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.
U.S. equities extended their slide, with the S&P 500, Dow, and Nasdaq finishing modestly lower as wholesale inflation stayed firm and Treasury yields leapt, while oil’s return to three digits kept price anxiety alive. Breadth was weak—materials led declines—though communication services and staples held up better than most.
Key Headlines & Market Movers
Rates reprice on firmer PPI; hike odds edge up: Wholesale prices firmed, with August PPI rising from July’s pace and landing broadly in line with estimates—fuel costs did much of the lifting. The backdrop pushed Treasury yields sharply higher, with the benchmark hitting its highest since late 2023 and its biggest one-day jump in months. Rate traders nudged up the probability of a move at the Fed’s meeting next week, keeping risk appetite in check.
Three-digit crude revives inflation worries, presses cyclicals: Crude back above $100 rekindled concerns about input costs and consumer squeeze, reinforcing the day’s risk-off tone. Cyclicals tied to commodities lagged—materials led sector declines—while the energy sector didn’t fully capitalize on the oil spike, a reminder that higher-for-longer rates can cap enthusiasm even for beneficiaries. The move in oil amplified the market’s inflation narrative rather than easing it.
Defensives—and Apple—offer the day’s cushion: Amid broad weakness, communication services and staples eked out gains as investors leaned into steadier cash‑flow profiles. A rally in Apple provided a visible offset within megacap tech after its latest product unveil, though the broader growth complex was mixed. That combination helped limit headline index damage even as most sectors finished in the red.
All eyes turn to Friday’s CPI to calibrate the Fed’s path next week; a cooler read would support a pause, but sticky energy and an elevated long bond could keep financial conditions tight. Watch whether the 10‑year stays near recent highs and whether oil cools—those two levers are likely to shape leadership and risk appetite into next week.
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