Report published September 23, 2026
Up & Adam: Tech Hits Fresh Highs, Oil Slips to $90, and European Bond Yields Surge
Raymond James · September 23, 2026
Raymond James highlights tech's record run driven by the AI megatrend as it becomes the only S&P 500 sector at an all-time high. Meanwhile, oil prices dropped to ~$90/barrel on easing Middle East supply worries, French bond yields surged to 18-year highs, and US housing prices rose for a 13th consecutive month.
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Finvaulta summarizes Raymond James'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.The S&P 500 Technology sector has reached a new record high, up 4.8% MTD and led by semiconductors (+7.9% MTD), standing as the only sector at an all-time high despite regulatory and data center headwinds.
- 2.WTI crude declined 15% over five days to ~$90/barrel amid softening rhetoric from Iran regarding the Strait of Hormuz and Saudi progress restoring its East-West Pipeline.
- 3.French 10-year sovereign bond yields breached 4.5% for the first time since 2008, with its spread over German bunds widening to 105 bps amid political gridlock and fiscal deficit concerns.
Table of Contents
- Amid Hopes For US-Iran Dialogue And A Key Saudi Pipeline, Oil Declines For A Fifth Straight Day
- Unlucky 13: Home Prices Rise For A 13th Straight Month As Affordability Pressures Persist
- Richmond Fed Slips Into Contraction, But Outlook Remains Constructive
- French Bond Yields Hit 18-Year Highs As Fiscal And Political Risks Add To Rising Rate Pressures
- Tech's Record Run Suggests Investors Are Looking Past AI And Data Center Headwinds
Report data
Chart of the Day: Digital Heights — as of September 22, 2026.
| Metric | Estimate | Context |
|---|---|---|
| WTI Crude Price | ~90 $/barrel | Declining for a fifth straight day on hopes for US-Iran dialogue and Saudi pipeline repairs |
| National Average Home Price Growth | 3.7% | Prices increased for a 13th straight month at the fastest annual pace since June 2025 |
| France 10-Year Bond Yield | >4.5% | First time above 4.5% since 2008 amid fiscal deficit near 5% of GDP and public debt above 117% |
| France-Germany 10-Year Bond Spread | 105 bps | Largest spread since 2012 |
| S&P 500 Technology Sector Month-to-Date Return | 4.8% | Reaching a record high for the first time since June 2 |
Reports in this series
Up & Adam is shown in chronological order through this edition, published on September 23, 2026.
Part of the Up & Adam series — view all 19 editions
Looking for the latest edition? Up and Adam (Oct 9, 2026)
- Sep 15Up and Adam
- Sep 16Up and Adam
- Sep 21Up and Adam
- Sep 22Up and Adam
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