--- title: "S&P 500 Gains, Crude Falls Ahead Of Fed's Expected First Hike Since 2023: Stock Market Today" type: "News" locale: "en" url: "https://longbridge.com/en/news/299214066.md" description: "U.S. stocks rose ahead of the Fed's expected first rate hike since 2023, with the S&P 500 gaining 0.4% and Nasdaq 100 up 0.9%. Crude oil prices fell sharply due to a Saudi pipeline restart, easing Treasury yields. Strong retail sales data reinforced inflation concerns, keeping markets confident in a 25-basis-point hike. Technology and semiconductor stocks led gains, while energy and freight sectors declined." datetime: "2026-09-16T16:52:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/299214066.md) - [en](https://longbridge.com/en/news/299214066.md) - [zh-HK](https://longbridge.com/zh-HK/news/299214066.md) generator: "portal-rs" --- # S&P 500 Gains, Crude Falls Ahead Of Fed's Expected First Hike Since 2023: Stock Market Today A sharp reversal in crude oil handed U.S. equities a reprieve on Wednesday, with stocks grinding higher off six-week lows just hours before the Federal Reserve is expected to raise interest rates for the first time since 2023. The S&P 500 added 0.4% to 7,615.70, while the Dow Jones Industrial Average was effectively flat at 52,113. The Nasdaq 100 outperformed, rising 0.9% to 29,198 as hardware and semiconductor names extended Tuesday’s rebound from AI-safety jitters. U.S. Energy Secretary **Chris Wright** told CNBC that the outage on Saudi Arabia’s damaged East-West crude pipeline would be a “brief and temporary interruption” measured in days, and Riyadh moved to route additional barrels through Oman.  West Texas Intermediate crude slid 3.6% to $102.02 a barrel, slipping back below $103 after a 20.6% surge so far this month. Brent fell 3.3% to $105.17. The cheaper barrel rippled straight into the Treasury market. The 10-year yield eased 5 basis points to 4.96%, taking a breather after five straight sessions of gains that carried it to 5.04% on Tuesday, the highest since July 2007.  The reprieve does not change the Fed’s arithmetic. Markets price in roughly a 93% chance that the central bank will lift the target range by 25 basis points to 3.75%-4.00% this afternoon, its first hike in nearly three years, with another move expected by December.  Wednesday’s data did nothing to soften the case: August retail sales jumped 1.2% month-over-month against forecasts of 0.8%, the control group used in GDP calculations surged 1.4% versus 0.4% expected, and import prices climbed 0.7%, well above the 0.4% consensus. ## Wednesday’s Performance In Major US Indices | Index | Last | % Change | MTD | YTD | | ------------ | -------- | -------- | ----- | ------ | | S&P 500 | 7,615.70 | +0.4% | -0.8% | +11.5% | | Dow Jones | 52,113 | +0.04% | -1.9% | +8.5% | | Nasdaq 100 | 29,198 | +0.9% | -0.9% | +15.6% | | Russell 2000 | 2,883.46 | +0.5% | -2.6% | +16.4% | *Updated by 12:15 PM ET* According to the Benzinga Pro platform: - The **Vanguard S&P 500 ETF (NYSE:VOO)** gained 0.4%. - The **SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA)** edged up 0.1%. - The **Invesco QQQ Trust (NASDAQ:QQQ)** climbed 0.8%. - The **iShares Russell 2000 ETF (NYSE:IWM)** rose 0.5%. **Read Also: Fed Hike Odds Hit 93%: 3 Things That Could Really Surprise Markets Wednesday** ## Energy Stocks Pullback, Freight Stocks Hit by Lower Margins The **Energy Select Sector SPDR Fund** (NYSE:XLE) was far and away the worst performer, sliding 2.1% as the crude reversal gutted producers. The **SPDR S&P Oil & Gas Exploration & Production ETF** (NYSE:XOP) plunged 3.2% and the **VanEck Oil Services ETF** (NYSE:OIH) shed 1.3%. The **Financial Select Sector SPDR Fund** (NYSE:XLF) was the only other sector in the red, off 0.5%. At the other end, the **Technology Select Sector SPDR Fund** (NYSE:XLK) led with a 1.0% gain, trailed by the **Industrials Select Sector SPDR Fund** (NYSE:XLI) at 0.9% and the **Health Care Select Sector SPDR Fund** (NYSE:XLV) at 0.6%. Chips did the heavy lifting: the **VanEck Semiconductor ETF** (NASDAQ:SMH) jumped 1.7%, the best industry move on the board, while the **iShares Biotechnology ETF** (NASDAQ:IBB) added 0.9% and the **SPDR S&P Metals & Mining ETF** (NYSE:XME) rose 0.7%. **Forgent Power Solutions Inc. (NYSE:FPS)** topped the large-cap board, rallying 11.6% after fourth-quarter revenue rose 94% year-over-year to $462 million and adjusted EBITDA jumped 163% to $113 million. Record quarterly bookings of $1.5 billion left the company with a $3 billion backlog covering more than 90% of fiscal 2027 revenue guidance of $2.4 billion to $2.6 billion. The rest of the leaderboard was an AI-connectivity pile-on with little hard news behind it.  **Semtech Corp. (NASDAQ:SMTC)** surged 11.0%, extending Northland’s upgrade to Outperform with a $182 price target, which flagged connectivity as the AI bottleneck. The optics complex moved together and, again, without a company-specific trigger.  **Lumentum Holdings Inc. (NASDAQ:LITE)** rose 8.2%, **Credo Technology Group Holding Ltd (NASDAQ:CRDO)** gained 8.0% and **Coherent Corp. (NYSE:COHR)** climbed 6.4%. The correlated bounce looks like short covering after a brutal month for the group.  **Astera Labs Inc. (NASDAQ:ALAB)** rode the same wave, up 6.0%, alongside **Dell Technologies Inc. (NYSE:DELL)** at 5.2% and **Intel Corp. (NASDAQ:INTC)** at 5.0%. **J.B. Hunt Transport Services Inc. (NASDAQ:JBHT)** collapsed 12.5% after a rare intra-quarter warning delivered at a Morgan Stanley conference. The carrier guided third-quarter earnings to fall 5% to 10% from the second quarter, citing a $10 million fuel headwind and $25 million of added driver-related costs. Chief Financial Officer **Brad Delco** said the company has seen “some of the most radical and abnormal swings” in fuel prices it has ever experienced.  **Knight-Swift Transportation Holdings Inc. (NYSE:KNX)** fell 3.9% in sympathy. Permian operators took the brunt of the crude unwind, and all four of the next-worst names share the same catalyst.  **Diamondback Energy Inc. (NASDAQ:FANG)** dropped 9.0% on more than 14 times normal volume; its mineral-rights affiliate **Viper Energy Inc. (NASDAQ:VNOM)** fell 7.2%, **Matador Resources Co. (NYSE:MTDR)** lost 6.5%, and **Permian Resources Corp. (NYSE:PR)** slid 6.1%. The Saudi pipeline restart headline and the reversal in the barrel account for the whole move, compounded by a government report showing crude inventories fell just 0.64 million barrels last week against expectations for a 1.6 million-barrel draw. The damage ran deep through the patch. **EOG Resources Inc. (NYSE:EOG)** fell 5.5%, **Occidental Petroleum Corp. (NYSE:OXY)** lost 5.3%, **ConocoPhillips (NYSE:COP)** shed 4.8% and **Devon Energy Corp. (NYSE:DVN)** dropped 4.7%. Elsewhere, **First Solar Inc. (NASDAQ:FSLR)** fell 5.4% and crypto-linked names sold off, with **Circle Internet Group Inc. (NYSE:CRCL)** down 5.8%. ## Wednesday’s Russell 1000 Top Gainers | Name | % change | | -------------------------------------- | -------- | | **Forgent Power Solutions, Inc.** | +11.57% | | **Semtech Corporation** | +11.03% | | **Lumentum Holdings Inc.** | +8.17% | | **Credo Technology Group Holding Ltd** | +8.02% | | **Coherent Corp.