Stock markets remain under the sway of the two forces currently shaking them: rising oil prices and higher Treasury yields. Wall Street rallied on Friday after a surprisingly weak September jobs report, suggesting the Federal Reserve may stay on hold, while oil prices pulled back following reports that the European Union is considering a release of strategic reserves. The Nasdaq Composite climbed to a fresh high, powered by Nvidia and a semiconductor revival, but the Dow Jones is poised to end the week down 1.4% and the S&P 500 down 0.3%. Beneath the surface, three-quarters of the S&P 500 actually finished September lower, signaling historically weak market breadth that could nonetheless pave the way for a year-end rally if third-quarter earnings come in stronger than expected.
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