LIVE 17:00 PT
Wed · 23 Sep 2026
SPY768.13−0.68%
QQQ741.54−0.79%
IWM281.92−1.84%
I
Summary of Day Synthesis
Stocks fall and small caps drop the most; oil rises while gold and silver slide
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Stocks fall and small caps drop the most; oil rises while gold and silver slide

  • SPY fell 0.68% to 768.13 and QQQ fell 0.79% to 741.54. IWM dropped 1.84% to 281.92, more than twice the loss in the large-cap indices.
  • USO rose 3.3% to 148.83. GLD fell 1.8% to 392.88 and SLV fell 4.23% to 58.16, and the silver miners CDE (-5.7%) and HL (-4%) fell with the metal.
  • Online travel names were among the biggest decliners: EXPE fell 7.7% to $259.04, ABNB 7.6% to $149.58 and BKNG 5.1% to $155.9.
  • Security software led the gainers: PANW and CRWD each rose 5%, OKTA 4.4% and PLTR 3.7%.
  • In single names, TPC had the day's largest drop, down 80.6% to $16.67. PAYX fell 8.8% to $104.49.
II
Price Performance Data
Benchmark: RSP (S&P 500 Equal Weight). Its VARS is zero by definition, since it is what everything else is measured against.
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Sort by
ComponentRSVARS 211D %1W %1M %% 52W HATR ExtVARS 5
Broad Indicesfixed order, not sorted
SPYS&P 500 56+6.20−0.7+1.8+0.6−1.5+1.0+2.49
RSPS&P 500 Equal WeightBENCHMARK 43+0.00−0.7−0.5−4.8−5.4−3.2+0.00
QQQNasdaq 100 69+9.21−0.8+5.2+4.9−1.0+3.0+4.25
IWMRussell 2000 40+1.03−1.8−0.7−5.4−7.6−3.5+0.01
DIADow 30 40+1.80−0.7−0.2−3.6−5.9−2.7+0.35
Market Segmentssorted by RS, highest to lowest
SPHBHigh Beta 74+7.72−1.0+6.7+4.2−3.7+1.9+3.54
MTUMMomentum 64+8.48−0.3+5.7+5.4−8.3+1.8+3.34
IWDLarge-cap Value 62+2.25−0.5+0.1−2.7−3.4−1.4+0.64
IWNSmall-cap Value 49+1.02−1.6−1.2−4.8−6.4−3.7−0.50
IWFLarge-cap Growth 44+8.28−1.0+4.0+3.6−2.9+2.1+3.46
IWOSmall-cap Growth 36+1.60−2.0−0.2−5.9−9.2−3.2+0.44
SPLVLow Volatility 25−0.78−0.8−2.2−6.1−9.5−6.0−1.81
Unranked
Sector SPDRssorted by RS, highest to lowest
XLKTechnology 88+9.91−0.5+6.2+8.5−1.7+3.4+3.77
XLEEnergy 83+5.46+1.0−2.6−1.2−5.7+0.6−0.72
XLVHealth Care 61+3.76−0.6+0.6−3.4−4.4+0.6+0.98
XLBMaterials 37+1.79−0.5−0.2−6.2−7.2−1.9+0.43
XLFFinancials 33+0.51−0.5−2.5−6.3−6.9−3.5−1.32
XLIIndustrials 32+2.25−0.1+0.8−5.0−9.6−3.5+1.10
XLPConsumer Staples 31+1.40−0.4−1.1−5.7−8.6−2.5−0.38
XLCCommunication Svcs 30+5.83−0.9−0.4+0.2−6.5+0.7+0.16
XLREReal Estate 28−0.81−1.6−2.3−7.7−9.9−5.1−1.33
XLYConsumer Discretionary 15+1.17−1.5+0.4−6.5−11.5−2.7+0.81
XLUUtilities 9+0.38−1.9−3.8−8.0−16.8−6.1−2.01
Unranked
Commoditiessorted by RS, highest to lowest
USOWTI Crude 99+9.89+3.3−4.7+12.6−8.9+2.8−0.93
DBCBroad Commodity Index 89+10.28+1.4−0.8+6.3−2.7+4.6−0.03
ETHEthereum 83+6.70−0.8+14.9+9.4−42.1+4.6+3.47
BTCBitcoin 64+7.43−0.5+14.0+10.1−31.7+4.9+4.08
SLVSilver 57+3.85−4.2+1.9−6.5−47.0+0.5+1.13
GLDGold 37+1.46−1.8+0.3−7.9−22.9−0.2+0.63
UUPUS Dollar Index 32+12.63+0.6+0.9+2.5−0.1+4.1+2.91
HYGHigh Yield Corp Bond 24−1.10−0.7−0.4−2.0−4.0−4.8−0.64
TLT20+ Year Treasury 12+2.72−1.6−0.5−2.5−12.7−2.7+0.02
UNGNatural Gas 11+8.38+0.1+4.9+7.1−36.2+2.1+2.25
URAUranium 9+3.69−4.0+1.5−8.1−32.6−0.8+0.91
Unranked
Thematic ETFs83 tracked · sorted by RS, highest to lowest
1USOUS Oil Fund 99+9.89+3.3−4.7+12.6−8.9+2.8−0.93
2ARKGARK Genomics 98+7.55−3.7+6.4+6.1−4.7+3.6+2.30
3EWYSouth Korea Equities 97+7.50−3.6+5.8+6.9−16.0+1.7+2.03
4SMHVanEck Semiconductor 95+9.07−1.0+10.2+10.0−10.5+2.2+3.88
5SVIXShort VIX Futures (Volatility) 94+8.33−1.7+5.1+7.2−2.0+3.4+2.28
6CIBRCybersecurity Software & Infra 93+9.75+1.4+3.7+11.6−0.2+3.0+1.85
7BOATGlobal Shipping 92+6.74−1.8−3.0+1.6−5.6+3.5−0.89
8WCLDCloud Tech 91+6.62+1.0+1.8+2.9−4.5+2.4+1.14
9SKYYCloud Computing 89+8.02+0.1+3.5+5.4−1.1+3.6+2.04
