Weekly Market Recap: Resilient Markets Weather Tech Turbulence Amid Data Delays and Fed Uncertainty
Market Overview
Equities finished a choppy week essentially flat as tech sentiment swung sharply, driving intraday volatility across major averages. Early strength faded midweek as momentum trades unwound and leadership from mega-cap tech faltered. The S&P 500 still recovered enough on Friday to close near the flatline, but not before posting its third 1%+ intraday reversal in two weeks.
International markets were steadier. Europe advanced on optimism around the U.S. government reopening and local developments such as France pausing pension reforms, cooler German inflation, and strong Swiss sentiment tied to progress on a U.S.–Switzerland trade pact. Asia finished mixed after a sharp Friday selloff in tech overshadowed solid early-week gains in Japan and South Korea.
Bond markets weakened as Treasury yields climbed across the curve in an abbreviated trading week. Strong demand for Monday’s 3-year auction contrasted with softer results for the 10- and 30-year auctions, keeping supply concerns in focus. The Treasury’s messaging also suggested coupon increases are likely in coming quarters.
Commodities advanced, led by metals, as gold benefited from a weaker dollar and ongoing haven demand. Oil posted a small weekly gain despite midweek pressure as geopolitical risks resurfaced following a Ukrainian strike on a key Russian export hub.
Federal Reserve Insights and Economic Roundup
The government shutdown may have ended, but its impact on economic data remains. Key releases—including October inflation and jobs data—are unlikely to be published, limiting the Fed’s visibility heading into the December meeting. While policymakers aren’t “flying blind,” the ongoing data vacuum adds uncertainty to the rate-cutting path.
Labor-market signals continue to soften. ADP data—while imperfect—reinforces a cooling trend also reflected in prior BLS reports. Fed officials voiced caution this week, leaning hawkish in response to limited data but acknowledging weakening job fundamentals.
On the inflation front, markets were left without official CPI and PPI reports, but the recent trend of easing price pressures remains the consensus view.
Overall, investors are navigating a rare combination of:
- Delayed macro data,
- Volatile tech leadership, and
- Shifting expectations for Fed rate cuts.
The Week Ahead
The most important data to come this week are Nvidia’s earnings and the FOMC minutes on Wednesday. Followed by the previously delayed September Jobs report to be released Thursday.
Data releases remain at risk of delay, but the schedule currently includes:
Monday: Empire Manufacturing (Nov)
Tuesday: Import/Export Prices (Oct), NY Fed Services Activity (Nov), Industrial Production (Oct), Capacity Utilization (Oct), Housing Market Index (Nov), TIC Flows
Wednesday: Mortgage Applications (Nov 14), Housing Starts & Building Permits (Oct), FOMC Minutes
Thursday: Initial & Continuing Jobless Claims, Philadelphia Fed Index (Nov), Leading Index (Oct), Existing Home Sales (Oct), Kansas City Fed Manufacturing
Friday: S&P Global PMIs (Nov), University of Michigan Consumer Sentiment (final), KC Fed Services Activity (Nov), Bloomberg U.S. Economic Survey (Nov)
With markets sensitive to every data point—and the Fed approaching its final meeting of the year—expect continued volatility as investors digest fragmented information and shifting policy expectations.