Markets
Stocks ended last week higher after an up-and-down week in which a wide range of economic, geopolitical, and AI-related events competed for investors’ attention.
The Standard & Poor’s 500 Index rose 1.15%, while the Nasdaq Composite Index advanced 0.64%. The Dow Jones Industrial Average gained 0.93%. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 0.45%.¹ ²
A Choppy Advance
Stocks opened higher at the start of the week, demonstrating continued resilience despite rising Treasury yields. Stocks continued their climb on Tuesday as yields cooled and oil prices held steady. AI chipmakers led the broad market higher, with the S&P 500 closing above 7,800 for the first time and the Nasdaq also notching a record close.³ ⁴
Markets stumbled midweek, opening lower on Wednesday after Treasury yields hit fresh multidecade highs. However, stocks rebounded after an encouraging 10-year Treasury auction appeared to allay some fears, with the S&P 500 and Nasdaq reversing most of their declines by the closing bell.⁵
Jitters returned on Thursday. The Nasdaq closed down nearly 1.5%, its biggest one-day decline since mid-August.⁶
Stocks rebounded on Friday to finish the week strongly, with megacap technology stocks rallying and oil prices falling on news of a deal to supply diesel to U.S. and global markets. Healthcare stocks also contributed to gains as the Nasdaq logged its fourth consecutive weekly gain.⁷
All eyes on the Federal Reserve
All eyes are on the Federal Reserve. Three developments on Wednesday made the Fed’s job more complex as it weighs its interest-rate decision at its next meeting later this month.
Yields on both the benchmark 10-year Treasury note and the 30-year Treasury bond reached new 24-year highs, contributing to mortgage rates reaching a nearly three-year high. However, a well-received auction of 10-year Treasury notes suggested that buyers believed yields could eventually decline.⁸
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