Weekly Review (November 20-24)
STOCKS
Equities started a shortened trading week on positive footing, buoyed by solid gains in tech giants. As such, shares of Microsoft refreshed a long-term high amid reports that former OpenAI chief Sam Altman will be joining the company to lead a new AI research team. Nvidia rallied to a historic high as well. On Wednesday, stocks closed on a higher note. The Dow Jones was up 0.53%, the S&P 500 gained 0.41%, and t5he tech-heavy Nasdaq increased 0.46%. US markets were closed on Thursday due to the Thanksgiving holiday, while Friday will be a shortened trading day. Stock index futures were marginally positive in early pre-market deals. In Asia, equities were mixed on Friday. Japan’s Nikkei 225 gained 0.54% to register early-July highs even as a private survey showed that the country’s factory activity remained in contraction territory in November. The flash manufacturing PMI was at 48.1, the lowest since February.
24.11.2023
1125
Weekly Review (November 13-17)
STOCKS
US stocks were mixed and little changed at the start of the week as investors were cautious ahead of October’s reading of the consumer price index. Also, sentiment among investors was hurt by Moody's decision to downgrade the US' economic outlook over the weekend. Wall Street stocks were mixed overnight after a solid rally earlier the week triggered by an unexpectedly weak US inflation report. The Dow Jones dropped about 0.1% while the Nasdaq Composite added less than 0.1% and the benchmark S&P 500 gained 0.12%. In individual stocks, shares of Walmart fell 8% even as the company reported quarterly earnings that topped estimates. Investors were disappointed by the fact that Walmart raised its annual outlook by less than expected. Since the start of this month, the S&P 500 is up more than 7%, while the Dow has advanced 5.7% and the Nasdaq is up 9.8%.
17.11.2023
1094
Weekly Review (November 6-10)
STOCKS
Stocks were mixed these days amid a light calendar of economic data this week. After some bullish attempts, US equities fell on Thursday as the pressure from the bond market reemerged. Yields rose after the announcement of disappointing results of a sale of 30-year Treasury bonds. Rising yields couples with Powell’s hawkish comments pressured stocks across the board. As a result, the &P 500 lost 0.8%, the Dow Jones fell 0.6%, and the Nasdaq Composite gave up 0.9%. For the week so far, the S&P 500 is down 0.3%,
the Dow is 0.5%, the Nasdaq is up 0.3%. In Asia, equities were also pressured by weak economic readings from China, which showed that the economy was struggling to improve spending. In individual stocks, SoftBank tumbled more than 6% after it reported an unexpected loss in the third quarter.
10.11.2023
1124
Weekly Review (October 30 - November 3)
STOCKS
Global stocks were mostly lower this week to bounce strongly on Thursday as risk demand reemerged. Wall Street equities advanced as Treasury yields retreated along with the dollar. The Dow Jones added 1.7% to see its best session since June. The S&P 500 gained 1.89% to post back-to-back gains of more than 1% for the first time since in eight months. The Nasdaq Composite climbed 1.78%. On a weekly basis, the S&P 500 is up nearly 5%, the Dow is up 4.4%, and the Nasdaq is on pace for a add more than 5%. On the data front, labor costs unexpectedly dropped in the third quarter while weekly jobless claims rose to 217,000. In Asia, shares also rallied on Friday on expectations that interest rate hikes are coming to an end. China’s Shanghai Composite edged 0.71% higher after a services industry survey showed a slight improvement last month. On the negative side, Chinese retail sales hit its lowest level
03.11.2023
1070
Weekly Review (October 23-27)
STOCKS
US stocks saw a mixed start to the week before turning bearish amid another spike in Treasury yields. Wall Street stocks finished lower on Thursday, with the Nasdaq Composite going deeper into correction territory as negative investor sentiment continues to dominate global financial markets. The tech-heavy index shed 1.76%, the S&P 500 dipped 1.18%, while the Dow Jones slipped 0.76%. In individual stocks, Meta shares gave up more than 3.5% despite strong quarterly earnings as the company pointed at some advertising softness. On the data front, US GDP increased at an annualized rate of 4.9% in the third quarter versus the prior quarter's rate of 2.1%. This was the fastest pace of growth since 2021, implying that the Fed may still deliver one more rate hike this year. Against this backdrop, investors stay cautious despite mostly upbeat quarterly earnings results from major companies.
