Your Weekly Update for Monday, September 28, 2026.
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Bill Roller
NMLS #107972
CHARTERED FINANCIAL ANALYST
CERTIFIED FINANCIAL PLANNERTM
CHARTERED MARKET TECHNICIAN
bill.roller@beaconrwa.com
Summary
Markets were UP last week. The Dow Jones Industrial Average was UP 0.28% to 51,828.62 while the S&P500 ended UP 1.21% to 7,743.41. The Nasdaq Composite ROSE 2.06% to 27,068.72. The annual yield on the 30-year Treasury ROSE 17.3 basis point(s) to 5.504%.
Last Week
Closing Market Summary: Oil retreat and tech strength lift stocks to weekly gains
The major averages finished Friday with solid gains, building on a relatively quiet start as a sharp retreat in crude oil and encouraging developments surrounding U.S.-Iran discussions helped broaden the advance during the second half of the morning. The S&P 500 (+0.5%) and Nasdaq Composite (+0.5%) ended with matching gains, while the DJIA (+0.9%) outperformed. The Russell 2000 (+0.1%) and S&P Mid Cap 400 (+0.3%) also participated after spending much of the morning below their flat lines.
Oil was a key influence on the change in tone. WTI crude had been only modestly lower earlier in the session before reports pointed to further movement in efforts to reach an agreement involving the Strait of Hormuz. CBS News, citing Al Jazeera, reported that U.S.-Iran talks had entered a technical phase with a potential Hormuz agreement in focus, while Axios reported that Qatar and Iran were awaiting a U.S. response to Iran’s proposal. President Trump also urged Chinese President Xi to reduce China’s support for Iran.
Additional afternoon comments reinforced the prospect for diplomatic progress. A U.S. official told NewsNation reporter Libby Dean that discussions between U.S. and Iranian officials through mediators were “positive and constructive,” while noting that the U.S. was not in a rush to reach an agreement. The official also said nearly 40 million barrels of oil had transited the Strait of Hormuz over the previous 48 hours.
WTI ultimately settled $2.51 lower (-2.7%) at $92.17 per barrel. The sizable reversal in oil helped alleviate some of the inflation-related pressure associated with elevated energy prices and coincided with the market’s move to its best levels of the day.
Technology provided another important source of support throughout the session. The information technology sector (+1.0%) finished among the leaders, while the PHLX Semiconductor Index advanced 1.4%. Microsoft (MSFT 516.17, +18.24, +3.66%) was a notable mega-cap and DJIA outperformer, helping the blue-chip index post the strongest gain among the major averages.
Strength also extended beyond technology as the session progressed. The industrials sector (+0.9%) outperformed amid strength in semiconductor-linked names such as Bloom Energy (BE 288.70, +22.05, +8.27%), while the financials sector (+0.5%) also contributed.
Eight S&P 500 sectors ultimately finished higher, although overall market breadth was only modestly positive.
Several individual stocks also stood out. Costco (COST 922.76, +26.28, +2.93%) advanced following its Q4 report, which featured better-than-expected earnings alongside resilient comparable-sales growth and improving renewal rates. Akamai Tech (AKAM 113.94, +3.53, +3.20%) rallied after significantly expanding its relationship with Anthropic through an $11.6 billion contractual commitment over seven years, with potential additional commitments bringing the relationship to as much as $20 billion.
The day’s weakest areas reflected two of the session’s more pronounced reversals. The energy sector (-0.9%) declined alongside the drop in crude oil, while the communication services sector (-0.7%) was pressured as Meta Platforms (META 751.66, -25.93, -3.33%) pulled back following its substantial Muse-driven rally in recent weeks. The real estate sector (-0.4%) was the only other sector to finish lower.
Attention will remain on rates next week as the August Personal Income and Spending report, which includes the PCE Price Index, is due Wednesday. The CME FedWatch Tool currently assigns a 64.2% probability to another 25-basis-point rate hike at the October FOMC meeting.
