | ATR 1.61% (rising, P100)
2. Industrials — +0.9% (Strong) | ATR -1.94% (flat, P58)
3. Materials — Strong (no specific % provided) | ATR -1.80% (flat, P0)
4. Financials — +0.5% (Strong) | ATR -1.66% (falling, P16)
5. Health Care — Not specified daily | ATR 2.22% (rising, P74)
6. Consumer Staples — Not specified daily | ATR -1.01% (flat, P42)
7. Consumer Discretionary — Not specified daily | ATR -1.75% (flat, P37)
8. Utilities — Not specified daily | ATR -4.62% (falling, P5)
9. Real Estate — -0.4% (Weak) | ATR -3.27% (flat, P5)
10. Communication Services — -0.7% (Weak) | ATR -0.99% (falling, P5)
11. Energy — -0.9% (Weak) | ATR -0.95% (falling, P0)
Technology and industrials led the tape, aided by semiconductor strength (PHLX Semiconductor Index +1.4% on the day). Energy and communication services were the session’s clear laggards, pressured by the crude oil reversal and Meta’s pullback, respectively.
Key Earnings & Movers
- Microsoft (MSFT) — $516.17, +$18.24 (+3.66%): Top mega-cap/DJIA outperformer, no specific catalyst cited beyond broad tech strength.
- Costco (COST) — $922.76, +$26.28 (+2.93%): Advanced on Q4 results featuring better-than-expected earnings, resilient comparable-sales growth, and improving membership renewal rates.
- Akamai Technologies (AKAM) — $113.94, +$3.53 (+3.20%): Rallied after expanding its relationship with Anthropic via an $11.6 billion, seven-year contractual commitment (potentially up to $20 billion with additional commitments).
- Bloom Energy (BE) — $288.70, +$22.05 (+8.27%): Strong gains tied to semiconductor-linked industrial strength.
- Meta Platforms (META) — $751.66, -$25.93 (-3.33%): Pulled back following its substantial Muse-AI-driven rally in recent weeks, weighing on communication services.
- Rocket Lab USA (RKLB): Iridium stockholders approved the merger agreement, a largely procedural but important step advancing RKLB’s end-to-end space strategy (launch, satellites, network, services).
- Scholastic Corp (SCHL): Traded sharply lower after Q1 FY27 results showed widened adjusted operating losses (to $88.7 mln from $81.9 mln) and heavier cash usage (free cash outflow of $110.8 mln vs. $100.2 mln), despite reaffirmed FY27 guidance.
Stock Spotlight
Akamai Technologies (AKAM) was one of the day’s standout movers, climbing 3.20% to $113.94 after announcing a major expansion of its relationship with Anthropic. The deal represents an $11.6 billion contractual commitment over seven years, with potential additional commitments bringing the total relationship value to as much as $20 billion. The announcement reinforces Akamai’s positioning within the AI infrastructure buildout, validating its network and edge-computing capabilities as critical plumbing for large-scale AI model deployment.
The move fits into a broader session narrative in which AI-infrastructure-linked names — from mega-caps like Microsoft to more targeted infrastructure plays like Akamai — provided the market’s primary source of support. With technology and semiconductors serving as the “twin pillars” of the current market advance (as characterized in Briefing.com’s Page One commentary), deals of this magnitude help sustain confidence in continued enterprise AI capital spending, a theme investors have leaned on heavily amid broader market narrowness.
Bond Market & Treasuries
Treasuries finished the cash session higher after a volatile day driven by swings in oil prices and a sense that the market was short-term oversold following September’s steep yield backup.
Yield Levels (Friday close):
- 2-Year: 4.85% (-6 bps day / +10 bps week)
- 3-Year: 4.93% (-6 bps day / +9 bps week)
- 5-Year: 4.99% (-5 bps day / +12 bps week)
- 10-Year: 5.16% (-2 bps day / +16 bps week)
- 30-Year: 5.49% (+2 bps day / +16 bps week)
Intraday, the 2-year and 10-year yields touched highs of 4.91% and 5.22%, respectively, before retreating. The curve saw a steepening trade as shorter-dated securities outperformed. Key drivers included the crude oil reversal, reports of a “technical phase” in U.S.-Iran talks over the Strait of Hormuz, and a 0.3% drop in the U.S. Dollar Index tied to yen strength (USD/JPY -1.1% to 157.14). Looking ahead, the CME FedWatch Tool currently assigns a 64.2% probability to another 25-basis-point rate hike at the October FOMC meeting, with the August PCE Price Index (due Wednesday) a key input.
Commodities
- WTI Crude Oil: $92.17/bbl, -$2.51 (-2.7%) — driven by reports of progress in U.S.-Iran talks over the Strait of Hormuz
- Gold: $4,320.50/ozt, +0.5%
- Copper: $6.77/lb, -0.1%
- Silver: not provided in available data
Overseas Markets
Specific Asian and European index levels were not included in today’s dataset. Currency markets showed the U.S. Dollar Index down 0.3% on the session, driven by yen strength:
- USD/JPY: 157.14, -1.1%
- EUR/USD: 1.1400, +0.2%
- GBP/USD: 1.3252, +0.2%
- USD/CNH: 6.7231, +0.1%
Separately, Japan Prime Minister Sanae Takaichi described the yen as “problematic” in terms of its undervaluation (Bloomberg).
Economic Data
- August Durable Goods Orders: 0.0% m/m (Briefing.com consensus: -0.4%; prior revised to +0.9% from +1.1%)
- August Durable Goods ex-Transportation: +0.3% m/m (consensus: +0.5%; prior revised to +0.7% from +0.4%)
- Nondefense Capital Goods ex-Aircraft (business spending proxy): +1.6% m/m — a notable upside surprise reflecting continued economic strength, following a 0.6% increase in July
- University of Michigan Consumer Sentiment (Final, September): 48.1 (consensus: 47.8; preliminary: 47.8; August final: 51.7; year-ago: 55.1) — high prices continue to weigh on sentiment and the short-run outlook for business conditions
Looking Ahead
Monday: No U.S. economic data of note
Tuesday: July FHFA Housing Price Index; S&P Case-Shiller Home Price Index; September Consumer Confidence; September JOLTS – Job Openings
Wednesday: MBA Mortgage Applications; September ADP Employment Change; August Personal Income and Spending (including PCE Price Index); Q2 GDP – Third Estimate; August Advance International Trade in Goods, Retail Inventories, and Wholesale Inventories; September Chicago PMI; EIA Crude Oil Inventories
Thursday: Initial and Continuing Jobless Claims; September S&P Global U.S. Manufacturing PMI – Final; August Construction Spending; September ISM Manufacturing Index; EIA Natural Gas Inventories
Friday: September Employment Situation Report; August Factory Orders
Markets will remain focused on the trajectory of Treasury yields and the August PCE Price Index (Wednesday) as key inputs into the October FOMC rate decision, with the CME FedWatch Tool currently pricing a 64.2% probability of another 25-basis-point hike.