September 10, 2026

The S&P 500 rebounded in August after two sluggish months, gaining nearly 3%. The rally followed another solid earnings season, with 86% of companies reporting better-than-expected results. Strong consumer spending and the continued boom in AI infrastructure also suggested that the economy was regaining some of the momentum we saw during the second quarter, while the Technology and Energy sectors led the market higher.

However, the move to record highs remained fairly narrow, as only five of the S&P 500’s 11 sectors finished the month in positive territory. Utilities and Industrials were hit particularly hard amid renewed concerns that additional interest-rate hikes may be back on the table as inflation continues to prove difficult to contain.

We are already seeing those concerns carry into the early innings of September, with crude oil climbing back above $100 per barrel and adding to inflationary pressures. With another rate increase now appearing more likely later this month, investors should remain cautious, as a market supported by only a handful of sectors may be more vulnerable to a pullback if inflation and interest rates continue moving higher.

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