Week in Review: Market Experts on Fed Watch Flag Caution as Yields and Oil Rise

More days than not last week, oil and yields were up, and it was technology stocks that lifted indices and sentiment.

So it's worth taking a breather from labor this holiday weekend to see just where we stand after what feels like an extra-long summer.

Crude oil spiked above $93 per barrel and ended the week above $91, a rise of more than 9% for the week. The Dow Jones Industrial Average ($DJI) fell 0.27%, and the S&P 500 Index (SPX) was up 0.09%. The tech-heavy Nasdaq-100 Index (NDX) rose 0.38%, and the small cap Russell 2000 Index (RUT) rose 0.11%.

The Magnificent 7 stocks were mixed this past week. Meta Platforms (META) jumped 6.7% on the week, Nvidia (NVDA) was up 5.89%, and Tesla (TSLA) rose 1.53%. But Apple (AAPL) shares were flat, Alphabet (GOOGL) fell 2.35%, Microsoft (MSFT) fell 2.69%, and Amazon.com (AMZN) slipped nearly 3%.

Here are four topics that set the scene as markets churn and prepare for Federal Reserve action on interest rates.

About Half the SPX is trading below its 50-day SMA

With a stellar earnings season despite risks posed by rising yields, higher oil prices, and geopolitical tensions, only about 50% of companies in the S&P 500 are trading above their 50-day simple moving average (SMA). That and other moving average data may show the market has lost the breadth that was driving all-time highs in August. See Half of SPX Stocks Below 50-Day SMA, NVDA Buying Hugging Face for $12.93B

Also hear Andrew Arons, Founder of Synergy Advisory Management Group, on fall seasonality risk trends for markets, and why he likes Apple (AAPL), Netflix (NFLX) and The TJX Companies (TJX). Andrew Arons on September Volatility, Buying AAPL, NFLX & TJX

As Oil and Interest Rates Climb, Are Bonds Part of the Portfolio?

With the 30-year Treasury Bond yield touching 5.3%, and the 10-year Treasury hitting above 4.8% this week, the rise in yields and Fed interest rate hike probabilities may be causing jitters, but the economy remains relatively healthy, says Collin Martin, Head of Fixed Income Research and Strategy at Schwab Center for Financial Research. When it comes to the concept of diversification, we still believe there is value in having bonds in a portfolio,” says Kasey McCurdy, Chief Portfolio Strategist at Schwab Wealth Advisory. Why Bonds Remain Crucial for Portfolios as Fed Tilts Toward Rate Hikes

Could the global bond selloff trigger a market pullback? "I don’t believe we are headed toward a crisis. But certainly, a turning point where the game is changing. So, I would see this as a time for a little bit of a reset, to hit the pause button, and make some intentional adjustments,” says Timothy Burklow Sr., Partner and Wealth Advisor at Mainstay Wealth Management at Steward Partners. He ponders the possibility of a 10% pullback in the market by the end of the year. See A Market Turning Point: Bonds, Oil, and the Fed's Next Move

All Eyes Are on Inflation as the Fed Rate Decision Nears

The Conference Board Senior Global Economist Erik Lundh and Scott Martin, a Partner and Chief Investment Advisor at Kingsview Wealth Management, describe the U.S. economy as cooling but not collapsing. They talk about what U.S. unemployment and jobs say about the economy and agree the Fed decision on rates will be clearer after next week's PPI and CPI data reveals a current read on inflation.

As the cost of fuel moves higher due to the U.S.-Iran war, the lasting impact of depleted supplies of oil and refined-products could continue to support free cash flow for domestic refiners, says Rob Thummel with Tortoise Capital. See Lasting Energy Chokeholds Present Buy Opportunities Across Energy Sector, Tortoise Capital Says.

Technology Earnings Reports Were Mostly Positive

The week started with the outlook for software stocks in anticipation of Snowflake (SNOW), MongoDB (MDB), and Docusign (DOCU) results. See Software Stocks Show Resilience After Volatility in 2026

By Thursday, Snowflake's results were the story, with a stock price surge after positive results. See Stock Market Today: LULU Earnings Plunge, AVGO Slides, SNOW Surges

• For more technology insights, see Technology | Schwab Network
• For more on earnings coverage from this past week, see Earnings | Schwab Network

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