Nasdaq Index and S&P500: US Stocks Retreat From Record Highs as Oil and Yields Rise

• The 10-year Treasury yield rose above 4.99% and Brent crude approached $100, reversing Tuesday's favorable conditions that drove the Nasdaq to a record 27,288.79
• The Nasdaq fell 0.32% to 27,157.84, the S&P 500 dropped 0.34% to 7,737.88, and the Dow declined 0.26% to 51,730.29, with utilities and consumer discretionary sectors down about 1%
• Key support levels to watch include 26,545.88 for the Nasdaq and 7,644.98 for the S&P 500, while the Dow needs to reclaim 52,326.70 to signal broader market participation

Market Summary: US Stocks Retreat From Record Highs

Key Market Movements

US major indices pulled back from recent highs on September 23, 2026, as rising oil prices and Treasury yields pressured technology valuations. The Nasdaq Composite fell 86.44 points (-0.32%) to 27,157.84 after setting a record high of 27,288.79 on Tuesday. The S&P 500 declined 26.76 points (-0.34%) to 7,737.88, while the Dow Jones Industrial Average dropped 133.40 points (-0.26%) to 51,730.29.

Market Catalysts

Treasury yields surged, with the 10-year approaching 5% (4.99%) and the 2-year reaching 4.81%. Crude oil prices jumped significantly, with Brent futures nearing $100 and WTI climbing above $91, driven by U.S.-Iran negotiations at the UNGA sessions.

Technical Analysis

The Nasdaq and S&P 500 formed minor tops but remain in daily uptrends, trading above their 50-day moving averages at 26,136.82 and 7,629.90 respectively. Key support levels include 26,545.88 for Nasdaq and 7,644.98 for the S&P 500. The Dow remains weaker, trading below its 50-day average at 52,841.58, with critical support at 51,756.14.

Sector Performance

Utilities and consumer discretionary sectors fell approximately 1%, with materials down nearly 1%, reflecting sensitivity to higher yields and energy costs. The selloff was concentrated in rate-sensitive and cyclical sectors.

Individual Stock Highlights

Worthington Enterprises surged 16% on strong earnings driven by AI data-center cooling demand. Quantum computing stocks rallied, including IonQ (+12%), Rigetti, D-Wave Quantum, and Infleqtion. KB Home declined on weak guidance, while Six Flags rose on potential sale rumors.

Outlook

Market direction