The S&P 500 index rose 1.2% last week, led by the technology and communication services sectors.
This marked its first weekly gain since the seven days that ended on Sept. 4. With just a few sessions remaining in September, the market benchmark is now up 0.75% for the month, 3.3% for the quarter and 13% for the year.
Data released Friday showed consumer sentiment in September reached its lowest level in four months as inflation expectations rose, according to a University of Michigan survey. While the main sentiment index fell 7% sequentially to 48.1 this month, it was higher than the preliminary result of 47.8. It also surpassed expectations for a reading of 47.5.
In geopolitical news, the Iranian Foreign Minister Abbas Araghchi said Tehran is willing to reopen the Strait of Hormuz, a key crude and energy chokepoint, and restart talks on its nuclear program if Washington accepts its conditions, CNBC reported Friday.
President Trump described his meeting with Chinese leader Xi Jinping at the White House as “very productive” for both nations. Washington and Beijing have agreed to extend their trade truce by two months into January.
The technology sector had the largest percentage gain of the week, climbing 3.1%, followed by a 2.15% increase in communication services. Health care rose 1.7% while industrials, materials and consumer staples also edged higher.
Facebook parent Meta Platforms (META) led the advance in communication services, climbing 13% amid excitement around its Muse artificial intelligence agent. Meta also unveiled plans to release its new Meta VR Glasses in spring 2027 and expand its artificial intelligence eyewear lineup.
On the downside, utilities fell 3.2%, followed by a 3% decline in energy, a 1.6% loss in financials and a 1.4% slip in real estate. Consumer discretionary also edged lower.
Earnings reports this week, which includes the final three trading days of the month and quarter, are expected from companies including Micron Technology (MU), Nike (NKE), McCormick (MKC) and CarMax (KMX), among others.
Economic data will feature the government’s September payrolls report, due Friday. Other data will include August personal consumption expenditures and the third estimate of Q2 gross domestic product.
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