US stocks bounce back after worst week in over a year
The S&P 500 was up 1.2% on Monday, recovering some of the losses from Friday’s sell-off. The Nasdaq 100 gained 1.3%, while the Russell 2000 rose 0.3%.
All of the major S&P sector ETFs advanced. Tech took the lead with a 1.6% gain.
The market’s focus will turn back to inflation this week, as the August consumer price index is due Wednesday and the producer price index is due Thursday. Treasuries changed little, with the yields on two-year Treasury yields rose a mild 3 basis points.
In megacap stock news, Nvidia led the Magnificent Seven with a 3.5% gain after losing as much as 14% last week. Apple was virtually flat, finishing with a tiny gain after some volatility during an event that introduced the iPhone 16.
US crude oil benchmark WTI futures jumped more than 1.4% following the worst week for oil since October. The US dollar gained against all G10 currencies besides the Canadian loonie, with the Dollar Spot Index up 0.4%.