27.10.2023
1093
Weekly Review (October 16-20)
STOCKS
Equities were mixed this week, with pressure reemerging ahead of the weekend. Wall Street stocks were hit by Fed Chair Powell who signaled an extended pause in rate hikes but said he didn't see rates as too high. As such, markets took his comments as a sign that the Fed was done with raising interest rates. Against this backdrop, equities fell overnight, with cautious tone persisting on Friday as market participants continue to digest a mixed message from Powell. Investors were also unnerved by the ongoing conflict in the Middle East. The Dow Jones Industrial Average shed 0.75%, the S&P 500 dropped 0.85%, while the Nasdaq Composite finished 0.96% lower. In individual stocks, Netflix shares jumped after the company said it added nearly 9 million net new paid subscribers last quarter, the biggest jump since early 2020. In Asia, equities were lower on Friday, extending steep losses amid the renewed rout in global bond markets.
20.10.2023
1102
Weekly Review (October 9-13)
STOCKS
Global stocks were mixed-to-lower this week as the minutes from the Fed’s September meeting suggested that a rate hike is possible before the year ends. Besides, all members agreed that interest rates should stay restrictive for some time. Earlier, the sentiment was hurt by concerns about the conflict between Israel and Hamas. US stocks fell on Thursday to end a four-day winning streak as Treasury yields resumed the ascent after fresh data showed that US inflation stayed elevated in September. According to the official data, the consumer price index increased 0.4% on the month and 3.7% from a year ago, exceeding expectations. As a result, the Dow Jones Industrial Average was lower by 0.51%, the S&P 500 declined by 0.62%, and the tech-heavy Nasdaq Composite lost 0.63%. In Asia, the Shanghai Composite index fell after fresh data showed that China’s consumer prices in September remained unchanged compared to the same period last year, suggesting domestic demand stays weak.
13.10.2023
1099
Weekly Review (October 2-6)
STOCKS
Bearish sentiment continued to persist across the financial market this week as investors continues to express concerns over the outlook for Fed’s monetary policy amid economic resilience and still high inflation numbers. Earlier in the week, Wall Street equities gained on to turn positive after recent losses as risk aversion abated. The Dow Jones thus turned positive after a three-day losing streak. A bounce in stocks was triggered by a pullback in Treasury yields from long-term peaks after weak economic data. ADP said just 89,000 private payrolls were added last month, well below a forecast of 160,000. Additionally, the ISM Services PMI declined to 53.6 from 54.5 in August. On Thursday, US stocks rebounded from earlier losses to finish the day little changed. The Nasdaq and the S&P 500 both shed about 0.1%, while the Dow Jones Industrial Average finished just 0.03% lower.
06.10.2023
1083
Weekly Review (September 25-29)
STOCKS
Stocks were mostly lower during the week, as investors digested fresh economic data out of the United States. In particular, new home sales and consumer confidence data missed estimates, raising concerns over the health of the US economy as the Federal Reserve continues follow its hawkish path. Also, market participants expressed worries about a potential government shutdown. On Thursday, however, Wall Street rose to trim its sharp monthly losses as Treasury yields retreated from multiyear highs along with the US dollar. The S&P 500 rose 0.59%, the Dow gained 0.35%, and the Nasdaq Composite climbed 0.83%. Equities are headed for what’s been a tough trading month, with the Dow poised to end 3% lower in September, the S&P 500 is slated to finish down 4.6% and the Nasdaq is on pace to lose nearly 6% for the month.
29.09.2023
1084