The S&P 500 index edged 0.6% lower last week after quarterly results from hyperscalers disappointed investors, undermining the boost to risk sentiment from Anthropic's initial public offering announcement and a pause in monetary policy.
The market benchmark ended the week at 7,580.07. The index is now down 0.9% for the quarter but up 11% this year.
Anthropic on Monday filed with the US Securities and Exchange Commission for an initial public offering of Class A common stock on the Nasdaq Global Select Market under the ticker symbol "ANT."
The Federal Open Market Committee kept interest rates steady and said it needs more information before it can consider making a policy change. The core personal consumption expenditures price index, the Fed's preferred inflation measure, grew in line with expectations in September.
The healthcare sector in the S&P 500 had the largest percentage gain of the week, up 3.1%, followed by a gain of about 2% each in materials and utilities.
The S&P 500's two declining sectors this week were communication services and information technology, down 8.5% and 1.8%, respectively.
Alphabet's Q3 earnings unexpectedly declined with sales lagging as artificial-intelligence-led summaries used in search undermined Google's revenue. Class A shares fell almost 13% and class C shares declined 12%.
Companies reporting quarterly results next week include Apple, Palantir Technologies, Advanced Micro Devices, Arista Networks, Arm, Qualcomm, Uber, ConocoPhillips, Monster Beverage and Cloudflare.
Economic data due includes the ISM manufacturing and services purchasing managers' indexes, the job openings and labor turnover survey, nonfarm payrolls and Michigan consumer sentiment and inflation expectations.
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