Weekly Market Update for September 25, 2026
by Gavyn Jensen-Schneider, Research Associate
Technology continues to forge ahead, leading to gains for major indices. The S&P 500 finished the week up +1.21%, while the Nasdaq rose +2.06%. The 10-Year Treasury yield, an interest rate indicator, closed at 5.17%, up +17 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, closed at 4.36%, up +9 bps from last week.
The Trump-Xi summit brought much fanfare to Washington, DC this week, though specific policy accomplishments were minimal. The US and China extended their trade truce for another two months, creating additional breathing room to finalize a tariff deal. Trade Representative Greer also indicated that the two nations had reached a tariff reduction agreement on a “subset” of goods, to be detailed on September 28th. AI safety was likely a major topic behind closed doors, though the only substantive announcement was a bilateral AI safety summit to take place in November of this year.
Meta continued to capitalize on the momentum of its new personal AI agent Muse, which catapulted to the #1 AI app on the Apple App Store. At Meta Connect 2026, CEO Mark Zuckerberg unveiled the latest additions to the smart glasses’ lineup as well as a brand-new form factor: a keychain-sized, audio-activated AI assistant called Muse Charm. The stock bounced nearly 13% on the week from its AI momentum.
The Iran conflict continues to adversely affect fuel markets, with diesel prices spiking in recent weeks. US diesel was priced around $3.90 a gallon on March 2, a few days after the start of the conflict, and has risen to $6.53 a gallon as of September 21. A substantial portion of that price rise has come in September alone, as prices rose $0.93 per gallon over the course of the month, thus far.
Some respite might be in the cards, as Iranian negotiators have proposed a seven-day plan to reopen the Strait of Hormuz, mitigate economic sanctions, and rekindle nuclear talks. The US has not commented on the plan, but the warring nations seem to be having positive discussions through mediators.
The turn of the month—and end of the third quarter—means a fresh set of economic indicators. August JOLTS will be released on Tuesday, followed by the final Q2 GDP reading and August PCE inflation on Wednesday. Nonfarm payrolls and the unemployment rate close out the week on Friday. Investor conferences are plentiful as well, though OpenAI’s developer day on Tuesday is the major highlight.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment. Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss.
Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
Weekly Market Update for September 18, 2026
by Gavyn Jensen-Schneider, Research Associate
Market indices waffled throughout the week. The S&P 500 finished the week down -0.08%, while the Nasdaq rose +0.72%. The 10-Year Treasury yield, an interest rate indicator, closed at 5.00%, up +3 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, closed at 4.27%, up +12 bps from last week.
The Federal Open Market Committee (FOMC) hiked interest rate policy by 25 basis points at its meeting Wednesday, bringing the rate to 3.75% – 4.00%. The unanimous decision was described as “removing a dose of accommodation” by Chairman Warsh as the FOMC was “hard pressed” to call interest rate policy restrictive. The Chairman, who has already gained a reputation for being tight-lipped, gave little new information to market watchers, only describing the labor market as stable and highlighting elevated 6- and 12-month inflation trends.
The FOMC also released its quarterly summary of economic projections (SEP), in which committee members estimate the future path of the economy and interest rates. Inflation was clearly the worry of the committee, as the median member foresaw core PCE inflation at 3.7% by the end of 2026, before steadily lowering in 2027 and 2028 to reach the Fed’s 2% target. To beat back projected inflation, 16 of 18 FOMC participants forecast another interest rate hike before the end of the year. Consistent with his dislike of forward guidance, Chairman Warsh did not provide his own interest rate “dot” estimate in the SEP.
AI safety has been gaining attention in recent weeks, reaching a fever pitch as Anthropic CEO Dario Amodei called for global coordination and an international slowdown in AI development. Amodei sees AI as an amazingly powerful tool, but believes more third-party safety evaluators, regulation and cybersecurity protocols need to be developed to keep AI aligned with its users’ goals. Other AI leaders, including Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman pushed back, calling for tech leadership to self-regulate rather than bringing in government regulators. OpenAI and Anthropic have both committed to allowing independent evaluators access to company systems and models prior to their public releases.
