As rates jumped in September, the S&P 500 showed remarkable resilience, closing the month flat. That fortitude ended at the index level. The average large-cap stock dropped 5%, matching mid- and small-cap losses in the worst month for market breadth in recent memory. Together, it drove equal-weight/cap-weight relative strength through its October 2025 trough to a new 23-year low.
Oct
06
2026
Stock Market Dynamics
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