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Listen to our investment team share the recent jobs report, commentary on steep federal interest rates, and more market updates.
US equities were narrowly mixed this week with the S&P 500 a bit higher but Nasdaq slightly lower. Small-caps also trailed the broader S&P 500 for a second-straight week.
A better-than-expected jobs report on Friday caused equity markets to jump allowing the S&P500 and Nasdaq to end in the black for the week while the Dow and smallcaps ended down. September nonfarm payrolls, came in at 336K vs consensus for 163K.
There was some bullish narrative this week that centered around stabilization of rates, particularly at the policy-sensitive short end of the curve.
All 11 sectors were lower this week with consumer discretionary and utilities faring the worst. The S&P moved back below its 100-day moving average for the first time since March and retested June lows just above 4300.
Week 42 Talking Points: Higher rates, D.C. dysfunction, mixed earnings, uneasy geopolitics and more