Nasdaq 100 +0.38%
S&P 500 +0.09%
My portfolio -0.92%
Market pulse
US equities finished the week ending 4 September little changed overall, with the Nasdaq 100 gaining 0.38% and the S&P 500 edging up 0.09%. Renewed US–Iran hostilities, higher oil prices and rising bond yields weighed on stocks early in the week, as investors reassessed inflation risks and the prospect of further Federal Reserve tightening. Technology shares subsequently helped the market recover, while Fed Governor Christopher Waller’s conditional support for leaving rates unchanged fuelled Thursday’s rally. However, Friday’s stronger-than-expected employment report—with 162,000 jobs added in August—revived rate-hike concerns and erased part of the broader market’s advance. The modest weekly gains therefore masked considerable swings in sentiment, with corporate earnings strength offset by geopolitical uncertainty and renewed inflation pressure.
Crowd vs. Price
The price action showed selective enthusiasm rather than a broad return to risk-taking. Even within technology, an encouraging AI narrative did not produce uniform returns. That distinction matters when interpreting the Nasdaq 100’s modest weekly advance: strong gains in individual shares coexisted with substantial losses elsewhere.
Holdings & Watchlist Notes
Micron Technology (MU): +8.98%
Micron led the list as investors became more optimistic about the computing and memory requirements of more capable AI systems. Friday’s sharp advance accounted for much of the weekly gain. The rally also took place against a favourable memory-pricing backdrop, with AI demand absorbing supply. The move primarily reflected stronger expectations for future demand and earnings, rather than a new Micron quarterly earnings release.