Equities rose last week, shrugging off rising Treasury yields. The S&P 500 gained 1.2%, while the Nasdaq Composite jumped 2.1%. Stocks climbed despite yields on the 10-year Treasury note hitting 5.2%, the highest since 2007, and yields on 30-year Treasury bonds breaching 5.5% for the first time since 2004.

Buzz about wide adoption of Meta Platforms new Muse personal agent reinvigorated the artificial-intelligence trade, sending the iShares Semiconductor exchange-traded fund up 7.4%. Meta shares jumped 12.9% on the week, and are up 21.9% since the release of Muse on Sept. 8.

This week will brings two important data releases that could determine whether Treasury yields continue their ascent. The Bureau of Economic Analysis will releases the personal consumption expenditures price index on Wednesday. Inflation has been running above the Federal Reserve's 2% target for more than five years, and there is little sign that the Fed will hit its bogey any time soon.

On Friday the Bureau of Labor Statistics will release the jobs report for September. Jobs growth has been solid this year and unemployment claims are well below historical averages. A steady labor market and perennially above-target inflation explain why traders are pricing in two more quarter-point interest-rate hikes by January.

Six S&P 500 index companies will report results this week, including CarMax on Tuesday, Micron Technology on Wednesday, and Nike on Thursday.

Monday 9/28

Jefferies Financial Group reports third-quarter fiscal-2026 earnings.

Tuesday 9/29

AAR, CarMax, and Carnival report quarterly results.

S&P Cotality releases its Case-Shiller National Home Price Index for July. Home prices rose 1.5% year-over-year in June, the thirteenth consecutive month that home values increased at a slower pace than the rate of inflation. Among the 20 largest metro areas tracked, Chicago saw the greatest gains, at 6.9%, while Seattle was the weakest market, with a 2% decline.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 7.2 million job openings on the last business day of August, little changed from July.

The Conference Board releases its Consumer Confidence Index for September. The consensus call is for an 89.7 reading, slightly higher than in August but still near the lows of the postpandemic period.

Wednesday 9/30

Cal-Maine Foods, Conagra Brands, FactSet Research Systems, and Micron Technology release earnings.

The Bureau of Economic Analysis releases the personal consumption expenditures price index for August. Economists forecast a 3.7% year-over-year increase, the same as the July figure. The core PCE price index, which excludes volatile food and energy prices, is expected to rise 3.3%, also matching the July data. Federal Reserve Chairman Kevin Warsh recently reiterated his commitment to bringing inflation down to 2%, as measured by the core PCE. The index was last at or below that level in February 2021.

The BEA releases its third and final estimate of second-quarter gross-domestic-product growth. Expectations are for real GDP to have grown at 1.5% seasonally adjusted annual rate, unchanged from the BEA's second estimate, released in late August.

Thursday 10/1

Accenture, McCormick, and Nike announce quarterly results.

The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for September. Consensus estimate is for a 55 reading, about half a point more than in August. The index has been above 50 every month this year, indicating expansion in the manufacturing sector, after just one reading higher than 50 in the previous three years.

Friday 10/2

The Bureau of Labor Statistics releases the jobs report for September. The consensus call is for an increase of 100,000 in nonfarm payrolls, after a 162,000 jump in August. The unemployment rate is expected to remain unchanged at 4.1%.