Last Week’s Summary
- S&P 500 Index rose 0.26%
- International Equities fell 2.20%
- Emerging Markets rose 0.42%
- U.S. 10-Year Treasury Yield rose to 3.96%
- Initial Jobless Claims rose to 225k
- Nonfarm Payrolls rose to 254k
- Unemployment Rate fell to 4.1%
- ADP Employment Change rose to 143k
What to Watch for This Week
- M, 10/7/24 Consumer Credit
- T, 10/8/24 Trade Balance
- W, 10/9/24 MBA Mortgage Applications, FOMC Meeting Minutes
- Th, 10/10/24 Initial Jobless Claims, CPI, CPI Core
- F, 10/11/24 PPI, PPI Core, U. of Mich. Sentiment, U. of Mich. 1-Yr. Inflation
Weekly Market Recap
Stocks closed near session highs on Friday following a stronger-than-expected jobs report that highlighted the resilience of the U.S. economy and bolstered hopes for a soft landing. Treasury Yields fell as traders adjusted their expectations for the Federal Reserve’s next rate move.
Both the S&P 500 and Nasdaq 100 posted their biggest gains since September 19, managing to close the week with modest increases.
The Two-Year U.S. Treasury Yield, which is highly sensitive to Fed policy, reached 3.93% after data revealed employers added 254,000 jobs in September-the highest in six months-while the unemployment rate unexpectedly dropped to 4.1%.
Beyond Friday’s labor report, a series of economic data released throughout the week, including private-sector job numbers and a key services sector gauge, reinforced the picture of a robust U.S. economy.
As markets brace for key inflation data this week, along with the release of the FOMC meeting minutes, policymakers will also receive one more jobs report and inflation figures ahead of their next meeting in November.
60-Second Breakdown:
Redwood Senior Analyst Michael C. Sasaki, CFA® discusses recent market performance and explains this week’s chart.
