Markets were volatile last week as traders weighed U.S.-China trade tensions, the ongoing government shutdown, and renewed concerns over the banking sector. Despite sharp swings midweek, all major indexes ended higher. Strong third-quarter earnings from several large banks helped offset anxiety surrounding reports of loan fraud at regional institutions. The 10-year Treasury yield briefly dipped below 4.00% before recovering, while gold surged past $4,300 per ounce and oil prices fell for a third consecutive week.
Last Week’s Economic News
- Most economic data releases remain delayed due to the government shutdown.
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The national average retail price for regular gasoline fell to $3.06 per gallon as of October 13, and lower than a year ago.
Eye on the Week Ahead
Economic data will remain limited during the government shutdown, though markets will continue to track corporate earnings and any developments in trade negotiations.
Have a nice week!
Sincerely,
Robert G. Carpenter