The S&P 500 hit another record high, but stock investors reacted poorly to a weaker-than-expected jobs report for August. Bonds rallied, as a slowing US economy portends a weaker labor market and potentially slack demand, setting aside concerns about long-term inflation, at least for the time being. Gold continued on its tear.

Tariffs followed by partial capitulation, a strategic crypto reserve, and further erosion in markets summed up another tumultuous week.