10COPXCopper Miners 88+3.42−3.3+3.4−7.9−13.0+0.3+1.51
11XOPOil & Gas E&P 87+5.32+0.6−4.8−1.9−9.1+0.2−1.37
12XBIBiotech (Equal-Weight) 86+3.69−4.1+0.7−5.5−8.6−0.6+0.89
13IBBBiotech Megacap 85+4.45−2.0+2.1−2.8−4.8+1.4+1.65
14ETHAEther Spot 83+7.95−2.6+11.3+8.3−43.9+5.0+3.36
15AIQAI Software & Data Processing 82+8.76−1.1+4.7+5.9−6.1+3.2+3.13
16QTUMDefiance Quantum Computing & AI 81+7.54−1.3+6.4+3.7−10.3+1.6+3.41
17SOLZSolana Spot 80+9.85−3.3+16.9+18.0−54.7+5.4+4.05
18OIHLarge-Cap Oil Services 79+4.78+0.2−1.0−3.2−13.9−0.7+0.16
19XHSHealthcare Facilities & Services 77+4.59−1.8−3.2−1.7−4.2−0.7−1.70
20PBEDynamic Biotech 76+5.14−1.4+3.1−1.1−2.6+1.6+2.63
21SILSilver Miners 75+3.73−5.3+1.4−8.1−22.7+0.9+0.89
22GDXGold Miners 74+3.04−4.4+0.8−9.6−20.2+1.2+0.76
23XPHPharmaceuticals (Equal-Weight) 73+0.93−3.7−0.8−8.9−10.9−2.4+0.26
24XSWSoftware (Equal-Weight) 72+5.72+0.0+0.9−0.2−5.0+1.6+0.93
25GNRNatural Resources 70+3.55−0.9−0.7−3.2−5.1+1.0+0.09
26CNBSCannabis 69+8.64+1.6+8.3+8.5−29.9+4.2+3.32
27BUZZSocial Media 68+9.57−1.7+7.3+9.0−4.8+3.9+3.74
28IGVUS Tech/Software 67+7.82+1.3+3.0+5.5−8.2+2.7+1.69
29IBITBitcoin Spot 66+8.04−1.9+11.2+7.3−33.3+5.0+3.89
30FCGNatural Gas E&P 64+4.10+1.1−3.3−4.7−10.1−0.5−0.86
31DTCRGlobal X Data Center & Digital Infrastructure 63+6.09−2.2+3.2+0.5−14.1+0.1+2.03
32MAGSMagnificent 7 62+10.28−0.7+3.7+7.3−1.9+3.6+2.83
33GUNRUpstream Natural Resources 61+2.86−0.7−1.7−4.2−6.4+0.0−0.59
34EWZBrazil Equities 60+8.89−2.3−0.3+6.3−11.1+1.5+0.42
35KUREChina Health 58+6.47−1.7+6.6+2.2−11.5+2.0+3.57
36SLVSilver 57+3.85−4.2+1.9−6.5−47.0+0.5+1.13
37FDNUS Internet Giants 56+6.59−1.1+0.6+1.3−2.9+1.4+0.89
38XHEHealth Devices 55+2.84−1.8−0.1−4.9−6.5−0.5+0.52
39PPHLarge-Cap Pharmaceutical 54+2.84−1.4−0.2−5.3−6.5−0.9+0.43
40DXYZPre-IPO & Private Unicorn Equity 52+4.39−2.0−3.3−8.2−59.2+0.2−0.09
41MOOGlobal Agricultural Producers 51+5.45−0.3−1.1−0.8−5.6+0.4−0.26
42GENZGlobal Gaming & Casinos 50+0.22−1.8−0.5−7.7−9.0−2.7+0.14
43ROBOROBO Global Robotics & Automation 49+6.00−1.5+3.4+0.3−11.4−0.1+2.45
44AMLPEnergy MLPs 48+3.76−0.2−2.1−2.4−5.1−2.0−1.19
45ARKFARK Fintech 46+7.05−1.6+6.8+3.3−20.7+2.8+3.02
46BLOKBlockchain 45+7.28−2.4+7.9+5.1−13.7+1.9+2.88
47ARKXARK Space & Defense Innovation 44+6.19−1.1+3.5+0.7−13.8+0.6+2.19
48GRIDFirst Trust Smart Grid Infrastructure 43+6.39−1.8+3.1+0.8−10.2−0.2+2.10
49KCECapital Markets & Financial Services 42+0.62−0.6+0.4−7.5−9.2−2.6+0.85
50XMEMetals & Mining 40+3.53−2.1+0.7−7.0−19.2−0.5+0.77
51PPLTPlatinum 39+3.67−4.4+0.4−6.5−39.3+0.2+0.72
52AGNGGlobal X Aging Population 38+1.42−1.1+0.1−5.0−6.6−1.8+0.62
53GLDGold 37+1.46−1.8+0.3−7.9−22.9−0.2+0.63
54DRIVGlobal X Autonomous & Electric Vehicles 36+4.81−1.9+2.1−1.6−21.2−1.1+1.54
55IAIBroker-Dealers 34+1.85−0.3+0.9−6.1−7.7−2.1+1.10
56LITLithium & Battery 33+0.38−2.5−0.4−9.7−24.4−2.1+0.33
57KRESPDR S&P Regional Banking 32+2.09−1.1−3.2−5.9−10.2−3.9−1.39
58PAVEGlobal X US Infrastructure Development 31+3.07−0.3+1.2−4.5−11.6−3.0+1.25
59HEROGlobal X Video Games & Esports 30+5.64−1.3+1.0−0.5−20.7+0.9+1.09
60XRPIXRP Spot 28+5.68−6.3+14.5−0.1−57.0+3.1+3.01
61JETSUS Global Jets (Airlines) 27+3.78−3.0+1.6−4.8−17.1−2.6+1.25
62BOTZGlobal X Robotics & AI 26+5.80−2.0+1.6+0.1−15.4−0.7+1.55
63PEJLeisure & Travel 25−2.71−1.4−1.3−10.6−11.4−4.7−0.36
64IPAYDigital Payments & Fintech 24−0.14−1.6−2.6−10.5−20.3−3.8−0.87
65PALLPalladium 23+3.84−3.4−0.7−6.8−41.9−1.3+0.31
66SHLDGlobal X Defense Tech 21+2.52+0.1−0.6−5.6−20.6−2.3+0.20
67ICLNiShares Global Clean Energy 20+5.84−2.3+0.6−0.1−26.7−1.2+0.76
68FXILarge Cap China 19+3.40−1.8+1.3−3.3−18.2−1.9+1.58
69ORBXGlobal X Space Tech 18+6.11−3.3+3.2+0.3−46.1−0.1+1.48
70XRTSPDR S&P Retail 17+1.46−1.9−0.8−7.6−12.2−3.6+0.12
