Markets
It’s starting to feel like Groundhog Day for investors.
You know the Bill Murray movie. Funny on screen. Less funny when you keep waking up to Sonny & Cher’s “I Got You Babe” and living the same day over and over.
That’s been the recent script: another morning of escalations, higher prices, and futures pointing lower. Until we break this cycle, the market looks stuck in this range.
Stocks were mixed last week as markets continued to navigate geopolitical concerns and new signals about short-term interest rates.
The Standard & Poor’s 500 Index edged up 0.09 percent, while the Nasdaq Composite Index rose 0.40 percent. The Dow Jones Industrial Average slipped 0.27 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, skidded 0.25 percent.1,2
Summer’s Final Act
Stocks fell modestly, and oil prices rose at the start of the week after renewed tensions in the Middle East put investors on edge. Longer-maturity Treasury bond yields also rose, adding pressure on stocks.3
Stocks remained under pressure as global bond yields rose, with traders fretting that higher oil prices would stoke broader inflation. Benchmark government bond yields for the U.S., Germany, and Japan hit 20-month, 15-year, and 30-year highs, respectively.3
But midweek, stocks rebounded after Fed Governor Christopher Waller suggested that the Fed might leave interest rates unchanged at its meeting later this month. Each major average gained 1 percent or more.4,5
Before Friday’s opening, the Labor Department’s nonfarm payrolls report showed that job growth was stronger than expected in August. Stocks were under pressure all day as traders saw the jobs report as a reason the Fed might consider adjusting rates later this month.
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