This Weekly Financial Markets Update reviews the top market headlines: Q1 GDP Growth Revised Up, U.S. Dollar on the Rise, Corporate Bond Issuance Jumps
  • U.S. GDP grew at a 2.1% annualized rate in Q1 2026
  • The ICE U.S. Dollar Index has risen more than 5% since late January
  • Over $120 billion of investment grade bonds was issued in the first half of June

Top Three Market Headlines

Q1 GDP Growth Revised Up: The U.S. Bureau of Economic Analysis (BEA) last week issued its third and final reading of U.S. real gross domestic product (GDP) for Q1 2026, reporting the economy grew at a 2.1% seasonally-adjusted annual rate. This marked an upward revision from the BEA's second estimate of 1.6% released last month, largely reflecting a lower amount of imports than previously estimated (imports are a subtraction in the calculation of GDP). Overall growth in Q1 was led by business investment — particularly computers and peripheral products related to AI-related spending — exports, and government spending.

U.S. Dollar on the Rise: The U.S. dollar rose last week for the third time in four weeks, with the ICE U.S. Dollar Index, which measures the value of the dollar versus a basket of other major currencies, touching its highest level since May 2025. After declining throughout 2025, the dollar has reversed course in 2026, with the index rising 3.5% since early May and more than 5.0% since late January. This rise in the dollar has tracked traders' evolving views on Federal Reserve interest rate policy, as prior expectations for a rate cut by year-end have given way to the possibility of a rate hike instead.

Corporate Bond Issuance Jumps: Over $120 billion of investment grade debt was issued publicly over the first half of June, according to data from Bank of America. This amounted to 11% of the total issuance for the preceding five months, a much higher percentage than is traditionally experienced. The sharp increase so far in June is largely due to a few very large deals, with the 15 largest sales accounting for nearly 60% of new supply, including debt offerings by NVIDIA and SpaceX of approximately $25 billion each.

Please note: There will be no Weekly Financial Markets Update published next week due to the Independence Day holiday.

As of June 26, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World -2.06% 13.08% 9.46% 22.81%
S&P 500 -1.94% 12.96% 8.06% 21.21%
Russell 2000 1.03% 20.87% 21.94% 40.33%
MSCI EAFE -1.29% 9.67% 8.31% 20.28%
MSCI Emerging Markets -4.44% 22.82% 22.61% 41.70%
FTSE NAREIT Equity 4.67% 14.63% 20.13% 25.02%
Bloomberg Commodity -3.02% -8.26% 14.13% 24.64%
Bloomberg U.S. Aggregate 0.49% 1.03% 0.98% 4.31%

Bloomberg 6/23/2026, Bloomberg 6/22/2026, FactSet. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the ability of the information/recommendation for your specific situation.