Your Sunday Market Brief
Opening Insight
Markets spent the week searching for direction. U.S. equities started strong with record highs but drifted lower as Fed officials stressed caution and data showed steady consumer spending. Rising Treasury yields and tariff headlines added to the unease. Safe-haven demand lifted gold to fresh records, while oil and industrial metals were mixed on global demand signals. In crypto, major tokens like Bitcoin and Ethereum pulled back, underscoring a shift toward risk-off sentiment. Overall, the tone was one of optimism tempered by uncertainty, setting the stage for the weeks ahead.
Market Recap
U.S. stocks finished modestly lower for the week after a volatile stretch. Early in the week all three U.S. indexes hit record highs (the S&P 500 hit ~6,664 on Monday), but Powell’s cautionary remarks on Tuesday and stronger data later trimmed gains. A Reuters summary noted the major indexes posting “weekly losses” despite Friday’s bounce. Investors remain focused on Fed policy (the market is balancing hopes for future rate cuts against signs of resilient growth and inflation). Broad market breadth waned late in the week, and stocks diverged by sector and style under the shifting macro backdrop.
The S&P 500 ended the week roughly flat, down only about -0.3%. It fell midweek (to ~6,604 by Thursday) after Fed officials signaled a data-dependent stance, then partially recovered by Friday’s close (~6,643). Earlier strength in tech and consumer staples was offset by declines in energy and financials. Sentiment swung with Fed speak and data (for example, Richmond Fed’s Barkin warned that tariffs are making inflation forecasts “less confident”). Overall the index is still up ~13% YTD, but the rally paused this week.
The tech-heavy Nasdaq also finished the week slightly lower. It outperformed into Monday’s session (hitting ~22,631) thanks to gains in megacap tech names, but profit-taking and rotation later saw it end down ~0.6% on the week. Notably, Apple and Nvidia gave strong earnings cues early on, but interest rate concerns weighed on high-growth stocks afterward. By Friday the Nasdaq was around 22,484 (down ~0.6% week-on-week). Tech still leads market gains YTD (~+16%), but the near-term tone turned cautious.
Stocks That Won The Week
EA soared after reports it might be taken private in a record buyout. The Wall Street Journal noted potential acquirers (including Saudi Arabia’s PIF), which sent EA shares surging ~15% on the news, making it one of the week’s top S&P performers.
Intel extended a recent rally, jumping after news that Nvidia sold its remaining Intel stake. A report also said Intel was in talks with TSMC about partnerships. The easing of uncertainty on its Nvidia investment spurred a ~4.4% gain on Friday and roughly +9% for the week.
Meta shares climbed on strong ad-sales results and upbeat guidance. The company beat revenue estimates and raised capex outlook (underscoring confidence in AI), driving a +5% rally in extended trading. Investors cheered resilient digital ad spending and Meta’s bullish commentary, making META one of the week’s top gainers in large-cap tech.
Stocks That Lost The Week
The warehouse retailer slid after its Q4 report. Despite beating sales and EPS estimates, U.S. same-store sales growth slightly missed forecasts, prompting profit-taking. Costco’s stock fell ~2.9% on Friday as investors focused on the modest sales miss.
The enterprise software maker dipped after being hit by an analyst downgrade. A recent report cited concern that Oracle’s cloud expectations were too high, and the stock fell 2.7% for its fourth straight drop. Weakness in large-cap tech names pressured ORCL.
eBay’s stock slipped despite positive earnings in July. By late September, the momentum faded; the shares gave back gains (~-2.1%). Investors may have rotated out of high-multiple names, with eBay modestly lower after peaking earlier in the quarter.
Sector Snapshot
Sector | Weekly Change | YTD Change |
|---|---|---|
Technology | +0.11% | +20.33% |
Energy | +3.94% | +8.46% |
Financials | −0.56% | +16.82% |
Industrials | −0.27% | +14.12% |
Healthcare | −1.12% | −1.78% |
Energy led the week (about +4%), Technology was essentially flat, and both Financials and Industrials slipped slightly; Healthcare was the clear laggard. Net-net, leadership was narrow and breadth soft.
