Unify Financial Advisors Weekly Market Update
Investors’ focus remained on interest rates, inflation, and the labor market last week, driving increased volatility. Technology and AI stocks continued to support the market, helping the Nasdaq finish higher, while the Dow declined. Oil prices also fell below $92 per barrel as G7 nations announced plans to release crude and diesel reserves.
Economic reports pointed to continued growth but some cooling in the labor market. September employment rose by 29,000, while the unemployment rate edged up to 4.2%. The stock market cheered the soft employment report, as it reduced the probability of future Fed rate hikes. Second-quarter GDP grew at a 2.2% annual rate, while consumer spending remained solid and job openings declined.
Weekly Outlook
The week ahead is light on major economic reports and corporate earnings. Investors will look to the Federal Reserve’s meeting minutes on Wednesday for clues about the direction of interest rates.
Please read the full Market Week report for details on last week’s market and economic activity.
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Regards,
David Bennett, CFA, CFP