This Weekly Financial Markets Update reviews the top market headlines: Business Activity Surveys Shows Continued Strength, Fed Minutes Signal Additional Rate Hike by Year-End and AI Infrastructure Spending Spurs Massive Financing Deals
  • The ISM Manufacturing Index registered 54.5% in September
  • The current federal funds rate target range is 3.75%-4.00%
  • Broadcom and SpaceX are seeking over $90 billion in financing for AI chip purchases and development

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Top Three Market Headlines

Business Activity Surveys Shows Continued Strength: A set of widely followed surveys of business executives indicated continued expansion of business activity across the U.S. economy in September. The Institute for Supply Management (ISM) Manufacturing Index registered 54.5%, marking the ninth consecutive month it surpassed the 50% threshold that separates expansion of business activity from contraction. On the services side of the economy, the ISM Services Index came in at 54.9%, down slightly from 56.5% in August, but extending a 27-month streak of expanding business activity.

Fed Minutes Signal Additional Rate Hike by Year-End: Minutes were released last week from the latest meeting of the Federal Open Market Committee, the group of Federal Reserve governors that sets interest rate policy. At the mid-September, the committee voted to raise the federal funds rate target range by a quarter-percentage point to 3.75%-4.00%, due to elevated inflation, the labor market nearing full employment, and solid economic expansion. The minutes also reflected that most officials believe an additional rate hike would likely be warranted by year-end, though without indicating whether that could come at the Fed's next meeting in October or its last meeting of the year in December.

AI Infrastructure Spending Spurs Massive Financing Deals: Major technology companies are increasingly pursuing large-scale financing arrangements to fund the growing cost of building out artificial intelligence infrastructure. According to reports last week, Broadcom is reportedly seeking more than $50 billion in financing to support development of custom AI chips with OpenAI, while SpaceX has discussed a $40 billion financing package for purchasing Nvidia chips. The activity highlights the enormous capital requirements associated with expanding AI data center capacity and computing power. As demand for advanced chips accelerates, companies are increasingly turning to private lenders and alternative financing structures to fund investments.

As of October 9, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 0.66% 1.13% 14.31% 17.01%
S&P 500 1.17% 2.13% 15.14% 17.35%
Russell 2000 -0.90% 0.38% 14.14% 15.10%
MSCI EAFE -0.54% -1.49% 8.69% 12.93%
MSCI Emerging Markets 0.03% 0.27% 23.71% 26.73%
FTSE NAREIT Equity 0.01% -0.11% 10.48% 11.11%
Bloomberg Commodity 1.79% 1.61% 35.01% 41.33%
Bloomberg U.S. Aggregate 0.39% 0.44% -2.48% -1.56%

MSN 10/8/2026, WSJ 10/7/2026, ISM 10/1/2026, 10/5/2026, Federal Reserve 10/7/2026. Index returns 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.