Quick report · Week 39 · Sep 21 – 25, 2026

MacroView 2026-W39 — Quick report

Trading week Mon Sep 21 – Fri Sep 25, 2026 · Friday close · generated Sat Sep 26

7,743S&P 500 · 1W (SPY)+1.3%

14.87VIX · 1W+0.4%

5.18%10Y Treasury · FRED+24 bp vs Sep 17

$4,321Gold · 1W-2.3%

$92.41WTI crude · 1W-7.9%

100.97Dollar index · 1W+0.7%

Summary

Tech carried the tape: QQQ +3.2% and XLK +3.5% on the week while the S&P 500 (SPY) added +1.3% and the Russell 2000 slipped 0.7%; only 4 of 11 sectors finished up.
Rates did the damage elsewhere: the 10Y reached 5.18% (+24 bp vs Sep 17), TLT fell 2.4% and utilities were the worst sector at -3.9%. WTI dropped 7.9% and gold 2.3%.
Stress stayed low: the volatility stress score is 15.2 (Risk-On) with VIX 14.87 in contango. Rate vol didn't sit still, with MOVE +19.0% on the week.

Market state

Growth up; long bonds, gold and crude down: a narrow, tech-led week.

Cross-asset · 1W %

Bitcoin+3.6%1M +4.8%

Nasdaq 100+3.2%1M +4.7%

S&P 500+1.3%1M +0.7%

Dollar index+0.7%1M +1.8%

USD/JPY+0.7%1M -1.3%

Russell 2000-0.7%1M -5.7%

High yield-0.9%1M -2.6%

Gold-2.3%1M -7.1%

Long Treasuries-2.4%1M -4.8%

WTI crude-7.9%1M +12.4%

1W % change from the macro picture's cross-asset strip; sub-line is 1M.

Volatility

Equity vol is calm and upward-sloping, while rate and oil vol rose on the week.

Volatility stress score · Risk-On

Risk-OnNeutralCautiousRisk-Off15.2

0–100 over the VIX complex, MOVE, SKEW, OVX and GVZ. VIX/VIX3M ratio 0.829 (contango).

S&P implied-vol term structure (level)

12.51D
12.89D
14.930D
17.93M
20.06M
21.61Y

Vol gauges · 1W % change (a rise is shaded red)

VXTLT+26.1%level 15.61

MOVE+19.0%level 96

VIX1D+9.5%level 12.51

OVX+9.3%level 55.09

VXN+8.2%level 20.87

RVX+6.1%level 19.9

VIX9D+4.0%level 12.76

VVIX+0.5%level 87.84

VIX+0.4%level 14.87

VIX3M-1.7%level 17.93

SKEW-2.2%level 144.91

GVZ-3.7%level 22.44

Sub-line is the gauge level.

Sectors

Technology led and Utilities lagged; sorted by 1W.

S&P 500 sector SPDRs

Sector	1D %	1W %	1M %	3M %
XLK Technology	+0.8%	+3.5%	+7.3%	+8.4%
XLC Communication Svcs	-0.9%	+1.9%	+0.3%	+6.4%
XLV Health Care	+0.5%	+1.4%	-1.6%	+6.5%
XLI Industrials	+0.9%	+0.4%	-5.5%	-5.9%
XLB Materials	+0.2%	-0.4%	-7.2%	-3.5%
XLY Consumer Disc.	+0.2%	-0.4%	-5.6%	-3.3%
XLP Consumer Staples	+0.4%	-0.9%	-4.9%	-3.1%
XLF Financials	+0.6%	-1.8%	-5.9%	+2.4%
XLRE Real Estate	-0.2%	-2.3%	-7.8%	-8.1%
XLE Energy	-0.9%	-3.5%	-0.6%	+15.2%
XLU Utilities	+0.4%	-3.9%	-9.2%	-14.5%

Each column is shaded on its own scale. Source: sectors heatmap.

Energy, hedges & gold

Crude gave back part of its run (-7.9% 1W against +33.5% over 3M), while bonds, gold and silver fell too; natural gas, copper and the dollar were the only gainers here.

