WEEKLY SUMMARY: S&P above 5,000 for the 1st time; Bitcoin on fire
Most of the major US #equity indexes moved higher over the week, with the S&P 500 Index reaching new highs and breaching the 5,000 threshold for the first time. The advance remained relatively narrow, however, with an equally weighted version of the index significantly trailing the standard market-weighted version for the fourth time in five weeks. #Nvidia soared and is now worth as much as the entire Chinese stock market (represented by the H shares of the Hong Kong stock market). Market sentiment was helped by the solid reception given to the U.S. Treasury Department’s record $42 billion auction of 10-year notes. Shares in New York Community Bank plunged after the lender reported weak results in the wake of its acquisition of failed Signature Bank during early 2023’s regional banking turmoil. On the #macro side, S&P Global’s services sector activity jumped unexpectedly to a four-month high while the Institute for Supply Management’s rival gauge also indicated solid growth. Outside the US, the STOXX Europe 600 Index ended 0.19% higher on some strong company earnings updates. In Japan, the Nikkei 225 Index rose 2.0%, reaching a 34-year high on yen weakness. #Stocks in #China rallied in a holiday-shortened week as the government’s latest raft of stimulus measures offset concerns about deepening deflation. The Shanghai Composite Index gained 4.97% for the week ended Thursday. Bitcoin soared +12% and is back above $48,000, its highest 'close' since December 2021.
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Thanks to a rally on Friday, US blue chips stocks recorded a 4th consecutive weekly gain despite growing tensions in the Middle East and the dockworkers’ strike at Eastern seaports. Escalating Middle East tensions sent oil prices to their highest level in about a month, benefiting energy shares. The S&P 500 pulled back sharply (-1.38%) on Tuesday, as Iran fired nearly 200 missiles directly at Israel. While many of the missiles were intercepted, there were several hits in the southern and central parts of the country and threats of “more devastating attacks” if Israel responded. Markets stabilized on Wednesday, however, perhaps because worst-case scenarios failed to materialize.