U.S. equity markets opened under pressure on Thursday, September 24th, 2026, as investors navigated a landscape defined by a pullback in the technology sector and a cautious wait-and-see approach ahead of critical retail earnings. While the broader market remains near historic levels, the initial trading hours today reflect a consolidation phase as market participants digest recent gains and look toward upcoming economic signals.
Major Indexes Open in the Red
The major market indexes started the session with a downward bias, led primarily by weakness in the high-growth technology sector. The Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq-100, saw the steepest decline among the majors, falling 0.55% shortly after the opening bell. This sentiment was echoed by the State Street SPDR S&P 500 ETF Trust (SPY), which dropped 0.23%, and the iShares Russell 2000 ETF (IWM), representing small-cap stocks, which declined by 0.33%.
The State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) showed more resilience but still traded lower by 0.16%. The divergence in performance highlights a rotation out of growth-oriented names and into more defensive or value-oriented sectors. Specifically, the State Street Health Care Select Sector SPDR ETF (XLV) rose 1.19%, and the State Street Energy Select Sector SPDR ETF (XLE) gained 0.90%, benefiting from a 1.69% jump in the United States Oil Fund (USO).
Upcoming Market Events and Economic Data
The market's attention is firmly fixed on the retail sector this afternoon. After the closing bell today, Costco Wholesale Corp (COST) and Nike, Inc. (NKE) are scheduled to release their quarterly results. Costco is expected to report earnings per share (EPS) of $6.56, while Nike is projected at $0.45. These reports are viewed as vital barometers for consumer spending health and discretionary demand amidst ongoing discussions regarding inflation and interest rate policy.
Earlier today, Jabil Inc. (JBL) and TD SYNNEX Corporation (SNX) reported their earnings before the open, providing a mixed backdrop for the industrial and tech supply chain sectors. Looking ahead to next week, the market will brace for results from Carnival Corporation Ltd. (CCL) on Monday and a highly anticipated report from Micron Technology, Inc. (MU) on Tuesday, which could dictate the next move for the semiconductor industry.
Major Stock News and Corporate Developments
The semiconductor space is under significant scrutiny today. The VanEck Semiconductor ETF (SMH) fell 1.20%, weighed down by a 2.1% drop in Micron Technology, Inc. (MU) and a 1.7% decline in Sandisk Corporation (SNDK). Even the dominant AI player, Meta Platforms, Inc. (META), saw high active volume but managed only a marginal gain of 0.1% as investors questioned current valuations in the tech space.
In the enterprise software arena, Oracle Corp (ORCL) experienced a notable 5.4% decline in early trading on heavy volume. Conversely, some smaller names saw explosive volatility. Apimeds Pharmaceuticals US, Inc. (APUS) surged an incredible 204.1% on unusual volume, while Surrozen, Inc. (SRZN) jumped 89.3%.
On the downside, Beneficient (BENF) fell 34.6%, and Element Solutions Inc. (ESI) dropped 21.8%. In the commodities and specialized sectors, the Global X Uranium ETF (URA) fell 2.09%, and the VanEck Gold Miners ETF (GDX) slipped 1.92%, tracking a 0.42% decline in gold prices (GLD).
As the session progresses, traders will be monitoring whether the Dow can reclaim positive territory or if the tech-led sell-off will broaden across the S&P 500.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.