A look back
- Artificial intelligence (AI) optimism led early weekly gains in the S&P 500 with the launch of Meta’s Muse AI agent serving as a major catalyst. The S&P 500 finished the week up 1.2%. International developed markets and emerging markets gained 0.2% and 1.3%, respectively.
- U.S. Treasury yields continue to dominate headlines as key yields reach record levels. The 10-year stayed above 5% finishing the week at 5.15% and the 30-year crossed 5.5%, its highest level since 2004. Oil lowered back below $100 to end the week.
- New home sales rose in August with prices slightly increasing as well. Consumer Sentiment dropped to a reading of 48.1, a four-month low.
A look ahead
- A heavy week of economic data releases will add further insight to the state of inflation and the U.S. consumer.
- Friday’s Jobs Report and Wednesday’s Personal Consumption Expenditures (PCE) Price Index releases will be top of mind. Suprises in the job report have been a theme this year. Consensus is at 84k. PCE, the Federal Reserve’s preferred inflation gauge, is forecasted to rise 0.3% for the month, highlighting the changes in prices paid for goods and services by U.S. consumers.
- Economic releases: Q3 Gross Domestic Product (GDP), Personal Income, Consumer Spending, PCE Price Index, Nonfarm Payrolls, Unemployment Rate, Average Hourly Earnings.
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