Stocks Push Higher While Oil and Metals Retreat (September 21-25, 2026, Recap)

Overview

Markets saw a mixed week as investors assessed economic data, central bank policy, and corporate earnings. US crude inventories increased, while Australia’s labor market showed mixed conditions and the Swiss National Bank kept rates unchanged at 0%. US jobless claims remained low and new home sales improved in August. Commodities weakened, with oil, gold, and silver all posting weekly losses, while major US stock indices advanced. Earnings were also mixed, with Cintas and Costco shares rising while General Mills declined.

Major Economic Indicators and Events in Review

Wednesday, September 23

US oil market data showed weaker refinery activity for the week ending September 18. Refineries processed 16.8 million barrels per day, operating at 94% capacity, while crude oil imports fell to 5.9 million barrels per day. Stockpiles were mixed: crude inventories rose by 3.0 million barrels to 426.4 million, while gasoline stocks fell by 1.7 million barrels and distillate inventories declined by 0.4 million. Overall petroleum demand remained broadly stable, while jet fuel demand increased from a year earlier.

EUR/USD gained 2.95% on the day.

Thursday, September 24

04:30 am – Australia: Employment Change (AUD)

Australia’s labor market showed mixed signals in August 2026. Employment increased by 39,500 people, mainly due to stronger part-time hiring, while full-time employment fell slightly. The unemployment rate rose to 4.6% as the number of unemployed people increased by 28,200. At the same time, the participation rate climbed to 67.1%, meaning more people were looking for work. Hours worked also increased, while the underemployment rate edged down to 6.2%.

AUD/USD fell 0.36% on the day.

10:30 am – Switzerland: SNB Monetary Policy (CHF)

The Swiss National Bank kept its policy rate unchanged at 0%, saying current monetary policy remains appropriate. Inflation rose to 0.8% in August, mainly because of higher energy prices, but is expected to stay within the SNB’s price-stability range. The central bank forecasts inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028. Swiss economic growth is expected to remain moderate, with GDP growth of 1.5% to 2% in 2026.

USD/CHF rose 0.30% on the day.

15:30 – USA: Unemployment Claims (USD)

US jobless claims remained low in the week ending September 19, suggesting the labor market is still relatively stable. Initial unemployment claims fell slightly to 197,000, while the four-week average declined to 202,250. Continuing claims, which measure people still receiving unemployment benefits, rose modestly to 1.719 million. However, their four-week average fell to 1.744 million. The insured unemployment rate remained unchanged at 1.1%.

EUR/USD edged 0.003% lower on the day.

17:00 – USA: New Home Sales (USD)

US new home sales improved in August 2026, rising 6.4% from July to an annual rate of 684,000. However, sales were still 2.0% lower than a year earlier. The number of new homes available for sale remained steady at 483,000, equal to about 8.5 months of supply. The median selling price increased slightly from July to $393,700 but was 5.8% lower than in August 2025.

USD/JPY gained 0.58% on the day.

Commodities

1. Crude Oil
   1. Crude oil prices declined 3.15% over the past week
2. Brent Oil
   1. Brent was down 5.56% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.13% weekly loss
4. Silver
   1. XAGUSD declined by 2.94% from last week

Stock Market

1. S&P 500 gained 1.13%
2. DJIA was up 0.19%
3. NASDAQ 100 increased by 3.26%

Top Gainers

1. Greenland Mines Ltd (GRML) 414.39%
2. Greenland Energy Company (GLND) 361.67%
3. Masonglory Limited (MSGY) 287.98%

Top Losers

1. Solowin Holdings (AXG) -89.30%
2. Inflection Point Acquisition Corp. (IPEX) -67.82%
3. Digital Currency X Technology Inc. (DCX) -62.72%

Company Earnings (September 21-25)

Wednesday, September 23: CTAS (Cintas Corporation)

Wednesday, September 23: GIS (General Mills, Inc.)

Thursday, September 24: COST (Costco Wholesale Corporation)

Cintas remains in a solid financial position, with more short-term assets than liabilities and relatively low debt compared with shareholders’ equity. The company is valued at about $79.7 billion and trades at a relatively high price-to-earnings ratio of 53.16. Cintas also increased its quarterly dividend from $0.45 to $0.52 per share, equal to $2.08 annually and a dividend yield of about 1.0%.

CTAS shares gained 1.15% over the past week.

General Mills reported a better-than-expected first quarter and kept its fiscal 2027 outlook unchanged. Sales were flat from a year earlier, with improving trends across several key businesses. The company also remains on track to deliver $750 million in cost savings this year. However, profits weakened, with adjusted operating profit down 11% and earnings per share down 13%, as higher costs, softer volumes, and increased marketing spending weighed on margins.

GIS shares fell 7.38% over the past week.

Costco reported a strong fourth quarter, with sales rising 11.2% to $93.87 billion and comparable sales up 9.4%. Membership also remained healthy, with paid members reaching 84.1 million and renewal rates improving. Digital sales grew more than 20%, while the company plans further warehouse expansion. However, tariff-related benefits are unlikely to continue, and higher costs for goods, freight, and commodities could put pressure on future profit margins.

COST shares gained 3.07% over the past week.

Conclusion

Overall, the week reflected a mixed market environment. Economic data pointed to resilience in parts of the US economy, while Australia’s labor figures were less encouraging and the SNB maintained a steady policy stance. Commodities came under pressure, but major US stock indices finished higher. Corporate earnings also produced varied results, reinforcing a cautious outlook as investors continue to assess growth, inflation, and interest-rate expectations.