A look back
- U.S. stocks posted gains last week, with small caps leading the way, up 3.0%, while the S&P 500 rose 1.9%. International developed markets posted a more modest 1.3% gain as emerging markets led.
- U.S. Treasury yields were little changed on the week, with the 10-year yield closing at 3.99%. Meanwhile, gold’s nine-week winning streak ended after a drop of more than 5% on Tuesday.
- The September Core Consumer Price Index (CPI) cooled compared to August and came in below consensus expectations, rising 3.0% from a year ago. Markets cheered as it boosted hopes for additional rate cuts in the coming months.
A look ahead
- As the government shutdown enters its fifth week and economic reports continue to be delayed, the Federal Reserve (Fed) prepares for its upcoming rate setting meeting on Wednesday. Investors will pay close attention to Chair Powell’s remarks at the press conference following the rate decision.
- Third-quarter earnings season reaches its peak, with over 180 S&P 500 companies reporting, including five of the Magnificent Seven.
- Economic releases: Consumer Confidence, Personal Consumption Expenditures, 3Q GDP*.
*data delayed pending the government shutdown
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