Markets
Stocks ended last week mixed as a tug-of-war between strong economic data, cooler job growth, and decades-high Treasury yields played out.
The Standard & Poor’s 500 Index edged down 0.27 percent, while the Nasdaq Composite Index rose 0.45 percent. The Dow Jones Industrial Average slid 1.26 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.81 percent.
Today, the tech-heavy Nasdaq set a record, closing at 27,477, while many stocks still struggle.
A Mixed Week
Stocks fell at the start of the week as Treasury yields continued to rise. They steadied over the next session with Treasury yields still in the spotlight. The benchmark 10-year Treasury yield topped 5.29 percent, up 133 basis points from its year-to-date low in late February.³ ⁴
Markets perked up midweek after a revision to Q2 GDP showed the economy grew faster than originally estimated. Quarterly earnings results for a large semiconductor also supported markets, while rising oil prices kept enthusiasm in check.⁵ ⁶
After a soft jobs report, stocks opened higher on Friday, with investors wondering whether the Fed would adjust rates at the end of the month. The AI trade roused once again to lead the Nasdaq to a fresh intraday record and end the week on a high note.
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