71MILNGlobal X Millennial Consumer 15−1.80−1.8−2.2−9.8−15.2−4.3−1.07
72EBIZGlobal X E-Commerce 14−0.02−2.2−0.7−8.0−21.3−4.0+0.10
73DRAMMemory 13+8.39−2.7+11.9+14.0−23.9+2.3+2.90
74XARSPDR S&P Aerospace & Defense 12+1.46−0.9−1.2−9.9−19.6−4.6+0.03
75UNGNatural Gas 11+8.38+0.1+4.9+7.1−36.2+2.1+2.25
76URAUranium 9+3.69−4.0+1.5−8.1−32.6−0.8+0.91
77XHBSPDR S&P Homebuilders 8+1.83−2.3+0.3−8.7−21.1−3.4+0.68
78URNMUranium Miners 7+2.01−4.1+0.8−13.8−40.4−1.4+0.73
79BETZSports Betting 6−1.09−2.7−7.3−10.7−28.4−4.6−4.02
80REMXRare Earths 5+0.84−3.1+1.7−13.8−38.4−2.3+1.10
81TANInvesco Solar 3+3.45−3.1+1.0−6.8−40.4−3.5+0.78
82NLRNuclear Power 2+3.31−3.2+0.9−8.8−35.6−1.5+0.76
83KWEBKraneShares CSI China Internet 1+3.13−2.0+2.5−5.3−42.7−3.7+1.95
Unranked
Biggest Moverslargest RS rank changes across all 83, incl. names outside the visible listMeasures RS rank
CLIMBING FASTEST
▲IGVUS Tech/Software10 spots38 → 28
▲CNBSCannabis9 spots35 → 26
▲FCGNatural Gas E&P7 spots37 → 30
▲AMLPEnergy MLPs6 spots50 → 44
▲KCECapital Markets & Financial Services6 spots55 → 49
FALLING FASTEST
▼SILSilver Miners8 spots13 → 21
▼XPHPharmaceuticals (Equal-Weight)8 spots15 → 23
▼KUREChina Health7 spots28 → 35
▼DXYZPre-IPO & Private Unicorn Equity6 spots34 → 40
▼SLVSilver5 spots31 → 36
Price Performance
Sorted by RS, strongest first
Broad Indicesfixed order
SPYS&P 50056+6.20−0.7+1.8+0.6−1.5+1.0+2.49
RSPS&P 500 Equal Weight43+0.00−0.7−0.5−4.8−5.4−3.2+0.00
QQQNasdaq 10069+9.21−0.8+5.2+4.9−1.0+3.0+4.25
IWMRussell 200040+1.03−1.8−0.7−5.4−7.6−3.5+0.01
DIADow 3040+1.80−0.7−0.2−3.6−5.9−2.7+0.35
Market Segmentssorted
SPHBHigh Beta74+7.72−1.0+6.7+4.2−3.7+1.9+3.54
MTUMMomentum64+8.48−0.3+5.7+5.4−8.3+1.8+3.34
IWDLarge-cap Value62+2.25−0.5+0.1−2.7−3.4−1.4+0.64
IWNSmall-cap Value49+1.02−1.6−1.2−4.8−6.4−3.7−0.50
IWFLarge-cap Growth44+8.28−1.0+4.0+3.6−2.9+2.1+3.46
IWOSmall-cap Growth36+1.60−2.0−0.2−5.9−9.2−3.2+0.44
SPLVLow Volatility25−0.78−0.8−2.2−6.1−9.5−6.0−1.81
Unranked
Sector SPDRssorted
XLKTechnology88+9.91−0.5+6.2+8.5−1.7+3.4+3.77
XLEEnergy83+5.46+1.0−2.6−1.2−5.7+0.6−0.72
XLVHealth Care61+3.76−0.6+0.6−3.4−4.4+0.6+0.98
XLBMaterials37+1.79−0.5−0.2−6.2−7.2−1.9+0.43
XLFFinancials33+0.51−0.5−2.5−6.3−6.9−3.5−1.32
XLIIndustrials32+2.25−0.1+0.8−5.0−9.6−3.5+1.10
XLPConsumer Staples31+1.40−0.4−1.1−5.7−8.6−2.5−0.38
XLCCommunication Svcs30+5.83−0.9−0.4+0.2−6.5+0.7+0.16
XLREReal Estate28−0.81−1.6−2.3−7.7−9.9−5.1−1.33
XLYConsumer Discretionary15+1.17−1.5+0.4−6.5−11.5−2.7+0.81
XLUUtilities9+0.38−1.9−3.8−8.0−16.8−6.1−2.01
Unranked
Commoditiessorted
USOWTI Crude99+9.89+3.3−4.7+12.6−8.9+2.8−0.93
DBCBroad Commodity Index89+10.28+1.4−0.8+6.3−2.7+4.6−0.03
ETHEthereum83+6.70−0.8+14.9+9.4−42.1+4.6+3.47
BTCBitcoin64+7.43−0.5+14.0+10.1−31.7+4.9+4.08
SLVSilver57+3.85−4.2+1.9−6.5−47.0+0.5+1.13
GLDGold37+1.46−1.8+0.3−7.9−22.9−0.2+0.63
UUPUS Dollar Index32+12.63+0.6+0.9+2.5−0.1+4.1+2.91
HYGHigh Yield Corp Bond24−1.10−0.7−0.4−2.0−4.0−4.8−0.64
TLT20+ Year Treasury12+2.72−1.6−0.5−2.5−12.7−2.7+0.02
UNGNatural Gas11+8.38+0.1+4.9+7.1−36.2+2.1+2.25
URAUranium9+3.69−4.0+1.5−8.1−32.6−0.8+0.91
Unranked
Thematic ETFs83 tracked
1USOUS Oil Fund99+9.89+3.3−4.7+12.6−8.9+2.8−0.93
2ARKGARK Genomics98+7.55−3.7+6.4+6.1−4.7+3.6+2.30
3EWYSouth Korea Equities97+7.50−3.6+5.8+6.9−16.0+1.7+2.03
4SMHVanEck Semiconductor95+9.07−1.0+10.2+10.0−10.5+2.2+3.88
5SVIXShort VIX Futures (Volatility)94+8.33−1.7+5.1+7.2−2.0+3.4+2.28
6CIBRCybersecurity Software & Infra93+9.75+1.4+3.7+11.6−0.2+3.0+1.85
7BOATGlobal Shipping92+6.74−1.8−3.0+1.6−5.6+3.5−0.89
8WCLDCloud Tech91+6.62+1.0+1.8+2.9−4.5+2.4+1.14
9SKYYCloud Computing89+8.02+0.1+3.5+5.4−1.1+3.6+2.04
10COPXCopper Miners88+3.42−3.3+3.4−7.9−13.0+0.3+1.51
