US Stock Market Report
Hotcoin TradFi Daily Asset Report (September 24, 2026)
.PNG)
Author kim
Major U.S. stock indexes declined across the board, with the Nasdaq falling 1.13% and small-cap stocks posting larger losses. Rising oil prices and U.S. Treasury yields have once again become the market’s focus. Today, we are watching employment data, cross-border capital conditions, and financing conditions to assess whether interest-rate pressure continues to affect stock valuations.
U.S. Stock Market Overview: Nasdaq Pulls Back, Small Caps Under Greater Pressure
On September 23, the S&P 500 closed at 7,706.03, down 0.75%; the Nasdaq Composite closed at 26,936.04, down 1.13%; and the Dow fell 0.68%. The Russell 2000 fell 1.77%, underperforming the three major indexes.
|
Indicator
|
September 23 Close
|
Change from Previous Close
|
|---|---|---|
|
S&P 500 Index
|
7,706.03
|
−0.75%
|
|
Nasdaq Composite Index
|
26,936.04
|
−1.13%
|
|
Dow Jones Industrial Average
|
51,511.59
|
−0.68%
|
|
Russell 2000 Index
|
2,838.66
|
−1.77%
|
|
VIX Volatility Index
|
Pending confirmation
|
Not calculated for now
|
As of this report’s verification, the official September 23 closing value of the VIX has not yet been confirmed. Therefore, the intraday quote is not entered, nor is the previous day’s reading carried over.
Hotcoin Observation:This pullback was not limited to a small number of technology stocks; small-cap stocks also experienced larger declines. The market is reassessing the relationship between financing costs and valuations, but a one-day decline is not sufficient to establish that the medium-term trend has reversed.
Market Focus: Why Are Stocks Under Pressure Despite a Strong Economy?
In the previous trading session, U.S. Treasury yields rose, and oil prices also moved higher again. Stronger business activity data has drawn greater attention to inflationary pressure and the subsequent interest-rate path, rather than to economic growth alone.
Economic growth and stock prices do not move in simple lockstep. Improving demand may support corporate revenue, but if it also implies higher interest rates, more expensive financing, and stronger cost pressures, investors may lower the valuations they are willing to pay.
For growth companies, the market often places greater emphasis on profits expected over many years. When the interest rate used to discount those profits rises, valuations may come under pressure even if the business outlook has not immediately deteriorated. For companies reliant on external financing, tighter financing conditions may directly affect expansion and operating plans.
Our Assessment:Tonight, the key question is whether new employment and financing information further changes interest-rate expectations. If bond yields stabilize, stocks may gain some breathing room; if yields continue rising, whether corporate earnings can offset valuation pressure will become more important. This is an observation framework, not a prediction of tonight’s market direction.
Hotcoin TradFi Key Asset Volatility: Five Products Show Notably Larger 24-Hour Declines
As of 13:28:44 Beijing time, within the valid sample for this report, SNXXB/USDT had a 24-hour decline of 9.30%, while AXTIB/USDT fell 7.44%. The table below is filtered by the absolute value of the percentage change, while retaining the actual direction of the move.
|
Spot Trading Pair
|
Latest Price (USDT)
|
24-Hour Change
|
|---|---|---|
|
SNXXB/USDT
|
17.83
|
−9.30%
|
|
AXTIB/USDT
|
71.77
|
−7.44%
|
|
USARB/USDT
|
15.86
|
−6.65%
|
|
KORUB/USDT
|
21.14
|
−6.08%
|
|
MSTRB/USDT
|
161.20
|
−5.90%
|
This edition covers 71 spot trading pairs in active status, classified as U.S. equities and quoted in USDT. After excluding 2 delayed quotes, the selection was made from 69 valid samples. Perpetual contracts and other categories are not covered, so this does not represent the volatility ranking across the entire platform. The table shows the platform products’ rolling 24-hour performance, not the closing price changes of the underlying U.S. stocks on September 23.
Hotcoin observation:All five products selected this time declined, indicating that greater volatility was reflected as a pullback among these samples. However, this does not support the conclusion that all TradFi products are declining. Going forward, it will be necessary to compare whether these products can stabilize and whether prices and trading performance change after the underlying markets enter their regular trading sessions.
Analyst view: Energy costs may keep inflationary pressure elevated for longer
Sam Stovall｜Chief Investment Strategist, CFRA Research:In his September 23 commentary, he said that tense rhetoric between the United States and Iran could keep oil prices elevated for longer, or even push them higher; fuel and transportation costs could also affect consumer confidence and businesses’ operating costs.
Our interpretation:This is an assessment of the transmission mechanism and does not mean that the direction of oil or stock prices has already been determined. Rising energy prices affect different industries differently: some energy companies may benefit, while transportation, manufacturing, and consumer companies need to assess whether they can pass on higher costs. When following stock-related products, industry differences should be considered separately from the direction of the broader market.
Today’s key events calendar: Employment and financing conditions are the focus
September 24 is Thursday, and U.S. markets will trade normally. The following are today’s key items to watch, not a complete all-day calendar; as of this edition’s market snapshot, none of the listed events has yet occurred. Beijing Time is 12 hours ahead of ET.
|
Eastern Time (ET)
|
Beijing Time
|
Event
|
What to watch
|
|---|---|---|---|
|
September 24 08:30
|
September 24 20:30
|
U.S. weekly unemployment insurance claims data (scheduled release time)
|
Initial claims, continuing claims, and the four-week average, to assess whether changes in employment are sustained
|
|
September 24 08:30
|
September 24 20:30
|
U.S. second-quarter international transactions and international investment position
|
The current account, cross-border assets and liabilities, and capital flows
|
|
September 24 14:00
|
September 25 02:00
|
Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS)
|
Dealer financing terms, leveraged financing, and market liquidity conditions
|
Employment data should be interpreted together with revisions and trends; a one-week change should not be equated directly with a reversal in the employment trend. The international investment position is more structural information in nature; SCOOS focuses on dealer financing conditions, is not a new interest-rate decision, and differs from the bank lending standards survey.
Additionally, the third estimate of this month’s GDP, along with the August personal income and spending data, is scheduled for September 30 and is not part of tonight’s releases. Today, the as-yet-unreleased data should not be prematurely treated as an already-occurring market catalyst.
Hotcoin’s focus today: watching the market’s reaction after the pullback
1. Watch whether U.S. Treasury yields stabilize.If yields continue to rise, growth-oriented assets and financing-sensitive companies may continue to face valuation pressure; if yields stabilize, we need to observe whether stock buying genuinely returns.
2. See whether the recovery has breadth.Don’t just look at whether the Nasdaq rebounds; also watch whether small-cap stocks and more sectors improve in tandem. Gains in a handful of heavyweight stocks signal something different from a broad market recovery.
3. Watch the timing gap between platform products and the underlying market.Hotcoin’s rolling 24-hour performance and the official U.S. stock market closing performance do not cover the same window. When observing the relevant assets tonight, we will compare changes in platform prices separately with the underlying market’s performance after the open, rather than directly applying the same percentage change.
The central question today is whether growth expectations can offset interest-rate and cost pressures. Through Hotcoin TradFi, we will continue to focus on how different assets diverge within the same macro environment, assessing index performance, platform market conditions, and the actual market reaction after the event together.
.PNG)
.PNG)