US Stock Market Overview at End of September: All Three Indices Hit New Highs, Tech Stocks Lead Rally

On September 28, 2026, the US stock market continued its recent strong performance, with all three major indices collectively rising to set new historical highs. After experiencing mid-term volatility and adjustments, the market showed strong momentum in the final month phase, with tech stocks emerging as the leading force, driving overall market sentiment to continue warming. In terms of trading volume, market activity was robust, indicating that investor confidence is gradually recovering and funds are actively positioning for year-end trading opportunities.

Performance of the Three Major Indices: Nasdaq Leads, S&P 500 Breaks 6,200 Point Barrier

As of the close on September 28, the Dow Jones Industrial Average rose 0.82% to close at 38,750.23 points; the S&P 500 index increased 1.15% to 6,235.78 points, breaking through the 6,200 psychological barrier for the first time; the Nasdaq Composite Index performed strongest, rising 1.68% to 17,245.36 points, just shy of its all-time high. All three indices reached recent highs, showing an overall upward trend in the market.

Technically, all three indices have broken through key resistance levels and are trading above their 60-day moving averages. Particularly, the Nasdaq index has a Relative Strength Index (RSI) of 68, indicating a strong zone but not yet in overbought territory, suggesting there is still room for further gains. Market analysts note that such a broad-based rally is relatively rare in recent times, typically signaling that the market may be entering a new upward cycle.

Accelerating Sector Rotation: Tech Stocks Lead, Energy Sector Follows

In terms of sector performance, tech stocks were undoubtedly the absolute stars at the end of this month. The Nasdaq 100 index, dominated by tech stocks, has risen more than 8% so far this month, with artificial intelligence, cloud computing, and semiconductor sectors showing particularly outstanding performance. After NVIDIA (NVDA) released details of its Blackwell Ultra architecture this week, its market capitalization surged by over $200 billion in a single day, reaching a new all-time high, driving the entire AI industry chain stocks to strengthen collectively.

Notably, while tech stocks continue to rise, traditional value sectors have also shown significant rotation. The energy sector performed impressively this week, with WTI crude oil futures prices breaking through $80 per barrel, leading to substantial increases in the stock prices of energy giants like ExxonMobil (XOM) and Chevron (CVX). Analysts believe this sector rotation indicates the market is gradually moving away from its dependence on the "Magnificent Seven," with profits beginning to spread across broader industries.

Hot Stock Movements: AI-Related Stocks Lead, Defensive Sectors Favored

At the individual stock level, tech giants remain market focal points. Besides NVIDIA, Microsoft (MSFT) announced expanded cooperation with OpenAI this week, causing its stock to rise 3.2%; Google's (GOOGL) quantum computing breakthrough received collective endorsement from Wall Street analysts, driving its stock up 2.8%. Meanwhile, AMD's stock rose more than 5% in a single day after a major reversal in Wall Street ratings, leading the "AI second tier."

Defensive sectors also attracted capital favor at the end of this month. The healthcare sector performed steadily with significant increases in positions by hedge funds, with leading stocks like Johnson & Johnson (JNJ) and Pfizer (PFE) reaching new