US markets posted gains last week despite a sharp midweek bond selloff. A rally in artificial intelligence driven technology stocks and a late-week pullback in oil prices on reports of progress toward reopening the Strait of Hormuz supported risk appetite. The S&P 500 rose 1.2%, led by semiconductor and mega-cap technology shares, with Advanced Micro Devices surpassing $1 trillion in market value. Treasury yields climbed across the curve, with the 10-year closing near 5.2%, as stronger-than-expected economic data and hawkish Federal Reserve commentary reinforced expectations for additional rate hikes. The September flash US Composite PMI jumped to 58.4, its highest reading since July 2021, while Initial Jobless Claims fell to 197,000, one of the lowest readings since 1969. In the alternatives space, crude oil and gold declined, while digital assets extended their rally.