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Oct 06 2026
Market Internals

Stock Market Dynamics

  • Oct 6, 2026

As rates jumped in September, the S&P 500 showed remarkable resilience, closing the month flat. That fortitude ended at the index level. The average large-cap stock dropped 5%, matching mid- and small-cap losses in the worst month for market breadth in recent memory. Together, it drove equal-weight/cap-weight relative strength through its October 2025 trough to a new 23-year low.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

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