Week in ReviewNo. 19
Week in review: S&P 500 gains 1.2% for the week; oil drops 7.9%
A look back at the week of September 21 across stocks, bonds, currencies and commodities — plus the economic calendar for the week ahead.
- S&P 5007,743.41▲ +1.21%
- Nasdaq27,068.72▲ +2.06%
- Dow51,828.62▲ +0.28%
- 10-yr yield5.17%▲ +16 bp
- EUR/USD$1.1403▼ −0.50%
- Gold$4,321.20▼ −2.34%
- WTI crude$92.41▼ −7.87%
- Bitcoin$84,048▲ +3.96%
Stocks
The S&P 500 rose 1.21% over the five sessions ended Friday, closing at 7,743.41. Elsewhere, the Nasdaq Composite gained 2.06%, the Dow added 0.28%, and the small-cap Russell 2000 fell 0.80%. The week's best day for the S&P 500 was Monday (+1.49%); its worst was Wednesday (−0.75%). For 2026, it is up 13.1%.
Rates
The 10-year Treasury yield rose 16 basis points on the week at 5.17%. The 2-year yield climbed 5 basis points to 4.81%. The gap between the two stood at 36 basis points, with the curve upward-sloping.
Currencies and commodities
The euro lost 0.50% against the dollar for the week, to $1.1403, while the dollar fell 0.19% against the yen. In commodities, WTI crude fell 7.9% to $92.41 a barrel, gold lost 2.3% to $4,321.20 an ounce, and copper climbed 2.3%. Bitcoin rose 4.0% over the seven days to $84,048.
One month at a glance
S&P 500
7,743.41
+0.9% 1 mo
Nasdaq
27,068.72
+3.5% 1 mo
10-yr
5.17%
+53 bp 1 mo
Euro
$1.1403
−2.2% 1 mo
WTI crude oil
$92.41
+12.2% 1 mo
Gold
$4,321.20
−8.0% 1 mo
The week in numbers
| Instrument | Last | Week chg | Week % | ||
|---|---|---|---|---|---|
| Stocks | |||||
| S&P 500 | 7,743.41 | +92.91 | +1.21% | ||
| Nasdaq Composite | 27,068.72 | +546.17 | +2.06% | ||
| Dow Jones Industrial Average | 51,828.62 | +145.98 | +0.28% | ||
| Russell 2000 | 2,837.55 | −22.85 | −0.80% | ||
| Cboe Volatility Index | 14.87 | +0.06 | +0.41% | ||
| Treasury yields | |||||
| 3-month Treasury bill | 4.24% | +10 bp | — | ||
| 2-year Treasury | 4.81% | +5 bp | — | ||
| 5-year Treasury | 4.98% | +12 bp | — | ||
| 10-year Treasury | 5.17% | +16 bp | — | ||
| 30-year Treasury | 5.49% | +15 bp | — | ||
| Currencies | |||||
| Euro (EUR/USD) | $1.1403 | −0.0057 | −0.50% | ||
| Japanese yen (USD/JPY) | ¥157.59 | −0.30 | −0.19% | ||
| British pound (GBP/USD) | $1.3252 | −0.0092 | −0.69% | ||
| Chinese yuan (USD/CNY) | 6.7132 | +0.0156 | +0.23% | ||
| Canadian dollar (USD/CAD) | 1.4143 | +0.0133 | +0.95% | ||
| Swiss franc (USD/CHF) | 0.8283 | +0.0026 | +0.32% | ||
| Australian dollar (AUD/USD) | $0.7030 | −0.0090 | −1.26% | ||
| Mexican peso (USD/MXN) | 17.6989 | +0.5213 | +3.03% | ||
| Commodities | |||||
| WTI crude oil | $92.41 | −7.89 | −7.87% | ||
| Brent crude oil | $97.44 | −6.43 | −6.19% | ||
| Natural gas | $3.225 | +0.313 | +10.75% | ||
| Gold | $4,321.20 | −103.70 | −2.34% | ||
| Silver | $64.80 | −1.75 | −2.64% | ||
| Copper | $6.766 | +0.151 | +2.28% | ||
| Digital assets | |||||
| Bitcoin | $84,048 | +3,204 | +3.96% | ||
Weekly changes from the prior Friday's close. Yields in percent; changes in basis points (bp). Currencies are ECB reference rates. Commodities are front-month futures settlements.
The week ahead
- Tue Sep 2910 a.m.Job openings (JOLTS)Bureau of Labor Statistics
- Wed Sep 308:30 a.m.GDP (third estimate)Bureau of Economic Analysis
- Wed Sep 308:30 a.m.Personal income and spending (PCE inflation)Bureau of Economic Analysis
- Fri Oct 28:30 a.m.Jobs report (Employment Situation)Bureau of Labor Statistics
Times are Eastern. Schedules from the BLS, BEA and Federal Reserve; see the full economic calendar.
Chart of the week
Source: U.S. Bureau of Labor Statistics.
Consumer price inflation moved up to 3.4% in August from 3.3% in the prior month. That is up from 2.9% a year earlier. Over the past 10 years it has ranged from 0.2% (May 2020) to 9.0% (June 2022).
What it measures. The change in the Consumer Price Index for All Urban Consumers over the previous 12 months — the headline U.S. inflation rate.
Why it matters. Inflation erodes purchasing power and shapes the Federal Reserve's interest-rate decisions. The Fed's 2% goal is defined in terms of a related gauge, the PCE price index, but CPI is the figure most households hear about.
Worth reading
Selected coverage from other publishers, chosen for relevance to today's markets.
- Wall Street money takes back over from small investors as driving force of the stock market
- Debt-hungry AI companies face increased risk as bond yields spike
- Micron could dethrone Nvidia and become the biggest driver of S&P 500 profit growth
- Why the upcoming jobs report could send 10-year and 30-year Treasury yields surging
- Baby boomers are setting up a showdown with millennials, aging in place and plunking down hundreds of thousands on renovating their homes
- Ex-Meta exec says Mark Zuckerberg taught him a lesson in work-life balance. Now he has strict rules for meetings and emails at his $1 billion tax firm
Diurna briefs are compiled from official and exchange data by our publishing system using fixed editorial rules; they describe market moves and do not speculate about causes. This is not investment advice. How we produce the Daily Brief.