Market update for September 24, 2026
Sum of the Charts
On an ongoing basis, we share a curated look at the market and technical trends shaping major indices, sectors, and equities, drawn from research partners we trust. It’s part of how we stay grounded in a disciplined, rules-based approach to investing, reading what the market is doing without reacting to every headline.
Summary of Findings
Sum of the Charts — September 24, 2026
Semiconductors
The analyst’s highest-conviction call right now, and the sector doing the most to lift the broader market.
Semiconductors, overall
Semiconductor stocks have rallied hard even with interest rates higher, and this is the analyst's highest-conviction call right now. Leading into what's historically their strongest seasonal stretch, with buying not yet overcrowded. AMD is up 30% this month and Intel up 39%, and that's pulled the Nasdaq-100 and the broader Tech sector (39% of the S&P 500's weight) to record highs. This matters for the S&P 500 as a whole (currently ~8,300, up 8% this year) because Tech is the index's largest sector and semiconductors are its largest sub-sector, effectively the commodity behind this era's dominant investment theme.
Semiconductors (index level)
The semiconductor sector bottomed the day Anthropic CEO Dario Amodei made comments that had spooked the trade; since that low, the Philadelphia Semiconductor Index (SOX) has rallied 14% and is up 79% for the year. The semiconductor ETF (SMH) is projected to reach $700.
Memory chips
Micron (MU) is targeted at $1,350 based on a bullish chart breakout and is called a must-own. SanDisk (SNDK) is targeted at $2,600.
Equipment makers
The equipment side of the sector is finally joining the recovery. Lam Research (LRCX) has formed a bullish reversal off its 200-day average, Applied Materials (AMAT) is also breaking higher off its 200-day average, and KLA (+7%) and Datadog (+6% this month) are participating too.
Intel / AMD / ARM
There's plenty of room left to run. AMD has already recovered its entire steep July decline and is at all-time highs. Intel is seen as having enough momentum to potentially reach a trillion-dollar-plus market cap. ARM would need to rise 35% just to get back to its July high.
SOXL (3x leveraged semiconductor ETF)
Projected to double by year-end just to get back to its July high, whereas the Nasdaq-100, the Tech sector ETF (XLK), and AMD are already back at new highs, which the analyst reads as a bullish signal for risk appetite more broadly.
Semis vs. software
The performance ratio between the semiconductor index and the software index has formed a bullish reversal pattern above its 200-day average. Software names (Snowflake, Datadog, Twilio, Microsoft, cybersecurity stocks) are rallying too, but semiconductors are seen as clearly leading.
Rates and banks
Yields are near 19-year highs. Here’s what the analyst is watching as support.
Banks
Big banks and regional banks are being watched at their 200-day moving averages as a key support level; Goldman Sachs specifically needs to hold that level, and the analyst expects it will.
Yields
The 10-year Treasury yield is testing its highest quarterly close in 19 years, near 5.02%. The 2-year yield is the most technically stretched it's been since 2022. Despite that, with the S&P 500 just 1% from a record high and Tech/Semis leading, the analyst believes individual stock strength can keep working even against a tougher rate backdrop.
Chart data and analysis courtesy of Evercore ISI. This content is for general educational purposes only and does not constitute investment, legal, or tax advice, or a recommendation to buy or sell any security. Past performance is not indicative of future results. Consult a financial advisor regarding your specific situation.