Weekly Review (March 4-8)
STOCKS
After a weaker start to the week, stock markets turned positive again, retaining bullish bias ahead of the weekend. Earlier in the week, US equities retreated in anticipation of Powell’s monetary policy updates to the House of Representatives and to the Senate. Fed Chair said that the central bank is not far from delivering rate cuts, adding that the bank is just waiting for additional data to confirm inflation is cooling. Wall Street stocks rose on Thursday, staying bullish ahead of the release of the February jobs report. The Nasdaq Composite added 1.5% as tech stocks took the lead during the session, while the Dow Jones gained about 0.3%. The S&P 500 rallied more than 1% to hit another record closing high. In Asia, Japan’s benchmark Nikkei 225 gaining 0.25% after the data showed that household spending fell 2.1% month-on-month in January versus the expected increase by 0.4%. Sydney’s S&P/ASX 200 jumped 1.07% to hit a new record high, while the Shanghai Composite gained 0.61% despite no fiscal stimulus measures from Beijing.
08.03.2024
1050
Weekly Review (February 26 – March 1)
STOCKS
Earlier in the week, US stocks slid after a report showed that the U.S. economy grew a touch slower in the fourth quarter than earlier estimated. On Thursday, equities advanced to finish February on a positive note, with Nasdaq rising to its first closing record since November 2021. The tech-heavy index added 0.90% to close at an all-time high. The S&P 500 rose 0.52% to see a record close as well. The Dow Jones gained just 0.12% to add 2.22% for its first four-month winning streak in nearly three years. Investors cheered the report that suggested PCE inflation didn’t exceed estimates in January. Elsewhere, the Shanghai Composite index added 0.39% even as fresh data out of China showed that manufacturing activity contracted for the fifth consecutive month in February. In Europe, Germany’s DAX 30 added 0.42% after hitting a fresh all-time high in the previous session. Regional investors are now shifting their focus towards next week’s ECB meeting.
01.03.2024
904
Weekly Review (February 19-23)
STOCKS
United States stock markets were closed on Monday in honor of Presidents Day before finishing lower the next day. On Thursday, however, another rally in tech pushed the broader US market higher, with indexes surging to fresh record highs. The S&P 500 had its best day in over year, adding 2.1%, the Nasdaq Composite surged nearly 3% to settle within striking distance of its all-time closing high. The Dow Jones climbed 1.2% to close above 39,000 for the first time in history. In individual stocks, shares of Nvidia rallied more than 16% to new all-time highs after the chip giant reported stronger-than-expected quarterly results. The company said total revenue rose 265% from a year ago. The firm also forecast another stellar revenue gain for the current quarter. Inspired by Nvidia-led rally on Wall Street, Asian and European stocks were mostly higher ahead of the weekend.
23.02.2024
1069
Weekly Review (February 12-16)
STOCKS
Wall Street stocks fell sharply earlier in the week after unexpectedly strong US inflation data raised prospects that the Fed will keep interest rates high for longer than previously expected. On Thursday, however, US equities finished in positive territory, with the S&P 500 closing at a new record high. The broad stock index climbed 0.58% to register the 11th all-time high since the start of the year. The Nasdaq Composite added 0.30%, and the Dow Jones gained 0.91%. Investors cheered fresh US economic data as the report showed that retail sales dropped 0.8% in January versus the expected decline of 0.3%. Poor figures softened the inflation outlook and fueled expectations of an earlier rate cut by the Fed. In Asia, Japan’s benchmark Nikkei 225 index held around an all-time high even as the data this week showed that the Japanese economy fell into recession in the fourth quarter. In part, Japanese markets are buoyed by increasing bets that the Bank of Japan will further delay its plans to begin raising interest rates.
