A look back
- Stock markets globally ended the week mostly lower, weighed down by weakness in the tech sector amid increased scrutiny around AI financing. Despite 7 of 11 S&P 500 sectors finishing the week higher, the index declined 1.9%.
- Flight-to-safety dynamics pushed U.S. Treasury bond yields lower across the curve, with longer-term yields falling more than shorter-term yields. The 10-year yield fell by 0.16% last week, ending at 5.08%.
- Data last week continued to show hotter-than-expected inflation, with the September core Consumer Price Index, which excludes food and energy, rising 2.6% from a year earlier.
A look ahead
- Earnings will be in focus this week, with more than 70 S&P 500 companies set to report third-quarter results, representing about 14% of the index by market capitalization. Careful attention will be on several consumer discretionary and industrials names.
- In a relatively light week for economic data, and ahead of next week’s Federal Reserve (Fed) policy meeting, Fed officials will be in a blackout period, during which they are restricted from publicly discussing monetary policy or macroeconomic developments.
- Economic releases: Housing Starts, Pending Home Sales, S&P Global Manufacturing and Services PMIs, University of Michigan Consumer Sentiment.
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