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.
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