Market Thoughts September 2025

Despite volatility early on, the S&P 500, Dow, and Nasdaq were up low- to mid-single digits for August. These results brought markets to record highs and indicated continued investor demand for U.S. stocks. International stocks also ended the month in positive territory, as risk assets rallied. Even bonds were up, as falling interest rates supported bond prices.

On the economic side, the July jobs report revealed hiring slowed notably during the summer. Further, the job estimates from May and June were revised down sharply. Will potential stress for the labor market foreshadow a shift in consumer spending? Stay tuned to find out.