US markets posted mixed results last week after navigating a backdrop of rising long-term yields, escalating geopolitical tensions, and a stronger-than-expected labor market report. The S&P 500 edged up 0.13% for the week. Thursday’s strong session was largely offset by Friday’s selloff following a surprise jump in August Nonfarm payrolls, which surged to 162,000 as the unemployment rate held steady at 4.1%. Long-term Treasury yields moved higher, reflecting concerns that persistent inflation and a resilient labor market could prompt the Fed to tighten policy. In the alternatives space, U.S. crude oil surged as escalation of US-Iran hostilities stoked fears of prolonged disruptions to global energy flows. Meanwhile, gold slipped as rising yields and a stronger rate-hike narrative weighed on the non-yielding metal. Overall, last week’s performance reflected a tug-of-war between resilient economic data and geopolitical uncertainty; next, markets are looking to this week’s PPI and CPI reports for key inflation data.