International regulation on AI is one of many potential topics for President Donald Trump and President Xi Jinping next week as the Chinese leader visits Washington DC. Xi’s White House visit on September 24th will be the first in a decade, and the second summit of the two leaders this year. Outside of AI, the two dignitaries have much else to discuss; extending the tariff truce that began in October 2025 and expires on November 10th; locking in a deal for US agricultural and industrial goods; discussing the island of Taiwan; stemming fentanyl flows from China; and the Iranian conflict.
Trump and Xi’s Thursday meeting dwarfs the other events on next week’s calendar. A few investor day events are scheduled, including the Meta Connect event, while economic data primarily includes manufacturing and services PMI and September’s final reading of University of Michigan Consumer Sentiment.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment. Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss.
Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
Ulland named to Broadridge’s Top 40 — across three SMA strategies
A quick and proud note for this month.
Three of our SMA strategies were recently (June) named to Broadridge’s Top 40 Money Managers (powered by Lipper) for the 12 quarters ended March 31, 2026.
Our strategy fact sheets are here:
- Intelligent Fixed Income (Preferred Stock)
- Intelligent Blend (U.S. Equity)
- Intelligent Fixed Income Gov (Treasury)
- Defensive Growth (Multi Asset Class)
Want to connect? Let’s Talk: Schedule an Intro Meeting.
Summer is here, enjoy it! -Nat
Please click the strategy name to view the full Top 40 list for each strategy.
- Intelligent Fixed Income — #5 of 1,032 in the U.S. Fixed Income (All Styles) category | $192.3M AUM
- Defensive Growth — #15 of 333 in the U.S. Balanced/Multi-Asset (All Styles) category | $151.1M AUM
- Intelligent Blend — #37 of 246 in the U.S. Diversified/Multi-Cap Equity category | $38.9M AUM
Ranking source: Broadridge MarketPlace (powered by Lipper), Top 40 Money Managers, for the 12 quarters ended 3/31/2026, based on net-of-fee composite returns. Strategy assets as of 3/31/2026. Rankings reflect past performance and are not indicative of future results.
No compensation has been provided directly or indirectly by Ulland Investment Advisors, LLC in connection with obtaining or using the third-party rating. Rankings were released on 6/1/2026.
Best Money Managers is a comprehensive survey of institutional money managers’ performance. All rankings in this publication have met the following requirements:
• Performance must be calculated “net” of all fees and brokerage commissions. This means after all fees and commissions have been deducted;
• Performance must be calculated inclusive of all cash reserves;
• Performance results must be calculated in U.S. dollars, that is, from the perspective of a U.S.-based investor;
• Performance results must be calculated on an asset base which is at least $10 million in size for traditional” U.S. asset classes (equity, fixed income, balanced accounts) or at least $1 million in the case of international and “alternative” U.S. asset classes;
• The classification of the product must fall into one of the categories which Broadridge ranks. Broadridge only publishes rankings for categories/time period combinations for which Broadridge has at least 20 contenders.
Best Money Managers is published quarterly. While Best Money Managers acts only in a reporting capacity, every effort has been made to ensure the accuracy of the information. The “BROADRIDGE Best Money Managers, powered by Lipper” ranks investment managers against peers that have submitted performance history to the Broadridge/Lipper Marketplace database. Performance rankings are available for the most recent quarter, 4 quarter, 12 quarter, 20 quarter and 40 quarter periods. Investment managers are ranked by investment strategy performance relative to peers. Broadridge rankings are not intended to constitute investment advice or predict future results. Rankings are generally based upon information prepared and submitted by advisers. Please visit the Broadridge Marketplace website (https://marketplace.broadridge.com/marketplace) for more details about the “BROADRIDGE Best Money Managers, Powered by Lipper” rankings.
The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment.
Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss. Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investing involves risk; principal loss is possible. Investors should consider the investment objectives, risk, charges, and expenses of the strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors at www.ullandinvestment.com or 612.312.1400.
