If there was one market shouting louder than all the others this week, it wasn’t equities — it was bonds. The S&P 500 slipped just 0.27%, while the Nasdaq actually gained 0.45%.

The S&P 500 finished roughly 1.1% higher, while the Nasdaq jumped about 3.2%, helped once again by enthusiasm surrounding AI and technology. Monday’s 1.5% S&P rally set the tone, although soaring Treasury yields later in the week provided a fairly brutal reminder that interest rates haven’t disappeared as a problem. The US 10-year yield briefly pushed above 5% as September business activity hit its strongest level in more than five years.

The S&P 500 finished almost exactly where it started, slipping roughly 0.1%, while the Nasdaq managed a 0.7% gain. Beneath the surface, though, things were considerably less relaxed.

This was the week when oil reminded markets that inflation hadn’t disappeared – it had merely gone for a cup of tea. The S&P 500 lost 0.8%, despite Friday’s 0.9% recovery, as rising crude prices and Treasury yields approaching 5% unsettled investors.

Markets spent the week balancing artificial-intelligence enthusiasm against the growing suspicion that central banks aren’t finished tightening. The S&P 500 gained just 0.1%, closing at 7,718.60, while the Nasdaq added 0.4%. Friday’s 162,000 increase in US payrolls – almost three times expectations – sent Treasury yields higher and revived fears of a September Fed rate rise.

Markets finished August looking resilient, although Friday delivered a reminder that interest rates still matter. The S&P 500 edged lower by 0.25% in the final session but recorded a modest weekly gain, having been lifted by NVIDIA’s results and continuing enthusiasm around AI investment.

This week had that slightly odd “risk-on, but don’t get cocky” feel about it. The S&P 500 started strongly, with Monday’s 1.17% rally helped by tech buying and relief that the U.S.–Iran situation hadn’t blown up again.

This week had that slightly odd “risk-on, but don’t get cocky” feel about it. The S&P 500 started strongly, with Monday’s 1.17% rally helped by tech buying and relief that the U.S.–Iran situation hadn’t blown up again.

This week had that slightly odd “risk-on, but don’t get cocky” feel about it. The S&P 500 started strongly, with Monday’s 1.17% rally helped by tech buying and relief that the U.S.–Iran situation hadn’t blown up again.

This week had that slightly odd “risk-on, but don’t get cocky” feel about it. The S&P 500 started strongly, with Monday’s 1.17% rally helped by tech buying and relief that the U.S.–Iran situation hadn’t blown up again.