Market Pulse - Week of 9/1/2025
| Last Week | MTD | YTD | |
|---|---|---|---|
| DJIA | +0.82% | +0.95% | +8.42% |
| S&P 500 | +1.14% | +1.32% | +14.93% |
| Nasdaq | +1.58% | +1.76% | +19.84% |
| Russell 2000 | +1.21% | +1.10% | +6.57% |
| MSCI EAFE | +0.43% | +0.38% | +7.31% |
| MSCI EM | +0.67% | +0.52% | +5.18% |
| Bloomberg U.S. Agg | +0.28% | +0.24% | −0.42% |
| Bloomberg U.S. Corp HY | +0.19% | +0.15% | +3.67% |
9/1/2025 - 9/5/2025
U.S. Economy
Inflation data signaled gradual cooling, with shelter still the primary contributor and goods prices mixed.
Activity indicators pointed to slower but ongoing expansion. Manufacturing steadied near the contraction threshold, services remained resilient, and consumer demand showed pockets of strength alongside softening labor momentum.
Equity Market
Major indices advanced with improving breadth, and participation from both large caps and small caps. Technology and communication services led, while defensives were mixed as investors leaned toward growth exposure.
Notable movers included mega-cap software and select AI beneficiaries on upbeat guidance, while several consumer and auto names lagged on softer demand signals and margin concerns.
Bond Market
Treasury yields eased midweek on cooler inflation and slower growth signals, then stabilized into the close. The curve modestly steepened as front-end yields declined more than long-end maturities.
Credit conditions improved as investment grade and high yield spreads narrowed. Primary issuance was active and well absorbed, aided by supportive risk appetite and lighter rate volatility.
Around the Globe
International equities gained as Europe benefitted from firmer survey data and steadier policy rhetoric, while Japan advanced on governance and capex themes. Emerging markets were mixed amid idiosyncratic policy and currency moves.
Commodities were mixed. Oil oscillated on supply headlines and inventory updates, gold firmed with softer real yields, and the dollar drifted as rate expectations and global growth signals evolved.
The Week Ahead…
Mon: NFIB Small Business Optimism, Treasury budget update, Germany industrial production. Earnings: Oracle.
Tue: U.S. CPI with focus on shelter and services, China trade data, Eurozone ZEW sentiment. Earnings: Adobe.
Wed: U.S. PPI, Fed Beige Book, 10-year Treasury auction; watch guidance trends in software and semis. Earnings: FedEx.
Thu: U.S. retail sales, weekly jobless claims, import and export prices, 30-year auction; ECB decision and press conference. Earnings: Darden Restaurants.
Fri: University of Michigan consumer sentiment and inflation expectations, industrial production, business inventories; global PMI previews. Earnings: JD.com.
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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.
