Unify Financial Advisors Weekly Market Update
Markets ended higher last week following a strong rally on Friday. The S&P 500, DJIA, and Nasdaq gained 1.15%, 0.93%, and 0.64%, respectively. The Nasdaq recorded its fourth consecutive weekly gain, while the S&P 500 snapped a seven-week losing streak. Most market sectors posted gains, with information technology and industrials being the only exceptions.
Economic data showed strong growth in the services sector during September, with business activity expanding at its fastest pace in over five years, although inflationary pressures remained elevated. The U.S. trade deficit widened 13.7% to $105.6 billion in August, while weekly unemployment claims declined to 197,000. Meanwhile, the national average price of regular gasoline fell to $4.354 per gallon, remaining $1.230 higher than a year ago.
Weekly Outlook
September’s Consumer Price Index (CPI) report will provide further insight into inflation trends. Following August’s 3.4% annual inflation rate, the latest data could influence expectations for future Federal Reserve monetary policy decisions. Big financial institutions and healthcare companies kick off Q3 earnings season this week. Investors will lean into reporting banks for their business and consumer outlooks, and to gauge whether rising interest rates are pressuring profits.
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