The post-Fed rebound strengthened as the morning's economic reports arrived.
Good morning. This is the CAMS Morning Market Brief for Thursday, September 17, 2026.
The post-Fed rebound strengthened as the morning's economic reports arrived. Between 8:20 and 8:31 Eastern, S and P 500 futures were up 1.13%, Nasdaq 100 futures were up 1.48%, and Dow futures were up 1.08%. That follows a late Wednesday reversal that left the S and P 500 down 0.45%, the Nasdaq Composite down 0.01%, and the Dow down 1.21%.
The labor data were firm. Initial unemployment claims fell by 10,000 to 196,000 in the week ending September 12. The four-week average declined to 203,250, while insured unemployment fell by 39,000 to 1.730 million. Those numbers show fewer new claims and fewer people continuing to receive regular benefits than in the prior week.
The Philadelphia Fed survey told a more complicated story. Regional manufacturing activity continued to expand, but the general activity index cooled from 47.4 in August to 37.8 in September. New orders registered 29.2, shipments came in at 27.7, and employment was 11.8. Price pressure moved the other way. The prices paid index rose 8 points to 48.6, and prices received rose 14 points to 31.3.
Housing remained uneven. August housing starts ran at an annual rate of 1.275 million, down 2.6% from revised July, although that monthly change was not statistically conclusive. Single-family starts rose 7.6% to 918,000. Building permits fell 2.7% from July to 1.394 million, while completions dropped 11.9% to 1.128 million.
The larger backdrop is Wednesday's Federal Reserve decision. The Federal Open Market Committee voted 12 to 0 to raise its target range by one quarter point to 3.75% to 4.00%. Its median year-end policy-rate projection is 4.1%, consistent with one more quarter-point increase this year. The median projections show 2026 inflation at 3.7%, economic growth at 2.3%, and unemployment at 4.1%.
Rates and oil were moving lower as futures advanced. The 10-year Treasury yield was 4.951%, compared with just above 5% near Wednesday's close, and the two-year yield was 4.679%. West Texas Intermediate crude fell 2.87% to $99.49, while Brent fell 3.59% to $102.03. Gold was up 0.41% at about $4,405, and dollar-index futures were down 0.13% at 99.845.
Volatility also eased. The volatility index was 15.51, down 12.42%. Technology led the sampled sector funds before the bell with a 1.94% gain. Financials were up 0.57%, while energy was down 0.66%. Nvidia was up 1.99%, Intel was up 3.39%, Applied Materials was up 3.55%, and Amazon was up 2.15%.
Breadth remains the caution. The Nasdaq stock screener showed 2,580 advancing issues and 3,985 declining issues, with 556 unchanged. The returned rows carried roughly 12.12 billion shares. Technology and health care were the only two sector funds to finish higher, while energy lost 2.88% and financials fell 1.62%.
The opening question is whether lower yields and cheaper oil can keep the rebound broad while the market absorbs firm claims and higher manufacturing price indexes. Stronger participation would make the recovery more durable. A return above 5% in the 10-year yield, or another rise in oil, would put the policy and inflation risks back in the foreground.
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