U.S. stocks ended the week mixed. The Dow and S&P 500 saw slight gains, while the Nasdaq, S&P MidCap 400, and Russell 2000 declined. Through most of the week, markets fell as investors rotated out of high-growth and AI-related stocks due to valuation concerns. A volatile Friday helped some indexes recover. The longest U.S. government shutdown ended Wednesday after President Trump signed a temporary funding bill. Although this removed a key market headwind, stocks still dropped Thursday as uncertainty remained about the return to normal operations. Economic data releases became a focal point, with the BLS delaying some reports but confirming the September jobs report will come out on November 20. Comments from multiple Fed officials signaled caution and a preference to keep policy restrictive due to lingering inflation risks.

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Despite a modest rebound on Friday afternoon, all major US equity indices declined over the week. The Nasdaq underperformed and recorded its weakest weekly performance since the sharp post–Liberation Day decline in early April. The market pullback can be explained by a number of factors: growing unease surrounding artificial intelligence developments, signs of labor market softening, ongoing tariff hearings, a lack of meaningful economic data, rising concerns over private credit, and persistently hawkish commentary from Federal Reserve officials. The U.S. federal government shutdown reached the longest on record during the week, which also appeared to weigh on broader sentiment.

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The Nasdaq Composite led gains, driven by strength in mega-cap tech firms benefiting from AI-related spending. Market gains were narrow — the S&P 500 rose even though most sectors fell, and the equal-weighted index lagged by 2.7%. About two-thirds of S&P 500 companies have reported earnings and 83% are beating expectations. Results from the “Magnificent Seven” were mixed: Microsoft, Apple, and Meta fell post-earnings, while Amazon and Alphabet rose. NVIDIA’s shares surged, briefly pushing its market value above $5 trillion. U.S. President Donald Trump and China’s President Xi Jinping agreed to a one-year trade truce, easing tensions between the two nations. The deal included U.S. tariff reductions, China suspending export controls on rare earths, and resuming purchases of U.S. agricultural goods. Meanwhile, the Federal Reserve cut interest rates by 25 basis points to 3.75%–4.00%, as expected, but signaled caution on further cuts.

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Global equity markets advanced despite volatility from U.S.–China trade headlines and a spike in oil prices following sanctions on Russia’s top oil firms. In the US, Small- and mid-caps outperformed large caps, with technology and energy sectors leading gains while utilities and consumer staples lagged. The ongoing government shutdown delayed several economic reports, but September inflation data was released late. Headline inflation rose slightly to 3.0%, just below expectations, while core inflation held steady at 3.0%. S&P Global’s preliminary PMI readings showed business activity strengthening in October. U.S. Treasury yields fluctuated: short-term (1–3 year) yields rose, while the 10-year yield declined.

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U.S. stocks rose for the week, recovering from the previous Friday’s steep sell-off, the S&P 500’s worst day since April. The rebound came amid easing U.S.-China trade tensions, dovish comments from Federal Reserve officials, and optimism from new deals in the artificial intelligence sector. The start of Q3 earnings season further boosted sentiment, as major banks like JPMorgan Chase, Citigroup, and Wells Fargo all beat expectations. By Friday, 12% of S&P 500 companies had reported, with 86% exceeding earnings forecasts, according to FactSet. However, gains were partly reversed on Thursday after two regional banks revealed loan issues linked to alleged fraud, reigniting concerns about credit risks and the health of smaller lenders.

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