Weekly Recap: QQQ Gains 3.20% While Small Caps Slip

In the trading week of September 21 through September 25, 2026, large-cap technology outperformed while small caps finished lower. Measured from the September 18 close to the September 25 close, the Nasdaq-100 fund QQQ rose 3.20% to 744.50 from 721.45. SPY, which tracks the S&P 500, gained 1.27% to 771.35 from 761.69, and DIA, which tracks the Dow Jones Industrial Average, rose 0.31% to 517.49 from 515.88.

The small-cap IWM moved the other way, falling 0.75% to 281.97 from 284.10. The difference between QQQ's weekly gain and IWM's weekly loss was 3.95 percentage points, a wide split between the growth-heavy and small-cap benchmarks.

The equity moves came alongside a sharp rise in long-term borrowing costs. Measured over the same window as the funds, FRED's 10-year Treasury yield rose from 5.01% on September 18 to 5.17% on September 25, an increase of 16 basis points. The 2-year yield ended the week at 4.81%.

Volatility remained contained by the end of the week. The VIX stood at 14.87 on September 25, and the high-yield option-adjusted spread was 2.93 percentage points.

Weekend coverage focused on the interplay between stocks and bonds. A CNBC headline on Saturday read "The 10-year Treasury yield is at its highest in nearly two decades. How we got here," and a WSJ article was titled "Stocks Are Defying Surging Bond Yields. Here's What History Says Could Come Next." Reuters reported that China and the U.S. agreed to a $30 billion tariff cut and an AI dialogue during a visit by Xi, according to its headline.

Data

Data: FMP, FRED. Figures are close-to-close unless stated.

In the news

• CNBC: The 10-year Treasury yield is at its highest in nearly two decades. How we got here
• WSJ: Stocks Are Defying Surging Bond Yields. Here's What History Says Could Come Next.
• Reuters: China, US agree to $30 billion tariff cut, AI dialogue during Xi visit