Weekly Market Recap – Week Ending Sep 11, 2026
U.S. equity markets moved lower this week, with broad weakness across most major ETFs and sector benchmarks. The S&P 500 ETF (SPYM) declined 1.05%, while the NASDAQ 100 ETF (QQQM) slipped 0.57%, as small caps, dividend equity, financials, industrials, real estate, utilities, consumer staples, and consumer discretionary all posted losses. Health Care (XLV) was the weakest ETF in the group, falling 3.55%, followed by Materials (XLB), which declined 2.84%. Energy (XLE), Communication Services (XLC), and Technology (XLK) were the few areas that managed to post gains, suggesting narrow leadership amid a softer market backdrop. Stock-specific momentum remained strong in selected biotechnology, technology, clean energy, and international financial names, led by Moderna (MRNA), HP Inc. (HPQ), Itochu (ITOCY), SoftBank (SFTBY), Bloom Energy (BE), and Banco Bradesco (BBD).
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Strategy Note: Finding Value Opportunities Among Highly Rated Stocks (Featured tickers: SM, CRGY, DLX)
Thus far early in September 2026, market returns have been a “Warsh.” Any optimism from the positive returns in September’s first week were mostly washed out last week in the wake of Federal Reserve Chair Kevin Warsh’s hawkish tone ahead of the upcoming September 16 policy meeting. To add to traders’ angst, August’s Consumer Price Index (CPI) reported annual headline inflation at 3.4%, with core inflation ticking up 0.1 percentage point higher than estimated to 2.4%. Fed fund futures quickly shifted to price in an 87% chance of a 25-basis-point interest rate hike—the Fed’s first rate increase since 2023. The shock to the bond market quickly picked up momentum with traders punishing the utility sector where heavy debt is part of standard operating procedure. A rate hike drains more of the capital utilities need for operating.
During the first half of the month, market data has pointed to an ongoing, selective rotation away from all but the most defensive mega-cap tech plays. Nvidia (NVDA) managed a 0.4% gain. Advanced Micro Devices (AMD) soared 12%. The mag company that suffered most was Amazon (AMZN) which cratered 12%. Otherwise, energy, and biotech continued their recent climbs as most of the other select sector SPDRs suffered as investors brace for macroeconomic volatility.
Here is a table showing last week’s and year-to-date results for the eleven select sector SPDRs along with their ValuEngine ratings.
| Ticker | Sector Name | VE Rating | Last Week’s Gain/Loss (%) | Year-to-Date (YTD) Return (%) |
| XLE | Energy | 5 | 1.67% | 45.67% |
| XLC | Communication Services | 2 | 0.51% | 8.20% |
| XLK | Information Technology | 5 | 0.21% | 33.60% |
| XLRE | Real Estate | 1 | -1.16% | 2.40% |
| XLP | Consumer Staples | 1 | -1.42% | -1.40% |
| XLF | Financials | 3 | -1.46% | 15.30% |
| XLU | Utilities | 1 | -1.62% | -8.20% |
| XLI | Industrials | 1 | -1.65% | 11.12% |
| XLB | Materials | 2 | -1.74% | 10.03% |
| XLY | Consumer Discretionary | 1 | -3.20% | -5.40% |
| XLV | Health Care | 3 | -3.55% | 18.35% |
| SPYM | SPDR Portfolio S&P 500 ETF | -1.05% | 12.08% |
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September, historically the worst month of the year for the S&P 500 index, has brought heightened macro uncertainty regarding upcoming Federal Reserve decisions and jobs reports. Add in geopolitical uncertainty with no de-escalation in sight for the Iranian conflict and it is no wonder that investors have switched primarily to a risk-off posture. On the positive side, Chevron (CVX) and Exxon Mobil (XOM) had the best week, while Chevron and independent refiner Valero Energy (VLO) have risen highest year-to-date within XLE.
Here is a table with the corresponding numbers for the major ETFs with contrasting sizes, styles and country-of-origin stocks.
| Ticker | ETF Name / Asset Class | Last Week’s Change (%) | Year-to-Date (YTD) Change (%) |
| VUG | Vanguard Morningstar Growth (Large Cap Growth) | -0.49% | 7.39% |
| IWM | iShares Russell 2000 (Small Cap Equities) | -0.58% | 17.84% |
| VTV | Vanguard Morningstar Value (Large Cap Value) | -1.10% | 18.51% |
| VEU | Vanguard FTSE All-World ex-US (International Large Cap) | -1.42% | 15.36% |
| EEM | iShares MSCI Emerging Markets (Emerging Markets Equities) | -1.44% | 23.63% |
| MDY | SPDR S&P MidCap 400 (Mid Cap Equities) | -1.86% | 11.36% |
| GLDM | SPDR Gold MiniShares (Physical Gold Trust) | -1.97% | 0.74% |
| SPYM | SPDR Portfolio S&P 500 ETF | -1.05% | 12.08% |
No style, size or foreign stock category had positive returns last week. A few things in this table surprised us. Leading those off, we never expected the two performers in a risk-off and volatile week to be the Vanguard Morningstar Growth ETF (VUG) and iShares Russell 2000 Small Cap (IWM). These were the top performing categories and are generally considered riskier than their value (VTV) and large cap (SPYM) counterparts. This week VUG and IWM both outperformed SPY while VTV did not. Foreign stocks did not keep their winning streak going vs. SPYM. Vanguard FTSE All-World ex-US (VEU) and iShares MSCI emerging markets (EEM) both declined 1.4%. Another surprise is that GLDM, the “mini” version of SPDR’s Gold ETF Trust, was down 2%, keeping its significant year-to-date underperformance intact. In a risk off environment, gold often outperforms. But not this year.