Friday’s advance ultimately combined renewed strength in technology and semiconductors with relief from the recent pressure in crude oil. The decline in oil and encouraging U.S.-Iran developments helped broaden participation beyond the technology stocks that led the market early in the session, allowing all five major averages to finish higher. The gains also left the major averages higher for the week, with the DJIA snapping a three-week losing streak.
U.S. Treasuries had a roller-coaster day but finished the cash session on a positive note. Trading action was dictated by swings in oil prices and some sense that Treasuries were operating in a short-term oversold condition and were due for a bounce. The 2-year note yield settled down six basis points to 4.85% (+10 basis points this week), and the 10-year note yield settled down two basis points to 5.16% (16 basis points this week).
- Nasdaq Composite: +16.5% YTD
- Russell 2000: +14.3% YTD
- S&P 500: +13.1% YTD
- S&P Mid Cap 400: +10.4% YTD
- DJIA: +7.8% YTD
Reviewing Friday’s data:
- Aug Durable Orders 0.0% (Briefing.com consensus -0.4%; Prior 0.9% revised from 1.1%)
- Aug Durable Goods –ex transportation 0.3% (Briefing.com consensus 0.5%; Prior 0.7% revised from 0.4%)
- The final reading for the University of Michigan Consumer Sentiment Index for September increased to 48.1 (Briefing.com consensus: 47.8) from the preliminary reading of 47.8. The final reading for August was 51.7. In the same period a year ago, the index stood at 55.1. The key takeaway from the report is that high prices continue to adversely affect consumer sentiment, souring the short-run outlook for business conditions and expectations for year-ahead personal finances.
This Week
The S&P 500 futures are 0.4% below fair value; the Nasdaq 100 futures are 0.6% below fair value; and the DJIA futures are 0.6% below fair value
Key factors driving the futures market:
- Jump in oil prices after President Trump rejects Iran’s conditional proposal for reopening the Strait of Hormuz
- Treasury yields rise in conjunction with oil prices
- Open AI pauses training on latest models after its agents accessed government websites, according to Wall Street Journal
- NVIDIA (NVDA) up 1.5% after releasing software that helps stop rogue AI agents and announcing a $150 billion boost to share buyback program
President Trump rejected Iran’s ceasefire proposal and told aides he expects to resume bombing after the midterms. U.S. officials say talks are continuing between the two sides. WSJ
President Trump says the U.S. and Iran are expected to continue talks this week but remain far apart. Axios
Negotiators want Iran to make nuclear concessions. WSJ
White House advances a fair and reciprocal relationship with China; both countries cut tariffs on $30 bln of goods; established the U.S.-China Super Intelligence dialogue to exchange views
The Trump administration’s plan to reduce U.S. reliance on China for critical minerals is starting to work, according to WSJ
President Trump tells reporters he is looking “very seriously” at a diesel export ban. Bloomberg
President Trump to make an announcement at 2pm ET from the Oval Office, per White House schedule
President Trump reverses Biden-era fuel economy standards. Truth Social
Saudi Arabia restarts oil exports using East-West oil pipeline, according to Bloomberg
Apple (AAPL): Jury rules that Appleowes Taction Technology $5.7 billion for patent infringement. CNBC
Boeing (BA) discovered a 737 Max software issue. WSJ
Kodiak’s (KOD) Zenkuda, tabirafusp-ted meet primary endpoints in Phase 3 DAYBREAK trial in wet AMD
Brokerage research calls of note:
- Upgrades: AYI, CF, FSLR, PK, RCL, SG, TFX
- Downgrades: BAK, MANH, PEP, RLJ, RBLX, PATH, PEGA
WTI crude futures +3.8% to $95.92/bbl; nat gas futures -2.8% to $3.14/mmbtu; copper futures -1.9% to $6.64/lb; gold futures -3.2% to $4181.40/toz
2-yr note yield +5 bps to 4.90% and 10-yr note yield +5 bps to 5.21%
The U.S. Dollar Index +0.2% to 101.14
Fed speaker: Fed Governor Bowman (FOMC voter) at 8:15 a.m. ET; Fed Governor Cook (FOMC voter) at 1:25 p.m. ET
There is no U.S. economic data of note today
Mortgage Rates
“The housing market remains supported by a solid labor market and an economy that is growing at a healthy rate,” said Sam Khater, Freddie Mac’s Chief Economist.
