S&P 500 gains over 4% for the week amid hopes of Fed easing up on rate-hiking spree
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The S&P 500 (SP500) gained 4.7% for the week, with the benchmark index ending in the green in three sessions out of five, as sentiment was supported by hopes that the Federal Reserve may slow down its rate-hiking campaign.
A Wall Street Journal story, whose author is known to be closely briefed on FOMC thinking, said there may be talks on slowing rate hikes at the next meet. San Francisco Fed President Mary Daly also said the Fed should consider reducing size of rate hikes now. 
The week saw strong earnings reports from major players including Goldman Sachs (GS) and AT&T (T). But disappointing results from Tesla (TSLA) and Snap (SNAP) weighed on sentiment. Next week will see bellwether stocks, including Facebook parent Meta (META), Apple (AAPL) and ExxonMobil (XOM), report results.
Economic news for the week included the U.S. govt.'s deficit ballooning, Sept. existing home sales slumping to a 10-year low, lower-than-forecast Oct. Philly Fed manufacturing index numbers, a much bigger drop in weekly jobless claims, mixed Sept. housing starts and permits figures, and Sept. industrial production above estimates. The Fed also released its Beige Book of regional economic activity, which showed that inflation remained elevated.
Meanwhile, the pound rallied against the dollar after Liz Truss resigned as U.K. prime minister after a tumultuous tenure, the shortest in the country's history. 
The SPDR S&P 500 Trust ETF (NYSEARCA:SPY) on Friday gained 4.7% for the week, but declined ~22% YTD. 
All 11 sectors in the S&P 500 (SP500) ended the week higher, with energy stocks as top gainers led by Schlumberger (SLB). Information technology and material stocks also rose, buoyed by strong earnings from IBM (IBM) and Freeport-McMoRan (FCX). See below a breakdown of the weekly performance of the sectors as well as the performance of their accompanying SPDR Select Sector ETFs from Oct. 14 close to Oct. 21 close:
#1: Energy +8.08%, and the Energy Select Sector SPDR ETF (XLE) +8.28%.
#2: Information Technology +6.49%, and the Technology Select Sector SPDR ETF (XLK) +6.46%. 
#3: Materials +6.15%, and the Materials Select Sector SPDR ETF (XLB) +6.07%.
#4: Consumer Discretionary +5.64%, and the Consumer Discretionary Select Sector SPDR ETF (XLY) +5.27. 
#5: Communication Services +5.03%, and the Communication Services Select Sector SPDR Fund (XLC) +4.52.
#6: Industrials +4.65%, and the Industrial Select Sector SPDR ETF (XLI) +4.66%.
#7: Financials +3.93%, and the Financial Select Sector SPDR ETF (XLF) +3.81%.
#8: Real Estate +2.79%, and the Real Estate Select Sector SPDR ETF (XLRE) +2.67%. 
#9: Health Care +2.29%, and the Health Care Select Sector SPDR ETF (XLV) +2.13%.
#10: Consumer Staples +2.16%, and the Consumer Staples Select Sector SPDR ETF (XLP) +2.04%. 
#11: Utilities +1.95%, and the Utilities Select Sector SPDR ETF (XLU) +1.87%. 
Below is a chart of the 11 sectors' YTD performance and how they fared against the S&P 500. For investors looking into the future of what's happening, take a look at the Seeking Alpha Catalyst Watch to see next week's breakdown of actionable events that stand out.