Commodities, miners, bonds & dollar · 1W %

Natural gas+9.8%1M +12.5%

Copper+1.2%1M +1.5%

Dollar index+0.7%1M +1.8%

USD/JPY+0.7%1M -1.3%

HYG high yield-0.9%1M -2.6%

OIH services-1.3%1M -2.8%

Platinum-1.6%1M -3.3%

Gold-2.3%1M -7.1%

TLT long bonds-2.4%1M -4.8%

GDX miners-2.7%1M -9.3%

XLE energy-3.5%1M -0.6%

Silver-3.5%1M -5.5%

SIL silver miners-3.8%1M -9.0%

XOP E&P-4.8%1M -1.6%

WTI crude-7.9%1M +12.4%

Sectors, energy & forex heatmaps; GDX and SIL from the Trending ETF board. Sub-line is 1M.

Theme baskets

Quantum (+2.8%) and optics (+2.6%) led on basket medians, energy leaders (-3.2%) and AI infrastructure (-1.7%) trailed, and cybersecurity's Friday slide still left it +0.9% on the week.

AI infrastructure · 1W % (Fri–Fri close) · median -1.7%

META+12.9%1D -3.3%

CRWV+7.7%1D -2.8%

DOCN+7.4%1D -1.3%

NBIS+6.2%1D -2.5%

MSFT+4.5%1D +3.7%

TCEHY+3.2%1D +0.1%

SKYY+1.6%1D -1.3%

GDS-0.1%1D -1.6%

NTTYY-0.5%1D +2.0%

DTCR-0.7%1D -0.5%

EQIX-1.3%1D -2.6%

AMZN-1.6%1D +0.1%

GOOGL-1.6%1D +0.5%

IBM-1.8%1D -0.7%

GLXY-1.8%1D -3.8%

DLR-1.9%1D -1.3%

HUT-1.9%1D -4.7%

BIDU-2.9%1D -0.8%

BABA-3.1%1D -0.8%

RIOT-3.2%1D -2.0%

CIFR-3.3%1D -2.0%

CORZ-3.6%1D -4.3%

IREN-5.5%1D -4.4%

APLD-6.7%1D -3.0%

ORCL-7.1%1D -1.8%

WULF-7.5%1D -3.4%

US listings that closed Fri Sep 25; left out (other session calendars or stale line): 018260.KS, 300442.SZ, GMG.AX, IOS.DE, MRL.MC, NXT.AX.

Optics & networking · 1W % (Fri–Fri close) · median +2.6%

CRDO+19.9%1D +7.7%

VIAV+15.0%1D +9.3%

CLS+9.9%1D -2.2%

APH+8.4%1D +1.2%

SITM+7.8%1D +3.0%

FN+7.4%1D +4.8%

TEL+6.4%1D +2.3%

GLW+4.4%1D +1.7%

ANET+3.6%1D +0.4%

MTSI+3.5%1D +0.2%

FFIV+2.6%1D -0.8%

CIEN+2.3%1D -0.4%

LITE+1.2%1D +1.4%

XTL+0.0%1D +0.2%

SMTC-1.5%1D +4.5%

CSCO-2.6%1D -0.2%

NOK-2.7%1D -0.4%

AAOI-3.6%1D +0.4%

UI-4.9%1D -0.4%

ERIC-6.3%1D +0.2%

COHR-6.8%1D +1.8%

US listings that closed Fri Sep 25; left out (other session calendars or stale line): FIVG.

