8. Weekly Market Recap: Key Movements & Insights
π YTD Index Roundup: Nasdaq and S&P 500 Neck-and-Neck
The stock market closed the week on a high note, with the Dow Jones Industrial Average reaching unprecedented levels. Investors cheered as the September Employment Situation Report exceeded expectations, painting a picture of a resilient economy.
The labor market flexed its muscles, showing stronger-than-anticipated hiring and a drop in unemployment. Average hourly earnings also ticked up, aligning with the market's soft landing narrative. This positive data led to a recalibration of rate cut expectations, with the probability of 50 basis points cut at the November FOMC meeting plummeting to 0.0% from 32.1% just a day earlier.
Treasury yields responded bullishly, with the 10-yr yield surging 13 basis points to 3.98% and the 2-yr yield leaping 22 basis points to 3.93%. Despite the yield spike, equities remained buoyant, buoyed by dip-buying sentiment.
The tech sector provided a significant tailwind, with the Vanguard Mega Cap Growth ETF (MGK) and the PHLX Semiconductor Index (SOX) outperfβ¦
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