Market Pulse: Week of 9/22/2025

Sep 28

  
      
      Last Week
      1-Month (Trailing)
      YTD
    

  
      DJIA
      -0.10%
      +1.20%
      +10.10%
    

      S&P 500
      -0.30%
      +1.10%
      +14.10%
    

      Nasdaq
      -0.60%
      +1.70%
      +17.00%
    

      Russell 2000
      -0.60%
      +0.90%
      +9.20%
    

      MSCI EAFE
      -0.40%
      +0.80%
      +24.30%
    

      MSCI EM
      +0.30%
      +1.50%
      +18.60%
    

      Bloomberg U.S. Agg
      -0.30%
      +0.90%
      +5.90%
    

      Bloomberg U.S. Corp HY
      -0.20%
      +0.80%
      +6.90%
    

Data as of: Friday, September 26, 2025, 4:00 p.m. ET

See important disclosures below.

9/22/2025 - 9/26/2025

U.S. Economy

The August personal consumption expenditures price index rose +0.3 % m/m, +2.7 % y/y, with core measures ~2.9 % y/y, aligning with expectations.

Consumer spending rose 0.6 % in August, personal income increased 0.4 %, and initial jobless claims fell to 218,000.

Equity Market

U.S. equities ended Friday’s session higher: S&P +0.6 %, Dow +0.7 %, Nasdaq +0.4 %, but all three posted weekly losses: S&P −0.3 %, Dow −0.1 %, Nasdaq −0.6 %.

Large caps drew strong inflows (~$16.9B), reversing small/mid‑cap withdrawals; Nvidia’s AI investment announcement boosted tech sentiment.

Bond Market

The 10‑year U.S. Treasury yield ended near 4.20 %, 2‑year at ~3.63 %, 30‑year ~4.77 % on Sept. 26.

Investment‑grade issuers saw heavy supply (e.g. Oracle’s $18B deal) amid elevated inflows to IG bond ETFs and modest narrowing of credit spreads.

Around the Globe

International equity funds logged net inflows (~$28.4B) in the week, aided by renewed global risk appetite and AI‑led optimism.

Developed markets broadly slipped while emerging markets modestly outperformed.

The Week Ahead…

Mon: Pending Home Sales, Federal Reserve speakers, earnings from Vail Resorts and Progress Software

Tue: Consumer Confidence, JOLTS job openings, Nike earnings

Wed: ADP Employment Report, ISM Manufacturing Index, IPOs for AI Data Power Systems REIT and Neptune Insurance

Thu: Weekly Jobless Claims, Factory Orders

Fri: Nonfarm Payrolls, ISM Services Index, remarks by the New York Fed President

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This report and the opinions provided herein are for informational purposes only, are not a solicitation, and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or investment. All opinions expressed herein constitute the author’s judgement as of the date of this document and are subject to change without notice. Statements made are not facts, including statements regarding trends, market conditions and the experience or expertise of author are based on current expectations, estimates, opinions and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties and other factors. Past events and trends do not predict or guarantee or indicate future events or results. Information cited in this report has been drawn from sources believed to be reliable and was captured at a point in time. Therefore, the data is subject to change and its accuracy is not guaranteed. DJIA, S&P, Russell 2000, and NASDAQ indices are referenced directly; MSCI EAFE, MSCI EM, BB U.S. Aggregate, Bloomberg U.S. Corp. HY, and all sector figures refer to the respective ETFs as a representative figure. Ategenos does not own or control and is not affiliated with any third-party content provided via hyperlink, quoted, or cited herein. Investors seeking more information should contact their financial advisor. Investing involves risk, including the possible loss of principal. It is not possible to invest directly in an index. Past performance does not guarantee future results. Ategenos is an investment adviser registered with the SEC. SEC registration does not imply any specific level of training or skill.

Matt Shaw