September 20, 2026
Rates up. Oil above $100. Tech still holding.
Last week was one of those weeks where the headline indexes did not tell the whole story. The Fed raised rates by 25 basis points. The 10 year pushed back toward 5%. Oil stayed above $100. Somehow, the Nasdaq still finished the week green. That sounds great until you look underneath it.
The Nasdaq gained 0.7% on the week, but the S&P 500 slipped 0.1%, the Dow lost 1.7%, and the Russell fell 1.5%. Tech held up. Most of the market did not. So no, the market did not break. But breadth has not confirmed either.
One-week S&P 500 performance shows strength concentrated in semiconductors and select megacaps while financials, energy and much of the broader market weakened.
What happened over the weekend
Middle East risk picked back up.
The Houthis claimed missile and drone attacks near Riyadh. Saudi and other Gulf markets traded lower on Sunday, and Iran warned the United States and its allies against further escalation.
Smoke rises following reported Houthi missile and drone attacks on Saudi targets.
Oil was already above $100 before this. Now the market has another reason to watch Saudi infrastructure, the Strait of Hormuz, and Red Sea shipping. Crude is probably the first thing we are checking Sunday night. If oil starts moving again, inflation expectations and Treasury yields could move with it.
The United States and China are talking again