The Markets (as of market close September 19, 2025)

The stock market continued its record-setting run last week with the Dow, the S&P 500, and the NASDAQ each reaching new record highs. The small caps of the Russell 2000 also hit a new high for the first time in four years, which signaled a broadening of the rally beyond tech stocks. The major impetus for last week’s market performance was the Federal Reserve’s decision to trim interest rates (see below) for the first time this year. In addition, the Fed projects that more rate cuts are possible before the end of this year, which investors view as a positive for economic growth and corporate earnings. While inflation appears to have moderated somewhat, the Fed’s challenge is to support a cooling job market without reigniting inflationary pressures. The interest rate cut also influenced the bond market, with 10-year Treasury yields ticking higher as bond prices declined. Crude oil prices fell on concerns about waning global demand, abundant supplies, and implications from the aforementioned interest rate cut.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• As expected, the Federal Open Market Committee cut the federal funds rate by 25 basis points, bringing the range to 4.00%-4.25%. This reduction is the first since December and was nearly unanimous, with newly appointed Governor Stephen Miran favoring a 50-basis-point decrease. In reaching its decision, the Fed noted that growth of economic activity moderated in the first half of the year, while job gains have slowed and the unemployment rate edged up but remained low. Inflation remained somewhat elevated. The Committee indicated that uncertainty about the economic outlook remained heightened, while the downside risks to employment have risen. The Fed expects to lower interest rates by another 50 basis points by the end of 2025 and by 25 basis points in 2026, slightly more than projected in June.
• Estimates of U.S. retail and food services sales for August rose 0.6% from the previous month and climbed 5.0% from August 2024. Retail sales for July were revised up 0.1 percentage point to 0.6%. Retail trade sales were up 0.6% from July 2025 and 4.8% from last year. Nonstore (online) retailer sales were up 2.0% in August from the previous month and 10.1% from last year. Sales at food services and drinking places increased 0.7% last month and 6.5% from August 2024.
• Both import and export prices exceeded expectations last month. U.S. import prices advanced 0.3% in August following a 0.2% increase in July. Prices for U.S. imports were unchanged from August 2024 to August 2025. A 0.8% decline in import fuel prices was offset by a 0.4% rise in nonfuel import prices, which was the largest monthly increase since April 2024. Prices for U.S. exports increased 0.3% in August after rising 0.3% the previous month. Higher prices for nonagricultural exports drove the increase. U.S. export prices rose 3.4% over the 12-month period ended in August, the largest 12-month increase since the comparable period ended December 2022.
• Industrial production (IP) ticked up 0.1% in August after decreasing 0.4% in July. Manufacturing output rose 0.2% last month after edging down 0.1% in July. Within manufacturing, the production of motor vehicles and parts increased 2.6%, while factory output rose 0.1%. Mining moved up 0.9%, while utilities decreased 2.0%. Over the last 12 months, total industrial production has risen 0.9%.
• The number of residential building permits issued in August was 3.7% less than the July estimate and 11.1% below the August 2024 rate. Issued building permits for single-family homes fell 2.2% in August from the prior month. Residential housing starts in August were 8.5% below the July estimate and 6.0% less than the August 2024 rate. Single-family housing starts in August were 7.0% under the July figure. Residential housing completions in August were 8.4% above the July estimate but 8.4% below the August 2024 rate. Single-family housing completions in August were 6.7% above the July estimate.
• The national average retail price for regular gasoline was $3.168 per gallon on September 15, $0.024 per gallon below the prior week’s price and $0.012 per gallon less than a year ago. Also, as of September 15, the East Coast price decreased $0.047 to $3.016 per gallon; the Midwest price declined $0.074 to $2.981 per gallon; the Gulf Coast price increased $0.041 to $2.774 per gallon; the Rocky Mountain price fell $0.060 to $3.180 per gallon; and the West Coast price rose $0.079 to $4.273 per gallon.
• For the week ended September 13, there were 231,000 new claims for unemployment insurance, a decrease of 33,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended September 6 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended September 6 was 1,920,000, a decrease of 7,000 from the previous week’s level, which was revised down by 12,000. States and territories with the highest insured unemployment rates for the week ended August 30 were New Jersey (2.7%), Rhode Island (2.1%), California (2.0%), Massachusetts (2.0%), Washington (2.0%), Puerto Rico (1.9%), the District of Columbia (1.8%), Minnesota (1.8%), Nevada (1.7%), New York (1.7%), and Oregon (1.7%). The largest increases in initial claims for unemployment insurance for the week ended September 6 were in Texas (+15,346), Michigan (+3,018), Connecticut (+1,454), North Dakota (+684), and Minnesota (+325), while the largest decreases were in New York (-3,623), Tennessee (-2,994), California (-1,702), Illinois (-1,063), and Massachusetts (-830).

