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U.S. stock markets closed higher on Friday to close a volatile week. A slide in crude oil prices and positive developments on U.S.-China presidential meetings boosted market participants’ confidence despite soaring yields on various U.S. government bonds. Economic data were mixed. All three major stock indexes ended in positive territory. Last week, these indexes also finished in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.9% or 478.64 points to close at 51,828.62. Twenty-two components of the 30-stock index ended in positive territory and eight ended in negative territory.
The tech-heavy Nasdaq Composite ended at 27,068.72, rising 0.5% or 129.34 points on solid performance by technology bigwigs. The major gainer of the tech-laden index was Microchip Technology Inc. (MCHP - Free Report) . The AI-powered chip developer rose 5.4%. Microchip Technology currently carries a Zacks Rank #3 (Hold)). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.5% to finish at 7,743.41. Eight out of 11 sectors of the broad-market index ended in positive territory while three finished in negative territory. The Communication Services Select Sector SPDR (XLC) rose 1.3%. On the other hand, the Materials Select Sector SPDR (XLB) and the Utilities Select Sector SPDR (XLU) fell 1.2% and 1%, respectively.
The fear gauge CBOE Volatility Index (VIX) was down 5.1% to 14.87. A total of 14.9 billion shares were traded on Thursday, lower than the last 20-session average of 16.8 billion. The S&P 500 posted three new highs and 31 new lows, while the Nasdaq recorded 54 new highs and 175 new lows.
Crude Oil Prices Slid
Crude oil prices fell after the United States and Iran held talks at the U.N. General Council meeting. Political watchers are more optimistic about the reopening of the Strait of Hormuz. As a result, the U.S. benchmark — West Texas Intermediate crude — futures fell 2.3% to settle at $92.41 per barrel, while the international benchmark — Brent crude — futures declined 2.1% to $104.32 per barrel.
U.S.-China Summit Meetings
Geopolitical experts and financial researchers across the world were busy last week closely monitoring the outcome of the Chinese Premier Xi Jinping’s three-day visit to the United States and his meeting with U.S. President Donald Trump.
President Trump said he had a "very productive meeting" with Xi Jinping. U.S. Treasury Secretary Scott Bessent told Fox News that the two countries have agreed to extend their trade truce by two more months till Jan. 10, 2027.
Government Bond Yields Soar
The yield on the benchmark U.S. 10-Year Treasury Note briefly touched 5.23% on Friday, marking its highest level since Jun. 15, 2007. The yield on the long-term 30-Year U.S. Treasury Note reached 5.488%, reflecting its highest level since 2004. The yield on the short-term 2-Year U.S. Treasury Note also reached 5.163%.
Economic Data
University of Michigan reported that the final reading for the consumer sentiment index came in at 48.1% in September, ahead of the consensus estimate of 47.8%. The final metric for August was 51.7%. The preliminary data for September was 47.8%.
The subindex for current economic conditions fell to 50.9% in September from 51.9% in August. The subindex for consumer expectations also fell to 46.3% in September from 51.5% in August. The 1-year inflation index rose to 4.6% in September from 4% in August. The long-term 5-year inflation index edged up to 3.4% in September from 3.3% in August.
The Department of Commerce reported that the new orders for U.S. manufactured long lasing goods (durable goods) were largely unchanged in August, in contrast to the Zacks Consensus Estimate of a decline of 0.5%. The metric for July was revised downward to 0.9% from 1.1% reported earlier. Year over year, durable goods orders increased 7.7% in August.
Non-defense capital goods orders excluding aircraft —- a closely watched proxy for business spending — rose 1.6% in August. The metric for July was revised upward to 0.6%. Year over year, core capital goods orders increased 10.6%.
Shipments of core capital goods — which are used to calculate business spending on the equipment component in the GDP — increased 0.6% in August after rising 1.4% in July. The non-defense capital goods orders rose 1.2% in August despite a 1.3% decline in shipments.
Weekly Roundup
Wall Street ended a positive week with the Dow, the S&P 500 and the Nasdaq Composite rising 0.3%, 1.2% and 2%, respectively. This was primarily driven by solid AI trade. The Technology Select Sector SPDR (XLK) rallied 3.6% last week.
