Markets Open September on a Calm Note — Energy and Healthcare Hold the Lead
By Nummius · September 03, 2026
Equities kicked off September with a risk-on tone as the VIX shed nearly 7% to close at 15.2, signaling a meaningful pullback in near-term fear. SPY and QQQ both firmed into the close, supported by broad sector participation and active manager positioning running well above neutral. With NAAIM exposure at 84, institutional players are clearly not hedging for a slowdown — and the options market is backing that up.
⚡ Sector Rotation
Energy (XLE) holds the top RRG spot with both strong relative strength and momentum, while healthcare (XLV) stays firmly in the leading quadrant — a combination that historically skews defensive-growth rather than pure risk-on. Notably, XLC climbed one rank to #3 and XLK improved to #6 despite staying in the lagging quadrant, suggesting tech may be quietly rebuilding relative momentum. Track how these rotations develop in real time with the Nummius Market Sentiment Tracker.
🌐 Intermarket
With intermarket data not available for today’s session, the clearest macro read comes from the RRG itself: energy leadership alongside improving utilities and REITs suggests the bond market may be pricing in rate stability, even as the labor picture remains mixed. Recent data from the Bureau of Labor Statistics continues to show a resilient but cooling jobs market — a backdrop that keeps the Fed on hold and risk assets supported. Screen for names benefiting from this setup using the Nummius Watchlist & Stock Screener.
📅 What to Watch
- Put/call ratio at 0.95 (total) with equity PC at 0.67 — still bullish, but index hedging at 1.03 signals some caution on large-cap indices heading into the week.
- NAAIM at 84.02 leaves room for further institutional buying but also means the easy money from underweight managers covering may be fading.
- Watch XLP and XLU improving quadrant momentum — if they accelerate into leading, it may signal a defensive rotation is quietly building beneath the bullish surface.
This analysis is AI-generated based on market data provided by the Nummius platform and is not financial advice. Always conduct your own research before making investment decisions.