A note we always like to add is that we used SPYM in lieu of SPY and GLDM as a substitute for GLD. SPY still uses an antiquated Unit Investment Trust structure which cannot lend securities or reinvest dividends as they become available. As a result, SPY loses about 6.5 basis points of performance per year in addition to have an expense ratio of 9.5 as compared with 2 basis points for GLDM. In short, the SPYM advantage on average adds up to 14 basis points (0.14%) each year. That may not sound like a lot of wasted money, but with compounding over 10 years the difference can come to tens of thousands of dollars. Even more egregious is GLD, the first grantor trust, lumped in with ETFs, to make a precious metal or a commodity easy to buy, sell or hold on an exchange. When it debuted in 2004, 40 basis points was a reasonable fee. Today, it is not. Competition lowered the bar to 17 basis points. Finally, the StateStreet SPDR group introduced ‘mini”-gold shares in the form of GLDM and is charging 10 basis points. For investors not trading $3 billion in one day, it makes more sense to buy new shares of GLDM rather than GLD. GLDM has an expense ratio just one-quarter of the fee for GLD.
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Given the macro and geopolitical environments and what might be a hawkish Fed meeting next week where rates are concerned, we thought it was a good time to search for ValuEngine highly rated (4 – Buy or 5 – Strong Buy) stocks with strong value characteristics. We looked for P/E ratios in the lowest 33% of the universe and in the top half of valuation ranks according to our proprietary valuation models. We also required stocks passing the screen to pay at least a 2% dividend yield.
We came up with exactly 25 stocks, 15 of them are in the Finance Sector. Some of these stocks are certainly worth looking at but we wanted to include just the top one from the financial sector in our top-5 analysis. The reason is that banks and related institutions have their margins shrunk if the feared Fed rate hike occurs. So, the table below reflects that modification and is otherwise in order of the lowest P/E on top.
| Ticker | Company Name | Sector Name | VE Rating | Valuation Rank (Mispr. Rank) | P/E Ratio | Forward P/E | Div. Yld. % |
| KMT | KENNAMETAL INC | Industrial Products | 4 | 63 | 4.8 | 8.3 | 2.7% |
| BVN | BUENAVENTUR-ADR | Basic Materials | 5 | 63 | 7.1 | 9.3 | 3.2% |
| BNPQY | BNP PARIBAS-ADR | Finance | 5 | 56 | 9.1 | 7.7 | 4.5% |
| SIRI | SIRIUS XM HLDGS | Consumer Discretion | 4 | 79 | 10.0 | 9.2 | 3.7% |
| GSK | GSK PLC | Medical | 4 | 57 | 10.0 | 9.8 | 3.7% |
| UGP | ULTRAPAR PA-ADR | Oils-Energy | 5 | 58 | 11.1 | 11.4 | 4.2% |
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A quick rundown on these Companies follows. Please note that ADR stands for American Depository Receipt where foreign shares are deposited in a grantor trust and shares of the trust trade on a US exchange for easy access to American investors.
Kennametal (KMT) – Kennametal Inc. develops and manufactures high-performance tungsten carbides, ceramics, and hard-material tooling solutions. It splits operations into two segments: Metal Cutting (supplying milling, hole-making, and turning tools for the automotive and aerospace industries) and Infrastructure (supplying custom wear-resistant components for underground mining, earth-cutting, and oil/gas drillers). The company was founded in Latrobe, PA, USA in 1938.
Compañía de Minas Buenaventura S.A.A. (ADR)- (BVN) is familiarly known as Buenaventura Mining. It is a precious metals-producing company engaged in the exploration, extraction, processing, and marketing of gold, silver, copper, zinc, and lead. It operates several mines throughout Peru and expands its operations into secondary infrastructure sectors like energy generation, electricity transmission, and chemical production for tailings management. The company started in Lima, Peru in 1953.
BNP Paribas (BNPQY) is the largest publicly traded bank in France and one of the largest banking networks across Europe. The group provides retail banking, asset management, investment services, and corporate financing solutions across dozens of global markets, with its core domestic strongholds sitting in France, Italy, and Belgium.
Sirius XM Holdings (SIRI )runs a massive subscription satellite and streaming radio network offering curated music, sports, news, talk, and comedy channels. Its broader media portfolio also includes a vast podcast advertising network, and factory-integrated “connected vehicle” infotainment systems partnered with major global automakers. Sirius was incorporated in 2013 via reorganization after merger in New York, NY, USA.