11XOPOil & Gas E&P87+5.32+0.6−4.8−1.9−9.1+0.2−1.37
12XBIBiotech (Equal-Weight)86+3.69−4.1+0.7−5.5−8.6−0.6+0.89
13IBBBiotech Megacap85+4.45−2.0+2.1−2.8−4.8+1.4+1.65
14ETHAEther Spot83+7.95−2.6+11.3+8.3−43.9+5.0+3.36
15AIQAI Software & Data Processing82+8.76−1.1+4.7+5.9−6.1+3.2+3.13
16QTUMDefiance Quantum Computing & AI81+7.54−1.3+6.4+3.7−10.3+1.6+3.41
17SOLZSolana Spot80+9.85−3.3+16.9+18.0−54.7+5.4+4.05
18OIHLarge-Cap Oil Services79+4.78+0.2−1.0−3.2−13.9−0.7+0.16
19XHSHealthcare Facilities & Services77+4.59−1.8−3.2−1.7−4.2−0.7−1.70
20PBEDynamic Biotech76+5.14−1.4+3.1−1.1−2.6+1.6+2.63
21SILSilver Miners75+3.73−5.3+1.4−8.1−22.7+0.9+0.89
22GDXGold Miners74+3.04−4.4+0.8−9.6−20.2+1.2+0.76
23XPHPharmaceuticals (Equal-Weight)73+0.93−3.7−0.8−8.9−10.9−2.4+0.26
24XSWSoftware (Equal-Weight)72+5.72+0.0+0.9−0.2−5.0+1.6+0.93
25GNRNatural Resources70+3.55−0.9−0.7−3.2−5.1+1.0+0.09
26CNBSCannabis69+8.64+1.6+8.3+8.5−29.9+4.2+3.32
27BUZZSocial Media68+9.57−1.7+7.3+9.0−4.8+3.9+3.74
28IGVUS Tech/Software67+7.82+1.3+3.0+5.5−8.2+2.7+1.69
29IBITBitcoin Spot66+8.04−1.9+11.2+7.3−33.3+5.0+3.89
30FCGNatural Gas E&P64+4.10+1.1−3.3−4.7−10.1−0.5−0.86
31DTCRGlobal X Data Center & Digital Infrastructure63+6.09−2.2+3.2+0.5−14.1+0.1+2.03
32MAGSMagnificent 762+10.28−0.7+3.7+7.3−1.9+3.6+2.83
33GUNRUpstream Natural Resources61+2.86−0.7−1.7−4.2−6.4+0.0−0.59
34EWZBrazil Equities60+8.89−2.3−0.3+6.3−11.1+1.5+0.42
35KUREChina Health58+6.47−1.7+6.6+2.2−11.5+2.0+3.57
36SLVSilver57+3.85−4.2+1.9−6.5−47.0+0.5+1.13
37FDNUS Internet Giants56+6.59−1.1+0.6+1.3−2.9+1.4+0.89
38XHEHealth Devices55+2.84−1.8−0.1−4.9−6.5−0.5+0.52
39PPHLarge-Cap Pharmaceutical54+2.84−1.4−0.2−5.3−6.5−0.9+0.43
40DXYZPre-IPO & Private Unicorn Equity52+4.39−2.0−3.3−8.2−59.2+0.2−0.09
41MOOGlobal Agricultural Producers51+5.45−0.3−1.1−0.8−5.6+0.4−0.26
42GENZGlobal Gaming & Casinos50+0.22−1.8−0.5−7.7−9.0−2.7+0.14
43ROBOROBO Global Robotics & Automation49+6.00−1.5+3.4+0.3−11.4−0.1+2.45
44AMLPEnergy MLPs48+3.76−0.2−2.1−2.4−5.1−2.0−1.19
45ARKFARK Fintech46+7.05−1.6+6.8+3.3−20.7+2.8+3.02
46BLOKBlockchain45+7.28−2.4+7.9+5.1−13.7+1.9+2.88
47ARKXARK Space & Defense Innovation44+6.19−1.1+3.5+0.7−13.8+0.6+2.19
48GRIDFirst Trust Smart Grid Infrastructure43+6.39−1.8+3.1+0.8−10.2−0.2+2.10
49KCECapital Markets & Financial Services42+0.62−0.6+0.4−7.5−9.2−2.6+0.85
50XMEMetals & Mining40+3.53−2.1+0.7−7.0−19.2−0.5+0.77
51PPLTPlatinum39+3.67−4.4+0.4−6.5−39.3+0.2+0.72
52AGNGGlobal X Aging Population38+1.42−1.1+0.1−5.0−6.6−1.8+0.62
53GLDGold37+1.46−1.8+0.3−7.9−22.9−0.2+0.63
54DRIVGlobal X Autonomous & Electric Vehicles36+4.81−1.9+2.1−1.6−21.2−1.1+1.54
55IAIBroker-Dealers34+1.85−0.3+0.9−6.1−7.7−2.1+1.10
56LITLithium & Battery33+0.38−2.5−0.4−9.7−24.4−2.1+0.33
57KRESPDR S&P Regional Banking32+2.09−1.1−3.2−5.9−10.2−3.9−1.39
58PAVEGlobal X US Infrastructure Development31+3.07−0.3+1.2−4.5−11.6−3.0+1.25
59HEROGlobal X Video Games & Esports30+5.64−1.3+1.0−0.5−20.7+0.9+1.09
60XRPIXRP Spot28+5.68−6.3+14.5−0.1−57.0+3.1+3.01
61JETSUS Global Jets (Airlines)27+3.78−3.0+1.6−4.8−17.1−2.6+1.25
62BOTZGlobal X Robotics & AI26+5.80−2.0+1.6+0.1−15.4−0.7+1.55
63PEJLeisure & Travel25−2.71−1.4−1.3−10.6−11.4−4.7−0.36
64IPAYDigital Payments & Fintech24−0.14−1.6−2.6−10.5−20.3−3.8−0.87
65PALLPalladium23+3.84−3.4−0.7−6.8−41.9−1.3+0.31
66SHLDGlobal X Defense Tech21+2.52+0.1−0.6−5.6−20.6−2.3+0.20
67ICLNiShares Global Clean Energy20+5.84−2.3+0.6−0.1−26.7−1.2+0.76
68FXILarge Cap China19+3.40−1.8+1.3−3.3−18.2−1.9+1.58
69ORBXGlobal X Space Tech18+6.11−3.3+3.2+0.3−46.1−0.1+1.48
70XRTSPDR S&P Retail17+1.46−1.9−0.8−7.6−12.2−3.6+0.12
71MILNGlobal X Millennial Consumer15−1.80−1.8−2.2−9.8−15.2−4.3−1.07
