75% of the S&P 500 fell in September: megacap AI carried it, and rates explain why
The S&P 500 closed the third quarter at 7,651.54, down 0.25% on the final session and about 2.1% below its 7,816.70 record. Roughly three of every four stocks in that index fell during September, according to Morgan Stanley, and yet the headline finished a stone's throw from all-time highs. That is the 2026 tape in one snapshot: a market carried by a handful of megacap AI names while the median stock quietly bleeds. The move is not random dispersion. It is a rates story, and the math is worth following into Friday's employment report.
Key Takeaways About 75% of S&P 500 constituent stocks fell in September, yet the index closed the quarter only 2.1% below its 7,816.70 record, per Morgan Stanle…
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