Stocks and Treasuries recorded light losses last week.
Last week marked the start of the fourth quarter, and the S&P 500 finished down less than 1% to 2,153. U.S. data was generally strong: ISM Manufacturing bounced higher to 51.5, ISM Services shot up to 57.1, and Non-farm payrolls rose by 156,000.
Financials and Energy stocks performed well as the Ten-year treasury yield increased to 1.73% and Oil moved up to $50/barrel. Industrials had a rough Friday after Honeywell (HON) and PPG (PPG) lowered guidance for the upcoming quarter, noting lingering slow global growth, poor macro conditions, and no growth catalyst in the near-term.
Earnings season kicks off next Tuesday, with major banks (JPM, C, WFC, and PNC) reporting at the end of the week.