Stocks had a great day on the surface. But something alarming occurred not seen since 1999 - CNBC

The Nasdaq Composite surged 2% to a new record on Monday, September 21, 2026, while the S&P 500 climbed about 1.5% and now sits less than 1% below a fresh high.
Despite the rally, more S&P 500 stocks hit new 52-week lows than highs during the session, with 30 stocks reaching new lows versus only seven touching new highs.
The last time the index gained at least 1% to within 1% of a new high while new lows outnumbered new highs was December 21, 1999, just months before the Dotcom Bubble peaked, according to SentimenTrader founder Jason Goepfert.
Goepfert noted the only other historical instance of this dynamic was July 23, 1929, adding rare context to the divergence.
B. Riley Wealth chief market strategist Art Hogan attributed the split to narrow leadership from communication services, information technology and consumer discretionary; while IT sits under 1% from its high, communication services and consumer discretionary trail by 4% and 7%.
Hogan warned similar sessions could recur if sentiment stays weak amid Middle East tensions, elevated energy prices and continued Fed rate hikes, though the S&P 500 has still risen more than 13% in 2026 and over 19% in the past six months.