This Weekly Financial Markets Update reviews the top market headlines: September Jobs Report Misses Expectations, Q2 GDP Growth Revised Upwards and Diesel Prices Reach Record Highs
  • The U.S. economy added 29,000 jobs in September
  • U.S. real GDP growth for Q2 2026 was revised up to 2.2% from 1.5%
  • Average U.S. diesel prices reached a record $6.53 per gallon in September

Please join us, Thursday, October 15th at 10:00 a.m. CT, for our Q3 Gallagher Financial Markets Update webinar.

Register today!

Top Three Market Headlines

September Jobs Report Misses Expectations: The U.S. Department of Labor reported last Friday that the U.S. economy gained just 29,000 jobs in September, well short of economists' consensus estimate of 84,000. Previously reported gains for July and August were also revised down by a total of 60,000, with July now showing a loss of 10,000 jobs. Sectors that saw the largest job additions in September included health care, construction, and manufacturing, while losses in government and financial companies weighed on the total. In addition, the unemployment rate ticked up to 4.2% from 4.1% in August.

Q2 GDP Growth Revised Upwards: The U.S. Bureau of Economic Analysis reported last week that U.S. gross domestic product (GDP) growth was stronger in Q2 2026 than previously estimated. The final annualized growth rate in real (i.e., inflation-adjusted) terms came in at 2.2%, versus the prior estimate of 1.5%. This also represented a modest acceleration from the 2.1% pace of growth reported in Q1. The upward revision to the Q2 estimate primarily reflected higher readings for investment and consumer spending. These two categories, along with exports, represented the three largest contributors to the overall 2.2% Q2 growth rate.

Diesel Prices Reach Record Highs: The U.S. Energy Information Administration reported that the national average diesel price reached $6.53 per gallon during the week of September 21st, the highest level in more than three decades of weekly records. The latest reading surpassed the prior record of $6.29 set one week earlier and marked the third straight week of new all-time highs. Diesel prices have significantly outpaced gasoline prices, which have risen at a slower pace in recent months. Tight global diesel supply, refinery disruptions, and reduced fuel exports from several major producing regions have been among the factors that have contributed to the recent rise in prices.

As of October 2, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World -0.66% 0.46% 13.55% 16.58%
S&P 500 -0.25% 0.94% 13.81% 16.35%
Russell 2000 -0.11% 1.30% 15.18% 16.65%
MSCI EAFE -1.51% -0.96% 9.27% 13.71%
MSCI Emerging Markets -1.23% 0.24% 23.68% 27.47%
FTSE NAREIT Equity -1.30% -0.12% 10.47% 9.16%
Bloomberg Commodity -1.87% -0.17% 32.64% 40.07%
Bloomberg U.S. Aggregate -0.60% 0.05% -2.86% -2.16%

BEA 9/30/2026, CNBC 10/2/2026, Yahoo Finance 9/28/2026, US Dep't of Labor 10/2/2026, US Dep't of Economic Analysis 9/30/2026. 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.