** | +6.43% | ## Wednesday’s Russell 1000 Top Losers | Name | % change | | -------------------------------------- | -------- | | **J.B. Hunt Transport Services, Inc.** | -12.52% | | **Diamondback Energy, Inc.** | -9.03% | | **Viper Energy, Inc.** | -7.22% | | **Matador Resources Company** | -6.48% | | **Permian Resources Corporation** | -6.09% | *Image created using artificial intelligence via Midjourney.* ### Related Stocks - [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md) - [IVV.US](https://longbridge.com/en/quote/IVV.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [VOO.US](https://longbridge.com/en/quote/VOO.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [SCO.US](https://longbridge.com/en/quote/SCO.US.md) - [QLD.US](https://longbridge.com/en/quote/QLD.US.md) - [TQQQ.US](https://longbridge.com/en/quote/TQQQ.US.md) - [PSQ.US](https://longbridge.com/en/quote/PSQ.US.md) - [QID.US](https://longbridge.com/en/quote/QID.US.md) - [SQQQ.US](https://longbridge.com/en/quote/SQQQ.US.md) - [QYLD.US](https://longbridge.com/en/quote/QYLD.US.md) - [JEPQ.US](https://longbridge.com/en/quote/JEPQ.US.md) - [QQQI.US](https://longbridge.com/en/quote/QQQI.US.md) - [SPLG.US](https://longbridge.com/en/quote/SPLG.US.md) - [SPXL.US](https://longbridge.com/en/quote/SPXL.US.md) - [UPRO.US](https://longbridge.com/en/quote/UPRO.US.md) - [SSO.US](https://longbridge.com/en/quote/SSO.US.md) - [SH.US](https://longbridge.com/en/quote/SH.US.md) - [SPXS.US](https://longbridge.com/en/quote/SPXS.US.md) - [SPXU.US](https://longbridge.com/en/quote/SPXU.US.md) - [SDS.US](https://longbridge.com/en/quote/SDS.US.md) - [SPYI.US](https://longbridge.com/en/quote/SPYI.US.md) - [JEPI.US](https://longbridge.com/en/quote/JEPI.US.md) - [XYLD.US](https://longbridge.com/en/quote/XYLD.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [DIA.US](https://longbridge.com/en/quote/DIA.US.md) - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [IWM.US](https://longbridge.com/en/quote/IWM.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XLF.US](https://longbridge.com/en/quote/XLF.US.md) - [XLK.US](https://longbridge.com/en/quote/XLK.US.md) - [XLI.US](https://longbridge.com/en/quote/XLI.US.md) - [XLV.US](https://longbridge.com/en/quote/XLV.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [IBB.US](https://longbridge.com/en/quote/IBB.US.md) - [XME.US](https://longbridge.com/en/quote/XME.US.md) - [FPS.US](https://longbridge.com/en/quote/FPS.US.md) - [SMTC.US](https://longbridge.com/en/quote/SMTC.US.md) - [LITE.US](https://longbridge.com/en/quote/LITE.US.md) - [CRDO.US](https://longbridge.com/en/quote/CRDO.US.md) - [COHR.US](https://longbridge.com/en/quote/COHR.US.md) - [ALAB.US](https://longbridge.com/en/quote/ALAB.US.md) - [DELL.US](https://longbridge.com/en/quote/DELL.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [JBHT.US](https://longbridge.com/en/quote/JBHT.US.md) - [KNX.US](https://longbridge.com/en/quote/KNX.US.md) ## Related News & Research - [Fed Is Virtually Guaranteed to Hike Rates Tomorrow, According to This Statistic](https://longbridge.com/en/news/299086822.md) - [U.S. Federal Reserve Expected To Raise Interest Rates](https://longbridge.com/en/news/299192442.md) - [WRAPUP 3-US 10-year borrowing costs eye 5%, testing Bessent's resolve](https://longbridge.com/en/news/298740952.md) - [US diesel prices hit new record high as fuel squeeze bites](https://longbridge.com/en/news/299035264.md) - [Markets Grapple With Oil's Surge Above $100](https://longbridge.com/en/news/298459577.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**