6/5/2026
A Tribute to Jim Ulland
From the UIA Team
Following a Thanksgiving week filled with family time for many, it is with heavy hearts that we share the sad news of our founder Jim Ulland’s passing. We would first and foremost like to send our thoughts and prayers to the Ulland family, including his wife Kris, and his children Olivia (Farris Hussain) Argañaraz and Matias (Hayley Jones) Argañaraz. Thank you for sharing your amazing husband and father all these years. We are eternally grateful and blessed to have had Jim in our lives. As we mourn Jim, we wanted to use our medium this week as a tribute to him.
Born in Duluth, Jim received degrees from Carleton College and the University of Pennsylvania’s Wharton School of Finance before starting an extensive political, educational, and business career – oh, and don’t forget Christmas tree farmer.
By the time Jim founded Ulland Investment Advisors (UIA) in 1997, he had already served as Minority Leader of the Minnesota Senate, a college professor, a senior leader at large banks and investment firms, and as Minnesota’s Commissioner of Commerce. Elected to the State House at the ripe age of 27, everyone knew Jim was destined for big things right out of the gate. His gift of finding common ground and instantly connecting with individuals extended into the investment world. Simply put, people have always been drawn to Jim Ulland.
Jim loved to invest in companies exhibiting strong growth, especially at reasonable prices. He sought those with innovative technologies, disrupting legacy industries. His most recent favorite, Nvidia – which he routinely mentioned in this newsletter – is a perfect example of Jim’s ability to catch a trend early and ride the winner. Jim’s investment style not only proved fruitful for clients over many a bull market, but his resolve and calm served as a sea anchor in the winds, holding strong in the bear market storms. Jim was always steady at the helm, no surprise given his Coast Guard service, which he often enjoyed sharing over a Minneapolis Club lunch (don’t forget the side of Durkee’s mustard and just a splash of coffee). Internally, he always led with a calm and steady hand. Control what you can control, and focus on the longer term. Jim always had an optimistic view on the market and life, and an ability to transfer that to clients as well.
Ulland hits stride with money-management venture 30 Nov 1999, Tue Star Tribune (Minneapolis, Minnesota) Newspapers.com
Jim was passionate about Carleton College and his impact on generations of Carls is clear. Jim was always quick to mention that he was the hockey goalie at Carleton. During Jim’s freshman year, he was introduced to the team as a member of the world-famous Duluth East Greyhounds. What the team failed to know was that Jim was the team manager. No problem, Jim would rise up and lead the Knights in net. The pinnacle of his college hockey career was when the team defeated Wisconsin. As later recalled in a note by Captain Fred Bagley, the Knights were led by the “heroic” Jim Ulland in net, saving 40 shots on goal.
Jim’s love for Carleton led to a steady stream of interns to the firm, of whom all cut their teeth under his wing. In fact, all partners in the firm were at one time interns at UIA. From Wall Street to the NBA hardcourt, Jim has left his mark.
While there are too many investment lessons learned from Jim over the decades to mention, we will stand fast to the knowledge we have acquired under his tutelage. As we carry the UIA torch that Jim lit many years ago, we hope to embody his collaborative spirit, his passion for work, and his close connection to clients, as well as to forever remember the impact he had on the community. Clients can be reassured they remain in very good hands with the UIA team, but regrettably we will all miss the dashing smile of Jim Ulland.
Please forward this email to others who knew Jim, particularly those touched by the full life he lived. A celebration of life will be held in June, details of which we will share as we get closer. Jim’s obituary can be viewed here.
Jim always enjoyed watching the peregrine falcons from his desk at the IDS Center. We know that his spirit will be soaring high above us all as we remember the impact he made.
Thank you, Jim!
Ulland Investment Advisors Team
Nat Beebe, President (18 years at UIA)
James Skjong, Dir. of Trading, Compliance & Operations (20 years at UIA)
Jared Plotz, Dir. of Research, Portfolio Manager (8 years at UIA)
Vini Crusius d’ Avila, Research Associate (3 years at UIA)
Sarah Stokes, Client Service Associate (3 years at UIA)
