Weekly market review · Sep 14–18, 2026

Fed's first hike since 2023: U.S. stocks, Sep 14–18

The Fed raised its range to 3.75–4.00%, the 10-year closed above 5% and WTI held above $100. A charted review of the week's index, sector and rate moves.

By June Kim · 2026-09-19 · Information cutoff Sep 19, 2026 · 00:00 UTC

01 · The week in four numbers

Mixed, not down.

S&P 500

−0.1%

7,650.50 close

Dow

−1.7%

51,682.64 close

Nasdaq

+0.7%

26,522.54 close

10-year Treasury

5.01%

Weekly change, prior Friday close to Friday close · Index closes: Yahoo Finance history · Yield: Treasury par curve

02 · FOMC · September 16

Twelve to zero.

+25 bp

Federal funds target range (%)

Source: Federal Reserve statement, projections and target range history. Dates are FOMC announcement dates; each change took effect the next business day.

Target range 3.75–4.00%
First increase since July 2023
16 of 18 see the 2026 year-end rate above the new range

03 · Two prices behind the decision

Two prices moving with the decision.

10-year Treasury par yield — Daily par yields, Treasury. Dashed line: 5.00%.

WTI crude, front-month futures — Daily settlement, CL=F. Dashed line: $100.

The 10-year Treasury closed the week at 5.01%, back at Wednesday's weekly high after a Thursday dip to 4.94%, and front-month WTI crude stayed above $100 every day, peaking at $105.83 on Tuesday. Long yields above 5% and oil above $100 are the two prices GSDAQ reads alongside the decision; the releases themselves do not say which moved the Committee.

04 · Where the week went

Tech and health care held. Rate-sensitive groups did not.

Health care+1.8%
Technology+1.0%
Consumer staples−0.7%
Energy−1.3%
Industrials−1.5%
Communication services−1.6%
Consumer discretionary−1.7%
Materials−1.9%
Real estate−2.0%
Financials−2.4%
Utilities−3.0%

Weekly price change of the eleven Select Sector SPDR ETFs, prior Friday close to Friday close · ETF closes: Yahoo Finance history

05 · Day by day

Wednesday decided the week.

S&P 500 daily closes from the prior Friday to Friday, marking the Wednesday FOMC decision — S&P 500 daily closes, Sep 11–18, 2026. Source: Yahoo Finance history.

Mon 9/14: Oil above $100 into the meeting; S&P −0.48%
Wed 9/16: 14:00 ET: target range raised to 3.75–4.00%. Dow −1.21%, S&P −0.45%
Thu 9/17: Oil and yields retreat; S&P +1.14%
Fri 9/18: Quarterly options and futures expiration; S&P +0.17%

Three down sessions into the decision, a 1.14% rebound on Thursday alongside lower oil and yields, and a flat Friday: the S&P 500 ended the week 0.1% lower.

06 · GSDAQ interpretation

Three questions for every holding.

Can the company absorb higher financing costs, or pass them on?
Is demand holding with oil above $100?
How sensitive is the valuation to a 10-year yield above 5%?

Read the stock analysis checklist →

GSDAQ alert rules: a daily 5% price-move alert, a news keyword alert and an agent card alert, each switched on — GSDAQ alerts describe rules, not forecasts. Screenshot with sample data.

07 · Next

Set an alert for what you own.

The next FOMC meeting is October 27–28, 2026. This article is dated and will not update itself.

Open GSDAQ

Read the September 12 macro briefing →

Sources: Federal Reserve statement and projections (Sep 16) · Treasury daily par yields · Yahoo Finance historical closes
Educational information. Not investment advice.

Read the numbers as a table

	Latest	Change
Nasdaq	26,522.54	+0.72%
S&P 500	7,650.50	−0.08%
Dow	51,682.64	−1.69%
Russell 2000	2,860.40	−1.50%
10-year Treasury par yield	5.01%	+5 bp
WTI crude, front-month futures	100.30	+0.25%
Technology	189.60	+1.03%
Communication services	110.81	−1.59%
Energy	64.31	−1.27%
Financials	55.86	−2.43%
Consumer discretionary	111.03	−1.71%
Health care	168.39	+1.83%
Industrials	169.75	−1.52%
Materials	49.99	−1.88%
Consumer staples	82.80	−0.70%
Real estate	42.53	−2.05%
Utilities	41.10	−3.04%

The information cutoff for this review

Information cutoff: September 19, 2026 at 00:00 UTC. Index and ETF levels are daily closes from Yahoo Finance's historical tables, yields are the Treasury's daily par yield curve, oil is the front-month WTI futures settlement, and policy facts come from the Federal Reserve's own releases, all linked below. We did not measure analyst consensus, fund flows or intraday moves, so nothing here is labeled a surprise or the cause of a specific move. This is a dated article, not a live ticker, and it will not update itself.

