[Sep 28-Oct 2, 2026] US Stock Market Weekly Recap — Nasdaq Hits a Record as Weak Jobs Data Splits the Market
Week of 9/28 (Mon) – 10/2 (Fri), 2026 · ET
US Stock Market Weekly Recap: Nasdaq Hits a Record as the Dow Slips 1.3%
A shockingly weak September jobs report (+29K) pulled yields off multi-decade highs and lit up chip stocks — but financials and healthcare lagged
Key Summary
• Mixed week: Nasdaq +0.45% to a record 27,191, while the Dow fell 1.26% and the S&P 500 slipped 0.27%.
• September payrolls rose just 29,000 vs. ~90,000 expected; PCE inflation held at 3.4% y/y.
• Long-dated Treasury yields touched multi-decade highs before easing; 10-year ended near 5.28%.
• Semiconductors (SMH) +4.0% led; financials (XLF) −2.5% and healthcare (XLV) −2.7% lagged. VIX: 15.31.
• Mixed week: Nasdaq +0.45% to a record 27,191, while the Dow fell 1.26% and the S&P 500 slipped 0.27%.
• September payrolls rose just 29,000 vs. ~90,000 expected; PCE inflation held at 3.4% y/y.
• Long-dated Treasury yields touched multi-decade highs before easing; 10-year ended near 5.28%.
• Semiconductors (SMH) +4.0% led; financials (XLF) −2.5% and healthcare (XLV) −2.7% lagged. VIX: 15.31.
Weekly Index Performance
Dow Jones
51,177
▼ -1.26%
Weekly change
S&P 500
7,723
▼ -0.27%
Weekly change
Nasdaq
27,191
▲ +0.45%
Weekly change
Russell 2000
2,833
▼ -0.16%
Weekly change
Friday 10/2 (Fri) close vs. prior Friday 9/25 (Fri) close. VIX: 15.31.
This Week's Top 5 Stories
1 TOP 1
September jobs report badly misses
Nonfarm payrolls grew only 29,000 vs. roughly 90,000 expected. Yields fell on the news Friday, and the Nasdaq closed at a record as rate-hike odds faded.
2 TOP 2
Treasury yields touch multi-decade highs
Long-term yields hit their highest levels in decades midweek before retreating late in the week. The bond market remains the dominant driver of equity valuations.
3 TOP 3
Inflation sticky: PCE holds at 3.4%
Core inflation stayed elevated, keeping the Fed in a bind — markets now price roughly a coin flip for an October hike, heavily data dependent.
4 TOP 4
Oil whipsaws on Strait of Hormuz headlines
Brent spiked above $108 early in the week on US-Iran uncertainty, then eased as tanker flows through Hormuz improved. WTI ended near $91, down 1.4% on the week.
5 TOP 5
China unveils biggest stimulus since 2024
Beijing announced mortgage interest subsidies and other support measures, while reports that China may allow NVIDIA chip purchases boosted US semis.
Sector Weekly Performance
🔧 Semiconductors
+3.96%
💻 Technology
+1.80%
⛽ Energy
+1.26%
💡 Utilities
+0.81%
🏦 Financials
-2.46%
🏥 Healthcare
-2.65%
Based on sector ETFs (SMH, XLK, XLE, XLU, XLF, XLV), 9/25 (Fri) → 10/2 (Fri).
Week's Best & Worst Movers
NVDA
▲ 3.95%
NVIDIA
China chip-purchase reports and AI demand lifted semis
MRVL
▲ 3.95%
Marvell Technology
Rode the semiconductor rally
ORCL
▲ 3.79%
Oracle
AI cloud infrastructure momentum
XOM
▲ 2.13%
Exxon Mobil
Oil volatility kept energy bid
NKE
▼ 5.26%
Nike
Post-earnings selling continued
GS
▼ 3.52%
Goldman Sachs
Financials hit by yield swings and growth worries
LLY
▼ 3.43%
Eli Lilly
Healthcare the weakest sector
META
▼ 3.14%
Meta Platforms
Gave back part of the prior week’s ~13% surge
Next Week's Key Economic Data
10/5 (Mon)ISM Services PMI (Sep)
⏰ 10:00 AM ET | S&P Global Services PMI at 9:45 AM ET
Key: Health of the services economy after a soft jobs print
Key: Health of the services economy after a soft jobs print
10/6 (Tue)Trade Balance (Aug) & Fed’s Logan
⏰ 8:30 AM ET | Dallas Fed Pres. Lorie Logan speaks 6:00 PM ET
Key: Hawkish voice — tone on an October hike
Key: Hawkish voice — tone on an October hike
10/7 (Wed)FOMC Meeting Minutes
⏰ 2:00 PM ET | Consumer Credit 3:00 PM ET
Key: How close the Fed is to another hike
Key: How close the Fed is to another hike
10/8 (Thu)Jobless Claims & UMich Sentiment (Prelim. Oct)
⏰ 8:30 AM / 10:00 AM ET | Prior sentiment: ~48
Key: Confirmation (or not) of labor-market cooling
Key: Confirmation (or not) of labor-market cooling
10/9 (Fri)Factory Orders (Aug) & Fed’s Schmid
⏰ 10:00 AM ET | KC Fed Pres. Jeffrey Schmid 9:30 AM ET
Key: Manufacturing momentum; Fed hawk commentary
Key: Manufacturing momentum; Fed hawk commentary
Next Week's Major Earnings
STZ
Before
Constellation Brands
10/6 (Tue) · Before open
Beer demand & consumer health (est. $3.55 EPS)
RPM
Before
RPM International
10/6 (Tue) · Before open
Industrial coatings demand (est. $1.95 EPS)
APLD
After
Applied Digital
10/7 (Wed) · After close (4:00 PM ET+)
AI data-center colocation & possible REIT conversion
LEVI
After
Levi Strauss
10/7 (Wed) · After close (4:00 PM ET+)
Tariffs & apparel demand (est. $0.36 EPS)
PEP
Before
PepsiCo
10/8 (Thu) · Before open
Turnaround plan & North America foods
DAL
Before
Delta Air Lines
10/9 (Fri) · Before open
Kicks off airline season; fuel costs (est. $1.94 EPS)
Next Week Investment Strategy
- Watch yields first — With the 10-year near 5.3%, any renewed bond selloff can quickly reverse equity gains. A softer data run is the bull case.
- Semis lead, but stay selective — Chip strength (SMH +4%) is real; consider trimming into strength rather than chasing at Nasdaq records.
- Fed minutes = volatility catalyst — 10/7 (Wed) minutes plus Logan and Schmid remarks will reprice October hike odds — keep position sizes moderate.
- Early earnings season read-through — PepsiCo and Delta offer the first look at consumer and travel demand under high rates and oil.
Key Risk Factors
- Treasury yields re-testing multi-decade highs → valuation pressure on growth stocks
- Stagflation mix: weak hiring + 3.4% PCE inflation — ties the Fed’s hands
- Oil spikes on US-Iran / Strait of Hormuz headlines
- Narrow leadership: Nasdaq records while the Dow and financials weaken
Disclaimer: This post is for informational purposes only and does not constitute investment advice. Data from Yahoo Finance and public sources; figures may differ slightly from official closes. Invest at your own risk.
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