Weekly Market Update
Financial markets experienced an abrupt increase in volatility as investors reassessed the durability of the artificial-intelligence capital-spending cycle and the potential policy implications of the U.S. midterm elections. A sharp technology-led decline on Thursday spread into global equities before a partial rebound on Friday. At the same time, a stronger-than-expected employment report reinforced the economy’s resilience and increased expectations for another Federal Reserve rate increase in December. The S&P 500 fell 2.7% for the week, the Nasdaq Composite declined 3.4%, and the Dow Jones Industrial Average lost 0.9%, as per Bloomberg data.