A look back
- Stocks were mixed as the S&P 500 gained 0.1% but uncertainty surrounding Federal Reserve (Fed) policy and the level of AI investment led to choppy trading. Health care continued its strong run and international developed stocks rallied 1.7%.
- Interest rates moved higher as investors weighed the benefits of the government reopening with a lower probability of the Fed cutting rates in December. The 10-year yield closed the week at 4.14% as the yield curve steepened marginally.
- Congress agreed to extend funding through January 30 to end the longest government shutdown on record, lasting 43 days.
A look ahead
- With the government shutdown over, investors will eagerly await delayed economic data, starting with the September jobs report on Thursday.
- Only 13 S&P 500 companies will report Q3 results this week with earnings season largely in the past, but two will be crucial for the market narrative. Nvidia will be closely watched after a shaky couple weeks for AI-levered stocks, while Walmart will provide a look at the health of the consumer.
- Economic releases: FOMC Minutes, Existing Home Sales, Nonfarm Payrolls, Unemployment Rate, U. of Michigan Consumer Sentiment.
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