A Fête Sans Tech (E280)

Even without tech to liven up the party, stocks staged a broad rally on the S&P 500 (0:42) for the week ended Oct. 9, DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough observe. After four weeks of rising yields, bonds (3:01) at last caught a bid. Commodities ended higher (4:55), led by energy on the Middle East conflict. Eric advises being on the lookout for distillate supply interruptions in the wake of Hurricane Isaias’ imminent forecast landfall on the Gulf Coast. For the week’s macro news (10:14), ISM services for September arrived in line with expansionary expectations, with an inflationary note from the survey’s prices-paid component. FOMC minutes indicated Fed officials leaning toward another fed funds hike in 2026, although the futures market is pricing in a Fed on hold at the rate-setting body’s Oct. 28 meeting. Looking to the week ahead (18:40), all eyes will be peeled for the CPI and PPI reports for September (Wednesday and Thursday, respectively).