A look back
- The S&P 500 fell -0.3% to suffer its second-straight weekly loss, lagging international developed markets’ 0.1% gain. Energy and materials stocks were the top performers in the US; both sectors have posted roughly 10% gains year-to-date.
- Yields were flat on the week. On Tuesday, the 10- year yield reached its highest level since August before dropping back to close Friday at 4.23%. The 2-year yield remained steady around 3.59%.
- Geopolitical tensions were in the spotlight as investors weighed renewed tariff threats. This helped precious metals continue their rally, with silver breaching $100/ounce for the first time. Gold and silver gained roughly 8% and 17%, respectively.
A look ahead
- Earnings season kicks into high gear with 103 companies in the S&P 500 set to release results, highlighted by four members of the Magnificent Seven. This week is the busiest of the quarter in terms of the market cap of companies reporting.
- Another focus will be the Federal Reserve’s policy meeting. While markets are pricing in a 97% chance the central bank will hold rates steady after three-straight rate cuts, investors will keep a close eye on Chair Powell’s post-meeting press conference.
- Economic releases: Durable Goods, Consumer Confidence Index, FOMC Meeting, Trade Balance, Wholesale Inventories, Factory Orders, PPI.
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