GSK Inc. (GSK) had formerly been known as Glaxo SmithKline. The post-merger entity started in 2000 but has roots going back more than 200 years. Based in the United Kingdom, GSK discovers, develops, and commercializes specialty medicines, vaccines, and general healthcare products.
Ultrapar (UGO) is one of Brazil’s primary business groups. Its largest driver of revenue is Ipiranga, a widespread fuel distribution network supplying thousands of gas stations across the country. UGO has been operating in Sao Paolo, Brazil since 1937.
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Of course, most companies otherwise meeting the value and yield criteria we set up to locate potential investments that are not substantially overpriced get ratings of 3 or lower. Usually that is because the stocks don’t have strong enough historical earnings stream data and are likely not anticipated by analysts to have a breakout earnings number to be released next quarter. One sector that got smacked last week was Consumer Staples. The Consumer Staples ETF (XLP) had a rough week and is rated by ValuEngine as 1 (Strong Sell). However, many of the stocks are considered undervalued The sector is considered defensive. Many of its companies, such as Coca Cola (KO), have low debt and high financial strength. In other words, these are the companies you want to reallocate positions to as rising interest rates typically do not hurt them.
A quick scan of the industry reveals that one Consumer Staples stock meets the criteria with a 4 (Buy) rating. It is an ADR named Adecoagro (AGRO). The Company is engaged in farming crops and other agricultural products, cattle and dairy operations, sugar, ethanol and energy production and land transformation. Adecoagro S.A. is based in Luxembourg. It has a P/E Ratio of 11,a dividend yield of 10.1% and is rated 2.5% undervalued by ValuEngine’s valuation model. Among US-domiciled companies, the standout is JM Smucker (SJM). Although it is rated 3, its forecast rank for the next quarter is 0.25%, which is highest among US companies in this sector. The J.M. Smucker Company is a leading marketer and manufacturer of consumer food and beverage products and pet food and pet snacks in North America. Its dividend is a healthy 3.7, its PE is 11 and our valuation model has it fairly valued with an 0.1% discount to fair value. People looking to cut back on growth equities might want to check out SJM and AGRO.
Market performance data for the past week ending September 11, 2026
In the below tables we use major ETF’s as a proxy for some major indexes as well as each of the sector groups into which we divide the overall markets. Tracking these over time provides a more defined picture of the US markets than simply tracking major indexes. This is followed by notable individual stock movers over the past month, and finally our full strategy outlook.
| Ticker | Name | VE Rating | Last Week’s Close Price | Weekly Change |
| QQQM | Invesco NASDAQ 100 ETF | 5 | 296.07 | -0.57% |
| SCHD | Schwab US Dividend Equity ETF | 2 | 34.8 | -1.95% |
| SPYM | State Street SPDR Portfolio S&P 500 ETF | 4 | 90.67 | -1.05% |
| VB | Vanguard Morningstar Small-Cap Index Fund ETF | 2 | 300.01 | -2.19% |
| XLB | State Street Materials Select Sector SPDR ETF | 1 | 52.44 | -2.84% |
| XLC | State Street Com Svc Sel Sec SPDR ETF | 2 | 112.03 | 0.51% |
| XLE | State Street Energy Select Sector SPDR ETF | 4 | 64.06 | 1.69% |
| XLF | State Street Financial Sel Sec SPDR ETF | 3 | 58.1 | -1.46% |
| XLI | State Street Industrial Select Sector SPDR ETF | 2 | 175.27 | -1.65% |
| XLK | State Street Technology Select Sector SPDR ETF | 5 | 187.28 | 0.21% |
| XLP | State Street Consumer Staples Sel Sect SPDR ETF | 1 | 84.58 | -1.42% |
| XLRE | State Street Real Estate Select Sector SPDR ETF | 1 | 43.93 | -1.16% |
| XLU | State Street Utilities Select Sector SPDR ETF | 1 | 43.08 | -1.60% |
| XLV | State Street Health Care Select Sector SPDR ETF | 2 | 171.45 | -3.55% |
| XLY | State Street Consumer Disc Sel Sect SPDR ETF | 1 | 114.91 | -1.70% |
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| Ticker | Name | VE Rating | Last Close Price | Price 30 Days Ago | Monthly Difference |
| ITOCY | Itochu ADR Repg Two Ord Shs | 4 | 15.05 | 12.49 | 20.50% |
| SFTBY | SoftBank Group Corp – ADR | 5 | 21.65 | 18.17 | 19.15% |
| BBD | Banco Bradesco SA | 4 | 3.6 | 3.09 | 16.50% |
| Ticker | Name | VE Rating | Last Close Price | Price 30 Days Ago | Monthly Difference |
| MRNA | Moderna Inc | 5 | 143.97 | 64.46 | 123.35% |
| HPQ | HP Inc | 4 | 35.48 | 29.4 | 20.68% |
| BE | Bloom Energy Corp | 5 | 275.75 | 232.16 | 18.78% |
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Herb Blank
Chief Quantitative Analyst
ValuEngine.com
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