Oct 2, 2026 · 5 min · 7 segments
Major US equity indices were mostly lower this week. Nearer-term Fed rate-hike expectations eased this week with a lot of attention on NY Fed President Williams' comments Tuesday about no need for…
Major U.S. equity indices were mostly lower this week.
Breadth remained weak.
S&P 500 decliners handily outnumbered gainers, fewer than 25% of index constituents were above their 50-day moving averages.
And the equal weight RSP logged its seventh straight weekly decline, which last occurred in 2022 and 2002.
Semis and semi-caps had another strong week.
SOX logged its fifth straight weekly gain.
The memory leg of the AI trade lagged a bit, with HDD makers coming under competitive pressure.
Software was also largely higher, particularly cybersecurity names.
Other outperformers included networking and communications, ENCs, trucking, refiners, utilities, and casual diners.
Treasuries were mostly weaker with the curve steepening.
Short-end yields dipped a bit amid decreased near-term rate hike expectations, while the 10-year and 30-year saw yields hit 24-year highs before pulling back off those levels.
The dollar was stronger on the major crosses.
Gold was down 3.7%.
The move came amid waning diplomatic traction and thoughts about re-escalation, but also attention on improved Hormuz flows and announcement of coordinated seven stockpile releases.
Major U.S. equity indices were mostly lower this week.
Breadth remained weak.
S&P 500 decliners handily outnumbered gainers, fewer than 25% of index constituents were above their 50-day moving averages.
And the equal weight RSP logged its seventh straight weekly decline, which last occurred in 2022 and 2002.
Semis and semi-caps had another strong week.
SOX logged its fifth straight weekly gain.
The memory leg of the AI trade lagged a bit, with HDD makers coming under competitive pressure.
Software was also largely higher, particularly cybersecurity names.
Other outperformers included networking and communications, ENCs, trucking, refiners, utilities, and casual diners.
Treasuries were mostly weaker with the curve steepening.
Short-end yields dipped a bit amid decreased near-term rate hike expectations, while the 10-year and 30-year saw yields hit 24-year highs before pulling back off those levels.
The dollar was stronger on the major crosses.
Gold was down 3.7%.
The move came amid waning diplomatic traction and thoughts about re-escalation, but also attention on improved Hormuz flows and announcement of coordinated seven stockpile releases.
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