Eye on the Week Ahead

There’s plenty of economic data available this week covering several sectors. The latest information on sales of existing and new homes is out this week. The final estimate for the second quarter gross domestic product is also available later in the week. Data on inflation closes out the week with the release of the personal consumption expenditures price index for August.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc

The Markets (as of market close September 12, 2025)

Wall Street enjoyed a positive performance last week, fueled by growing expectations of a Federal Reserve interest rate cut. Each of the benchmark indexes listed here finished the week with gains. The NASDAQ recorded a fresh record high as tech shares continued to lead the market. Investors apparently saw the economy slowing just enough to warrant an interest rate cut but not so much as to trigger a recession. Ten-year Treasury bond yields rose last Friday, recovering some of the sharp losses from earlier in the week. The recent decline in yields, in anticipation of the aforementioned rate cut, has been a positive for the housing sector (with mortgage rates declining) and for stocks. Crude oil prices ticked higher as Ukrainian drone strikes raised concerns over potential disruptions to Russian oil exports.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• The Consumer Price Index (CPI) increased 0.4% in August after rising 0.2% in July. For the 12 months ended in August, the CPI increased 2.9% after rising 2.7% over the 12 months ended in July. The index for shelter rose 0.4% in August and was the largest factor in the overall monthly increase. Food prices increased 0.5% over the month as food at home prices rose 0.6%, while prices for food away from home increased 0.3%. Prices for energy rose 0.7% in August as gasoline prices increased 1.9% over the month. Prices less food and energy (core prices) rose 0.3% in August, the same increase as in July.
• Producer prices edged down 0.1% in August after increasing 0.7% the previous month. Over the last 12 months, producer prices have risen 2.6%. The August decrease in producer prices was attributable to a 0.2% decline in prices for services. In contrast, prices for goods inched up 0.1%. Prices less foods, energy, and trade services rose 0.3% in August, marking the fourth consecutive monthly increase. For the 12 months ended in August, prices less foods, energy, and trade services moved up 2.8%, the largest 12-month advance since climbing 3.5% in March 2025.
• The monthly Treasury budget showed a deficit of $345 billion in August, well above the July deficit of $291 billion. Outlays for military active duty and retirement, veterans’ benefits, Supplemental Security Income, and Medicare payments to health maintenance organizations and prescription drug plans accelerated into August because September 1, 2025, the normal payment date, fell on a nonbusiness day. For the 11 months of the current fiscal year, the deficit sits at $1,973 billion, which is higher than the deficit of $1,897 billion over the comparable period last fiscal year.
• The national average retail price for regular gasoline was $3.192 per gallon on September 8, $0.015 per gallon above the prior week’s price but $0.044 per gallon less than a year ago. Also, as of September 8, the East Coast price increased $0.051 to $3.063 per gallon; the Midwest price declined $0.033 to $3.055 per gallon; the Gulf Coast price decreased $0.032 to $2.733 per gallon; the Rocky Mountain price climbed $0.057 to $3.240 per gallon; and the West Coast price rose $0.046 to $4.194 per gallon.
• For the week ended September 6, there were 263,000 new claims for unemployment insurance, an increase of 27,000 from the previous week’s level, which was revised down by 1,000. This is the highest level for initial claims since October 23, 2021, when it was 268,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended August 30 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended August 30 was 1,939,000, unchanged from the previous week’s level, which was revised down by 1,000. States and territories with the highest insured unemployment rates for the week ended August 23 were New Jersey (2.8%), Rhode Island (2.5%), Massachusetts (2.2%), Washington (2.1%), California (2.0%), Connecticut (2.0%), Minnesota (2.0%), Puerto Rico (2.0%), the District of Columbia (1.9%), New York (1.8%), Oregon (1.8%), and Pennsylvania (1.8%). The largest increases in initial claims for unemployment insurance for the week ended August 30 were in Tennessee (+2,870), Connecticut (+2,270), New York (+1,683), Illinois (+1,331), and California (+982), while the largest decreases were in Kentucky (-2,833), Pennsylvania (-504), Florida (-456), Texas (-402), and Arizona (-329).

