Weekly Market Bullets

for the week ending 8/28/2026

• US Equity Markets were mixed last week, as positive earnings from mega cap technology firms were offset by concerns about higher interest rates. The S&P 500 was up 0.5% for the week and is now up 12.7% for the year. The Nasdaq rose 0.9% for the week on strength in technology to bring its gains for the year to 13.6%, while the Russell 2000 (small cap stocks) fell 1.5% for the week on interest rate fears and is now up 19.8% for the year.

• Global Equity Markets were largely unchanged last week as inflation data is uneven in Europe and interest rates increased. Developed Markets ticked down 0.03% for the week and are now up 12.4% for the year. Emerging Markets eked out a 0.01% gain for the week and remain up 22.6% for the year.

• Inflation Data met expectations, while Fed Chairman Warsh suggests higher rates are coming. The Personal Consumption Expenditures (PCE) Index for July rose 3.7% from a year ago, in line with forecasts and June levels. Core PCE, which excludes food and energy prices, rose 3.3% from a year ago, also in line with forecasts and June levels. Fed Chairman Warsh's hawkish speech on Friday caused the yield on the US 2-Year Treasury to rise to 4.34% from 4.23% the prior week. Investors now believe there is a 57% probability of a rate hike at the Fed meeting in September, up from around 33% the prior week.

• September is historically the weakest month of the year. According to Baird Strategas, since 1950, the S&P 500 has only been up 45% of the time in the month of September with the average monthly return of -0.6%. In mid-term election years, the average monthly return is -0.8%. However, when the market has positive trends entering September (as it does not), the average monthly return is +0.3%.

Market Data

for the week ending 8/28/2026