September 2026 Market Quick Hit

• Markets faced a broad risk-off environment in September, with both equities and bonds posting negative returns. The S&P 500 declined 0.3%, while mid- and small-cap stocks fell 4.2% and 5.6%, respectively. Developed international markets also weakened, though emerging markets were relatively resilient.

• The Federal Reserve raised interest rates for the first time in an extended period, reinforcing concerns that inflation remains persistent enough to warrant renewed policy tightening. The move contributed to higher yields and increased volatility across asset classes.

• Fixed income markets struggled as interest rates moved higher. The Bloomberg U.S. Aggregate Bond Index declined 2.6% during the month, while Treasury and high-yield bonds posted losses of 2.2% and 2.5%, respectively.

• Interest-rate-sensitive assets were among the weakest performers. REITs declined 5.7% as higher financing costs and rising yields pressured valuations.

• Alternative assets produced mixed results. Gold fell 8.5% during the month, while Bitcoin gained 5.9%, highlighting continued dispersion in investor risk appetite.
  
  
  Source: Bloomberg, L.P.

Positioning & Outlook

• Monetary policy remains the primary market catalyst. Investors are currently pricing in at least one more rate hike before the end of the year.
  
  
• Recent market weakness reflects higher discount rates rather than a material deterioration in economic fundamentals. Corporate earnings and business investment trends remain areas of focus as companies navigate a more restrictive policy environment.
  
  
• Higher yields may continue to pressure equity valuations in the near term but have improved the opportunity set within high-quality fixed income, where income generation has become increasingly attractive.
  
  
• We continue to monitor market breadth and leadership trends. A broader participation profile beyond a narrow group of companies would provide a more durable foundation for future market gains.
  
  
• Our positioning remains focused on diversification, quality, and long-term discipline, recognizing that periods of heightened volatility often create opportunities across traditional and private asset classes.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “US Mid Cap “represented by the S&P 400 Index “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/ credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.