US Market Daily Briefing — 2026-09-25

Fear & Greed Index

The CNN Fear & Greed Index registered 35/100 as of September 23, 2026, placing it firmly in the 'Fear' zone. For context, while some data sources recorded a reading of 71 on the same date, the index itself was down 8.97% from the previous day. This points to a rapid deterioration in investor sentiment amid surging Treasury yields and expectations of additional Federal Reserve rate hikes. The CNN index is calculated using seven key indicators: market momentum, stock price strength, stock price breadth, put/call options, market volatility, and safe-haven demand.

Market Summary

As of the close on Wednesday, September 23:

• S&P 500: Down 58.25 points (-0.75%) at 7,706
• NASDAQ: Down 308.24 points (-1.13%) at 26,936
• Dow Jones: Down 351.27 points (-0.68%) at 51,512
• Russell 2000: Down 51.25 points (-1.77%) at 2,838

Key Market Drivers & Macro Environment

• Surging Treasury Yields: Treasury yields resumed their climb, reaching levels not seen in roughly 20 years. Notably, the 5-year Treasury yield crossed 5% for the first time since 2007.
• Fed Rate Hike Anxieties: Yields kept marching higher as traders priced in potential additional rate hikes from the Federal Reserve. Comments from another Fed official advocating for further tightening added more downward pressure on the market.
• Strong Economic Data & Inflation Fears: U.S. business activity (PMI) grew at its fastest pace since 2021, heightening worries over inflation pressures, which were further amplified by a rebound in oil prices. Stronger-than-expected economic reports intensified inflation concerns, bringing a new wave of downward pressure from the bond market onto Wall Street.
• Trump-Xi Meeting: President Trump met with Chinese President Xi Jinping today, with trade and oil prices topping the agenda. However, the runaway bond yield rally completely overshadowed the summit.

Market Expert Outlook

• Watch for Oil Price Declines: Analysts noted that Brent crude pulling back below $100 a barrel could offer a minor tailwind for market sentiment if the decline continues, though overall market conditions remain a moving target.
• Ongoing Yield Uptrend in Focus: With traders continuing to price in further rate hikes from the Fed, the upward trajectory of Treasury yields is expected to remain a primary headstock for equities moving forward.
• Struggling Small Caps and Banks: Even amid robust PMI readings and Brent crude hovering at $103 a barrel, the broader market suffered as new NYSE lows hit 363, with small-cap stocks and banks lagging significantly behind.