The S&P 500 fell 0.6% last week, and the Nasdaq dropped 2.0%, both posting their third straight week of losses, as disappointing tech earnings revived concerns about AI-related spending. The FOMC held the federal funds rate (FFR) at 3.75%-4.00% on Wednesday in a 10-2 vote, with the dissenters favoring a 25bps hike. We believe the committee needs another 50bps of increases to get back to a neutral FFR that is neither accommodative nor restrictive. October’s employment report (Fri) caps a jam-packed week of labor market data, including JOLTS (Tue), ADP (Wed), and Challenger and jobless claims (Thu). ISM’s M-PMI (Mon) and NM-PMI (Wed) are also due. Six Fed officials are scheduled to speak. Tuesday’s midterm elections should be interesting.
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