Weekly Market Read

The Nasdaq 100 finished −5.52% on the week as hot CPI and a crowded AI unwind collided, leaving mega-cap earnings as the test ahead.

The S&P 500 added 1.16% on the week as small caps slipped and defensives led, leaving Wednesday's CPI as the test of a market priced for calm.

High-yield spreads widened 44bp in five days to Thursday at a 3.8-sigma pace while breadth stayed poor beneath a Nasdaq 100 that rose +0.68% to a record week, and 29K payrolls collapsed hike odds — Fed minutes the watch item.

Oil jumps over 4% as Trump rejects Iran's Hormuz reopening; the Nasdaq 100 still closes the week +3.30% — Friday's September payrolls is the watch item.

The Nasdaq 100 gained +0.92% on the week and the VIX finished −6.50% at 14.81 as credit absorbed the Fed's hike, with Thursday's Trump-Xi White House meeting the watch item.

S&P 500 −0.77% on the week as the 10-year jumps to 4.96% and oil surges past $100; Wednesday's FOMC decides the rate path.

The S&P 500 grinds out a +0.11% week as a blowout jobs report pushes the 10-year yield to 4.78%, leaving Friday's CPI to settle the September rate question.