Markets were volatile last week, with the S&P 500 and NASDAQ hitting record highs midweek before reversing sharply on Friday. A renewed threat of tariffs on Chinese imports from the United States spurred a broad selloff, ending a seven-day winning streak for the S&P 500. The Dow and Russell 2000 also declined, while gold surged above $4,000 per ounce as traders rotated money there, amid trade and deficit concerns. The government shutdown entered its second week, delaying several key economic reports. Ten-year Treasury yields fell below 4.10%, while crude oil prices continued to slide.
Last Week’s Economic News
- Most economic data releases were delayed due to the ongoing government shutdown.
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The national average retail price for regular gasoline rose slightly to $3.12 per gallon as of October 6, lower than a year ago.
Eye on the Week Ahead
Inflation data for September, typically reported this week, remains delayed due to the government shutdown. Investors will be watching for any updates on fiscal negotiations and trade policy developments.
Have a nice week!
Sincerely,
Robert G. Carpenter