Eye on the Week Ahead

The Federal Open Market Committee holds its meeting this week, the outcome of which is expected to be a 25-basis-point cut in the federal funds target rate range.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.

The Markets (as of market close September 08, 2025)

The stock market was heavily influenced last week by new data on the labor market, which continued to show signs of cooling and bolstered expectations of a potential interest rate cut by the Federal Reserve later this month. Throughout last week, Wall Street experienced some significant swings driven by economic data. The week began with a downturn but ended on a positive note, with both the S&P 500 and the NASDAQ hitting new record highs on Friday. Shares of big tech companies were a major factor in the market’s overall movement. Otherwise, the most significant economic news was last Friday’s jobs report (see below), which further highlighted a slowdown in hiring. Ten-year Treasury yields fell sharply by last week’s end, reaching the lowest level in five months, driven by the weakening labor market and a dovish outlook for an interest rate cut.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• Job growth was muted for the second straight month in August after increasing by a mere 22,000. The unemployment rate ticked up 0.1 percentage point to 4.3%. The number of unemployed rose by 148,000 to 7.4 million. The employment-population ratio was unchanged at 59.6%, while the labor force participation rate inched up 0.1 percentage point to 62.3%. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 104,000 to 1.9 million. The change in total employment for June was revised down by 27,000, from +14,000 to -13,000, and the change for July was revised up by 6,000, from +73,000 to +79,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. Average hourly earnings rose by $0.10, or 0.3%, to $36.53 in August. Over the past 12 months, average hourly earnings have increased by 3.7%. In August, the average workweek was 34.2 hours for the third month in a row.
• According to the latest Job Openings and Labor Turnover Summary for July, the number of job openings fell from 7.4 million to 7.2 million. In July, the number of hires inched up marginally to 5.3 million. The number of separations, which includes quits, layoffs and discharges, and other separations, dipped slightly to 5.3 million. Within separations, both quits (3.2 million) and layoffs and discharges (1.8 million) were unchanged.
• According to S&P Global, the services sector continued to expand in August after a marginal softening in July. A notable uptick in new business helped support the increase in business activity and encouraged companies to add to their workforces. Despite the increase in activity, worries over tariffs and associated uncertainty caused a drop in confidence to its lowest level in four months.
• U.S. manufacturing operating conditions improved to the greatest degree in over three years during August amid a surge in production and solid growth in new orders. The S&P Global US Manufacturing Purchasing Managers’ Index™ (PMI®) posted 53.0 in August, up from 49.8 in July, marking the strongest improvement in operating conditions since May 2022.
• The report on international trade in goods and services, released September 4, was for July and revealed that the trade deficit expanded 32.5%. Exports rose 0.3%, while imports jumped 5.9%. Year to date, the goods and services deficit increased 30.9% from the same period in 2024. Exports increased 5.5%. Imports advanced 10.9%.
• The national average retail price for regular gasoline was $3.177 per gallon on September 1, $0.030 per gallon above the prior week’s price but $0.112 per gallon less than a year ago. Also, as of September 2, the East Coast price increased $0.025 to $3.012 per gallon; the Midwest price rose $0.011 to $3.088 per gallon; the Gulf Coast price increased $0.071 to $2.765 per gallon; the Rocky Mountain price climbed $0.025 to $3.183 per gallon; and the West Coast price rose $0.042 to $4.148 per gallon.
• For the week ended August 30, there were 237,000 new claims for unemployment insurance, an increase of 8,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended August 23 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended August 23 was 1,940,000, a decrease of 4,000 from the previous week’s level, which was revised down by 10,000. States and territories with the highest insured unemployment rates for the week ended August 16 were New Jersey (2.8%), Rhode Island (2.6%), Puerto Rico (2.3%), Massachusetts (2.2%), Minnesota (2.1%), Washington (2.1%), California (2.0%), the District of Columbia (2.0%), Connecticut (1.9%), Oregon (1.9%), and Pennsylvania (1.9%). The largest increases in initial claims for unemployment insurance for the week ended August 23 were in New York (+1,430), Texas (+1,230), Illinois (+509), Missouri (+206), and Hawaii (+119), while the largest decreases were in Iowa (-1,235), Virginia (-857), Maryland (-562), Pennsylvania (-482), and Connecticut (-455).

Eye on the Week Ahead

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.