The S&P 500 breached its 200-day moving average for the first time since May 2025 as the Dow settled at a new 2026 closing low of 46,021. Oil volatility and JPMorgan's forecast cut drove broad selling pressure Thursday.
FOMC voted 11-1 to keep rates at 3.5%–3.75% and pared the 2026 easing signal to one cut. Stocks fell to 2026 lows — Dow −768 pts, S&P 500 −1.36% to 6,624.70 — as core PCE forecasts were revised up to 2.7%.
All 11 S&P 500 sectors advanced for the first time since Iran's Hormuz closure. S&P gained 0.66% to 6,760, Dow up 0.91%, yield at 4.20%, ahead of Wednesday's FOMC.
XLE up 27% YTD as Brent crude holds above $103, driving the sharpest US sector divergence in years. Tech compresses under 4.27% Treasury yields as the FOMC convenes.
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