Weekly Market Bullets

for the week ending 9/18/2026

• US Equity Markets were mixed last week as the Fed raised interest rates. The S&P 500 fell 0.1% for the week and is now up 11.8% for the year. The Nasdaq managed a gain of 0.7% for the week as investors returned to AI-related stocks to bring its gains for the year to 14.1%. The Russell 2000 (small cap stocks) dropped 1.5% for the week, impacted by rising rates, and is now up 15.3% for the year.

• Global Equity Markets declined last week as rising energy prices increased inflation concerns in Europe and the Bank of Japan raised interest rates. Developed Markets fell 1.5% for the week and are now up 8.9% for the year. Emerging Markets were down 0.6% for the week to bring their gains for the year to 21.8%.

• US Interest Rates hit multi-year highs last week as the Fed hiked rates. The Fed raised the Fed Funds rate by 0.25% last week, as expected, and suggested that one more rate increase will likely occur by the end of the year. As a result, the yield on the US 10-Year Treasury hit its highest level since 2007 before closing the week at 4.99% vs. 4.97% the prior week. The yield on the 2-Year Treasury rose more sharply, closing the week at 4.74% vs. 4.62% the prior week.

• Under the surface, equities appear to be under greater pressure. While the S&P 500 is only down about 2.1% from its all-time high, the average S&P 500 stock is down about 20% from its high, highlighting more pain under the surface of the index. This suggests that investors have been rotating into some of the largest companies in the S&P 500, which is helping prop up the overall index.

Market Data

for the week ending 9/18/2026