The Nasdaq Composite gained 0.44% for the week, closing at 27,188.02, driven by strength in semiconductor and software stocks. This contrasted sharply with the Dow Jones Industrial Average, which fell 1.42% to 51,094.96, signaling a narrow market rally as the quarter turned over.

Volatility indicators eased alongside the divergence in index performance. The CBOE Volatility Index dropped to 15.58, while the Nasdaq-100 Volatility Index closed at 21.93. In commodity markets, WTI crude oil declined 2.48% on the day to $90.57 a barrel, whereas natural gas rose 1.69% to $3.02 per MMBtu.

Corporate developments and contract wins

Several companies reported significant operational updates and financial adjustments during the period:

• RTX (NYSE: RTX): Raytheon, an RTX business, secured a five-year contract valued up to $24.4 billion for Standard Missile-6 interceptors. The deal aims to increase availability of the multi-mission munition for the U.S. Navy.
• Integra LifeSciences (NASDAQ: IART): The company lowered its full-year 2026 revenue outlook to $1.634 billion to $1.654 billion from $1.654 billion to $1.695 billion. Adjusted EPS guidance was cut to $2.30 to $2.40 from $2.40 to $2.50, citing impacts from a July flooding event at its Cincinnati facility.
• Trilogy Metals (NYSE: TMQ): Reported a cash balance of $31.2 million and adjusted working capital of $30.3 million as of August 31, 2026. The company also closed a $35.6 million strategic equity investment from the Department of War.
• Phillips Edison & Company (NASDAQ: PECO): Reaffirmed full-year 2026 earnings guidance and increased gross acquisitions guidance to $600 million to $700 million from $500 million to $600 million. Year-to-date acquisitions totaled $459.7 million.
• Axogen (NASDAQ: AXGN): Completed the acquisition of BioCircuit Technologies. The company expects BioCircuit to contribute approximately $6 million to fourth-quarter 2026 revenue and $34 million to 2027 revenue.

Market metrics summary

What the numbers show

A divergence is evident between large-cap technology performance and broader market breadth. While the Nasdaq posted a weekly gain of 0.44%, the Russell 2000 slipped 0.13% and the Dow fell 1.42%. This indicates that the weekly equity gain was concentrated in specific sectors rather than driven by broad-based participation. Additionally, Integra LifeSciences' guidance reduction highlights how operational disruptions can directly impact revenue forecasts, with the full-year range narrowing by approximately $20 million at the midpoint.

U.S. stocks traded higher on Thursday, with the Nasdaq Composite gaining around 100 points. The index rose 0.37% to 26,960.69, supported by a 1.3% jump in energy shares. The ISM manufacturing PMI declined to 54.5 in September from 54.6 in August, missing market estimates of 55.

Market performance and sector trends

The broader market showed modest gains alongside the tech-led rally. The Dow Jones Industrial Average edged up 0.06% to 50,936.24, while the S&P 500 rose 0.30% to 7,674.30. In trading on Wednesday, health care stocks fell by 1.2%. Real estate stocks lagged earlier in the week, falling 0.6%.

Key movers and commodities

Accenture Plc (NYSE: ACN) shares surged 18% to $216.07 after the company reported better-than-expected fourth-quarter financial results and issued FY27 sales guidance above estimates. Nexalin Technology Inc (NASDAQ: NXL) shares shot up 69% to $7.25 after signing a 10-year exclusive distribution deal with Inovanexa Medical Technologies covering seven Latin American markets. Veea Inc (NASDAQ: VEEA) gained 43% to $3.10 following an agreement with TROLLEE Holdings for the phased deployment of VeeaONE solutions across 1,000 unattended stores.

Conversely, Corteva Inc (NYSE: CTVA) shares dipped 84% to $12.15 after completing the spin-off of its advanced seed and genetics business Vylor. Sigma Lithium Corp (NASDAQ: SGML) fell 16% to $7.88 after BMO Capital downgraded the stock from Outperform to Market Perform with a $10 price target. Foghorn Therapeutics Inc (NASDAQ: FHTX) dropped 30% to $2.50 after discontinuing its SMARCA2 degrader collaboration with Lilly.

Commodity markets showed mixed movement. Oil rose 1.7% to $91.91, while gold climbed 0.1% to $4,192.70. Silver gained 0.8% to $61.030, but copper fell 0.8% to $6.5720.

Economic indicators

Recent U.S. economic data presented a mixed picture. The ISM manufacturing PMI declined to 54.5 in September from 54.6 in August, versus market estimates of 55. Construction spending increased by 0.9% month-over-month to an annual rate of $2,203 billion in August versus a revised 0.1% decrease in July. The S&P Global manufacturing PMI declined to 55.9 in September versus a preliminary reading of 57.0. U.S. jobless claims fell by 1,000 to 197,000 in the week ended Sept. 26, down from market estimates of 200,000. U.S. natural-gas stocks rose by 64 billion cubic feet during the week ending Sept. 25.

Global markets

European shares were lower on Thursday. The eurozone’s STOXX 600 declined 1.2%, while Spain’s IBEX 35 Index fell 2%, London’s FTSE 100 fell 1.7%, Germany’s DAX fell 0.9%, and France’s CAC 40 dipped 1.5%. Asian markets closed mixed, with Japan’s Nikkei 225 jumping 3.3%, and India’s BSE Sensex falling 0.79%.