A look back
- Major global stock markets ended the week lower as escalating U.S.-China trade tensions triggered a widespread selloff on Friday, leaving the S&P 500 down 2.4% for the week.
- U.S. Treasury yields declined, with longer-dated maturities falling by more than shorter ones. The 10-year yield dropped 0.07%, closing at 4.05%. Meanwhile, gold rose for an 8th consecutive week.
- The U.S. government shutdown entered its second week, delaying several key economic data releases. With a Federal Reserve (Fed) meeting scheduled for the final week of October, policy decisions may prove more difficult.
A look ahead
- In the week ahead, 3Q earnings seasons begins in earnest with just under 40 S&P 500 companies set to report. Major U.S. banks will be in focus before earnings activity ramps up the following week.
- The Consumer Price Index (CPI), originally scheduled for release in the upcoming week, has been postponed to October 24 following a White House directive for Bureau of Labor Statistics staff to return to work immediately.
- Economic releases: Fed Beige Book, Retail Sales*, CPI*, Producer Price Index (PPI)*, Housing Starts*. *Subject to delay if government shutdown continues
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