Weekly Market Summary – Friday, September 18, 2026: Stocks End Mixed as the Fed Hikes, Treasury Yields Near 5% and Oil Holds Above $95 -( $AMAT $AMWL $EPRX $MODD $NVDA $ONON $SER $SOC $SPCX )

U.S. markets finished Friday, September 18, 2026, mixed after a volatile week defined by the Federal Reserve’s first rate increase in three years, elevated oil prices, and Treasury yields pressing toward 5%. The Nasdaq Composite and S&P 500 managed modest gains on Friday, while the Dow Jones Industrial Average and Russell 2000 lagged, highlighting investors’ preference for selected large-cap technology exposure over rate-sensitive cyclicals and smaller companies.

Friday market close

The divergent close tells an important story. The S&P 500 Index gained 0.17% and the Nasdaq Composite rose 0.39%, but the Dow fell 0.18% and the Russell 2000 lost 0.53%. That split suggests investors were not broadly embracing risk; rather, they selectively favored companies viewed as having durable earnings, secular technology exposure, and stronger balance sheets.

Weekly market performance

The major averages entered Friday with uneven weekly performance. As of Thursday’s close, the S&P 500 was down 0.3% for the week, the Dow was down 1.5%, the Nasdaq was up 0.3%, and the Russell 2000 was down 1.0%. Friday’s mixed session modestly improved the S&P 500 and Nasdaq picture but left the Dow and small-cap benchmark notably weaker for the week.

The Dow’s underperformance is especially notable. Rising Treasury yields can weigh on industrial, financial, housing-related, consumer, and dividend-oriented shares by increasing financing costs and tightening the discount rate investors use to value future cash flows. Small-cap companies, represented by the Russell 2000, often face a more direct version of that challenge because they tend to have less financial flexibility, more floating-rate exposure, and greater dependence on domestic credit conditions.

Macroeconomic report commentary

The macroeconomic backdrop remained the market’s dominant force. August consumer inflation was reported at 3.4% year over year, while core PCE inflation, the Federal Reserve’s preferred underlying inflation measure, was last reported at 3.3% for July. August unemployment was 4.1%, and nonfarm payrolls increased by 162,000. The data present an uncomfortable but familiar policy trade-off:

• Inflation is not low enough for policymakers to become complacent, particularly with energy prices elevated.
• Labor-market conditions remain sufficiently firm to give the Federal Reserve room to prioritize inflation control.
• Higher oil prices risk flowing into transportation, production, shipping, and consumer costs, which can complicate the disinflation process.
• Economic growth is still positive, but the market is increasingly focused on whether tighter policy will slow consumer demand and corporate capital spending.

On Friday, the Conference Board’s Leading Economic Index unexpectedly declined in August, while industrial production was flat, with an increase in utility output offset by weaker manufacturing output. Those releases added evidence that the economy may be losing momentum even as inflation concerns remain unresolved, That combination, slower forward-looking economic indicators alongside stubborn inflation, is why many are treating every inflation report, employment release, retail-sales report, and Federal Reserve comment as a potential market-moving event.

Federal Reserve and rates

The Federal Reserve raised its benchmark interest-rate target by 25 basis points to 3.75%–4.00% at its September 15–16 meeting, its first increase since 2023. Policymakers also indicated that another rate increase could be possible, reinforcing the market’s “higher for longer” policy outlook. Treasury-market action underscored the message. The 10-year Treasury yield was approximately 4.998% around midday Friday, while the 2-year Treasury yield was approximately 4.739%, up more than 2% on the week. A stronger U.S. dollar added another sign that financial conditions were tightening. A 10-year yield near 5% matters because it raises the hurdle rate for virtually every risk asset:

• Equities: Higher bond yields can compress valuation multiples, particularly for growth stocks with earnings expected farther in the future.
• Small caps: Higher loan costs and refinancing needs can place disproportionate strain on smaller companies.
• Housing and consumers: Mortgage rates, auto loans, credit-card rates, and business borrowing costs may remain elevated.
• Corporate finance: Companies with weak balance sheets or large upcoming debt maturities could face rising interest expense.
• Asset allocation: Treasury securities become more competitive with stocks when yields rise, potentially reducing support for higher-risk investments.

