A look back
- Global equity indices retreated last week with emerging market stocks falling by the most. In the U.S., despite a strong earnings report from Nvidia, the S&P 500 fell 1.9%, where the information technology sector was hit the hardest.
- Interest rates moved sharply lower as investors remain divided on Federal Reserve (Fed) rate cut expectations. The U.S. Treasury curve steepened as the 2-year yield dropped 0.10% to 3.50%.
- The long-awaited September jobs report showed U.S. payrolls added 119,000 jobs during the month—more than double consensus expectations. Still, the unemployment rate ticked higher to 4.4%.
A look ahead
- During the holiday-shortened week ahead, market attention will likely shift to a backlog of economic data releases following the reopening of the U.S. federal government.
- Just 12 S&P 500 companies are scheduled to report third-quarter earnings this week. Of the 95% of S&P 500 companies that have reported, 83% have beaten consensus earnings expectations, which is above the five-year average of 78%.
- Economic releases: Retail Sales, Producer Price Index, Consumer Confidence Index, Pending Home Sales, Durable Goods Orders.
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