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Most stocks fell on Monday, and the index fell with them

On Monday, September 28, 1,790 US common stocks rose and 3,819 fell, with the S&P 500 fund losing 0.74% and the equal-weight fund losing 0.65%.

· 2 min read · ETF.net Research

A moody, shadowed view of the Wall Street subway station entrance in New York City.
Photo by Willian Justen de Vasconcellos on Pexels

Key takeaways

  • 3,819 stocks fell on a day the index fell too.
  • Equal weight fell almost as much as the index fund.
  • A few hard-hit names did not explain the whole drop.
  • The typical stock is still far behind the index fund.

On Monday, most US stocks fell, and the index fell with them. Of 5,832 US common stocks, 1,790 rose, 3,819 fell, and 223 were unchanged.

Friday was nearly even, with 2,842 stocks rising and 2,706 falling in the same count.

SPY, the fund that holds the S&P 500, fell 0.74%. RSP, the fund that holds the same dollar amount of each of those stocks, fell 0.65%. On the same 500 stocks, size made little difference.

Nvidia, the largest holding in SPY at 8.1%, rose 1.68% and added 0.14 percentage points to the fund. Meta fell 4.79% and took 0.12 percentage points off the fund, nearly offsetting that gain. Apple fell 0.78% and Microsoft fell 1.35%.

Eight of 20 very large stocks rose, Nvidia among them. Twelve listings fell, a count that includes both of Alphabet's share classes, plus Amazon, Broadcom and Tesla.

QQQ, the fund that holds the Nasdaq-100, fell 1.07%. Intel fell 5.67%, and the declines in Intel, Meta, Advanced Micro Devices and Micron accounted for more than half of that loss. RSP still fell 0.65%, so the drop ran well past those four names.

IWM, the fund that tracks the Russell 2000 index of smaller US stocks, fell 0.68% as well.

Large, small and equal-weight funds all fell

Total return, Monday, September 28, 2026

  • Total return
  • Nasdaq-100
    • Total return −1.1%
  • S&P 500
    • Total return −0.7%
  • Russell 2000
    • Total return −0.7%
  • Equal-weight
    • Total return −0.6%

Nasdaq-100 fell the most; S&P 500 and equal-weight nearly matched.

The stock drop came with a jump in oil and a higher Treasury yield. President Donald Trump said over the weekend that he had rejected Iran's proposal to reopen the Strait of Hormuz.

Hamad Hussain, senior climate and commodities economist at Capital Economics, said oil prices appeared to have jumped on the back of that rejection.

US crude traded as high as $96.53 and was $93.25 at 4:32 p.m. ET, up 0.91% from Friday's settlement. Most of that jump was gone by late afternoon.

The 10-year Treasury yield rose 6 basis points to 5.24%, its highest since 2007. TLT, the fund that holds US Treasuries maturing in more than 20 years, fell 0.88%.

The typical stock is still far behind

Through Monday, RSP was down 4.9% over the past month, including dividends, and SPY was down 0.5%.

Frequently asked

How many stocks fell on Monday?

Of 5,832 US common stocks, 3,819 fell, 1,790 rose, and 223 were unchanged.

Did the equal-weight fund fall with the S&P 500?

The equal-weight fund fell 0.65%, against a 0.74% loss for the S&P 500 fund.

Why did oil prices jump?

Hamad Hussain of Capital Economics said oil prices appeared to have jumped after President Trump rejected Iran's proposal to reopen the Strait of Hormuz.

How has the typical stock done over the past month?

Through Monday, the equal-weight fund was down 4.9% over the past month, including dividends, and the S&P 500 fund was down 0.5%.

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