Market Weakness Grows While Energy & Semiconductor Stocks Rise
The market is entering Wednesday with broad weakness expected at the open. Canadian equity ETFs have returned to sell signals, while the Dow and financials joined them in New York. The S&P 500 and Vanguard Total Market ETF are positioned at their lower channel lines and could trigger new sell signals, while the Nasdaq 100 is receiving support from continued semiconductor strength.
Sector performance remains divided. Energy stocks continue to benefit from rising crude oil, natural gas and diesel prices, while semiconductors are producing new buy signals despite weakness in Nvidia. Gold and mining stocks are consolidating, and several large technology names—including Microsoft, ServiceNow, Spotify and Zoom—are under pressure. The key takeaway is a market increasingly characterized by defensive sector strength alongside growing weakness in major indexes.
Stephen Whiteside
Wednesday, September 9, 2026
