Markets
Stocks advanced last week as the broad market looked past inflationary pressures and focused on falling oil prices, declining bond yields, and ongoing diplomatic efforts in the Middle East.
The Standard & Poor’s 500 Index rose 1.22 percent, while the Nasdaq Composite Index advanced 2.06 percent. The Dow Jones Industrial Average edged up 0.28 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 0.15 percent.¹ ²
Choppy Trading, to Say the Least
Stocks bolted out of the gate to start the week, rebounding on strength in AI stocks, falling oil prices, and declining bond yields. The Nasdaq hit a record intraday high during Monday’s session.
The broad market moved sideways on Tuesday as traders watched developments in the Middle East, while oil prices and Treasury yields slid further.³ ⁴
SMarkets fell midweek amid investor concerns over comments from a Fed official and two inflation updates. All three major averages were under pressure. The malaise continued into Thursday, but stocks began to climb late in the day on upbeat reports out of the Middle East.⁵ ⁶
All three major averages continued their recovery Friday, gaining momentum into the close.⁷
Eyes on Bonds—Mind Your Eyes
Treasury yields hit multidecade highs last week for a couple of reasons.
First, Federal Reserve Governor Michael Barr used hawkish language on Wednesday, suggesting he was open to another rate adjustment at the October Fed meeting. Second, the Purchasing Managers’ Index (PMI) reports for manufacturing and services, also released Wednesday, showed that costs had reached four-year highs.
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