The Week on Wall Street
Stocks ended last week mixed as a tug-of-war between strong economic data, cooler job growth, and decades-high Treasury yields played out.
The Standard & Poor’s 500 Index edged down 0.27 percent, while the Nasdaq Composite Index rose 0.45 percent. The Dow Jones Industrial Average slid 1.26 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.81 percent.1,2
A Mixed Week
Stocks fell at the start of the week as Treasury yields continued to rise. They steadied over the next session with Treasury yields still in the spotlight. The benchmark 10-year Treasury yield topped 5.29 percent, up 133 basis points from its year-to-date low in late February.3,4
Markets perked up midweek after a revision to Q2 GDP showed the economy grew faster than originally estimated. Quarterly earnings results for a large semiconductor also supported markets, while rising oil prices kept enthusiasm in check.5,6
After a soft jobs report, stocks opened higher on Friday, with investors wondering whether the Fed would adjust rates at the end of the month. The AI trade roused once again to lead the Nasdaq to a fresh intraday record and end the week on a high note.7
Contrasting Economic Data
Q2 GDP was revised upward from 1.5 percent to 2.2 percent, flipping the economy’s trajectory over the first half of the year from slowing to growing.8
On the other hand, the latest jobs report showed job growth slowed in September to 29,000 jobs added, a falloff from August’s downwardly revised 133,000 job gain (from 162,000). Jobs added in July were also revised down, reflecting a total well under 200,000 for Q3.9
Also in the mix was last week’s Personal Consumption Expenditures (PCE) Index report, which showed inflation held steady in August at 3.4 percent over the prior 12 months. The Fed’s long-standing target has been 2 percent inflation.8
This Week: Key Economic Data
Monday: Purchasing Managers Index (PMI)—Services.
Tuesday: Trade Balance. Dallas Fed President Lorie Logan speaks.
Wednesday: Federal Open Market Committee (FOMC) Meeting Minutes. Consumer Credit.
Thursday: Weekly Jobless Claims. Monthly Wholesale Trade.
Friday: Consumer Sentiment (U. Michigan Survey). Kansas City Fed President Jeffrey Schmid speaks.
Source: Investor’s Business Daily – Econoday economic calendar: October 2, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Thursday: PepsiCo, Inc. (PEP)
Friday: Delta Air Lines, Inc. (DAL)
Source: Zacks, October 2, 2026 Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
Source: YCharts.com, October 3, 2026. Weekly performance is measured from Monday, September 28 to Friday, October 2. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
Weekly Riddle
Simply talk about it, and you will break it. What is it?
Last Week’s Riddle: There is a 7-letter word that starts with BR and ends in G, and if you put an E in it, you get an 8-letter word that sounds the same yet has a different meaning. Name these two words.
Answer: Braking and Breaking.
John Dombroski Jr. may be reached at (480) 991-1055
or [email protected]
www.grandcanyonplanning.com
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