LIVE MARKETS-Wall Street wraps up first week of fall with Friday-to-Friday gains

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WALL STREET WRAPS UP FIRST WEEK OF FALL WITH FRIDAY-TO-FRIDAY GAINS

US stocks crossed Friday's finish line to the end of the week in positive territory as falling oil prices greased the track for a tech-led rally.

All three major US stock indexes advanced on the day, punctuating a week marked by AI doomsaying, the Trump-Xi summit, the UN General Assembly, surging Treasury yields and resurgent inflation jitters.

After all that, all three indexes managed to post gains on the week.

Long-dated US Treasury yields resumed their uphill climb, with the 10-year yield touching a 19-year high, while the 30-year bond yield reached its loftiest level in 22 years. Both eased off session highs by the closing bell.

Crude prices fell amid growing optimism that the US and Iran could reach a truce that would allow tanker traffic to resume through the Strait of Hormuz, even as Houthi attacks on Saudi targets threatened to derail negotiations.

Front-month WTI and Brent crude settled down 2.3% and 2.1%, respectively.

At a sector level, aside from tech .SPLRCT, the outperformers included airlines .SPCOMAIR and travel/leisure stocks .SPCOMHOTL, while energy .SPNY and communication services .SPLRCL lagged behind.

In economics, the Commerce Department reported stronger-than-expected new orders for core capital goods, signaling robust corporate capex plans and bolstering the Fed's case that the US economy is sturdy enough to withstand tighter monetary policy while the central bank endeavors to lure inflation back down to its 2% target.

Financial markets are currently baking in a 66.4% likelihood that Warsh & Co will implement its second consecutive interest rate hike. Just one month ago, the probability of an October rate hike was set at 9.7%, according to CME's FedWatch tool.

Next week a smattering of labor market data, including JOLTS, ADP and Challenger layoffs, will lead up to the September employment report on Friday, which is expected to show the US economy added 100,000 jobs this month and an uptick in the unemployment rate to 4.2%.

Other economic reports on deck next week include home prices, consumer confidence, manufacturing PMI, construction spending, and the Commerce Department's double-whammy: a final take on Q2 GDP and the August PCE report, which includes the Fed's pet inflation yardstick.

Here's your closing snapshot:

(Stephen Culp)

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