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The first week of June delivered a sharp reminder that markets don't go up in a straight line. A hotter-than-anticipated US non-farm payrolls report on Friday forced a rapid repricing of Federal Reserve rate expectations, sending bond yields higher and equities lower. The Nasdaq bore the brunt, falling approximately 4.7% on the week — its worst weekly performance in some time. The S&P 500 shed 2.6%, snapping a nine-week winning streak. The Dow Jones, more insulated from rate sensitivity, slipped just 0.3%.
With the October rate hike all but taken off the table, markets split sharply along value and growth lines: the Russell 2000 surged 2%, energy hit record highs, and Brent crude closed above $116, while a $16 billion tax charge sent Meta tumbling and Communication Services led the week's losses. →
A hotter-than-expected September CPI reignited October rate-hike fears, while an AI revenue disappointment triggered an eight-session semiconductor losing streak — but the Dow powered to an all-time high and oil's surge toward $100 made energy the week's standout sector. →
A hawkish set of FOMC minutes sent the 10-year briefly to a 24-year high before a strong Treasury auction and Trump's diplomatic overtures to Iran sent yields back down and equities higher, with the S&P 500 and Dow posting solid weekly gains on the doorstep of earnings season. →
A soft August PCE print and a sharply disappointing jobs report sent rate hike odds collapsing from 64% to 17%, rescuing equities from an otherwise bruising week shaped by geopolitical flare-ups and crumbling consumer sentiment. →
Treasuries hit 19-year highs as October rate hike odds climbed toward 70%, yet equities powered through the pressure, led by Meta's AI showcase and a broad technology rally. →
