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Weekly market recap

Weekly market recap: Sep 28 – Oct 2, 2026

Published Written by AI from public news sources

Weekly Market Recap: September 28 – October 2, 2026

The week in one paragraph

It was a split-decision week on Wall Street. The Nasdaq Composite rose 0.5% for the week, while the S&P 500 slipped 0.3%, the equal-weighted S&P 500 fell 0.7%, and the Dow lost 1.3%. (atranicapital.substack.com) The week started rough: the Dow fell 0.67% to 51,481.51, the S&P 500 dropped 0.77% to 7,683.69, and the Nasdaq Composite slid 0.92% to 26,820.38 on Monday (thestreet.com) as oil spiked and Treasury yields hit fresh multi-year highs. Tuesday brought more of the same, with stocks falling again following another rise in Treasury yields to fresh multiyear highs, with the Dow pulling back 131.59 points, or 0.26% (cnbc.com). The turning point came Friday, when a dramatically weaker-than-expected jobs report sent stocks sharply higher as investors concluded the Federal Reserve may finally have room to stop raising interest rates (alainguillot.com), with the Nasdaq up 1.2%, the S&P 500 up 0.7%, and the Dow up 0.5% on Friday, with the Nasdaq even touching a new intraday record (alainguillot.com). The gains, however, weren't broad-based — tech was an especially bright spot, with the Nasdaq Composite climbing to a fresh high powered by a record in Nvidia, while much of the investable universe ended the week with losses as a five-week-long global bond rout and crude oil near $100 a barrel hurt rate-sensitive parts of the market (cnbc.com).

Macro and the Fed

The week's trading was shaped by the aftermath of the Fed's September 16 meeting, where the Fed raised its benchmark rate by 0.25% to a target range of 3.75%–4.00%, its first hike in over three years, in response to 3.4% annual inflation (citizensbank.com), and officials had signaled more tightening could follow. That backdrop kept yields climbing into this week, with the 10-year Treasury rising to yet another 19-year high at 5.2% (thestreet.com) on Monday. Thursday's data added fuel, as the market showed itself hyper-sensitive to new data, with inflationary signals inside the ISM's Manufacturing PMI for September causing a spike in bond yields (cnbc.com). Then Friday flipped the script: nonfarm payrolls rose by just 29,000 in September, well below the 84,000 forecast, and the unemployment rate increased to 4.2% (cnbc.com). Wage growth also cooled, as average hourly earnings edged up a weaker-than-expected 0.1% and rose 3% year-over-year — the slowest annual wage growth since 2021 (bloomberg.com). The reaction was swift: S&P 500 futures rose following the release and Treasury yields and the dollar declined, while traders trimmed bets for a Fed rate hike this year (bloomberg.com), with odds of an October hike falling sharply over the course of the week.

Oil, commodities, and geopolitics

Oil was the other big swing factor. Monday saw a sharp jump after Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz sent Brent crude more than 3% higher, nearing $108 a barrel (aljazeera.com). Crude stayed elevated mid-week — Brent rose again Wednesday after Trump denied he'd ease sanctions on Iran, with the November contract climbing to $103.30 a barrel (boereport.com) — before easing by Friday as the soft jobs report pulled yields and energy prices lower together, with Brent slipping back under $100.

Notable movers

  • Boeing (BA) fell nearly 7% Monday after the FAA said it wouldn't certify the 737 Max 10 until it assesses a new software glitch (cnbc.com).
  • Micron (MU) posted strong results — delivering spectacular numbers and guidance well above Wall Street expectations, though the market reaction was remarkably subdued (letterstoayounginvestor.substack.com) as AI-chip enthusiasm met already-high expectations.
  • Accenture (ACN) surprised to the upside, as stellar revenue and stronger-than-expected FY2027 guidance directly challenged fears that generative AI would cannibalize consulting and IT-services work (letterstoayounginvestor.substack.com).
  • Nike (NKE) dropped roughly 5% after revenue fell about 4% year over year, and despite an EPS beat, investors focused on weak sales and continuing difficulties in China (letterstoayounginvestor.substack.com).
  • Financial stocks broadly struggled, with the S&P 500 financials index off 6.3% in September, on pace for its worst monthly performance since March 2023 (cnbc.com).
  • KB Home (KBH) jumped 5% on Friday as lower yields following the jobs report gave housing-related stocks a lift.

Week ahead

The calendar is relatively quiet as markets await the start of third-quarter earnings season. Key releases include the S&P Global PMI Composite final and ISM Services PMI on Monday (cnbc.com), FOMC Minutes on Wednesday (cnbc.com), and weekly jobless claims on Thursday. Earnings of note include RPM International and Constellation Brands on October 6, Levi Strauss and Applied Digital on October 7, PepsiCo on October 8, and Delta Air Lines along with preliminary University of Michigan consumer sentiment on October 9 (schwab.com). With oil and Treasury yields still the dominant forces in the market, investors will be watching whether Friday's rally has staying power or whether rate-sensitive sectors remain under pressure.

This recap is generated automatically with AI from public news sources and is for informational purposes only. It is not investment advice. Figures may contain errors, so check the linked sources.