16.02.2024
1050
Weekly Review (February 5-9)
STOCKS
Investor sentiment was mostly upbeat during the week, with US stocks trending higher after a short-lived decline earlier in the week. Despite renewed uncertainty surrounding Fed rate cuts, Wall Street equities stayed buoyed to finish higher on Thursday due to strong earnings. So far, 64% of the S&P 500 have reported results, with more than 80% of those companies exceeding estimates. After briefly topping the 5,000 mark for the first time in history, the S&P 500 index retreated to finish just 0.06% higher. The Dow Jones rose 0.13%, while the Nasdaq Composite gained 0.24%. On the data front, applications for US unemployment benefits decreased by 9,000 to 218,000 last week versus 220,000 expected. Initial claims fell for the first time in three weeks, suggesting the US job market remains remarkably solid. In Asia, many regional markets were closed on Friday for the Lunar New Year holiday.
09.02.2024
1062
Weekly Review (January 22-26)
STOCKS
Positive sentiment dominated global financial markets during the week. US equities extended gains on Thursday, with the S&P 500 seeing another all-time closing high. The broad index added 0.53%, the Dow Jones rose 0.64%, and the Nasdaq Composite finished up just 0.18%, adding 1.3% since the start of the week. Investors were inspired by fresh data that indicated continued economic growth. The US economy grew at a rate of 3.3% in the fourth quarter versus the 2% expectation. Strong report helped offset disappointment by a slump in Tesla stocks. Shares plunged over 12% after the company posted weak fourth-quarter results. In Asia, the recent recovery in Chinese equities has run out of steam, while Japan’s Nikkei 225 continued to retreat from 34-year highs to shed 1.34% ahead of the weekend.
26.01.2024
1060
Weekly Review (January 15-19)
STOCKS
After a negative start to the week, US stocks finished higher on Thursday to push indexes back into positive territory on the monthly charts. The Dow Jones added 0.54% to erase early losses. The tech-heavy Nasdaq Composite rallied 1.35% and the S&P 500 gained 0.88%. In individual stocks, shares of Apple advanced around 3.3% after Bank of America upgraded the stock to buy. On the data front, first-time filings for unemployment insurance came in at 187,000 last week, down 16,000 from the previous period and stronger than expected. In a knee-jerk reaction to the release, investors expressed concerns over a strong labor market that may mean fewer rate cuts from the Fed than many are expecting. Asian markets also advanced ahead of the weekend as regional markets took some positive cues from an upbeat forecast by Taiwan Semiconductor Manufacturing Corp, the world’s largest contract chipmaker.
19.01.2024
1059
Weekly Review (January 8-12)
STOCKS
After a positive start to the week, global stocks turned mixed. US equities closed little changed On Thursday after December’s CPI report came out slightly higher than expected. The release reflected a 0.3% increase in consumer prices for the month, pushing the annual rate to 3.4% versus 0.2% and 3.2% expected. At the same time, core CPI, excluding volatile food and energy prices, came in line with expectations. Even as the data suggests that interest rate cuts by the Fed may be slower to come, equities refrained from a plunge during the session. The Nasdaq Composite closed at the flat line, the Dow Jones gained just 0.04%, and the S&P 500 edged lower by 0.07%.In Asia, the Nikkei 225 rallied 1.5% to a new 34-year high after weak data on the country’s current account added to expectations of an ultra-dovish Bank of Japan. The Shanghai Composite index slipped 0.16% after Beijing reported that its exports and imports rose last month, while consumer prices fell 0.3% in December, the third consecutive month of declines.
12.01.2024
1078
Weekly Review (January 1-5)
STOCKS
Wall Street stocks were mostly down in the first trading week of 2024 after finishing last year with strong gains. US markets closed mostly lower on Thursday, with the S&P 500 notching a four-day losing streak. The index shed 0.34% during the session. The Nasdaq Composite finished 0.56% lower to lose nearly 4% since late December. Bucking the trend, the Dow Jones gained 0.03%. This week, market participants expressed uncertainty around when the Federal Reserve will begin to cut rates, especially as the minutes from the central bank's latest monetary-policy meeting didn’t offer a timetable on possible reductions. In Asia, persistent concerns over China added to indecisive tone among market players, with most regional markets closing lower for the week after Fitch downgraded the issuer default ratings of four Chinese national asset management companies.
05.01.2024
1080