Shrugging off a volatile September, markets shuffle into Q4
SPY•US stocks were mixed on Wednesday as cooler-than-expected inflation tempered rate-hike expectations while strong economic data and rising crude prices kept competing signals in focus. The S&P 500 and Dow fell for the week while the Nasdaq advanced; all three indexes had mixed quarterly results.
1. Mixed market signals
US stocks gyrated on Wednesday. Cooler-than-expected inflation data tempered expectations for a Federal Reserve rate hike, while upbeat GDP, consumer spending and private payrolls data pointed to economic resilience. Rising crude prices kept inflation concerns alive, and long-dated Treasury yields rose for a seventh straight day.
2. Quarterly performance
The S&P 500 and Dow lost ground for the week, while the Nasdaq advanced. For the July-September quarter, the S&P 500 and Nasdaq posted gains, while the Dow ended lower. Technology, communication services and software and services outperformed, with Alphabet and Apple among the megacaps providing support.