72EBIZGlobal X E-Commerce14−0.02−2.2−0.7−8.0−21.3−4.0+0.10
73DRAMMemory13+8.39−2.7+11.9+14.0−23.9+2.3+2.90
74XARSPDR S&P Aerospace & Defense12+1.46−0.9−1.2−9.9−19.6−4.6+0.03
75UNGNatural Gas11+8.38+0.1+4.9+7.1−36.2+2.1+2.25
76URAUranium9+3.69−4.0+1.5−8.1−32.6−0.8+0.91
77XHBSPDR S&P Homebuilders8+1.83−2.3+0.3−8.7−21.1−3.4+0.68
78URNMUranium Miners7+2.01−4.1+0.8−13.8−40.4−1.4+0.73
79BETZSports Betting6−1.09−2.7−7.3−10.7−28.4−4.6−4.02
80REMXRare Earths5+0.84−3.1+1.7−13.8−38.4−2.3+1.10
81TANInvesco Solar3+3.45−3.1+1.0−6.8−40.4−3.5+0.78
82NLRNuclear Power2+3.31−3.2+0.9−8.8−35.6−1.5+0.76
83KWEBKraneShares CSI China Internet1+3.13−2.0+2.5−5.3−42.7−3.7+1.95
Unranked
Biggest Moversrank change vs yesterday
CLIMBING FASTEST
▲IGVUS Tech/Software10 spots38 → 28
▲CNBSCannabis9 spots35 → 26
▲FCGNatural Gas E&P7 spots37 → 30
▲AMLPEnergy MLPs6 spots50 → 44
▲KCECapital Markets & Financial Services6 spots55 → 49
FALLING FASTEST
▼SILSilver Miners8 spots13 → 21
▼XPHPharmaceuticals (Equal-Weight)8 spots15 → 23
▼KUREChina Health7 spots28 → 35
▼DXYZPre-IPO & Private Unicorn Equity6 spots34 → 40
▼SLVSilver5 spots31 → 36
Legend
% 52W Hgreen at or above −2.9%, red at or below −18.0%, neutral in between. A LONG bar means FAR from the high.
ATR Extneutral below 3.0, yellow from 3.0 to 4.9, red at 5.0 and beyond, on the absolute value.
Movesgreen above zero, red below, neutral at exactly zero. Bars scale to the largest absolute value in that column within that group.
RSRS is a percentile rank of an IBD-style weighted composite (40% three-month, 20% each at six, nine and twelve months) measured against the benchmark. The composite subtracts the benchmark's return rather than dividing by it: dividing breaks when the benchmark return is near zero and inverts when it is negative. VARS uses the ATR as it stood on each historical bar, not today’s ATR.
III
Review of Key Themes Synthesis
4 themes: Broad decline, small caps fell hardest · Oil up, precious metals and miners down · Online travel names sold off together · Cybersecurity and software finished green
▶
Broad decline, small caps fell hardest
All three major index ETFs closed lower. IWM fell 1.84%, more than twice the drop in SPY (-0.68%) and QQQ (-0.79%).
▶
Context & Source Read
·SPY closed at 768.13 (-0.68%).
·QQQ closed at 741.54 (-0.79%).
·IWM closed at 281.92 (-1.84%).
Oil up, precious metals and miners down
Crude and precious metals moved in opposite directions. USO rose while GLD and SLV both fell, and silver fell the most. Precious-metals miners were among the day's losers.
▶
Context & Source Read
·USO rose 3.3% to 148.83.
·GLD fell 1.8% to 392.88; SLV fell 4.23% to 58.16.
·CDE fell 5.7% to $19.32; HL fell 4% to $18.27.
Online travel names sold off together
Three online travel and booking names were on the losers list at the same time.
▶
Context & Source Read
·EXPE fell 7.7% to $259.04.
·ABNB fell 7.6% to $149.58.
·BKNG fell 5.1% to $155.9.
Cybersecurity and software finished green
Several cybersecurity and software names rose on a down day. PANW and CRWD led the group.
▶
Context & Source Read
·PANW and CRWD each rose 5%, to $393.3 and $262.49.
·OKTA rose 4.4% to $205.36; PLTR rose 3.7% to $191.79.
·NOW (+2.8%), CRM (+1.8%), CDNS (+2%), SNPS (+0.9%) and ADBE (+1%) also closed higher.
IV
LLM Unfiltered Off-Leash
A broad, source-free read on the day — the unconstrained second opinion. ~5 min.
▶
≈ 5 min read · no curated sources · Open-web off-leash read (Claude with live web search). Sources include CNBC, CNN Business, TheStreet, Yahoo Finance, FXStreet, Benzinga, 24/7 Wall St., StockStory, Fortune and Trading Economics. The TPC move could not be corroborated on the open web.

