Emerging markets have had a good run — the iShares MSCI Emerging Markets ETF is up 7.5% this month — with sentiment given a lift by China's stimulus and the Federal Reserve’s 50 basis point interest rate cut on Sept. 18. And still the sector remains undervalued and underowned, according to a team of analysts at JPMorgan.

U.S. stocks closed another record-setting week with a muted performance Friday, as hope built on Wall Street that the U.S. economy can manage the rare feat of suppressing high inflation without causing a recession.

Chinese stocks posted massive gains over the past five days, yet China’s CSI 300 index remains down from two years ago and well below its post-pandemic high, according to Bespoke Investment Group. “The CSI 300 has surged just over 25% in the last five trading days,

The Dow Jones Industrial Average edged up to another record high while declines in tech stocks pulled other indexes lower. The Dow added 0.3% Friday. The S&P 500 slipped 0.1%,

"Overall, the economy is in solid shape," Powell said in his prepared remarks on Monday. "We intend to use our tools to keep it there."