10 things that mattered on Friday, September 18, 2026
Quarterly options expiration left the S&P 500 almost flat, but the day was busy underneath. Chip-equipment and crypto stocks jumped while the average stock fell, and the 2-year Treasury yield climbed to its highest since July 2024.
- 01
The S&P 500 slipped 0.1% on expiration day
SPY closed at $761.69, 2.1% below its August 13 record, on volume 1.7 times its 30-day average as quarterly options expired. The Nasdaq 100 rose 0.7% while the equal-weight S&P fell 0.5%.
SPY, last six months SPY, last six months - 02
NYSE new lows beat new highs 153 to 23
Net new highs fell to −130 in an episode that began September 9. In the eight earlier episodes since 2010 with the S&P this close to a record, it was higher three months later only three times.
NYSE-listed new highs minus new lows, last twelve months NYSE-listed new highs minus new lows, last twelve months - 03
The 2-year yield jumped to its highest since July 2024
The 2-year Treasury closed at 4.76%, up 9 basis points, two days after the Fed raised rates. The 10-year rose about 5 basis points and finished right at 5.00%.
10-year Treasury yield (%), last twelve months 10-year Treasury yield (%), last twelve months - 04
Factory output slipped in August
Manufacturing production fell 0.3% on the month, and total industrial production barely moved. Output is up 1.4% from a year earlier, and capacity use held at 76.3%.
Industrial production index, last five years Industrial production index, last five years - 05
The top 1% held a record 32.5% of US wealth
The Fed's distributional accounts put the richest 1% at 32.5% of household net worth in the second quarter, up from 31.7%. That is the highest share since the series began in 1989.
Top 1% share of US household net worth (%), since 1989 Top 1% share of US household net worth (%), since 1989 - 06
Strategy rose 16.4% as bitcoin rallied
MSTR closed at $153.92 on 2.2 times its usual volume, with no company news dated to the session. The bitcoin fund IBIT gained 6.3%, and Coinbase rose 11.7%.
MSTR, last six months MSTR, last six months - 07
Chip-equipment makers rallied on a JPMorgan note
Applied Materials rose 6.5% and Lam Research 7.0% after JPMorgan raised its forecast for wafer-fab equipment spending to 31% growth this year and 38% in 2027. KLA added 4.7%.
AMAT, last six months AMAT, last six months - 08
Robinhood rose 9% after an SEC tokenization exemption
The SEC granted a conditional exemption on Sep 17 that lets venues trade tokenized versions of US-listed stocks onchain. Robinhood, which already offers tokenized stock in Europe, closed at $119.64 after a 5.2% gain the day before.
HOOD, last six months HOOD, last six months - 09
The VIX fell to 14.81
Volatility dropped 0.63 points into the expiration. Three-month implied volatility stayed near 18, so the curve kept its calm, upward slope.
VIX, last six months VIX, last six months - 10
Due Monday: a quiet calendar
The Chicago Fed's national activity index for August is the only scheduled release. No large company reports.
Data as of the Friday, September 18, 2026 close. The ten items are picked by fixed rules from the site's daily data (the size of each move, signals that changed state, and economic releases weighted by importance), then checked and written by hand. Charts end on the brief's date. Research and education, not financial advice.