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 what began as a tech-led rally. 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 in negative territory.
WTI crude’s 2.7% slide to $92.17/bbl was the session’s pivotal catalyst, easing inflation concerns after reports that U.S. and Iranian officials had entered a “technical phase” of talks over reopening the Strait of Hormuz. That relief, combined with continued strength in technology and semiconductors — led by a 3.66% gain in Microsoft — allowed eight of eleven S&P 500 sectors to finish higher, though breadth remained only modestly positive (NYSE Adv 1,513/Dec 1,203; Nasdaq Adv 2,588/Dec 2,291).
For the week, all three major averages posted gains, with the Nasdaq up 2.1%, the S&P 500 up 1.2%, and the DJIA up 0.3%, snapping a three-week losing streak for the blue-chip index. However, the advance masked significant underlying weakness: the Russell 2000 fell 0.8% and the S&P Mid Cap 400 slipped 0.1% for the week, as surging Treasury yields continued to punish rate-sensitive sectors and smaller-cap names even as mega-cap growth and semiconductor stocks powered the headline indices to gains.
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% |
Breadth (NYSE/Nasdaq, Briefing.com):
- NYSE: Advancers 1,513 / Decliners 1,203 | Volume 1.06 bln
- Nasdaq: Advancers 2,588 / Decliners 2,291 | Volume 7.32 bln
WaveFinder Breadth Metrics (as of 9/25):
- Primary Sentiment: Bearish | 4% Sentiment: Bullish | 40 SMA Sentiment: Neutral
- Primary Bulls/Bears: 422 / 640
- 4% Bulls/Bears: 140 / 115
- % of Stocks Above 20-day SMA: 40%
- % of Stocks Above 40-day SMA: 21.02%
- 9-Month Bulls/Bears: 8 / 5 (Bull Follow-Through: 28.57%)
YTD Performance:
- Nasdaq Composite: +16.5%
- Russell 2000: +14.3%
- S&P 500: +13.1%
- S&P Mid Cap 400: +10.4%
- DJIA: +7.8%
Sector Performance
Ranked using Friday’s session data (Briefing.com Industry Watch) supplemented with available percentage moves:
1. Information Technology — +1.0% (Strong; PHLX Semiconductor Index +1.4%)
2. Industrials — +0.9% (Strong; boosted by Bloom Energy +8.27%)
3. Materials — Strong (no specific % provided)
4. Financials — +0.5% (Strong)
5–8. Four additional sectors finished higher (specific daily % not disclosed in source data)
9. Real Estate — -0.4% (Weak)
10. Communication Services — -0.7% (Weak; Meta Platforms -3.33%)
11. Energy — -0.9% (Weak; tracked crude oil’s decline)
Weekly Sector Context (from Weekly Wrap):
- Information Technology: +3.1% (week)
- Communication Services: +2.2% (week)
- Health Care: +1.7% (week)
- Consumer Discretionary: -0.5% (week)
- Real Estate: -1.4% (week)
- Financials: -1.6% (week)
- Energy: -3.0% (week)
- Utilities: -3.2% (week) — weakest sector of the week
WaveFinder Sector ATR (Volatility):
- Health Care: 2.22% (rising, P74)
- Technology: 1.61% (rising, P100)
- Industrials: -1.94% (flat, P58)
- Materials: -1.80% (flat, P0)
- Consumer Discretionary: -1.75% (flat, P37)
- Financials: -1.66% (falling, P16)
- Real Estate: -3.27% (flat, P5)
- Consumer Staples: -1.01% (flat, P42)
- Communication Services: -0.99% (falling, P5)
- Energy: -0.95% (falling, P0)
- Utilities: -4.62% (falling, P5)
Key Earnings & Movers
- Microsoft (MSFT) $516.17, +$18.24 (+3.66%) — Mega-cap and DJIA outperformer, driving blue-chip index leadership.
- Bloom Energy (BE) $288.70, +$22.05 (+8.27%) — Strength tied to semiconductor-linked industrial names.
- Costco (COST) $922.76, +$26.28 (+2.93%) — Advanced on better-than-expected Q4 earnings, resilient comparable-sales growth, and improving membership renewal rates.
- Akamai Technologies (AKAM) $113.94, +$3.53 (+3.20%) — Rallied on an expanded $11.6 billion, seven-year contractual commitment with Anthropic (potentially up to $20 billion).
- Meta Platforms (META) $751.66, -$25.93 (-3.33%) — Pulled back following its recent Muse-driven rally.
