Stocks closed lower over the holiday-shortened week as positive economic data drove an increase in bond yields. Growth stocks and large-caps outperformed value and small-caps. Apple was one of the main negative performance contributors after news that Chinese government employees would no longer be able to use iPhones. Declines in NVIDIA and other chipmakers also weighed on the indexes. Macroeconomic data surprised on the upside. E.g the ISM report on August services sector activity jumped unexpectedly to its highest level since February. Meanwhile, Thursday’s weekly jobless claims report came in lower than expected; the number of Americans applying for unemployment in the previous week fell to 216,000, the lowest level in six months.

The bustling start to September, particularly in the primary market following Labor Day, has placed pressure on rates due to heightened hedging activity and on credit spreads because of new issue premiums.

US macroeconomic data disappointed, leading to an upward revision in the US interest rate outlook, while concerns over a potential property and financial crisis in China weakened foreign demand for US Treasury bonds. Simultaneously, US equity and bond markets experienced a correction, with energy stocks gaining but banking stocks being sold off. Here are 10 charts to help you look back on what happened in the markets during the month of August.

Signs that the US jobs market is cooling down helped the major US equity indices to register solid gains for the week, although stocks closed out their first negative month since February. A decrease in bond yields over much of the week provided a boost to growth shares. Smaller-cap stocks outperformed. Indeed, bad news for the economy was considered good news for stock prices, given the interest rate implications. On Tuesday, the S&P 500 Index recorded its best one-day gain since June, following news that job openings unexpectedly fell by 338,000 in July and hit their lowest level since March 2001

A softening US labor market and a slowdown in European activity, combined with improving inflation, may pave the way for the Fed and ECB to hit the pause button on their hiking cycles.

The Jackson Hole symposium offered no real new Fed policy insights, AI's ascent propels Nvidia's results and the BRICs welcome 6 new members next January. Each week, the Syz investment team takes you through the last seven days in seven charts.

The main US equity indices were mixed with the #Nasdaq outperforming (along with the S&P 500) while The Dow ended lower on the week. Growth #stocks handily outperformed value shares, helped by another substantial #earnings and revenue beat by artificial intelligence chipmaker #NVIDIA. Financials pulled back early in the week after S&P Global downgraded its credit ratings of five regional banks. Several retailers reported 2Q results, which arguably offered a generally cautious picture on the health of the U.S. consumer. On the macro side, disappointing data dominated the week with the Citi macro surprise index tumbling most since April.

Amidst the recent bond sell-off and with interest rates now entering a more restrictive territory for the US economy, the prospect emerges that Powell could be handed a respite, allowing him time to observe the effects of the current Fed monetary policy on the economy.

The property sector crisis exacerbates China's economic woes, the equity and bond markets remain under pressure and the Russian rouble approaches its lowest level for 17 months versus the US dollar. Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks retreated for a third consecutive week as sentiment appeared to take a blow from a sharp increase in longer-term bond yields and fears of a sharp slowdown in China. The S&P 500 index ended the week down 5.2% from its July 26 intraday peak. Small-cap stocks performed the worst. On the macro side, July US retail sales jumped 0.7% over the month, roughly double consensus estimates. Sales in specific categories indicated a sharp rise in discretionary spending (e,g +11.9% yoy for restaurants and bars).