Markets sold off on Thursday, with the Nasdaq-100 leading the way to the downside while participation hit recent lows.
Below are highlights from the NDW Morning Update Video for the morning of 09/11/2026. Access the video on the NDW Morning Update Video page.
- Markets sold off on Thursday, with the Nasdaq-100 (NDX) leading the way to the downside among domestic equities with a 1.08% decline. Meanwhile, emerging markets took the biggest hit on the day, with the iShares MSCI Emerging Markets ETF (EEM) falling 2.16%.
- Crude oil (CL/) saw its eight consecutive day of gains after rising nearly 7%. The commodity is up almost 50% so far in the third quarter, moving back above $100/bbl on Thursday for the first time since May as geopolitical conflict continues.
- As mentioned in the most recent featured article, volatility (VIX) has been at fairly low levels, which often precedes an uptick in market fear. On Thursday, the VIX, known as the market’s “fear gauge,” rose almost 10% to briefly climb back above 18.
- Movement underneath the surface of domestic equities caused a change in our DALI sector rankings this week. Industrials dropped to the third ranked sector, moving behind technology. However, the move was driven entirely by industrials weakness, as it lost 17 signals in September, compared to a loss of only one signal for tech.
- Participation has taken a major hit over the last month. The bullish percent for the S&P 500 fell to 43% on Thursday—its lowest level since April. While the market is holding up for now, a further decline in participation would serve as a headwind for the rest of the year.
