US stocks just closed a record setting week, and they did it the hard way. After hitting fresh all time highs early on, the market wobbled midweek on rising Treasury yields and firmer oil, then steadied on Friday to finish higher across the board. Here is what moved, why it mattered, and what to watch as bank earnings open a new season.
How Did the Market Do This Week?
For the week of October 5 to 9, all three major indexes finished green. The S&P 500 rose 1.15% and closed Friday at 7,811.54. The Dow Jones Industrial Average added 0.93%, its biggest weekly gain since the week ended August 7, and ended Friday at 51,654.95. The tech heavy Nasdaq climbed 0.64% for its fourth straight weekly gain, closing at 27,366.17. Records were set, but the path there was choppy.
What Drove the Swings?
Two forces pulled in opposite directions. On the upside, AI chip leaders like Nvidia (NVDA) and AMD (AMD) powered early gains, and Amazon (AMZN) led on strong cloud results. On the downside, rising Treasury yields and elevated oil prices squeezed valuations midweek, and the Nasdaq dropped more than 1% on Thursday as the AI trade paused for breath. By Friday, yields and oil stabilized, and buyers stepped back in.
Will the Fed Cut or Hold on October 28?
The next big catalyst is the Federal Reserve meeting on October 28. A survey of 14 major brokerages found 13 expect the Fed to hold rates steady, with only one looking for a move. Softer inflation data and a weak jobs report have cooled bets on further tightening this month, which is part of why stocks found their footing. You can follow the macro backdrop on our US dollar index page.
Why Bank Earnings Matter Next Week
Third quarter earnings season is nearly wrapped for most of the index, with about 83% of reporting S&P 500 companies beating forecasts, on track for the best quarter since 2021. The next wave is the banks. JPMorgan (JPM), Wells Fargo (WFC), Citigroup (C) and Goldman Sachs (GS) report before the open on October 13, with Bank of America (BAC) and Morgan Stanley (MS) on October 14.
Browse the full market with our stock screenerFrequently Asked Questions
Did the stock market go up this week?
Yes. For the week of October 5 to 9, 2026, the S&P 500 rose 1.15%, the Dow gained 0.93%, and the Nasdaq added 0.64%, with all three setting or approaching record highs.
Why did the Nasdaq fall on Thursday?
Rising Treasury yields and elevated oil prices pressured growth stocks, and the AI trade paused after a strong run. The index recovered some ground on Friday as yields and oil stabilized.
When is the next Fed meeting?
The Federal Reserve meets on October 28, 2026. Most major brokerages expect the Fed to hold rates steady.
The Takeaway
A record week with a bumpy middle is a fair summary of where this market sits: still trending higher, but increasingly sensitive to yields, oil, and the AI trade that has done so much of the heavy lifting. Bank earnings on October 13 and 14 will set the tone for the next leg, and the Fed on October 28 is the real test. For a preview of what the banks will tell us, see our bank earnings preview.
This article is for informational purposes only and is not financial advice. Always do your own research before investing.