Cybersecurity · 1W % (Fri–Fri close) · median +0.9%

OKTA+7.0%1D -5.5%

CRWD+6.1%1D -2.9%

SAIL+4.1%1D -6.7%

PANW+3.1%1D -3.9%

RBRK+2.7%1D -3.7%

FTNT+2.1%1D -2.9%

CIBR+1.1%1D -2.2%

NTSK+1.0%1D -4.8%

CVLT+0.7%1D -3.0%

HACK-0.3%1D -3.1%

S-0.6%1D -6.7%

CHKP-1.1%1D -3.7%

QLYS-1.4%1D -5.8%

ZS-2.2%1D -10.1%

VRNS-2.8%1D -3.5%

GEN-25.5%1D -6.3%

Developer tools & cloud software · 1W % (Fri–Fri close) · median +1.1%

DDOG+16.6%1D +4.4%

TWLO+13.1%1D -8.0%

AKAM+9.0%1D +3.2%

NET+7.9%1D -2.7%

MDB+7.0%1D -2.6%

DT+5.1%1D -1.2%

ESTC+1.3%1D -3.5%

SNOW+1.1%1D +0.6%

U+0.4%1D +0.3%

WCLD+0.1%1D -2.6%

TEAM-2.2%1D -2.5%

RBLX-2.9%1D -4.9%

FROG-3.9%1D -5.3%

GTLB-4.8%1D -3.6%

FIG-8.1%1D -2.3%

Quantum · 1W % (Fri–Fri close) · median +2.8%

ARQQ+22.2%1D +6.4%

IONQ+16.2%1D +1.1%

IQMX+11.2%1D +1.5%

INFQ+9.7%1D +1.5%

RGTI+5.7%1D +1.0%

LAES+4.9%1D +1.3%

MSFT+4.5%1D +3.7%

QTUM+4.0%1D +0.8%

QUBT+3.0%1D -2.2%

WQTM+2.6%1D +0.8%

GFS+2.5%1D +4.1%

QBTS+1.8%1D -0.4%

NVDA+1.3%1D +0.2%

AMZN-1.6%1D +0.1%

GOOGL-1.6%1D +0.5%

IBM-1.8%1D -0.7%

QNT-4.0%1D +0.3%

XNDU-32.9%1D -2.4%

Biotech & pharma · 1W % (Fri–Fri close) · median -0.3%

MRNA+29.1%1D +2.1%

AMGN+7.5%1D +2.1%

RVMD+7.3%1D +2.6%

ALNY+6.8%1D +2.5%

BIIB+5.6%1D +0.6%

PFE+3.7%1D +0.9%

NVS+3.6%1D +1.3%

VRTX+3.5%1D +0.7%

ONC+2.9%1D +0.2%

KRYS+2.7%1D +0.2%

LLY+2.6%1D +0.1%

BNTX+2.6%1D -0.8%

IBB+2.5%1D +0.2%

GMAB+1.7%1D +1.4%

MRK+1.3%1D +0.5%

HALO+1.3%1D -1.1%

RHHBY+0.6%1D -0.6%

GILD+0.5%1D +0.8%

JNJ+0.5%1D +0.2%

REGN+0.4%1D -1.0%

AZN+0.3%1D +1.2%

ABBV+0.1%1D -0.3%

IONS+0.1%1D +1.6%

TAK-0.3%1D +1.4%

BMY-0.3%1D +2.2%

RPRX-0.3%1D -0.1%

EXEL-0.3%1D +0.4%

ARWR-0.8%1D -0.2%

XBI-1.1%1D -0.7%

INCY-1.1%1D -0.4%

JAZZ-1.2%1D +0.7%

BBIO-1.6%1D -1.1%

INSM-1.8%1D -3.1%

GSK-2.0%1D -0.8%

MDGL-2.8%1D +0.7%

ARGX-3.1%1D -0.3%

SNY-3.2%1D +0.4%

PCVX-3.3%1D -1.2%

UTHR-3.9%1D +0.7%

CRSP-4.1%1D -2.6%

ASND-4.7%1D -2.2%

NBIX-5.4%1D -0.4%

BMRN-5.8%1D -1.8%

CYTK-6.0%1D -1.5%

AXSM-6.1%1D -0.5%

ROIV-10.0%1D -0.9%

NVO-10.3%1D +0.5%

SMMT-12.5%1D -4.7%

ABVX-13.3%1D -4.0%

US listings that closed Fri Sep 25; left out (other session calendars or stale line): 068270.KS, 207940.KS, 4568.T.

