A look back
- U.S. equities continued their declines as technology earnings renewed concerns over AI spending. The S&P 500 fell 0.56% and the NASDAQ lost 3.03%.
- The Federal Reserve held its interest rate at 3.75%-4.00% this week as Treasury yields continued to fall. The 2-year and 10-year U.S. Treasury yields fell to 4.57% and 4.90%, respectively.
- Third quarter Gross Domestic Product (GDP) grew 3.4% annualized, up from 2.2% last quarter. September Personal Consumption Expenditures (PCE) inflation reached over 3.6% year over year, with core inflation at 3.1%, keeping price pressures in focus.
A look ahead
- Friday’s October jobs report headlines along with ISM Services and Manufacturing data highlight the economic calendar and will provide updates on business activity. Investors will be keen to any effects of higher interest rates on business activity.
- Tuesday’s midterm elections and Wednesday’s Treasury refunding announcement could influence markets. Investors will continue to assess the fiscal outlook and Treasury issuance guidance for implications for longer-term interest rates.
- Economic releases: ISM Services and Manufacturing data, JOLTS Job Openings, Durable Goods Orders October Mortgage Applications. Nonfarm Payrolls.
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