--- title: "Stock market week in review, Sept. 14–18, 2026: Fed hike, 5% yields and a tech rebound" url: https://portfolio-terminal.com/blog/stock-market-week-in-review-september-18-2026 author: "Julien Esnault" publisher: "Portfolio Terminal" published: 2026-09-19 type: market note tags: ["Market News", "Stock Market", "Sectors", "Interest Rates"] summary: "Closes on Friday, Sept. 18, 2026: S&P 500 7,650.50, Dow 51,682.64, Nasdaq 26,522.54, 10-year Treasury yield 4.998%. The Fed week in review: flat S&P, Dow −1.7%, yields at 5%." --- > **Source:** Julien Esnault, "Stock market week in review, Sept. 14–18, 2026: Fed hike, 5% yields and a tech rebound", Portfolio Terminal, 2026-09-19. https://portfolio-terminal.com/blog/stock-market-week-in-review-september-18-2026 > When you use a figure from this article, cite it with the line above and link to the URL. Figures are checked against the primary data named in the Sources line at the end. # Stock market this week: Fed hike, 5% yields and a tech rebound **Week ending Friday, September 18, 2026.** The Federal Reserve raised rates for the first time since 2023, the 10-year Treasury yield closed above 5%, and stocks slid for three days before a tech-led rebound. By Friday the S&P 500 was almost exactly where it started. Underneath that flat line, the week was anything but even. ## Closing levels, Friday, September 18, 2026 | | Close, Sept. 18 | Week (vs Sept. 11) | |---|---|---| | S&P 500 | 7,650.50 | −0.08% | | Dow Jones | 51,682.64 | −1.69% | | Nasdaq Composite | 26,522.54 | +0.72% | | SPY (S&P 500 ETF) | $761.69 | −0.34% | | 10-year Treasury yield | 4.998% | +0.02 points | | US dollar index (DXY) | 100.22 | +1.11% | SPY fell more than the index because it went ex-dividend on September 18 ($1.889 a share): the payout leaves the price, not the investor's pocket ([how much prices really drop on the ex-dividend date](https://portfolio-terminal.com/blog/stock-price-drop-ex-dividend-date)). Closes are official daily closes (Yahoo Finance; Cboe TNX for the 10-year yield). --- ## The scorecard | Close | Sept. 11 | Sept. 18 | Week | |---|---|---|---| | S&P 500 | 7,656.98 | 7,650.50 | −0.08% | | Nasdaq | 26,333.04 | 26,522.54 | +0.72% | | Dow | 52,573.29 | 51,682.64 | −1.69% | | Russell 2000 | 2,903.94 | 2,860.40 | −1.50% | | VIX | 15.84 | 14.81 | −1.03 | | 10-year yield | 4.975% | 4.998% | +0.02 | | Dollar index | 99.12 | 100.22 | +1.1% | Year to date, the S&P 500 is up 11.8%, the Nasdaq 14.1% and the Dow 7.5%. --- ## Day by day - **Monday, −0.48%.** A soft start ahead of the Fed. - **Tuesday, −0.45%.** Oil jumped: October WTI crude rose 4.4% to $105.83 a barrel. - **Wednesday, −0.45%.** The Fed raised rates a quarter point, to 3.75%–4%. The Dow fell 1.21% and the 10-year yield closed at 5.006%, its highest close since July 2007. - **Thursday, +1.14%.** The rebound. The Nasdaq rose 1.69%, led by the biggest tech names, and the 10-year yield eased to 4.947%. - **Friday, +0.17%.** A quiet close to the week. The Fed decision and what it signals for the rest of the year are in [The Fed raises rates to 3.75%–4%](https://portfolio-terminal.com/blog/fed-raises-rates-september-2026). The bond side is in [The 10-year Treasury yield tops 5%](https://portfolio-terminal.com/blog/10-year-treasury-yield-5-percent-2026). --- ## Sectors: rate-sensitive groups lagged ![Horizontal bar chart of S&P 500 sector ETF returns for the week ending September 18, 2026: health care +1.83%, technology +1.03%, consumer staples −0.70%, energy −1.27%, industrials −1.52%, communication services −1.59%, consumer discretionary −1.71%, materials −1.88%, real estate −2.05%, financials −2.43%, utilities −3.04%](https://portfolio-terminal.com/blog-sources/sp500-sector-etf-performance-week-september-18-2026.png "Select Sector SPDR ETFs, Sept. 11 to Sept. 18, 2026, price only.") Only two of the eleven sector ETFs rose: **health care (XLV), +1.83%**, and **technology (XLK), +1.03%**. At the bottom were **utilities (XLU), −3.04%**, **financials (XLF), −2.43%** and **real estate (XLRE), −2.05%**. Utilities and real estate borrow heavily and pay steady dividends that compete with bond yields, so they tend to struggle