Report published September 23, 2026
Weekly Market Guide: Mag 7 Breakout, Fed Policy & Market Leadership | Raymond James
Raymond James Investment Management · September 23, 2026
Raymond James notes that equity leadership has rotated back to mega-cap technology and the 'Mag 7' following the Federal Reserve's rate hike. While near-term chop and yield curve flattening present headwinds for sectors like banking, lower oil prices and resilient growth support an upward bias over the next 12 months.
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Finvaulta summarizes Raymond James Investment Management's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Market leadership has rotated back toward mega-cap technology and growth assets ('Mag 7') breaking out to new highs following the Fed's latest rate decision.
- 2.Oil price movements serve as a primary indicator for equities, as lower crude prices relieve pressure on Treasury yields and support equity valuations.
- 3.A flattening yield curve driven by rising 2-year Treasury yields has pressured bank stocks toward near-term technical support.
Table of Contents
- Oil and Bond Yields
- Breakout: Mag 7
- Fed
- US Dollar
- Yield Curve
- Oil & Gas Refining
Report data
USGG10YR Index (US Generic Govt 10 Yr) 0810yrSPX Daily 23SEP2025-23SEP2026 — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| S&P 500 Price Return Year to Date | 13.4% | Price performance of the S&P 500 index year to date as of September 23, 2026. |
| Energy Sector Price Return Year to Date | 37.6% | Top performing S&P 500 sector year to date. |
| Information Technology Sector Weighting in S&P 500 | 39.3% | Weight of Information Technology in the S&P 500 index. |
| Federal Reserve Rate Hike | 25 bps | The Fed attempted to remove accommodation with a 25-basis-point rate hike. |
| Oil & Gas Refiners Performance since Late February | >100% | Gain in oil & gas refiners since the onset of the Iran conflict. |
Reports in this series
Weekly Market Guide is shown in chronological order through this edition, published on September 23, 2026.
Part of the Weekly Market Guide series — view all 6 editions
- May 25weekly market guide
- Jun 6weekly market guide
- Aug 26weekly market guide
- Sep 9weekly market guide
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