Home / Stocks End the Week Modestly Higher on Mixed Economic Data and Shifting Rate Expectations
Stocks ended the week modestly higher, with developed international and emerging-market stocks leading the gains.
Markets received a boost on Thursday after Fed Governor Waller suggested that interest rates could remain steady if inflation continues to make progress toward the Fed’s 2% target. However, that optimism was tempered Friday by a much stronger-than-expected jobs report, which increased expectations that the Fed may need to keep rates higher for longer.
Economic data remained mixed throughout the week. Employment continued to show strength, while construction spending weakened, the trade deficit widened, and manufacturing results were uneven.
For investors, the week highlighted the ongoing balancing act facing the Fed: strong employment is encouraging for the economy, but persistent inflation and other mixed economic signals continue to complicate the outlook for interest rates.
Treasury Yields
• 30-year Treasury: 5.280% (higher)
• 10-year Treasury: 4.806% (higher)
Mortgage Rates
• Average 30-year fixed (Freddie Mac): 6.71% (higher)
Commodities & Currency
U.S. dollar index: 99.69 (higher)
Crude oil: $90.92 per barrel (higher)
Natural gas: $2.960 (higher)
Gold: $4,374.60 per ounce (lower)
Silver $64.825 per ounce (lower)
S&P Global Purchasing Manager’s Indices August, keep in mind that anything over 50 represents expansion and anything under 50 represents contraction
U.S. manufacturing was unchanged at 53.9
U.S. services rose from 54.6 to 56.5
Mexico manufacturing fell from 51.3 to 49.8
Canada manufacturing fell from 53.5 to 53.0
Canada services fell from 49.1 to 46.8
Eurozone manufacturing rose from 51.9 to 52.7
Eurozone services fell from 51.7 to 51.6
China manufacturing rose from 50.9 to 51.5
China services rose from 50.4 to 51.4.
Japan manufacturing rose from 54.5 to 54.9
Japan services rose from 51.2 to 52.5
Commerce Department
Construction Spending July
-0.5% month, -3.8% year
New Orders for Manufactured Goods
+0.9% July
U.S. International Trade in Goods and Services July
Deficit +24.4%
Exports -2.1%
Imports +2.8%
Labor Department
Job Openings and Labor Turnover July
Job openings rose to 7.3MM
Hires 5.1MM
Total separations 5.1MM
Quits 3.1MM
Employment Situation Summary
The U.S. added 162,000 jobs in August.
Unemployment was unchanged at 4.1%.
Food services and bars had the largest increase of 59,000.
Average hourly earnings increased $0.10 to $37.75.
Average workweek +0.1 hours to 34.4 hours.
Job creation in June was revised up 11,000 to 31,000 and July was revised up 44,000 to 21,000.
Jobless Claims (prior week)
New Claims 206,000 (higher)
4-week Moving Average 207,250 (higher)
Total Claims 1,779,000 (higher)
Energy & Industry Data
Energy Information Administration
Weekly Oil Production 13.862 million barrels (higher)
Natural Gas Storage +30 billion Ft3, above average for this time of year over the past 5 years.
Baker Hughes Rig Count
Oil rigs: +2 at 449
Gas rigs: -2 at 130
(All data was released the week of 08/31/2026)
(All monthly statistics are seasonally adjusted unless stated otherwise).
If you have questions about the markets or your financial plan, we’re always here to help.Loren Rex – Emeritus
Erik A Smith, AIF® – President & C.E.O.
Nicholas Acri, CFP® – Partner & Wealth Advisor
Dylan Thomas, CFP® – Partner & Wealth Advisor
Jack Zeeb – Wealth Advisor
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange (more than 2500 stocks).
Stocks End the Week Modestly Higher on Mixed Economic Data and Shifting Rate Expectations
Commentary
Home / Stocks End the Week Modestly Higher on Mixed Economic Data and Shifting Rate Expectations
Stocks ended the week modestly higher, with developed international and emerging-market stocks leading the gains.
Markets received a boost on Thursday after Fed Governor Waller suggested that interest rates could remain steady if inflation continues to make progress toward the Fed’s 2% target. However, that optimism was tempered Friday by a much stronger-than-expected jobs report, which increased expectations that the Fed may need to keep rates higher for longer.
Economic data remained mixed throughout the week. Employment continued to show strength, while construction spending weakened, the trade deficit widened, and manufacturing results were uneven.
For investors, the week highlighted the ongoing balancing act facing the Fed: strong employment is encouraging for the economy, but persistent inflation and other mixed economic signals continue to complicate the outlook for interest rates.
Treasury Yields
• 30-year Treasury: 5.280% (higher)
• 10-year Treasury: 4.806% (higher)
Mortgage Rates
• Average 30-year fixed (Freddie Mac): 6.71% (higher)
Commodities & Currency
S&P Global Purchasing Manager’s Indices August, keep in mind that anything over 50 represents expansion and anything under 50 represents contraction
Commerce Department
Construction Spending July
New Orders for Manufactured Goods
U.S. International Trade in Goods and Services July
Labor Department
Job Openings and Labor Turnover July
Employment Situation Summary
Jobless Claims (prior week)
Energy & Industry Data
Energy Information Administration
Baker Hughes Rig Count
(All data was released the week of 08/31/2026)
(All monthly statistics are seasonally adjusted unless stated otherwise).
If you have questions about the markets or your financial plan, we’re always here to help.Loren Rex – Emeritus
Erik A Smith, AIF® – President & C.E.O.
Nicholas Acri, CFP® – Partner & Wealth Advisor
Dylan Thomas, CFP® – Partner & Wealth Advisor
Jack Zeeb – Wealth Advisor
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange (more than 2500 stocks).
Sources:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W
https://ir.eia.gov/ngs/ngs.html
https://www.freddiemac.com/pmms
https://www.wsj.com/market-data?mod=nav_top_subsection
https://bakerhughesrigcount.gcs-web.com/na-rig-count
https://www.census.gov/economic-indicators
FactSet Earnings Insight
Employment Situation Summary – 2026 M08 Results
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