The week in four numbers

From the prior Friday close to Friday's close, the S&P 500 fell 0.1% to 7,650.50, the Dow fell 1.7% to 51,682.64, the Nasdaq Composite rose 0.7% to 26,522.54 and the Russell 2000 fell 1.5% to 2,860.40. The 10-year Treasury par yield closed at 5.01%. GSDAQ's interpretation: three indexes moving in three directions in one week is a statement about composition, not about the market as a whole. Large-cap growth held; rate-sensitive and smaller companies did not. Yahoo Finance: S&P 500 (^GSPC) historical closes

Sources: Yahoo Finance: Dow Jones Industrial Average (^DJI) historical closes · Yahoo Finance: Nasdaq Composite (^IXIC) historical closes · Yahoo Finance: Russell 2000 (^RUT) historical closes · U.S. Treasury: daily par yield curve rates, 2026

September 16: the FOMC raised the target range

The Committee raised the target range for the federal funds rate by a quarter point to 3.75–4.00%, by a 12–0 vote, and wrote that inflation remains elevated and that the action will support a timelier return to the 2 percent goal. It is the first increase since July 26, 2023. The Summary of Economic Projections shows a median federal funds rate of 4.1% at the end of 2026 and 2027 and 3.9% at the end of 2028; sixteen of eighteen participants placed the 2026 year-end rate above the new range. GSDAQ's interpretation: read the range as a description of overnight policy and the projections as a distribution of views, not a promise. Neither is a company's borrowing cost. Federal Reserve: FOMC statement, September 16, 2026

Sources: Federal Reserve: Summary of Economic Projections, September 16, 2026 · Federal Reserve: open market operations — target range history

Yields and oil: the two prices behind the decision

The 10-year par yield moved from 4.96% on September 11 to 5.00% on Tuesday and 5.01% on Wednesday, fell to 4.94% on Thursday and closed the week at 5.01%; the 2-year rose from 4.63% to 4.76%. Front-month WTI settled at $100.05 on September 11, peaked at $105.83 on Tuesday and finished the week at $100.30, above $100 on every session. GSDAQ's interpretation: with long yields above 5% and oil above $100, financing costs and input costs are both open questions for earnings, which is why the sector table below is worth more than the index headline. U.S. Treasury: daily par yield curve rates, 2026

Sources: Yahoo Finance: WTI crude front-month futures (CL=F) historical closes

Sector rotation: what held and what did not

Measured with the eleven Select Sector SPDR ETFs, prior Friday close to Friday close, only two groups rose: health care +1.8% and technology +1.0%. Consumer staples −0.7%, energy −1.3%, industrials −1.5%, communication services −1.6%, consumer discretionary −1.7% and materials −1.9% fell moderately; real estate −2.0%, financials −2.4% and utilities −3.0% fell most. These are ETF price returns, not the S&P sector indexes and not total returns. GSDAQ's interpretation: the groups whose valuations lean on financing costs and dividend yields gave back the most in the week the policy rate rose; that is a reason to check a holding's sector before reading its move. Yahoo Finance: Technology Select Sector SPDR (XLK) historical closes — the other ten sector ETFs use the same page pattern

Sources: State Street: the Select Sector SPDR ETFs

Day by day: how the week traded

Monday the S&P 500 fell 0.48% to 7,619.98 with oil above $100 into the meeting; Tuesday it lost another 0.45% to 7,585.73 as WTI peaked; Wednesday it closed 0.45% lower at 7,551.81 after the 14:00 ET decision, with the Dow down 1.21% to 51,461.90; Thursday, when oil and yields both fell, it rebounded 1.14% to 7,637.76; Friday, the quarterly options and futures expiration, it added 0.17% to 7,650.50. GSDAQ's interpretation: the low of the week was printed on the decision. Thursday's rebound coincided with lower oil and yields; these closes show the co-movement, not what drove it. Yahoo Finance: S&P 500 (^GSPC) historical closes

Sources: Yahoo Finance: Dow Jones Industrial Average (^DJI) historical closes · Yahoo Finance: WTI crude front-month futures (CL=F) historical closes · U.S. Treasury: daily par yield curve rates, 2026

What to bring back to stock research

GSDAQ's interpretation is a set of questions to carry into each holding: can the company absorb higher financing costs or pass them on, is demand holding with oil above $100, and how sensitive is its valuation to a 10-year yield above 5%? In the app, a price-move, keyword or agent-card alert is a rule that fires when a stated condition is met; it is not a forecast and not a recommendation. None of the figures above establish a buy or sell signal, a recession call or a promised return.

What is on the calendar next

The Federal Reserve's calendar lists October 27–28, 2026 as the next FOMC meeting. Check the statement and projections when they are released; this article describes the week ending September 18 and will not be revised to cover later events. Material corrections, if any, will carry a visible note and an updated date. Federal Reserve: FOMC meeting calendar