The market’s Friday response suggests that many are still willing to own high-quality growth franchises, but they are becoming more selective about valuation, debt levels, cash flow, and pricing power.

Energy, technology and corporate themes

Crude oil declined $1.52, or 1.56%, on Friday to $95.71 per barrel. The retreat offered equity markets some late-week relief, but oil remained well above levels consistent with a comfortable inflation outlook and certainly significantly outside of the traditionally acceptable range of $60-$8/bbl that keeps the world humming peacefully. WTI crude near $100 had been identified as a key complication for the Federal Reserve because sustained energy inflation can bleed into broader price pressures. Gold rose $16.80, or 0.38%, to $4,418.00, while Bitcoin climbed $4,478.78, or 5.85%, to $80,977.32. The simultaneous strength in gold and Bitcoin reflects continued investor interest in alternative stores of value, even as the U.S. dollar and Treasury yields remain firm. Technology held up better than the rest of the market. The Nasdaq’s 0.39% Friday gain followed an earlier rebound in semiconductor and AI-related shares, including Applied Materials, Inc. (NASDAQ: AMAT), Lam Research Corporation (NASDAQ: LRCX), Broadcom Inc. (NASDAQ: AVGO), Sandisk Corporation (NASDAQ: SNDK), and Seagate Technology Holdings plc (NASDAQ: STX). The market’s AI narrative is evolving. Many continue to reward companies that can demonstrate a clear path from AI infrastructure investment to revenue growth, operating leverage, and free cash flow. At the same time, near-5% Treasury yields make the market less forgiving toward businesses that rely on distant profit expectations or aggressive capital spending without visible returns. Outside of technology, On Holding AG (NYSE: ONON) expanded its soccer strategy through a partnership with Kylian Mbappé. The effort places On Holding more directly in competition with established global athletic-footwear companies Nike, Inc. (NYSE: NKE) and adidas AG (OTC: ADDYY), particularly around soccer, lifestyle, premium footwear, and international brand growth. Berkshire Hathaway Inc. (NYSE: BRK.A; NYSE: BRK.B) also remained in focus following the announced leadership transition in which Warren Buffett will step down as chairman and become chairman emeritus, while Howard G. Buffett assumes the chair role and Greg Abel leads the company as chief executive. The commercial-space economy continued to generate attention after NASA expanded its relationship with privately held SpaceX (SPCX) through a $946 million award for three additional astronaut missions to the International Space Station. The expanded arrangement brings SpaceX’s NASA crewed-flight contract value to $5.92 billion and extends mission planning through 2030.

Outlook for next week

Many enter next week balancing resilient AI and technology optimism against an increasingly restrictive macroeconomic environment. Friday’s lower VIX reading indicates that immediate volatility expectations eased, but that should not be confused with the elimination of market risk. Key market catalysts include:

• Further movement in the 10-year Treasury yield around the 5% threshold.
• Crude-oil price action and developments affecting global energy supply.
• Federal Reserve speeches that clarify whether another rate increase is likely.
• Consumer-spending, manufacturing, housing, and labor-market data.
• Corporate earnings guidance and capital-expenditure commentary, particularly from technology and semiconductor companies.
• Evidence that inflation is broadening beyond energy or, conversely, that price pressures are easing again.

