The week began with everything falling apart—energy prices were skyrocketing and the U.S. appeared on the verge of default. It ended with lower oil prices, thanks to Vladimir Putin, of all people, and the debt-ceiling being pushed off to December. It even brushed off what looked to be a surprisingly weak jobs report to—wait for it—finish higher.
The reality of rising costs, from labor and raw materials, has begun worrying investors. Just 25% of investors expect corporate profit margins to expand over the next six to 12 months, says an RBC Capital Markets survey, down from 39% in June. Some 36% now expect margins to contract, up from 19%. The respondents are also becoming more pessimistic about the market—28% now describe themselves as bearish, up from 14%.
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