US Market Wrap 25 September: Stocks Rise as Oil Retreats and the Two Year Yield Falls

By The Edge Research Team

Every index on our US board closed higher on Friday and the market’s fear gauge fell with it. The Dow Jones Industrial Average climbed 478.64 points, or 0.93 percent, to 51,828.62, the S&P 500 added 0.51 percent to 7,743.41, the Nasdaq Composite rose 0.48 percent to 27,068.72, and the Cboe Volatility Index sank 5.11 percent to 14.87, with the network’s own closing report confirming the three main averages’ gains. Brent settled 2.1 percent lower at 104.32 dollars a barrel on Friday, per the wire’s written settlement, in line with the post settlement snapshot of 104.25 dollars carried in our Commodities Wrap of 25 September 2026.

Eight of eleven sectors rise with technology on top

The advance was broad in a way the week has not been. Technology gained 0.99 percent, industrials 0.94 and financials 0.53, eight of the eleven S&P 500 sectors closed higher, and the three that fell were energy, down 0.87 percent on the day Brent’s settlement gave back 2.1 percent, communication services, down 0.65, and real estate, down 0.35. On our calculation against our published 18 September closes, the Nasdaq Composite ended the week 2.06 percent higher and the Nasdaq 100 3.25 percent, the S&P 500 added 1.21 percent and the Dow 0.28, while the Russell 2000 lost 0.80 percent, a five day stretch in which the board’s gains concentrated in the largest technology names. Meta Platforms fell 3.33 percent on Friday after the run that had carried it toward a 2 trillion dollar market capitalization, per the network, and Akamai Technologies closed 3.2 percent higher after announcing an 11.6 billion dollar, seven year computing agreement with Anthropic late Thursday. The morning’s data cut the other way: the University of Michigan’s final September consumer sentiment reading came in at 48.1, 7 percent below August, with one year inflation expectations at 4.6 percent, the highest since June, and August durable goods orders were flat against a forecast 0.3 percent decline, with July revised down to 0.9 percent growth, both per CNBC.

Yields from the 2 year to the 10 year buy back part of the week’s selloff

The rates story that ran under every session this week ended it in two directions at once. The 10 year Treasury yield touched 5.230 percent on Friday, its highest since June 2007, before easing to 5.211 percent by late morning in New York, per CNBC, and the official daily par yield curve closed lower from the 2 year through the 10 year and higher at the long end: the 2 year fell 6 basis points to 4.81 percent, the 3 and 5 year each lost 5 to 4.94 and 4.98, the 10 year slipped 1 to 5.17, and the 30 year added 2 to 5.49. That leaves the curve steeper into the weekend, the gap between the 2 and 10 year par rates widening to 36 basis points from Thursday’s 31, and the week’s repricing intact: against the 18 September curve, the 10 year is 16 basis points higher and the 30 year 15, on our calculation. The dollar index eased 0.26 percent to 101.022 at our 20:28 GMT capture, the yen firmed 0.99 percent to 157.26 per dollar, and bitcoin slipped 0.51 percent on the feed’s daily basis, while WTI settled 2.3 percent lower at 92.41 dollars a barrel; per the wire’s report, United States crude finished the week 7.9 percent lower while Brent ended it flat.

Top gainers

Top gainers, closes of Friday 25 September 2026 from the vendor feed after the 20:00 GMT close, confirmed unchanged across two pulls at 20:22 and 20:28 GMT, ranked by change; every change reconciles against our published 24 September closes.

Top losers

No index on the board fell on Friday 25 September 2026; all five rose and are ranked in the gainers table above.

S&P 500 sectors

Top 3 and bottom 3 of the 11 S&P 500 sectors, same capture and basis as the index board; eight of the eleven closed higher. Omitted: consumer staples +0.51 percent, health care +0.49 percent, utilities +0.39 percent, materials +0.29 percent, consumer discretionary +0.05 percent.

US Treasury par yield curve

The official daily par yield curve for 25 and 24 September 2026, read at the US Treasury’s own daily table at 20:31 GMT; the Treasury derives the curve from indicative bid side quotations at about 19:30 GMT in US summer time, and the changes are ours. Omitted maturities on 25 September: 1 month 4.04 percent, 3 month 4.24, 6 month 4.33, 1 year 4.50, 7 year 5.06, 20 year 5.54.

Commodities

Carried verbatim from our Commodities Wrap of 25 September 2026: levels captured after the settlement window at 18:49 GMT on Friday 25 September 2026, measured against Thursday’s settlements as carried in the price feed; post settlement snapshots, not the official settlements, with the WTI row on the November 2026 contract as disclosed there. The Brent and WTI settlements reported by the wire for Friday were 104.32 dollars a barrel, down 2.1 percent, and 92.41 dollars, down 2.3 percent. Fixed row order.

Currencies, volatility and crypto

Intraday quotes captured at 20:28 GMT on Friday 25 September 2026, fixed row order, one call, one stamp; the VIX row is the session’s last print on the vendor’s feed.

Asia, session of Friday 25 September

Carried whole from our Asia Market Wrap of 25 September 2026, closes of Friday 25 September on the basis published there, stacked gainers then losers; mainland China’s markets and Seoul carried no session, closed for a holiday, with the Kospi returning Monday 28 September, Taipei was shut for the Mid Autumn Festival on the Taiwan Stock Exchange’s own holiday schedule and returns Tuesday 29 September, and Mumbai’s session had not closed at that wrap’s capture, so the Nifty 50 carried no row there.

Middle East, session of Thursday 24 September

The Gulf’s markets, Jordan and Egypt carried no session on Friday, the region’s weekend; the rows are Thursday 24 September closes carried whole from our Middle East Market Wrap of 24 September 2026 on the basis published there, the region’s most recent session, stacked gainers then losers, and the new trading week opens Sunday.

Europe, session of Friday 25 September

Carried whole from our Europe Market Wrap of 25 September 2026, closes of Friday 25 September on the basis published there, stacked gainers then losers: every national row confirmed at its own exchange, the DAX row the exchange’s official closing price, and the Stoxx Europe 600 and Euro Stoxx 50 rows the feed’s prints at the administrator’s 18:00 CET dissemination close, checked against the administrator’s finals at our next capture.

Why it matters: Friday’s board is the week’s tension stated in one session: equities rose and volatility sank while the same week repriced the long end of the official curve 15 basis points higher, so the equity bid and the rate repricing closed the week side by side rather than resolved. The sector table says where the money went, into technology and industrials and out of energy as the barrel gave back its premium for a second session, on our reading. Across the 19 indices on Friday’s session boards in Asia, Europe and the United States, the Topix led at 1.31 percent higher and the Hang Seng lagged at 1.01 percent lower, on our count.

Outlook: The Gulf’s boards open the new trading week on Sunday with our Middle East wrap, the first session to price the barrel’s two day retreat, Seoul returns Monday 28 September and Taipei Tuesday 29. For New York, the near test is whether Friday’s rally from the 2 year to the 10 year survives the weekend’s headlines from the Gulf, with the seven day reopening offer Iran’s foreign minister set out this week, per the network’s reporting, and the Treasury’s next par curve read on Monday.

Sources: CNBC, US Department of the Treasury, The Edge.

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