2026-10-05 · A Record Built on Six Names
The Nasdaq closed at a record on soft services data, but the ten-year hit a new 52-week high and most stocks are still in downtrends, so this is narrowing leadership, not broad strength.
The Signal
ISM services came in at 54.9 against a 55.7 consensus, the second soft US print in three sessions. The Nasdaq Composite closed at a record while the Dow is down about 4% over a month. The ten-year yield touched a 52-week high anyway. Selling still outweighs buying across the broad market, though the gap narrowed for a second day, and roughly three quarters of stocks remain in downtrends.
The Noise…
The skinny
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