John Hancock: Weekly Market Recap Week Ended September 25
Weekly Market Recap: Week Ended September 25
September 29, 2026
Markets closed out the week with investors watching rising global bond yields, continued strength in the U.S. dollar, new highs for the NASDAQ, and the next round of employment data.
Government Bond Yields Rise Around the World
Higher bond yields weren’t limited to the United States last week. Government borrowing costs moved higher across several major developed economies as investors continued to weigh persistent inflation concerns and the outlook for interest rates.
By Friday, the yield on the United Kingdom’s 10-year government bond had climbed to 5.36%. Germany’s 10-year yield reached 3.60%, while Japan’s rose to 3.07%.
China remained an outlier among major economies. Its 10-year government bond yield finished around 1.69%, edging slightly lower for the week and remaining well below yields in many other developed markets.
The divergence highlights how central banks and economies around the world continue to face different inflation, growth, and monetary-policy conditions.
U.S. Dollar Continues to Gain Ground
The U.S. dollar strengthened again during the week as currency markets reacted to the first U.S. interest-rate increase in three years.
By Friday afternoon, the dollar had gained approximately 0.6% for the week against a basket of major currencies. It was also about 2.3% above its recent September 9 low.
A stronger dollar can have wide-ranging effects across global markets, influencing international trade, commodity prices, overseas earnings for U.S. companies, and the relative attractiveness of U.S. assets.
NASDAQ Reaches a New Record
Technology stocks helped push the NASDAQ to a new record high on Tuesday, surpassing its previous peak from early June. The index gave back some of those gains the following day but still ended the week firmly higher.
For the week:
- NASDAQ: +2.1%
- S&P 500: +1.2%
- Dow Jones Industrial Average: +0.3%
The results reflected another positive week for U.S. equities, although performance varied considerably among the major indexes.
Labor Market Takes Center Stage
Investors will now turn their attention to the upcoming September employment report for additional clues about the health of the U.S. labor market.
August delivered a surprisingly strong increase of 162,000 jobs, roughly three times what many economists had anticipated following weaker employment reports in previous months. The unemployment rate remained unchanged at 4.1%.
The September report will provide another important snapshot of hiring conditions and could influence expectations surrounding the economy and future Federal Reserve policy.
As markets continue to respond to interest rates, inflation, currencies, and economic growth, employment data remains an important part of the overall picture.
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