TCM BLOG

Stocks were mixed in the third quarter, with the S&P 500 gaining 2.03 percent and the Nasdaq Composite rising 2.47 percent, while the Dow Jones Industrial Average fell 2.70 percent. Beneath the surface, only four of the 11 S&P 500 sectors advanced, led by Energy (+16.48 percent) on rising oil prices, while Industrials (-9.61 percent) and Utilities (-12.38 percent) bore the brunt of the selling. In September, attention shifted to the bond market as yields climbed to multi-decade highs. The Federal Reserve added to the pressure with a quarter-point rate increase to a target range of 3.75 to 4 percent, its first hike in three years.

Stocks ended last week mixed as strong economic data, cooler job growth, and the 10-year Treasury yield topping 5.29 percent pulled markets in different directions. The S&P 500 slipped 0.27 percent and the Dow fell 1.26 percent, while the Nasdaq gained 0.45 percent and touched a fresh intraday record. Q2 GDP was revised up to 2.2 percent, but September job growth slowed to just 29,000 jobs. With inflation holding at 3.4 percent, investors are watching closely to see what the Fed does at the end of the month.

Stocks moved higher last week as investors looked past inflation concerns and focused on falling oil prices, declining Treasury yields, and signs of progress in Middle East diplomacy. The S&P 500 gained 1.22%, while the Nasdaq advanced 2.06% and the Dow rose 0.28%. Markets experienced some midweek volatility following hawkish Federal Reserve comments and inflation-related data, but stocks recovered toward the end of the week. Investors will focus on employment data, the PCE inflation index, economic reports, and earnings from Micron and Nike in the week ahead.

Stocks ended mixed last week as investors weighed the Fed's rate decision alongside rising Treasury yields, oil prices, and volatility in the AI trade, with the S&P 500 slipping 0.09%, the Nasdaq gaining 0.72%, and the Dow falling 1.70%. Markets came under early pressure as the 10-year Treasury yield climbed above 5% to a 19-year high, and the Fed responded midweek by raising short-term rates a quarter point to a target range of 3¾–4%, citing persistent inflation concerns. Fed Chair Kevin Warsh acknowledged that inflation "is too high and has been for too long," while noting that 16 of 18 officials penciled in at least one more rate adjustment before year-end. Stocks rebounded Thursday on lower oil prices and megacap tech gains, though the relief rally stalled Friday as Treasury yields ticked back up.