S&P 500 Ends Week 0.27% Lower as Yields Hit 2007 Highs; Payrolls Miss Lifts Friday
S&P 500 week close: 7,722.72 (-0.27%) Nasdaq Friday close: 27,190.86 (+1.19%) Sentiment: mixed
The S&P 500 closed the week ending 2 October 2026 at 7,722.72, down 0.27%, after the 10-year Treasury yield climbed 9 bps to 5.28% and touched its highest level since 2007 on Monday. KOD.US rose 191.96% for the week after Kodiak Sciences reported Phase 3 wet AMD data on 28 September. September payrolls added 29,000 jobs on Friday against forecasts near 90,000, which cut the priced odds of an October Fed hike from 64% to 16%; the S&P 500 then rose 0.73%, its only strong session of the week.
The week on Wall Street
The S&P 500 fell on three straight sessions from Monday to Wednesday, from 7,743.41 at the prior Friday close to 7,651.54, a 1.19% drawdown. The 10-year yield rose 5.6 bps to 5.24% on 28 September, its highest close since 2007, and the 30-year reached 5.62% on 29 September, its highest since 2002. META.US fell 4.79% on Monday after OpenAI paused training of its most advanced models, about 14 bps of that day's 0.77% loss.
Wednesday's core PCE printed 3.0% against 3.3% expected, yet the 10-year still rose 3.8 bps to 5.29% and the index closed at its session low. Thursday added 0.19% as ACN.US and SNPS.US lifted technology. Friday's payrolls miss took the S&P 500 up 0.73%; chips and the largest tech names supplied about 42 bps of that gain.
The Dow lost 1.26% to 51,176.96 for the week, worse than the S&P 500, while the Nasdaq gained 0.45% to 27,190.86 and the Russell 2000 slipped 0.16% to 2,832.90. NVDA.US rose 3.95% for the week after a $150 billion buyback increase on Monday; AAPL.US fell 2.16%.
Sector scorecard (5-day)
Technology (XLK.US) rose 1.80% in the week to 2 October, the best of the 11 SPDR sector funds, while health care (XLV.US) fell 2.65%, the worst.
- Best: Technology (XLK.US) +1.80%, helped by SNPS.US +15.06% and NVDA.US +3.95%.
- Energy (XLE.US) +1.26% as WTI held above $92 on the Hormuz standoff; utilities (XLU.US) +0.81%.
- Worst: Health care (XLV.US) -2.65%, with ALNY.US -14.16% and LQDA.US -58.15%.
- Financials (XLF.US) -2.46% as mortgage insurers fell on FHFA policy risk; communication services (XLC.US) -2.34% with APP.US -13.69%.
- Dispersion (best minus worst): 4.45 pts.
Top movers: week ending 2 October
| Ticker | Week | Reason |
|---|---|---|
| KOD.US | +191.96% | Phase 3 DAYBREAK wet AMD readout on 28 September |
| IOVA.US | +29.23% | Raised 2026 revenue guidance to $410 to $420 million |
| LIND.US | +22.25% | Unannounced, likely flow-driven. |
| IBRX.US | +21.86% | Unannounced, likely flow-driven. |
| RXO.US | +18.14% | Unannounced, likely flow-driven. Friday alone added 9.46%. |
| LQDA.US | -58.15% | Delaware court found Yutrepia infringed two UTHR.US patent claims |
| FICO.US | -23.39% | FHFA put VantageScore on the same mortgage pricing grid |
| NESR.US | -23.22% | Unannounced, likely flow-driven. |
| CBRS.US | -19.50% | Reports that Nvidia chips power OpenAI's Ultrafast tier |
| VKTX.US | -15.80% | Closed upsized stock and convertible note offerings |
CTVA.US is excluded: its 84.82% price drop reflects the 1 October spin-off of the seed business as Vylor VYLR.US, distributed one share for one, not a market loss. UTHR.US gained 13.93% for the week on the same ruling that cut LQDA.US. MDB.US fell 12.79% after its chief executive left for Meta on 28 September.
Friday US session
- S&P 500: 7,722.72 (+0.73%)
- Nasdaq: 27,190.86 (+1.19%)
- Dow: 51,176.96 (+0.49%)
- VIX: 15.31 (-6.59%)
- Russell 2000: 2,832.90 (+0.94%)
Payrolls rose 29,000 in September against forecasts near 90,000, unemployment rose to 4.2% from 4.1%, and August was revised down to 133,000 from 162,000. The 10-year yield traded toward 5.17% after the report, then closed up 4 bps at 5.28%.
SYNA.US jumped 14.08% on Friday after onsemi switched its offer to all cash; ON.US rose 6.01%. TSLA.US gained 4.65% on 486,532 third-quarter deliveries against about 463,000 expected. AVGO.US added 3.35%. WDC.US and STX.US each fell about 10% on a Toshiba plan to double hard-drive capacity. NKE.US fell 3.64% after Thursday's lower fiscal 2027 outlook.
Macro themes that played out
The Fed raised its target range by 25 bps to 3.75% to 4.00% on 16 September, its first hike since July 2023. The Conference Board's consumer confidence index fell to 81.9 on 29 September, its lowest since 2014, and August JOLTS openings came in at 7.097 million. ISM manufacturing prices paid rose to 77.9 on 1 October, and the 10-year touched 5.34% intraday that day.
The 30-year yield ended the week near 5.63%. Gold fell 4.00% to US$4,148.50 on Monday and GLD.US ended the week down 3.37%. The US Dollar Index rose 0.94% to 101.92.
CCL.US gained 15.78% for the week after a record fiscal third quarter on 29 September, with adjusted EPS of $1.43 against $1.35 expected; RCL.US added 14.44%. ACN.US rose 12.94% for the week on fourth-quarter revenue of $18.7 billion, though it gave back 6.31% on Friday. SNPS.US guided fiscal 2027 revenue to $11.10 to $11.20 billion at its 1 October investor day and announced a licensing deal with Amazon Web Services worth more than $1 billion.
Week ahead: Mon to Fri (ET)
- Mon 5 Oct: ISM services PMI for September, 10:00am ET.
- Tue 6 Oct: August trade balance, 8:30am ET; Fed's Williams and Bowman speak.
- Wed 7 Oct: FOMC minutes from the September meeting, 2:00pm ET; Logan and Williams speak.
- Thu 8 Oct: Initial jobless claims, 8:30am ET; August wholesale inventories, 10:00am ET; Musalem speaks.
- Fri 9 Oct: University of Michigan preliminary October consumer sentiment, 10:00am ET; Collins speaks.
PepsiCo PEP.US, Delta Air Lines DAL.US, Constellation Brands STZ.US and Levi Strauss LEVI.US report during the week. No CPI print is scheduled this week.
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