Weekly Market Bullets

for the week ending 9/4/2026

• US Equity Markets were little changed last week, as a sharp rise in oil prices and growing expectations for a Fed rate hike were offset by continued strength in technology stocks. The S&P 500 eked out a 0.1% gain for the week and is now up 12.8% for the year. The Nasdaq rose 0.4% for the week to bring its gains for the year to 14.1%, while the Russell 2000 (small cap stocks) was up 0.1% for the week and is now up 19.9% for the year.

• Global Equity Markets were mixed last week, with renewed tensions between the US and Iran and rising oil prices impacting markets. Developed Markets fell 0.2% for the week and are now up 12.3% for the year. Emerging Markets rose 0.2% for the week and to bring their gains for the year to 22.9%.

• Strong US Payroll Data push interest rates higher. Payroll gains in August totaled 162K, well above expectations of 53K and higher than an upwardly revised 21K in July. The Unemployment Rate held steady at 4.1%. The strength in the labor markets caused interest rates to rise, with the yield on the US 10-Year Treasury closing at 4.78% vs. 4.71% the prior week. Investors are now placing a 59% probability that the Fed raises rates at its upcoming meeting this month.

• Diesel prices are at an all-time high. While much of the attention around inflation focuses on oil prices, diesel prices closed Friday at a record high. According to AAA, the average price for a gallon of diesel closed at $5.85, up 58% from a year ago and exceeding the last record set in June 2022. Diesel is essential to the transportation industry and is effectively an input cost on virtually every product we purchase. This could be an important source of renewed inflation concerns.

Market Data

for the week ending 9/4/2026