when yields climb. When a Treasury pays close to 5%, a steady dividend looks less special. --- ## The biggest names carried the week | Company | Week | |---|---| | Alphabet (GOOGL) | +3.26% | | Meta (META) | +2.73% | | Nvidia (NVDA) | +1.82% | | Apple (AAPL) | +1.16% | | Tesla (TSLA) | −0.32% | | Microsoft (MSFT) | −0.37% | | Amazon (AMZN) | −1.20% | | Broadcom (AVGO) | −1.21% | A handful of the largest companies did the lifting, while the Dow and small caps each fell about 1.5% to 1.7%. That gap is why the Nasdaq finished up and the Dow finished down in the same week. To see how the leaders compare, try [Alphabet vs Meta](https://portfolio-terminal.com/compare/googl-vs-meta) or the [Nvidia analysis](https://portfolio-terminal.com/analyse/nvda); [SPY vs QQQ](https://portfolio-terminal.com/compare/spy-vs-qqq) and [IWM vs SPY](https://portfolio-terminal.com/compare/iwm-vs-spy) show how the broad market, tech and small caps have diverged over time. --- ## Oil, the dollar, gold and bitcoin - **Oil** ended roughly where it began. October WTI went from $100.05 to $100.30 after Tuesday's spike; Brent (November) slipped from $104.61 to $103.87. - **The dollar** rose 1.1%, with the dollar index back above 100 as U.S. rates climbed. - **Gold** edged up about 0.4%, to roughly $4,425 an ounce in futures. - **Bitcoin** rose 5.2%, to about $81,200. --- ## What a week like this means for your portfolio A flat S&P 500 can hide a lot. If your portfolio leans on dividend stocks, utilities or real estate, this week cost you noticeably more than the index suggests. If it leans on mega-cap tech, it helped. The only way to know which is to look at what you actually hold, weighted by size, not at the index. That is the question behind [Is my portfolio actually diversified?](https://portfolio-terminal.com/blog/is-my-portfolio-diversified), and [drawdown monitoring](https://portfolio-terminal.com/drawdown-monitoring) shows how far your own mix has fallen from its high. Add what you own below to see what the Fed week did to your own mix, from the September 11 close to the September 18 close: *(Interactive shock replay: open https://portfolio-terminal.com/blog/stock-market-week-in-review-september-18-2026 to run it on your own portfolio.)* --- ## What to watch next 1. **Inflation.** The August PCE report, the Fed's preferred gauge, is the next big data point. 2. **The 10-year yield at 5%.** Whether it holds above that line. 3. **Oil and the Strait of Hormuz.** 4. **The Fed's October 27–28 meeting.** Its median projection leaves room for one more hike this year. --- *This weekly review is for information only. It is not investment advice. Index, ETF and futures figures are daily closes; weekly changes compare the September 11 and September 18 closes.* Sources: [S&P 500 history](https://finance.yahoo.com/quote/%5EGSPC/history/) · [Nasdaq Composite history](https://finance.yahoo.com/quote/%5EIXIC/history/) · [Dow Jones history](https://finance.yahoo.com/quote/%5EDJI/history/) · [Fed statement, Sept. 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm) Where they closed since, session by session: [S&P 500](https://portfolio-terminal.com/markets/sp-500) · [Nasdaq](https://portfolio-terminal.com/markets/nasdaq-composite) · [Dow](https://portfolio-terminal.com/markets/dow-jones) · [10-year Treasury yield](https://portfolio-terminal.com/markets/10-year-treasury-yield). Get the next one in your inbox before the open. [Get the free daily brief](https://portfolio-terminal.com/newsletter) ## Questions and answers **How did the stock market do this week?** In the week ending September 18, 2026, the S&P 500 fell 0.08% to 7,650.50, the Nasdaq Composite rose 0.72% to 26,522.54 and the Dow fell 1.69% to 51,682.64. **What moved stocks this week?** The Federal Reserve raised rates for the first time since 2023 on Wednesday and the 10-year Treasury yield closed above 5%. Stocks fell for three days, then rebounded on Thursday, led by the largest tech companies. **Which sectors did best and worst?** Health care (+1.83%) and technology (+1.03%) were the only sector ETFs to rise. Utilities (−3.04%), financials (−2.43%) and real estate (−2.05%) fell the most.