Wall Street wraps up first week of fall with Friday-to-Friday gains
SPY•All three major U.S. stock indexes rose Friday and gained for the week, led by technology stocks as oil prices fell. WTI crude dropped 2.3%, while the 10-year Treasury yield touched a 19-year high before easing to about 5.16%.
1. Stocks finish higher
All three major U.S. stock indexes advanced Friday, ending the week with gains. Technology led S&P 500 sector gainers, while energy was the weakest group.
2. Oil and yields
WTI and Brent crude settled down 2.3% and 2.1%, respectively. The 10-year Treasury yield touched a 19-year high and the 30-year yield reached its highest level in 22 years; both retreated from session highs by the close, with the 10-year yield around 5.16%.
3. Economic outlook
Stronger-than-expected orders for core capital goods signaled robust corporate investment plans. Markets priced in a 66.4% likelihood of a second consecutive interest rate hike, up from 9.7% a month earlier. Next week’s scheduled reports include labor-market data, a final estimate of second-quarter GDP and August PCE inflation.