The bond market ran the tape

Wednesday was a rates day that happened to show up in stocks. Per CNBC and CNN Business, the 10-year Treasury yield pushed through 5.1% for the first time in 19 years. The 30-year rose more than 9 basis points to about 5.40%, its highest since June 2007. TheStreet reported that the 5-year hit 5% for the first time since 2007. CNBC called it the biggest one-day jump in the 10-year in nearly 18 months. Equities followed: SPY closed at 768.13 (-0.68%) and QQQ at 741.54 (-0.79%). By cash-index accounts the Dow lost about 352 points and the Nasdaq Composite fell more than 1%.

Two things lit the fuse. First, the S&P Global flash PMIs for September came in hot. FXStreet reported the composite at 58.4, services at 58.7 and manufacturing at 57.0, all five-year highs. Input costs rose at the fastest pace since October 2022. Second, Fed speakers kept up the hawkish line. The Fed raised rates last week to 3.75%-4.00%, its first hike since July 2023, on a 12-0 vote, and 16 of 18 participants pencil in another hike this year. Wells Fargo Investment Institute summed it up: "the market telling us we've entered a genuine re-tightening cycle." This isn't a growth scare. The economy is running too hot for comfort. That hurts rate-sensitive and long-duration equity the most, and the tape showed it.

Small caps took the hit

IWM fell 1.84% to 281.92, more than twice the drop in the large-cap indices. That split matters more than the headline. Small caps carry more floating-rate debt and rely more on refinancing, so a 5% 5-year yield lands on them directly. Per the Yahoo Finance live blog, utilities and consumer discretionary led the decline, each down more than 1%. Utilities are the classic bond proxy. Discretionary is where higher mortgage and card rates bite first. The Motley Fool's morning note already framed the day as "a warning shot for housing." The takeaway: this was a rotation away from anything that needs cheap money, not an across-the-board liquidation.

Energy up, metals down: a stagflation-flavored mix

USO rose 3.3% to 148.83. Brent snapped a five-session losing streak and settled around $103, while WTI settled near $92. The Iran conflict is still the driver. Trump's threat to "annihilate" Iran at the UN General Assembly shared the day with his description of a "very productive" meeting with Iranian envoys. The market also weighed reports that Saudi Arabia will soon restart East-West pipeline exports that bypass the Strait of Hormuz. Higher oil feeds straight into the inflation fear that drove yields up.

Precious metals broke down. GLD lost 1.8% to 392.88 and SLV fell 4.23% to 58.16. With real yields climbing, the cost of holding a non-yielding asset went up sharply. Silver miners fell with the metal. Crypto was quiet: Fortune had bitcoin near $85,700 mid-morning, roughly flat day over day. It wasn't a safe haven today, but it wasn't a source of forced selling either.

AI is now a disruptor, not just a capex story

The sharpest single-stock theme had nothing to do with rates. According to 24/7 Wall St. and StockStory, Meta's new Muse AI agent can book flights and hotels without visiting an online travel agency. That knocked EXPE down 7.7% to $259.04, its lowest close since late July, with ABNB (-7.6%) and BKNG (-5.1%) close behind. Goldman Sachs warned that AI agents will broadly disrupt businesses built on middleman fees. The same idea hit GOOGL (-3.8%). Yahoo Finance noted concern ahead of Meta's Connect event that agents which complete tasks directly threaten the ad-auction model. Muse reportedly passed 2.8 million downloads in 12 days. For the first time this cycle, the market is pricing AI losers as aggressively as it has priced AI winners.

What held up: security and platform software

Money hid in cybersecurity. PANW and CRWD each rose 5%, OKTA rose 4.4% and PLTR 3.7%. 24/7 Wall St. called it a group bid, not a single-stock story, since each name beat the sector fund. The reasoning holds up: more AI agents mean more attack surface, and security budgets tend to survive slowdowns. EDA software (CDNS, SNPS) and pieces of the software complex (NOW, CRM, ADBE) also finished green. Buyers wanted pricing power and recurring revenue, not a bet on rates.

