US Stock Market Report
Hotcoin TradFi Daily Asset Report (September 23, 2026)
.PNG)
Author kim
The Nasdaq continued to reach new closing highs, the S&P 500 was essentially flat, the Dow retreated, and the VIX fell to 14.21. Today, we are watching whether the strength of AI-related assets can continue, and whether remarks from Federal Reserve officials, energy data, and changes in oil prices will affect market expectations.
U.S. Stock Market Overview: Technology Stocks Were Relatively Strong, but the Broader Market Did Not Rise in Sync
On September 22, the Nasdaq Composite closed at 27,244.28, up 0.45%; the Dow fell 0.36%; and the S&P 500 declined by just 0.06 points, essentially unchanged. The VIX fell from 14.87 to 14.21, a decrease of 4.44%.
|
Indicator
|
September 22 Close
|
Change from Previous Close
|
|---|---|---|
|
S&P 500 Index
|
7,764.64
|
Essentially unchanged, down 0.06 points
|
|
Nasdaq Composite Index
|
27,244.28
|
+0.45%
|
|
Dow Jones Industrial Average
|
51,863.69
|
−0.36%
|
|
VIX Volatility Index
|
14.21
|
−4.44%
|
Hotcoin Observation:The Nasdaq reaching a new high while the Dow declined shows that differences between asset classes remain. The decline in the VIX reflects a decrease in implied volatility expectations in the options market, but it cannot be used alone to determine that all stocks will continue to rise. Beyond the technology sector, we are paying closer attention to whether more assets are also attracting sustained buying.
Market Focus: How Will AI Demand and Changes in Oil Prices Affect Asset Performance?
In the previous trading session, Micron and other AI-related stocks supported the Nasdaq, while the decline in oil prices provided another important backdrop. The market is simultaneously focused on the growth potential of technology companies and assessing how changes in energy prices may affect inflation and interest-rate expectations.
These two factors operate in different ways. AI demand involves corporate revenue, capital expenditures, and future profits; oil prices may affect a broader range of assets through production costs, consumer spending, and inflation expectations. Observing both together is more helpful than simply attributing all gains and losses to a single piece of news.
Our View:If corporate growth expectations continue to be validated while energy price pressures ease, growth-oriented assets may find a more favorable environment. However, if oil prices rise again, or if earnings improvement fails to keep pace with already elevated valuations, market reactions may also change. Today, the focus should be on how these conditions evolve, rather than directly extrapolating yesterday’s gains.
Hotcoin TradFi Key Asset Volatility: 24-Hour Performance at the Same Time Point
As of 11:17:39 Beijing Time, MUUB/USDT had risen 7.28%, while AXTIB/USDT had fallen 5.64%; both showed relatively notable volatility among the valid samples in this issue. The following five pairs were selected by the absolute value of their 24-hour percentage change, with the direction of gains or losses retained.
|
Spot Trading Pair
|
Latest Price (USDT)
|
24-Hour Change
|
|---|---|---|
|
MUUB/USDT
|
38.56
|
+7.28%
|
|
AXTIB/USDT
|
77.10
|
−5.64%
|
|
MRNAB/USDT
|
182.92
|
+5.32%
|
|
SNDKB/USDT
|
1,876.84
|
+4.86%
|
|
BMNRB/USDT
|
29.05
|
+4.79%
|
This issue covers 71 spot trading pairs in enabled status, the U.S. stock category, and quoted in USDT; after excluding 2 delayed quotes, the selection was made from 69 valid samples. Perpetual contracts and other categories are not covered, so this does not represent the volatility ranking across the entire platform. The figures in the table show the platform products’ rolling 24-hour performance, not the closing returns of the underlying U.S. stocks on September 22.
Hotcoin Observation:Both gains and losses were present among the platform samples, once again showing that the broader market direction cannot summarize every product. Even when a ticker resembles the name of a familiar stock, the distinction in product structure cannot be omitted, and platform gains must not be directly treated as gains in the corresponding stock. Today’s comparison focuses on differences in performance over the same window, rather than forcing different measurement standards into a single ranking.
Analysts’ Views: AI Growth Logic Coexists with Policy Uncertainty
Ulrike Hoffmann-Burchardi｜UBS Chief Investment Officer for the Americas in the Chief Investment Office and Head of Global Equities:In her September 22 commentary, she maintained a positive view of AI-related investment, based mainly on progress in applications and commercialization, as well as growth in capital expenditures.
Jim Reid｜Deutsche Bank strategist:In his commentary on the same day, he noted that the market remains focused on how the current one-year trade truce arrangement will continue after it expires in November. An overall positive mood does not mean that a new agreement has already been reached.
Our Interpretation:Corporate-level growth logic can coexist with uncertainty at the trade and policy levels. AI demand provides clues about earnings expectations, while trade arrangements affect supply chains and the operating environment. For related assets, these factors need to be tracked separately; one cannot replace the entire assessment with the other.
Today’s Major Events Calendar: Watch Economic Remarks and Energy Inventories
Below are the key events with confirmed times covered in this issue, not a complete calendar for the day. As of the market snapshot, neither event had occurred; during this issue, Beijing Time is 12 hours ahead of ET.
|
U.S. Eastern Time (ET)
|
Beijing Time
|
Event
|
Key Points to Watch
|
|---|---|---|---|
|
September 23, 10:05
|
September 23, 22:05
|
Federal Reserve Governor Barr speaks on the economic outlook and housing
|
Economic assessment, housing affordability, and financing conditions
|
|
From September 23, 10:30
|
From September 23, 22:30
|
Key data from the EIA Weekly Petroleum Status Report
|
Crude oil and refined-product inventories, refinery activity, and supply-and-demand changes
|
Barr’s speech is not a new interest-rate decision; its policy implications should be assessed based on the actual content. Energy data should likewise be read together with individual components such as crude oil and gasoline: inventory changes may result from production, imports and exports, refinery processing, or changes in demand. One should not assume that oil prices will inevitably move in a particular direction based solely on whether inventories increase or decrease.
Hotcoin’s Observation Today: From New Index Highs to Verifying the Quality of the Rally
1. Watch whether technology strength broadens.The Nasdaq has already reached a new high. The more valuable question now is whether the rally can bring more sectors along, rather than having only a small number of assets remain strong.
2. Watch whether changes in oil prices affect interest-rate expectations.Energy prices affect not only energy companies, but also costs and inflation expectations. After the inventory data are released tonight, it will be necessary to compare the actual price reaction rather than looking only at the direction of the data.
3. Observe whether platform volatility has persistence.The 24-hour percentage change records past movements. When viewing relevant assets through Hotcoin TradFi, we will continue to consider subsequent price and trading performance, while comparing them separately with the official trading hours of the underlying markets.
The key issue today is not whether all assets will rise after the Nasdaq hits a new high, but whether corporate growth expectations can continue to be fulfilled and whether the macro environment provides support. We will continue to present market facts, institutional views, and platform product performance separately, focusing on the actual changes brought about by new information.
.PNG)
.PNG)