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Stock Market News for Sep 28, 2026
U.S. stock markets closed higher on Friday to close a volatile week. A slide in crude oil prices and positive developments on U.S.-China presidential meetings boosted market participants’ confidence despite soaring yields on various U.S. government bonds. Economic data were mixed. All three major stock indexes ended in positive territory. Last week, these indexes also finished in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.9% or 478.64 points to close at 51,828.62. Twenty-two components of the 30-stock index ended in positive territory and eight ended in negative territory.
The tech-heavy Nasdaq Composite ended at 27,068.72, rising 0.5% or 129.34 points on solid performance by technology bigwigs. The major gainer of the tech-laden index was Microchip Technology Inc. (MCHP - Free Report) . The AI-powered chip developer rose 5.4%. Microchip Technology currently carries a Zacks Rank #3 (Hold)). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.5% to finish at 7,743.41. Eight out of 11 sectors of the broad-market index ended in positive territory while three finished in negative territory. The Communication Services Select Sector SPDR (XLC) rose 1.3%. On the other hand, the Materials Select Sector SPDR (XLB) and the Utilities Select Sector SPDR (XLU) fell 1.2% and 1%, respectively.
The fear gauge CBOE Volatility Index (VIX) was down 5.1% to 14.87. A total of 14.9 billion shares were traded on Thursday, lower than the last 20-session average of 16.8 billion. The S&P 500 posted three new highs and 31 new lows, while the Nasdaq recorded 54 new highs and 175 new lows.
Crude Oil Prices Slid
Crude oil prices fell after the United States and Iran held talks at the U.N. General Council meeting. Political watchers are more optimistic about the reopening of the Strait of Hormuz. As a result, the U.S. benchmark — West Texas Intermediate crude — futures fell 2.3% to settle at $92.41 per barrel, while the international benchmark — Brent crude — futures declined 2.1% to $104.32 per barrel.
U.S.-China Summit Meetings
Geopolitical experts and financial researchers across the world were busy last week closely monitoring the outcome of the Chinese Premier Xi Jinping’s three-day visit to the United States and his meeting with U.S. President Donald Trump.
President Trump said he had a "very productive meeting" with Xi Jinping. U.S. Treasury Secretary Scott Bessent told Fox News that the two countries have agreed to extend their trade truce by two more months till Jan. 10, 2027.
Government Bond Yields Soar
The yield on the benchmark U.S. 10-Year Treasury Note briefly touched 5.23% on Friday, marking its highest level since Jun. 15, 2007. The yield on the long-term 30-Year U.S. Treasury Note reached 5.488%, reflecting its highest level since 2004. The yield on the short-term 2-Year U.S. Treasury Note also reached 5.163%.
Economic Data
University of Michigan reported that the final reading for the consumer sentiment index came in at 48.1% in September, ahead of the consensus estimate of 47.8%. The final metric for August was 51.7%. The preliminary data for September was 47.8%.
The subindex for current economic conditions fell to 50.9% in September from 51.9% in August. The subindex for consumer expectations also fell to 46.3% in September from 51.5% in August. The 1-year inflation index rose to 4.6% in September from 4% in August. The long-term 5-year inflation index edged up to 3.4% in September from 3.3% in August.
The Department of Commerce reported that the new orders for U.S. manufactured long lasing goods (durable goods) were largely unchanged in August, in contrast to the Zacks Consensus Estimate of a decline of 0.5%. The metric for July was revised downward to 0.9% from 1.1% reported earlier. Year over year, durable goods orders increased 7.7% in August.
Non-defense capital goods orders excluding aircraft —- a closely watched proxy for business spending — rose 1.6% in August. The metric for July was revised upward to 0.6%. Year over year, core capital goods orders increased 10.6%.
Shipments of core capital goods — which are used to calculate business spending on the equipment component in the GDP — increased 0.6% in August after rising 1.4% in July. The non-defense capital goods orders rose 1.2% in August despite a 1.3% decline in shipments.
Weekly Roundup
Wall Street ended a positive week with the Dow, the S&P 500 and the Nasdaq Composite rising 0.3%, 1.2% and 2%, respectively. This was primarily driven by solid AI trade. The Technology Select Sector SPDR (XLK) rallied 3.6% last week.