A Broad Friday Rally Takes the S&P 500 Just Below Record Highs
Nine of 11 sectors rose, powering the S&P higher despite semiconductor weakness. Small-caps, though, posted a fifth straight weekly loss for the first time since 2022.
Consumers’ View of Economic Conditions Hits All-Time Low
Sentiment slips to just 1.5 points above its all-time low with current conditions at a record while inflation expectations rise.
OpenAI Revenue Report Sinks AI, but the Rest of the Market Holds Up
An FT report that OpenAI’s revenue is running notably below earlier estimates sent AI shares sharply lower, but beneath the surface most stocks held up as Treasury yields eased and President Trump said the U.S. won’t attack Iran before the midterms.
Initial Jobless Claims’ Streak Hits First Since 1969
An average of initial claims fell to its lowest since September 2022 and one for continuing claims fell to its lowest since April 2023.
Credit Card Balances Post Biggest Drop Since 2024, But Student and Auto Loans Hit Record Highs
Revolving balances (credit cards) dropped the most since November 2024 in August, while nonrevolving credit (student loan + autos) climbed to another record high.
Stocks Slip From Records But Pare Losses After Strong 10-Year Auction
Long-end yields again hit multi-decade highs before a historically strong 10-year auction pulled them back, letting large-caps pare losses.
Fed Minutes Confirm Hawkish Shift
The September minutes reflected a material hawkish shift from the July meeting with all backing the increase and ‘most’ expecting another hike before the end of the year
Consumer Inflation Expectations Jump to 3-Year High
One-year inflation expectations came in at the highest since May 2023 in the NY Fed’s consumer survey, but spending growth the highest since May 2023.
Continued Broadening Lifts S&P 500 to First Record Since August
The S&P notched its first record close since August on a continued broadening as Treasury yields remained subdued. The Nasdaq added a second straight record, but small-caps gave up an early gain.
Trade Deficit Widens to Largest in 17 Months on Record Imports
The trade gap grew to $105.6 billion as oil, gold, aircraft and capital goods — driven by AI — pushed imports to a record.