Trend Rebel

Midday read — Friday, September 25, 2026 · 1:10 PM ET

The three-day slide is over. S&P 7,738.86 (+0.45%), Nasdaq 27,078.13 (+138.76, +0.52%), Dow 51,745.04 (+395.06, +0.77%). VIX −4.0% to 15.04.

The Dow leads for the first time in a week, which is a shift worth noting — it's been the worst index every session since Monday. It's also a two-stage session: the index opened at 7,710, sank to 7,693 in the first forty-five minutes, then turned and has been climbing since. Buyers took the dip rather than selling the open. That's the opposite of what happened Monday through Thursday.

Microsoft is carrying it. MSFT +3.79% to $516.82 is doing outsized work in both the Dow and the S&P.

Meta is the offset. META −3.48% to $750.54, its first red session in six after a roughly 15% run off the Muse launch and Connect. Some of that is profit-taking on a stock that went nearly vertical.

The chips are flat and unhelpful: SMH +1.26%, MU +0.09% parked above $1,081, AMD +0.13%, NVDA +0.17%, INTC −2.21% the one real decliner. No leadership there either way.

Elsewhere: AAPL +1.14%, AMZN +0.43%, GOOGL +0.38% all modestly green; TSLA −1.58% and XOM −1.15% red.

Where the week lands: the S&P is about 1% off its record and roughly 110 points above the 50-day. The Nasdaq printed an all-time high Wednesday, sold it hard for two days, and has now recovered most of it. Volatility peaked near 16.6 yesterday and is back under 15.

Nothing resolved this week. The index is right where it started, just with more mileage on it.

🍌 See you all on the trading floor

Midday read — Wednesday, September 23, 2026 · 11:20 AM ET

The record got sold within minutes. S&P 7,725.31 (−0.51%), Nasdaq 27,001.92 (−242.35, −0.89%), Dow 51,675.88 (−187.81, −0.36%). VIX +3.1% to 14.65.

The Nasdaq printed a fresh all-time high of 27,288.79 in the opening minutes and has spent the rest of the morning giving it back. The S&P opened at its session high of 7,761.94 and hasn't traded there since. That's the second straight day the index has opened at its high and faded — yesterday it was subtle, today it's obvious.

Both indexes are now below where they closed Tuesday, which erases yesterday's high-water mark entirely.

Meta is the exception. META +2.59% to $755.68 on Connect day, and it's the only green mega-cap of any size. Three weeks ago this was the stock being punished for spending without a product. Muse changed the story, and the stock has added roughly 14% since Friday.

Everything else is red. GOOGL −2.69% is the worst, AMZN −1.72%, NVDA −1.50%, AAPL −0.72%. Only TSLA at +0.35% joins Meta.

The chips gave up yesterday's memory-led bid too: AVGO −2.20%, SNDK −2.40%, INTC −2.34%, MU −1.40% still holding above $1,080, SMH −1.18%.

Nothing here is a break — the S&P is 1.2% from its record and volatility is still under 15. But two consecutive sessions of selling the open is the kind of pattern that matters if it turns into three.

🍌 See you all on the trading floor

⚠️ The Nasdaq closed at a RECORD today — first since June.

The Dow closed 1,006 points below its 50-day, eleven straight sessions under trend, 4.6% off its own record.

Same session. Two different markets.

#Nasdaq #DowJones #Semis

Midday read — Tuesday, September 22, 2026 · 1:05 PM ET

A new high on one index, red on another. S&P 7,766.37 (+0.02%), Nasdaq 27,220.02 (+0.36%), Dow 51,830.95 (−217.88, −0.42%). VIX −4.2% to 14.25.

The Nasdaq tagged 27,272.73 this morning, clearing its prior 27,190.21 peak. That's an intraday high, not a record close yet, and the index has given some of it back since. Still, one week after the first rate hike since 2023, tech is printing highs.

Memory is doing the lifting. SNDK +6.71% and MU +3.58% to $1,081, with SMH +1.38% and NVDA +1.13% near $230. The rest of the complex is flat after yesterday's run — AMD, AVGO and INTC are all within a quarter-point of unchanged.

The money is coming out of mega-cap software. AMZN −1.41%, GOOGL −1.04% and MSFT −0.94% are all red, and that's why the S&P is flat while the Nasdaq holds green. The Dow has no chips to lean on, so it's carrying the worst of the rotation.

The S&P opened near its high at 7,781 and has faded all morning, so the green screen overstates the buying underneath.

Tomorrow is Meta Connect, with Muse on stage and the stock already up more than 10% in two sessions.

🍌 See you all on the trading floor