- AMD (AMD) $615.52, +$55.70 (+9.95%, Monday) — Reached all-time high, crossed $600/share, market cap above $1 trillion.
- Intel (INTC) $121.78, +$13.18 (+12.14%, Monday) — Rallied alongside broader semiconductor strength.
- Rocket Lab USA (RKLB) — Iridium shareholders approved merger agreement, advancing RKLB’s end-to-end space strategy; financing fully secured via $1.944 bln ATM offering and Iridium’s amended $1.775 bln term loan.
- Scholastic Corp (SCHL) — Traded sharply lower after Q1 losses widened; Education segment revenue fell 24% to $30.4 mln; company reaffirmed FY27 guidance (revenue growth 2-4%, adjusted EBITDA $135-$145 mln).
Stock Spotlight
Akamai Technologies (AKAM): AI Infrastructure Deal Validates Strategic Pivot
Akamai Technologies shares soared 3.20% to $113.94 after the company significantly expanded its relationship with Anthropic through an $11.6 billion contractual commitment spanning seven years, with potential additional commitments bringing the total relationship value to as much as $20 billion. The deal represents one of the largest disclosed AI infrastructure partnerships of the session and underscores growing demand for content delivery, edge computing, and cloud infrastructure capacity to support large-scale AI model deployment.
The announcement fits into a broader market narrative in which infrastructure providers supporting the AI buildout — alongside semiconductor names — have been primary beneficiaries of investor enthusiasm, even as the broader market grapples with rising interest rates and narrow breadth. For Akamai, the deal validates its strategic positioning at the intersection of traditional CDN services and next-generation AI infrastructure demand, offering a multi-year revenue visibility that stands out amid a market increasingly focused on AI-driven capital expenditure commitments.
Bond Market & Treasuries
Treasuries finished Friday’s session on a positive note after a volatile day driven by swings in crude oil prices and a sense that yields were technically oversold following the month’s sharp climb.
Yield Changes (Friday):
- 2-Year: -6 bps to 4.85% (+10 bps for the week)
- 3-Year: -6 bps to 4.93% (+9 bps for the week)
- 5-Year: -5 bps to 4.99% (+12 bps for the week)
- 10-Year: -2 bps to 5.16% (+16 bps for the week)
- 30-Year: +2 bps to 5.49% (+16 bps for the week)
Intraday, the 2-year and 10-year yields touched highs of 4.91% and 5.22%, respectively, before retreating. The curve steepened as shorter-dated securities outperformed longer-dated issues. The 10-year note yield remains at its highest level since 2007, having surged 44 basis points during September alone. The U.S. Dollar Index fell 0.3%, driven by a firm yen (USD/JPY -1.1% to 157.14).
The CME FedWatch Tool currently assigns a 64.2% probability to another 25-basis-point rate hike at the October FOMC meeting, with fed funds futures pricing in three additional rate hikes before the April 2027 meeting.
Commodities
- WTI Crude Oil: $92.17/bbl, -$2.51 (-2.7%) — Declined amid reports of a technical-phase breakthrough in U.S.-Iran talks over the Strait of Hormuz; down nearly 4% for the week.
- Gold: $4,320.50/ozt, +0.5%
- Copper: $6.77/lb, -0.1%
- Silver: Not disclosed in available data.
Overseas Markets
Specific Asian and European index levels were not disclosed in the available briefing data for this session. Currency market activity provided the key overseas signal:
- USD/JPY: 157.14, -1.1% — Notable yen strength, cited as a primary driver of the U.S. Dollar Index’s 0.3% decline.
- 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” given its undervaluation (Bloomberg), while Saudi Arabia’s crude oil exports reportedly reached their highest level since the Iran war began (CNBC).
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 (Briefing.com consensus: +0.5%; prior revised to +0.7% from +0.4%)
- Key Takeaway: Nondefense capital goods orders excluding aircraft — a proxy for business spending — jumped 1.6% m/m, signaling continued economic strength and contributing to upward pressure on Treasury yields.
- University of Michigan Consumer Sentiment (Final, September): 48.1 (Briefing.com consensus: 47.8; preliminary: 47.8; August final: 51.7; year-ago: 55.1)
- Key Takeaway: Elevated prices continue to weigh on consumer sentiment, souring short-term expectations for business conditions and personal finances.
Looking Ahead
Week of September 28 – October 2:
- Monday: No major U.S. economic data scheduled.
- 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 closely watch Wednesday’s PCE Price Index release for further inflation signals, as well as Friday’s employment report, both of which are likely to influence expectations for the October FOMC meeting, where markets currently price a 64.2% probability of a 25-basis-point rate hike.