Energy leaders (power, utilities, oil) · 1W % (Fri–Fri close) · median -3.2%

BE+8.7%1D +8.3%

NVTS+6.7%1D +3.0%

TLN+4.1%1D +1.5%

CEG+3.4%1D +0.6%

SMR+1.8%1D -0.6%

VRT+1.6%1D +3.2%

LEU+1.3%1D -0.2%

OKLO+0.1%1D -0.7%

AEP-1.4%1D +0.7%

VST-1.6%1D +0.4%

WEC-1.7%1D +0.6%

NLR-1.8%1D -0.4%

XOM-1.8%1D -1.0%

ICLN-1.9%1D +1.5%

EVRG-2.2%1D +0.5%

CVX-2.4%1D -0.6%

IXC-2.5%1D -1.0%

UUUU-3.0%1D +0.3%

SO-3.1%1D -0.0%

NRG-3.2%1D +2.6%

ETR-3.4%1D +0.4%

KMI-3.4%1D -1.6%

COP-3.4%1D -1.6%

XEL-3.5%1D +0.3%

TAN-3.5%1D +1.4%

XLE-3.5%1D -0.9%

VDE-3.7%1D -1.0%

XLU-3.9%1D +0.4%

WMB-3.9%1D -1.9%

PPL-3.9%1D +0.2%

PEG-3.9%1D +0.7%

D-4.6%1D +0.5%

XOP-4.8%1D -1.4%

DTE-5.5%1D +0.2%

VLO-6.3%1D +1.1%

ENPH-6.5%1D -1.3%

MPC-7.4%1D +0.7%

FSLR-9.3%1D +3.2%

BWET-24.6%1D -3.9%

Mag 7 · 1W % (Fri–Fri close) · median +1.5%

META+12.9%1D -3.3%

MSFT+4.5%1D +3.7%

TSLA+2.2%1D -1.5%

AAPL+1.5%1D +1.5%

NVDA+1.3%1D +0.2%

AMZN-1.6%1D +0.1%

GOOGL-1.6%1D +0.5%

Semiconductors · 1D % (Fri Sep 25 only) · lane median +1.3%

AEHR+7.2%

QCOM+4.0%

NXPI+3.4%

KLIC+3.1%

ADI+2.9%

SKHY+2.8%

TXN+2.7%

LRCX+2.6%

AMAT+2.3%

AMKR+1.8%

WDC+1.4%

SNDK+1.4%

CAMT+1.3%

ARM+1.3%

ASML+1.2%

STX+1.2%

MRVL+1.1%

ALAB+1.1%

AVGO+0.7%

RMBS+0.6%

FORM+0.5%

KLAC+0.4%

SIMO+0.4%

NVMI+0.4%

AMD+0.2%

MU+0.2%

TSM-0.1%

INTC-3.5%

From the risk-rotation semis lane, a 1-day read: 26 of 28 names up on Friday. The other grids are 1W.

Week ahead — earnings

A light week: 6 reporters at $10B+, led by Micron after Wednesday's close; September payrolls are due Fri Oct 2 at 08:30 ET.

Earnings, Mon Sep 28 – Fri Oct 2

Mon Sep 280

Before open

—

After close

—

Tue Sep 291

Before open

CCL$29.8B

After close

—

Wed Sep 302

Before open

JBL$32.6B

After close

MU$1.22T

Thu Oct 13

Before open

ACN$118B

MKC$12.9B

After close

NKE$53.4B

Fri Oct 20

Before open

—

After close

—

US-listed companies with a market cap of $10.0B or more only — 6 reports this week. Timing from the events calendar where it lists the name (MU, ACN, NKE), otherwise from the report timestamp. Options-implied moves are unavailable this week (not present in the earnings payload), so no tile carries one.

Week ahead — dividends

Two ex-dividend dates in the covered universe.

Ex-dividend dates, next 7 weekdays

Ex-date	Ticker	Company	Mkt cap	Per share	Pays
Wed Sep 30	MDLZ	Mondelez International, Inc.		$0.52	Oct 14
Fri Oct 2	CSCO	Cisco Systems, Inc.		$0.42	Oct 21

Coverage: the curated large-cap earnings universe (not every $10B+ name), next 7 weekdays only. Market caps are not carried on these rows.