Major indices are all advancing today, after yesterday’s FOMC meeting.

Six sectors are moving higher, with Technology (XLK) in the lead and getting a boost from Intel (INTC), after Nvidia (NVDA) made a $5B investment in the company. In addition, semiconductors also make up many of the top names in the sector, after getting a boost from this news. Crowdstrike (CRWD) is the 2^nd best performer in the sector, after the company guided accelerated FY27 growth during the Fal.Con 2025 conference.

On the flip side, Consumer Staples (XLP) is the laggard, as investors rotate out of risk-off sectors.

Economic Data

The Philadelphia Manufacturing Index rose to 23.2 in September from -0.3 in August and well above forecasts of 2.3. This marks the highest reading since January.

Notable Changes:

• Business Conditions rose to 31.50 from 25
• Employment declined to 5.6 from 5.9
• New Orders rose to 12.40 from -1.9
• Shipments Index rose to 26.1 from 4.1
• CAPEX Index fell to 12.5 from 38.4
• Prices Paid rose declined to 46.8 from 66.8

The Conference Board Leading Index fell 0.5% M/M in August following its 0.1% increase in July and below estimates of a 0.2% decline.

Consumer Expectations, ISM New Orders, Building Permits, and Weekly Hours were all the biggest contributors to the decline. However, these were partially offset by the S&P 500’s performance and the Leading Credit Index.

Notably, this move triggered the recession signal. However, recent triggers in the past few years have not resulted in a recession.

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