Rosemeyer Management Group
September 2026 Market Snapshot
September in Review
Markets retreated in September across most major indices. The S&P 500 remained essentially flat, however the manufacturing-heavy Dow declined over 4% while the tech-heavy Nasdaq advanced by 3% on resilient corporate earnings reports for the big tech firms. Equities lagged due to a combination of oil jumping above $100 per barrel and the Federal Reserve hiking interest rates by 25 basis points for the first time in over three years. Small-cap stocks were hit especially hard as they can be more sensitive to rising interest rates. Bond markets also declined by 2.61% as ballooning yields sent prices lower. The 10-year treasury yield soared to its highest level since 2022 as investors weighed the Fed’s outlook of “higher-for-longer” interest rates.
| Index | 1 Month | YTD |
|---|---|---|
| Dow Jones Industrial Average | -4.12% | 7.19% |
| Standard & Poor’s 500 Average | -0.35% | 12.75% |
| Russell 2000 (Small Cap Index) | -5.25% | 13.71% |
| Total U.S. Stock Market | -0.88% | 12.45% |
| MSCI ACWI ex USA (Intl. Index) | -2.38% | 14.22% |
| Barclay’s U.S. Agg. Bond Index | -2.61% | -2.91% |
Looking Forward
The 30-year treasury yield now sits at its highest level since 2002, which is illustrative of the tricky waters the Federal Reserve will have to navigate in the coming months. Investors now seem to be betting on multiple interest rate hikes in the coming year. While the markets were planning on potential rate cuts in 2026, the Fed has now hiked their target rate by 0.25% with the potential for more rate hikes on the horizon. From a negative standpoint, persistently high energy prices from the Iran War will likely continue to put upward pressure on inflation until a lasting resolution can be reached. On the positive side, economic development continues at breakneck pace with flash purchase managers’ indices (PMIs) released mid-September indicating U.S. business expansion is at its highest levels in the past ten years (excluding the economic bounce-back following the COVID-19 pandemic). This could bode well for equity markets as equity valuation multiples reside in-line with their long-term averages due to continued earnings expansion. Duration-sensitive bonds, however, could face a rocky road ahead as high oil prices, robust economic growth, and an improving labor market may make it difficult for the Federal Reserve to lower interest rates in the near-term. Investors will continue to balance these conditions as we head into the midterms.
On a Personal Note
We are pleased to introduce our newest staff member, Marinda Behrends! Marinda joins RMG as a client service specialist who will work primarily out of our Sterling location. She will assist in day-to-day client interactions as well as administrative support. Marinda and her family raise cattle on their farm in Sheffield, IL. Here she is pictured with her husband David, her son Tate, and her daughter Toby. We are excited to add her to our RMG team moving forward!
Rosemeyer Management Group
Investment Advisory Services offered through RMG Wealth Management, LLC. Licensed in CO, FL, IA, IL, MA, MN, MO, MT, NV, NY, WA, WI, WV & TX.
i JPMorgan Asset Management, October 1, 2026; Nasdaq.com, October 1, 2026
Past performance doesn’t guarantee future results. The views and material presented in these materials were created and intended to provide background assistance and education. No product or service is offered in connection with the dissemination of this information, and no recommendation regarding the purchase or sale of any security is made, intended or should be implied by these materials.
