Investors need convincing despite cooling jobs and strong AI earnings | Market Week in Review

In this Market Week in Review, Russell Investments’ Senior Portfolio Manager and Head of Global Sustainable Investing, Kris Nelson, examines why softer U.S. labor data has not been enough to bring long-term Treasury yields meaningfully lower.
The discussion looks beyond the jobs report to the other forces shaping markets, including renewed oil-price volatility, fiscal concerns and high expectations for AI-related earnings.


Key takeaways:
• U.S. labor data reduced expectations for an immediate Fed rate hike
• Oil prices and long-term bond yields remain elevated
• Strong AI-related earnings, but investor expectations remain high


Questions answered:
Why are Treasury yields still high despite softer jobs data?
Energy, inflation and fiscal risks continue to influence long-term rates.
Could the Fed hold rates steady?
Cooling labor data has reduced the urgency for an immediate hike.
Why didn’t semiconductor stocks rally on strong earnings?
Investor expectations are already high, meaning strong results may simply meet what markets have priced in.
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Date of first use: October, 2026