Wall Street Faces CPI Test After S&P 500 Weekly Gain

The S&P 500 ended Friday at 7,811.54 after setting an all-time high on Tuesday, October 6. The Dow Jones Industrial Average and Nasdaq Composite also finished the week higher, as investors looked ahead to September inflation data and major earnings reports.

The 10-year Treasury yield closed Friday at 5.24%, its highest level since 2002, according to the article. It also noted that crude oil had traded above $90 per barrel and that a University of Michigan survey showed consumers expected inflation of 4.7% over the coming year.

The U.S. Bureau of Labor Statistics is scheduled to release the September Consumer Price Index on Wednesday, October 14, at 8:30 a.m. ET. The September Producer Price Index is due Thursday. The bond market is closed Monday for Columbus Day, while stocks are set to trade normally.

The largest U.S. banks begin reporting third-quarter results Tuesday, alongside healthcare companies UnitedHealth Group and Johnson & Johnson. UnitedHealth’s report is scheduled before the market opens, while Johnson & Johnson’s is expected at about 6:45 a.m. ET.

Company news also drove sharp moves last week. SpaceX agreed to acquire a nationwide portfolio of 800 MHz spectrum licenses from Grain Management, subject to Federal Communications Commission approval. On Friday, T-Mobile fell 13.3%, AT&T dropped 9.8% and Verizon declined 8.7%, while Crown Castle and American Tower rose.