U.S. equities closed the week mixed as the S&P 500 oscillated. Tech giants reported mixed earnings, affecting market sentiment. Concerns over fiscal stability and rising bond yields weighed on investor confidence. A positive jobs report fueled speculation about the Fed’s interest rate decision in September, adding to market uncertainty.
Treasury yields fluctuated throughout the week, reacting to refunding announcements and economic data. The long end of the curve faced pressure due to increased issuance and a widening budget deficit. Mixed jobs report failed to provide clear signals on Fed policy, leaving supply dynamics and positioning to guide the market.
Oil prices soared as demand surged, OPEC+ cuts boosted sentiment. However, technical barriers and economic uncertainties caused pullbacks. Saudi Arabia’s production cut lifted prices, while U.S. stockpiles hit record lows. Oil extended gains for a sixth week amid geopolitical tensions over Ukraine.