The 30-year FRM averaged 7.03% as of September 24, 2026, up from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.30%.
The 15-year FRM averaged 6.42%, up from last week when it averaged 6.26%. A year ago at this time, the 15-year FRM averaged 5.49%.
Freddie Mac’s Primary Mortgage Market Survey® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.
Through our relationship with Mortgage Window, Inc. (NMLS 2485156) in Vancouver Washington we originate residential and reverse mortgages.
If you know someone age 62 or over who is feeling stressed financially and considering a reverse mortgage please send them this excellent piece with general information about reverse mortgages at: https://beaconrwa.com/reversemortgageguidebrwa/
Selected Cryptocurrencies
| Symbol | Name | Price | 24h % | 7d % | Market Cap | Volume(24h) |
| BTC | Bitcoin | $83,015.35 | -2.18% | -2.10% | $1.66T | $31.87B |
| ETH | Ethereum | $2,664.14 | -1.61% | -2.21% | $325.25B | $12.71B |
| BNB | BNB | $763.07 | -2.11% | -3.69% | $101.61B | $1.41B |
| XRP | XRP | $1.48 | -3.02% | 0.25% | $93.66B | $3.78B |
| SOL | Solana | $118.63 | -4.21% | 1.51% | $69.73B | $3.72B |
| TRX | TRON | $0.33 | -0.05% | -3.05% | $31.72B | $327.3M |
| ZEC | Zcash | $1,564.84 | -5.76% | -0.04% | $26.43B | $1.13B |
| HYPE | Hyperliquid | $90.37 | -2.95% | -5.62% | $22.69B | $948.37M |
| DOGE | Dogecoin | $0.09 | -4.60% | -0.24% | $14.55B | $1.27B |
| LINK | Chainlink | $14.08 | -1.38% | 7.41% | $10.53B | $508.12M |
| XMR | Monero | $529.74 | -4.42% | -7.71% | $9.96B | $104.04M |
| ADA | Cardano | $0.25 | -4.09% | 1.45% | $9.03B | $533.05M |
| LEO | UNUS SED LEO | $9.05 | -0.06% | 1.41% | $8.33B | $413.75K |
| XLM | Stellar | $0.21 | -1.99% | 0.56% | $7.45B | $291.7M |
| NEAR | NEAR Protocol | $5.08 | -1.32% | 21.99% | $6.65B | $1.41B |
| BCH | Bitcoin Cash | $310.36 | -8.25% | 16.45% | $6.23B | $320.84M |
| LTC | Litecoin | $71.75 | 0.22% | 18.48% | $5.57B | $477.75M |
| UNI | Uniswap | $8.95 | -9.63% | -0.59% | $5.55B | $997.82M |
Data as of 5:00 AM PDT, Monday, September 28, 2026. Source: https://coinmarketcap.com
Sources: Bill Roller, BR Capital, Inc. dba Beacon Rock Wealth Advisors American Association for Individual Investors (AAII), Associated Press, Barclays Capital, Bloomberg, Briefing.com, Citigroup, Deutsche Bank, FactSet, Financial Times, Goldman Sachs, JPMorgan Asset Management, MarketfieldAsset Management, Morgan Stanley, MSCI, Morningstar, Northern Trust, Oppenheimer Funds, PIMCO, Standard & Poor’s, StockCharts.com, The Conference Board, Thomson Reuters, T. Rowe Price, U.S. Bureau of Economic Analysis, U.S. Federal Reserve, Wall Street Journal, The Washington Post. Index performance is shown as total return, which includes dividends, with the exception of MSCI-EM, which is quoted as price return/excluding dividends. Performance for the MSCI-EAFE and MSCI-EM indexes is quoted in U.S. Dollar investor terms.
The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product BR Capital, Inc. dba Beacon Rock Wealth Advisors is a registered investment advisor.