US Stocks End Volatile Week on Muted Note Amid Inflation Concerns
The US stock market closed a volatile week on a muted note, with benchmark US Treasury yields topping 5% and crude prices remaining above $100 per barrel. The session marked the end of a tumultuous week that saw restless anticipation in the days leading up to the Federal Reserve's widely expected interest rate hike.
The S&P 500 ended the week with a nominal loss, while the tech-heavy Nasdaq closed higher than last Friday's finish. However, the blue-chip Dow suffered its largest weekly percentage decline since March, falling 0.18% to 51,682.64.
Chuck Carlson, CEO of Horizon Investment Services, attributed the market's muted close to investors' exhaustion and reluctance to position themselves ahead of potential exogenous events next week. 'It's almost as if everybody got to the end of the week and got exhausted from all the activity this week and decided to just play it close to the vest here,' he said.
Inflation concerns remained prominent, with crude prices easing back from session highs after China asked Iran to limit attacks on Saudi oil infrastructure. Central banks around the globe have embarked on a policy-tightening cycle to rein in inflation fueled by the Iran war.