Single-name noise worth flagging

  • PAYX -8.8%: Adjusted EPS of $1.34 beat by two cents, but Management Solutions came in "slightly below" plan, and guidance of about 4% Q2 revenue growth disappointed (Benzinga, Investing.com). Beating on EPS isn't enough in a slow-growth business.
  • TPC -80.6%: We couldn't find any open-web catalyst for an 80% one-day collapse. The only same-day headline we found was a $45.2M Guam contract, and several searches found no announced stock split. Treat this print as unverified until you confirm it against the tape.
  • Mega-cap tech was mixed, not broken. SNDK and APP fell but WDC rose. That looks like rates hitting crowded winners, not a failed AI thesis.

The contrarian read

The bears have the obvious case: 5% yields, a Fed tightening again, and oil above $100 Brent. The less obvious point is that hot PMIs mean earnings nominally still have support. The index losses stayed under 1% even as the bond market repriced at its fastest pace in 18 months. The damage was concentrated where the rate math is simplest: small caps, utilities and housing-linked discretionary. If the 10-year settles above 5% instead of spiking again, the tape likely keeps rewarding pricing power and punishing duration. Watch Saudi pipeline flows and the next round of Fed speakers. Either could turn today's orderly rotation into something disorderly.

Sub-Theme Drill-Down

AI Infrastructure

Results were split, not uniformly bid. High-multiple AI-infrastructure and neocloud names gave ground as real yields rose, while picks-and-shovels segments with clear pricing power held up. The market is separating AI enablers it can value from AI stories that depend on low discount rates.

Semiconductors

Chip design software outperformed chip makers, a quality-over-beta rotation within the group. Memory and storage split: some names rose while others with bigger year-to-date runs gave back gains as yields rose.

AI Disruption / Agents

This is a new group worth tracking. Consumer AI agents that transact directly are now treated as a real threat to intermediary models like travel booking and search advertising. Today's selloff was the first clean, sector-wide repricing on that idea.

Cybersecurity

This was the day's clearest leadership group, bought as a defensive growth bucket. Security spending tends to survive slowdowns, and more agentic AI means a bigger attack surface to defend.

Out-of-Favor · Perking Up

Energy

Crude snapped a five-session losing streak, with Brent back above $100. Supply risk from the Iran conflict is back in focus even as Saudi bypass-pipeline plans cap the upside. Energy is a natural hedge if the market keeps trading inflation risk.

Quantum computing

Quantum names caught a bid on a risk-off, high-rate day, when speculative growth usually gets hit hardest. It's early, but holding up under 5% yields is a sign of real underlying demand.

