Markets
Markets were mixed last week, though persistent pressure on technology stocks made the week feel more challenging for some investors.
The Standard & Poor’s 500 Index lost 0.47 percent, while the Nasdaq Composite Index declined 0.71 percent. The Dow Jones Industrial Average gained 0.41 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.58 percent.¹ ²
Tech Leads Both Ways
The week began with an AI-led rebound as investors looked ahead to a heavy slate of corporate earnings reports. On Tuesday, investors welcomed the first wave of corporate results and falling oil prices, which helped boost investor sentiment.
Technology stocks swung back into favor midweek as investors applauded reports that two of the largest megacap technology firms had formed a committee to evaluate a potential merger, lifting all three major averages. The Nasdaq gained more than 1 percent, while the S&P 500 posted its third consecutive winning close.³ ⁴
Boomerang Effect
But the boomerang began to swing back on Thursday as concerns about AI-related debt returned and oil prices rose again amid fresh geopolitical tensions.
The Nasdaq slid more than 2.5 percent during the session, while the S&P 500 fell more than 1 percent, posting their steepest daily declines since June and July, respectively.⁵
The week ended with technology stocks once again in the spotlight as AI-related concerns persisted. The Dow closed Friday down more than 1 percent, while the S&P 500 and Nasdaq remained under pressure into the close.⁶
Housing Watch
With everything happening in the markets last week, the housing sector received relatively little attention. However, there were some important developments worth noting.
First, housing starts fell 5.2 percent in September compared with the prior month, falling short of expectations for a 2 percent increase. This marked the second consecutive month in which economists anticipated an increase in housing starts, only to see a decline instead. It was also the third consecutive month of declining housing starts.⁷
Meanwhile, pending home sales fell to their lowest level on record in September, partly due to rising mortgage rates.⁸
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