What a week! The S&P 500 fell another 2.1% last week after a surprise jump in the US unemployment rate raised the prospect of a sharper economic slowdown, or even recession. The index is down 5.7% from its mid-July peak, with high-flying sectors feeling the brunt of the selling. Technology is down 12.8%, while consumer discretionary (of which Amazon is the biggest constituent) has slipped 10.1% and communication services (where Meta and Alphabet reside) is 8.7% lower. US interest rates fell sharply, with the two-year Treasury yield falling from 4.4% to 3.9% and the 10-year yield declining from 4.2% to 3.8%. Friday saw the biggest daily decline in yields almost nine months, and the 10-year is at its lowest in more than a year.