2026-09-21 · A Narrow Chip Rally Before the Summit
A chip-led melt-up sent the Nasdaq Composite to a record, but the typical stock barely moved, and the sharpest read of the day was the refiners breaking as crude slid.
The Signal
The Nasdaq Composite closed at a record for the first time since June, led by a surge in chip stocks, with AMD crossing a trillion dollars in market value. Oil slid again and Treasury yields eased ahead of this week's Trump and Xi summit. Underneath, the typical stock barely moved, most names remain in downtrends, and sellers outnumber buyers roughly three to one among stocks with a readable flow of money.
The…
The skinny
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