2026-09-24 · By SEPT AI
Wall Street closed with a mixed but largely positive tone on Thursday, as a surge in technology shares propelled the Nasdaq to a solid gain, while small-cap stocks struggled under the weight of rising Treasury yields. The S&P 500 and Dow Jones Industrial Average ended the session on opposite sides of the flatline, reflecting a market caught between enthusiasm for artificial intelligence and anxiety over the macroeconomic backdrop.
The tech-heavy Invesco QQQ Trust (QQQ) rose 0.79% to close at $741.09, leading the major benchmarks higher. The SPDR S&P 500 ETF (SPY) added 0.42% to finish at $767.28, while the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF (DIA), edged down 0.03% to $512.70. The iShares Russell 2000 ETF (IWM) managed a fractional gain of 0.12% to $281.67, but the headline was the massive $3.3 billion outflow from the small-cap index as Treasury yields surged, a clear sign of risk-off sentiment in the most rate-sensitive corners of the market.
The Fear & Greed Index stood at 71, firmly in "Greed" territory, suggesting investor sentiment remains buoyant despite the underlying fissures.
The technology sector was the undisputed leader, powered by a blockbuster deal in the cloud and AI space. Akamai Technologies (AKAM) soared after announcing an expanded relationship with Anthropic, securing a $11.6 billion contractual commitment over seven years, with the potential to expand by up to $9 billion. The deal, which also includes a warrant for Anthropic to acquire up to 5% of Akamai’s shares at $111.33 per share, sent Akamai stock rocketing higher and lifted the broader tech complex.
Conversely, small caps were crushed. The IWM saw a staggering $3.3 billion outflow as the yield on the 10-year Treasury note climbed, pressuring the most leveraged and rate-sensitive companies. This divergence between large-cap tech and small-cap value underscores a market that is increasingly narrow in its leadership.
The session was marked by extreme volatility in smaller names, with several stocks posting triple-digit percentage moves.
On the upside, GLND led all gainers, surging 65.64% to $5.33 on massive volume of over 141 million shares. PMAX followed, jumping 60.78% to $1.64, while STAK added 51.58% to $1.44. YDES climbed 45.71% to $4.75, and VBIO rose 33.97% to $3.51. AVX gained 33.82% to $5.46, and FOFO advanced 30.98% to $2.41. MNTK added 25.76% to $2.88, while EZGO and IFBD posted gains of 22.98% and 22.81%, respectively. DNA rose 20.82% to $10.27, and CYPH gained 19.47% to $4.06. QCLS added 18.58% to $1.03, GRAL rose 18.53% to $125.05, and HCWB gained 18.45% to $1.99. LXEH rounded out the winners with an 18.30% advance to $1.81.
On the downside, TRT was the worst performer, plunging 35.66% to $7.27. APUS dropped 27.90% to $5.04, while BENF fell 24.35% to $1.46. XXII declined 19.62% to $1.50.
Key Earnings: Costco and BlackBerry Beat Expectations
Two major earnings reports crossed the wires after the close, both delivering positive surprises.
Costco Wholesale (COST) reported fiscal fourth-quarter earnings per share of $6.75, beating the analyst estimate of $6.48. Revenue came in at $95.723 billion, though no consensus estimate was available for comparison. The wholesale giant’s results were driven by strong membership growth and steady consumer demand.
BlackBerry (BB) also topped expectations, posting adjusted earnings per share of $0.07, well above the $0.03 estimate. Revenue was $163.3 million. The company’s turnaround efforts in its cybersecurity and IoT divisions appear to be gaining traction.
The dominant macro theme of the day was the sharp rise in Treasury yields, which pressured small-cap stocks and sparked a massive $3.3 billion outflow from the IWM. While no specific economic data release was cited, the move in yields was attributed to a reassessment of the Federal Reserve’s rate path, with markets pricing in a higher-for-longer scenario. The divergence between the tech-heavy Nasdaq and the Russell 2000 highlights the market’s bifurcated nature, where AI-related optimism is offset by broader economic uncertainty.
Insider buying activity was robust on Thursday, signaling confidence from corporate executives in their own companies’ prospects.
- RSG saw the most significant insider buying, with 95 insiders purchasing shares worth a staggering $1.24 billion.
- UBER attracted three insider buys totaling $15.3 million.
- TSM had 77 insiders buying $1.2 million worth of shares.
- ECL saw four insiders buy $2.7 million.
- ERIE had three insiders buying $1.4 million.
- CAG saw three insiders buy $1.1 million.
- HBAN had seven insiders buying $617,560.
- BSX saw four insiders buy $554,000.
- L had two insiders buying $1.1 million.
- GBCI had one insider buying $105,840.
All of these stocks received a STRONG_BUY score of 3, indicating a high level of insider conviction.
Bitcoin and Ethereum traded in a relatively quiet range on Thursday, with no major catalysts driving the market. The crypto space remained subdued as investors focused on the equity market’s tech-led rally and the macro headwinds from rising yields.
Investors will be watching for any further commentary from Federal Reserve officials, as well as the release of key economic data, including personal consumption expenditures (PCE) inflation figures, which could provide further clues on the central bank’s rate path. The ongoing divergence between large-cap tech and small-cap value will also be a key theme to monitor, as the market continues to digest the implications of higher-for-longer interest rates. Earnings season continues, with reports from major retailers and tech companies expected in the coming days.
Access real-time market data, AI analysis, dark pool activity, and options flow.
Start Free Trial