V
Top Movers Data
Top gainer MTC +14.8%·worst TPC −80.6%·across 3 cap bands
▶
Small/Mid$500M–$10B
Gainers
+14.8%
MTCfintech software
$6.92·$601M
+13.7%
FSLYedge cloud CDN
$29.65·$4.2B
Losers
−80.6%
TPCconstruction contractor
$16.67·$876M
−19.3%
ALKTdigital banking software
$14.60·$1.9B
−16.3%
VOYGspace & defense tech
$31.40·$2.3B
−15.5%
INNVsenior care provider
$9·$1.5B
−14.8%
KPLTlease-to-own financing
$7.10·$707M
−1.9%
AALairline
$13.35·$9.0B
Large$10B–$100B
Gainers
+4.4%
OKTAidentity security
$205.36·$34.4B
+4.4%
IONQquantum computing
$42.54·$16.5B
+2.2%
TWLOcloud communications
$290.70·$43.7B
+2.1%
HPEenterprise IT hardware
$62.33·$81.0B
+2.0%
CDNSchip design software
$309.09·$83.4B
+1.6%
CLSelectronics manufacturing
$361.84·$44.9B
+1.0%
ADBEcreative software
$240.69·$94.7B
+0.9%
SNPSchip design software
$413.06·$78.4B
Losers
−8.8%
PAYXpayroll services
$104.49·$40.8B
−7.7%
EXPEonline travel
$259.04·$33.7B
−7.6%
ABNBhome-sharing platform
$149.58·$95.4B
−5.7%
CDEsilver/gold miner
$19.32·$21.1B
−4.5%
BMNRether treasury
$27.46·$17.3B
−4.0%
NBISAI cloud
$226.61·$64.2B
−4.0%
HLsilver miner
$18.27·$12.8B
−3.8%
NUBrazil digital bank
$13.62·$68.4B
Mega$100B+
Gainers
+5.0%
PANWcybersecurity
$393.30·$306.4B
+5.0%
CRWDcybersecurity
$262.49·$256.0B
+3.7%
PLTRAI data analytics
$191.79·$444.5B
+2.8%
NOWworkflow software
$140.78·$141.6B
+2.0%
TMUSwireless carrier
$165.66·$174.2B
+2.0%
WDChard drives
$473.69·$167.5B
+1.8%
CRMCRM software
$237.58·$192.0B
+1.8%
SPOTmusic streaming
$510.40·$103.1B
Losers
−5.1%
BKNGonline travel
$155.90·$123.4B
−4.8%
MCDfast food
$238.32·$177.2B
−4.7%
BABAChina e-commerce
$110.80·$289.1B
−4.1%
SPCXrockets & Starlink
$148.36·$2.0T
−4.1%
APPmobile ad-tech
$315.25·$110.0B
−3.8%
GOOGLsearch & cloud
$337.83·$4.3T
−3.7%
SNDKflash memory
$1,816.57·$276.3B
−3.7%
SHOPe-commerce platform
$142.34·$190.1B
VI
Vital & Hammerstone Analysis Awaiting Source
Awaiting Vital Knowledge (Gmail inbox).
▶
AWAITING SOURCE · Vital Knowledge (Gmail inbox)
VII
RIP Analysis Compile · RIP
RIP cut — FSLY · MCD · BABA · VKTX · EXPE · PAYX · PANW.
▶
  • Closing Bell: Yields Break 5%
    U.S. stocks fell Wednesday for the fifth time in seven sessions. A blowout S&P flash composite PMI of 58.4, the fastest expansion since July 2021, sent the 10-year Treasury yield to 5.11%, its first trip above 5% since 2007. The 2-year hit 4.9% and the 30-year touched 5.4%. Fed Governor Michael Barr said further hikes are likely needed, and markets now price 73% odds of another hike on October 28, with oil at $92 adding pressure. Growth stocks paid the price as megacap tech repriced, with Alphabet down 3.8% to $337.83.
  • FSLYAfter the Bell: Fastly Goes All In on AI
    Fastly jumped 13.7% to $29.65 after its investor day, where it guided to $1.1B to $1.3B in 2029 revenue (a 14% to 21% CAGR) with 20% to 22% non-GAAP operating margins. It also launched an AI Firewall, AI Runtime Control, and API Security. The Street stayed cautious: RBC held Sector Perform with a $25 target, DA Davidson stayed Neutral with a $23 target, and Piper Sandler said the range could prove conservative. Traders are fixated on $30 as the next fight.
  • MCDMcDonald's Calls Inflation the New Normal
    McDonald's fell 4.8% to $238.32 and tagged its 52-week low intraday after its CEO said inflation will stay elevated "for, unfortunately, many more years." The company unveiled its NEXT strategy, with $8.5B in investment through 2036, but flat traffic guidance on top of that spending plan hit the stock. Shares are down 22% this year and have fallen in 9 of the last 11 sessions.
  • BABAAlibaba Caught in China's Data-Leak Probe
    Alibaba fell 4.7% to $110.80 as China's Cyberspace Administration looked at whether DeepSeek and Moonshot AI let sensitive domestic data reach Anthropic. That comes after Anthropic reported that 151 million exchanges were attributed to Alibaba over 14 days in July. Thursday's Trump-Xi summit is now the binary event for the stock.
  • VKTXViking Draws the Loudest Crowd
    Viking was the most-discussed name on Stocktwits, down 5.2% after announcing $200M of common stock and $200M of convertible notes due 2032 to fund VK2735 and VK3019. Traders are split between dilution fears and a longer cash runway. Some read the raise as a sign no near-term buyout is coming.
  • EXPEPAYXPANWPops & Drops
    Expedia fell 7.7% after Barron's reported Meta's AI assistant Muse can now book flights and lodging directly. Paychex dropped 8.8%, its worst day since July, as a key segment came in slightly below expectations despite a fiscal Q1 beat. Palo Alto rose 5.0% after launching Unit 42 Continuous Frontier AI Defense as an annual subscription.
▶Context & Source Read
·Rates drove the tape: a hot PMI pushed the 10-year above 5% and priced in 73% odds of an October 28 hike, which weighed on growth and megacap tech.
·RIP AI was the day's through-line in both directions. Fastly and Palo Alto rallied on AI products, while Expedia was hit by the threat of AI agents and Alibaba by the AI data-leak probe.
·Guidance was punished when it came with spending or a softer outlook: McDonald's flat traffic plus $8.5B in investment, and Paychex's segment miss despite a beat.
·Tomorrow's setup: the Trump-Xi summit on Thursday is the binary event for Alibaba, and the calendar has weekly jobless claims at 8:30 AM ET and Costco earnings after the close.
▶ Raw Source Quotes · all mentions
RIP
U.S. stocks fell Wednesday for the fifth time in seven sessions as a blowout PMI reading sent the 10-year Treasury yield above 5.1% for the first time since 2007.
Markets now price strong odds of another hike on October 28: 73%.
The bond market did the talking Wednesday, and growth stocks paid the price.
The Street likes the ambition but not the price.
https://stocktwits.com/symbol/FSLY
The market hated the combo: flat traffic guidance plus a multibillion-dollar spending plan.
Thursday's Trump-Xi summit is now the binary event, with the room split between $130-after-the-meeting bulls and traders who just watched $120 become $111 in two days.
https://stocktwits.com/symbol/BABA
Some traders were worried the bio tech took a good PR day and turned it into a cash in, at worst.
VIII
Gappers / Stocks in Play Awaiting Source
Awaiting gappers / stocks-in-play feed (from Jared).
▶
AWAITING SOURCE · gappers / stocks-in-play feed (from Jared)
IX
TL;DR Capstone
Risk-off: stocks fell across the board as small caps fell hardest; oil rose while gold and silver slid.
▶
Risk-off: stocks fell across the board as small caps fell hardest; oil rose while gold and silver slid.
  • All three major index ETFs closed lower. IWM fell 1.84%, more than twice the drop in SPY (-0.68%) and QQQ (-0.79%).
  • Money rotated within the tape: USO rose 3.3% while GLD (-1.8%) and SLV (-4.23%) fell. Security software (PANW, CRWD +5%) finished green while online travel (EXPE, ABNB, BKNG) sold off together.
Themes in play
Broad decline, small caps fell hardestOil up, precious metals and miners downOnline travel names sold off togetherCybersecurity and software finished green
Stocks that matter
IWMSmall-cap index ETF
Fell 1.84% to 281.92, more than twice the large-cap drop, so small caps were where the selling was heaviest.
USOCrude oil ETF
Rose 3.3% to 148.83 on a down day for stocks, moving the opposite way from gold and silver.
SLVSilver ETF
Fell 4.23% to 58.16, the worst of the metals, and pulled silver miners CDE (-5.7%) and HL (-4%) down with it.
EXPEOnline travel
Fell 7.7% to $259.04 and led a group sell-off in online travel alongside ABNB (-7.6%) and BKNG (-5.1%).
PANWCybersecurity
Rose 5% to $393.3 and led security software higher with CRWD (+5%) and OKTA (+4.4%) on a down day.
TPCConstruction contractor
Had the day's largest drop, down 80.6% to $16.67.