Crypto Recap
Cryptocurrencies also slipped after a strong September start. A Reuters summary noted that “cryptocurrencies lost about $300 billion this week,” with Ethereum down ~12% and Bitcoin ~5%. Bitcoin traded near $109K (little changed) and ended the week off its highs, while Ether fell back below $4,000. Major altcoins were volatile: XRP slid roughly 7%, while some smaller tokens gyrated.
Performance Overview
Asset | Weekly Change | YTD Change |
|---|---|---|
Bitcoin (BTC) | –5.24 % | +17.16 % |
Ethereum (ETH) | –10.31 % | +20.32 % |
Solana (SOL) | –14.85 % | +7.36 % |
XRP | –5.74 % | +34.65 % |
Mover Of The Week
Solana was the clear laggard among major cryptocurrencies this week, sliding nearly 15% from September 22 to 27. Despite a strong run earlier in 2025, the coin gave back a portion of its gains as traders rotated out of higher-beta tokens amid broader weakness in digital assets. Network activity remained steady, but the sharp pullback highlights Solana’s sensitivity to risk sentiment. Even with this week’s drop, Solana is still up over 7% year-to-date, showing it has retained some of its longer-term momentum.
Commodities Recap
Commodities were mixed. Precious metals continued higher: gold hit a fresh record (~$3,728 on Monday) and held near that level into Friday (~$3,766). Silver largely tracked gold’s rally (weaker dollar and safe-haven demand). Energy prices were relatively soft: U.S. crude (WTI) started the week near ~$62.64 and only nudged up to ~$65.7 by Friday despite Middle East tensions. Slower global demand outlook capped oil. Industrial metals stayed firm: copper traded near multi-month highs (up about +6% in September) on hopes of Chinese stimulus.
Asset | Weekly Change | YTD Change | Context |
|---|---|---|---|
Gold | +1.14 % | +18.67 % | Fed caution boosted safe-haven demand. |
Oil (WTI) | +0.92 % | +6.43 % | Supply concerns offset weak demand. |
Copper | +0.8% | +4.3% | Chinese stimulus hopes kept prices firm. |
Silver | +2.02 % | +24.19 % | Tracked gold with industrial support. |
Macro Drivers
Key economic and policy news drove sentiment. U.S. Fed speakers reiterated a cautious, data-dependent stance. Richmond Fed President Barkin explicitly said he had “low confidence” in inflation forecasts given tariff effects. Tuesday’s Jackson Hole speech from Powell had already tempered hawkish market hopes. Data were mixed: August consumer spending jumped +0.4% (above forecasts) on strong auto sales, and personal incomes rose +0.3%, keeping rates sticky. Friday’s core PCE inflation was roughly in line (2.7% YoY), reinforcing that inflation is cooling slowly.
On the fiscal/policy front, new tariffs were announced midweek: Trump unveiled levies on imported furniture (50%) and trucks (25%). This weighed on affected sectors – for example, luxury retailer RH tumbled ~4%, while Paccar (truck maker) jumped ~5% on the news. Geopolitical headlines were quieter; investor attention will now turn to the coming earnings season and any shift in Fed guidance.
Final Take
Markets ended the week in a holding pattern. Record highs on Monday gave way to midweek weakness as Fed officials stressed caution and tariffs complicated the inflation outlook. By Friday, the S&P 500 was modestly lower for the week and the Nasdaq had slipped about 0.6%, with sector leadership narrowing to energy while technology and financials leveled off. Commodities told a mixed story: gold extended its safe-haven rally, silver followed, oil edged higher on supply concerns, and copper held steady on stimulus hopes. Crypto markets were firmly risk-off, with Bitcoin and Ethereum losing ground and Solana standing out as the sharpest decliner.
The overall picture is one of resilience tempered by uncertainty. Bond yields remain elevated, volatility subdued, and investors are still weighing growth against policy risk. As the next week opens, the focus will return to inflation data and Fed commentary to test whether markets can sustain momentum beyond record highs.
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