The S&P 500 traded near record levels early in the week of September 21 before pulling back modestly, closing the period around 7,704 amid elevated volatility. A recent 25-basis-point Federal Reserve rate hike and hawkish signals for potential follow-up tightening, reinforced by strong September business activity readings, drove Treasury yields higher—with the 10-year note touching multi-year peaks near 4.95%. Geopolitical tensions involving the US and Iran lifted Brent crude above $100 per barrel and added to risk-off sentiment, while chip stocks and AI-related names provided support on select sessions. Traders are now pricing in elevated odds of further policy tightening ahead of key data releases including September nonfarm payrolls and PCE inflation, which will shape near-term rate path expectations and equity valuations near 19 times forward earnings.