Daily Market Snapshot: September 28, 2026

Brought to you by your local Edward Jones financial advisors. Monday 9/28/2026 a.m. Markets falter as oil prices rise – U.S. equity markets have opened on the back foot this morning as waning hopes for a diplomatic breakthrough in the Middle East push crude prices higher. The S&P 500 is down 0.4% in early trading, while the small-cap Russell 2000 index is 0.7% lower. One noteworthy exception to the early sell-off was Nvidia, which is up 3% at the open, boosted by headlines of larger share buybacks. Higer energy prices are also hitting bond markets, adding to the sell-off seen last week. The benchmark 10-year U.S. Treasury yield is up 6 basis points (0.06%) this morning to return to new 20-year highs. Rising rates continue to lift the dollar and pressure gold prices, with the precious metal now down more than 6% in September so far. Diplomatic stalemate in the Middle East – Hopes for a breakthrough at the United Nations meetings last week have been dashed, with the U.S. and Iran seemingly still deadlocked on a range of key issues. President Trump reportedly rejected a proposal from Iran for a seven-day ceasefire and told aides that he planned to resume military action after the midterms. In response, oil prices are rising again, approaching last week's highs. However, there has been some better news around energy supply in recent weeks. Oil and liquefied natural gas (LNG) flows through the Strait of Hormuz have been rising, suggesting that Iran's blockade is becoming less effective at crimping energy supply. Reports suggest that Middle East crude exports will reach nearly 13 million barrels per day in September, the highest since the war started, if still down 6 million from pre-war levels. Rising supply, if sustained, could help ease the crunch in global energy markets and lessen Iran's leverage in negotiations, especially as the U.S. blockade of Iranian crude exports continues to hurt fiscal revenues. Payrolls the highlight of a busy data week – The Fed will likely be watching this week's data with interest as it considers the merits of a follow-up interest-rate hike in October. A strong payrolls report could argue in favor of further tightening, although the Bloomberg consensus is anticipating a healthy if unspectacular gain of 90,000 payrolls in September and stable unemployment. Elsewhere, the Fed's preferred measure of inflation, the personal consumption expenditures (PCE) deflator, will be released as part of the broader August personal spending and income report. And we will get a first look at Conference Board consumer confidence and ISM manufacturing sentiment surveys for September. At present markets are pricing close to a 70% chance of a 25 basis points (0.25%) Fed hike on October 28, and a hot run of data ahead of the meeting could see the central bank raise rates. Important information: This is for informational purposes only and should not be interpreted as specific investment advice. Investors should make investment decisions based on their unique investment objectives and financial situation. While the information is believed to be accurate, it is not guaranteed and is subject to change without notice. Investors should understand the risks involved in owning investments, including interest rate risk, credit risk and market risk. The value of investments fluctuates and investors can lose some or all of their principal. Past performance does not guarantee future results. Market indexes are unmanaged and cannot be invested into directly and are not meant to depict an actual investment. Diversification does not guarantee a profit or protect against loss. Systematic investing does not guarantee a profit or protect against loss. Investors should consider their willingness to keep investing when share prices are declining. Dividends may be increased, decreased or eliminated at any time without notice.