Bottom line: The week ending September 18 showed a market that remains investable but far more selective. The Nasdaq’s resilience demonstrated ongoing confidence in AI, semiconductor, and large-cap technology earnings, while weakness in the Dow and Russell 2000 reflected concern that higher rates and expensive energy could slow the broader economy. Investors will be watching whether falling oil and stable yields can support a renewed rally or whether inflation risk pushes the Federal Reserve and bond market into another period of tightening pressure.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $13.75, +.88%.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Theraeuptics (NYSE : SER)

Serina Theraeuptics (NYSE : SER, $2.25%) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $11.51) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance, a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $8.58, +2,39%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.20, +2.33), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). You may watch the event video below now if you missed it below now.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb explores the many ways AI, apps, and other transformational forces are changing online shopping in its State of Ecommerce 2026 report, published on Sept 10. They reported that despite increasing more than 200% over the past year, direct referrals from dedicated AI platforms don’t produce a large volume of traffic to ecommerce marketplaces and online stores. In other words, compared with search, AI conversations don’t result in as much immediate click-through traffic. However, AI buying recommendations exert an outsize influence on purchases – in some cases, giving the recommended brand a 2-to-1 advantage over its competitors. Consumers are also making ChatGPT, Gemini, and other conversational AI tools a routine part of the buying process. However, that doesn’t mean they are abandoning search, 89% of the time, consumers who use AI in their shopping research also use search. “Consumers are not switching tools, they are stacking them,” said Daniel Reid, Principal Insight Analyst, Consumer Goods & Retail at Similarweb and the lead author of the report. “People are using AI to explore and narrow options while still turning to Search to move toward a decision. The most complex journeys, the ones that use both, convert the best. Retailers and brands who figure out how to master these new paths to product discovery stand to benefit.”

Similarweb Ltd. (NYSE: SMWB) and NIQ (NYSE: NIQ) have recently announced their planned Agentic Commerce Measurement solution aims to connect AI-based product discovery with consumer intent, traffic, conversion and verified sales outcomes. The first version is expected in the fourth quarter of 2026, initially across selected categories and markets. For many, the strategic appeal is simple: as AI becomes an increasingly consequential front door to commerce, the value may accrue not only to the companies building AI assistants, but also to the data-and-measurement providers that tell enterprises whether all that artificial intelligence is generating actual revenue, or merely very articulate window-shopping.

SMWB also recently delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $8.23. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $2.91) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.49), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.

YSG announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $26.11) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.56, +4.83%) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.17) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 announced (Aug. 27) that local officials in Mo i Rana, Norway, have rezoned a portion of the company’s Giga Arctic campus, allowing for the development of a data center. T1 is pursuing multiple pathways to monetize this brownfield facility as part of a value optimization initiative.

T1 recently reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $222.27, +1.34%)

NVDA announced plans (Sept. 3) to acquire open-AI platform Hugging Face for approximately $13 billion, with closing expected in 2027. The move reinforces NVIDIA’s effort to deepen its position across AI infrastructure, development tools, and the open-source AI ecosystem. Learn More.

Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell on Wednesday, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.

The Sources

Sources

1. CNBC  Stock market today: Live updates
2. Yahoo Finance  Stock market today: Dow, S&P 500, Nasdaq mixed as oil prices rise
3. Yahoo Finance  Warren Buffett is stepping down as Berkshire Hathaway chair, and his son Howard knows his life has just officially changed
4. Yahoo Finance  On Holding’s Kylian Mbappé bet “a direct challenge to Nike and Adidas”: Analyst
5. Yahoo Finance / Reuters  SpaceX to fly more NASA crews to space station under expanded $5.92 billion deal
6. Federal Reserve  September 2026 Calendar
7. CNBC  Fed rate decision, September 2026: Rates rise to 3.75%–4.00%
8. Reuters  Wall Street jumps, oil lower ahead of Fed vote next week
9. Associated Press  How major U.S. stock indexes fared Thursday, September 17, 2026
10. Investing.com  Market outlook: Bond yields, oil prices, and equity signals heading into next week
11. TradingCharts  United States Economic Calendar for September 18, 2026
12. MacroOdds  U.S. Economic Calendar: Fed, CPI, Jobs Dates and Live Odds