The Investment Management Group at Duncan Williams Asset Management is led by a team with extensive experience in investment management, financial planning, and client service. President David Scully, CFA®, CFP®, has more than 20 years of experience and is active in Memphis civic organizations. Chief Investment Officer Kyle Gowen, CFA®, CFP®, oversees investment strategy and is engaged with the local community. Investment Analyst Jack Eason, CFA®, provides research and supports charitable initiatives. The IMG team is committed to professional standards, client service, and community involvement. No statement is intended as an offer of investment advice or a guarantee of future results.
After a shaky, tech-led open, US equities finished higher as a late slide in Treasury yields steadied risk appetite: the Dow led, the S&P 500 eked out gains, and the Nasdaq hovered near flat. The bid broadened outside of mega-cap tech even as producer prices and retail sales surprised on the hot side.
Key Headlines & Market Movers
Rates relief flips the tape: Treasury yields fell hard into the afternoon—the 10-year dropped roughly a tenth of a percentage point—taking pressure off multiples and helping stocks recover from early losses. Participation broadened, with most sectors finishing higher; healthcare, materials, financials and consumer discretionary led while energy, tech and utilities lagged. The rates move helped the Dow post a solid gain, pulled the S&P 500 back to green, and left the Nasdaq near unchanged by the close.
Hot PPI, gas-boosted retail send a mixed macro signal: Wholesale inflation accelerated more than expected in September, with producer prices jumping 1.3% on the month and 6.3% year over year—the fastest since 2022. Retail sales also beat, though much of the strength came from higher gasoline spending, and the core ‘control group’ barely advanced. The combination keeps “higher-for-longer” worries alive even as falling yields spurred a relief rally across most groups.
AI hangover keeps pressure on chips, but losses ease: An AI financing/profitability scare kept tech choppy through the morning before cooler rates helped sentiment. The Philadelphia Semiconductor Index fell more than 4% intraday but closed under 1% lower, and the Nasdaq finished near flat as broader buying returned. Rotation into healthcare and other steadier pockets remained evident into the close.
Into the next few sessions, watch whether yields continue to ease and whether earnings can validate guidance after the AI wobble. Semis’ tone will be a tell for risk appetite, while management commentary on capex and signs of consumer strength beyond gas will shape whether today’s broadening can stick.
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