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WEEKLY SUMMARY: Best week since June for Wall Street
Stocks recorded strong gains, as investors appeared to react to some prominent earnings reports and hints that Fed might moderate its pace of interest rate hikes. The S&P 500 enjoyed its best weekly gain in nearly four months, while the Dow marked its third consecutive week of gains. Energy shares outperformed within the S&P 500, as oil prices proved resilient despite the announcement of a release from the U.S. Strategic Petroleum Reserve. Trading remained active and volatile, due in part to the expiration of USD 2 trillion in options contracts on Friday. The week started off on a strong note, thanks to a reversal in the UK government’s fiscal stimulus plans. Investors are climbing the proverbial “wall of worry” after the previous Friday’s steep decline and a perceived surplus of short positions taken by hedge funds. Better-than-expected quarterly results, guidance, and buybacks from Goldman Sachs also seemed to provide a broad boost to sentiment. The 10-year U.S. Treasury note hit a 14-year high of 4.33% on Friday morning but dovish comments triggered an afternoon rally. Shares in Europe rose on the resignation of UK Prime Minister Liz Truss and the scrapping of her fiscal policies. Japanese equities ended a choppy week of trading lower than they began as global recessionary fears and further currency weakness remained prevalent themes. China’s stock markets recorded a weekly loss after Beijing delayed releasing key economic data without explanation.
Have a great week-end
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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.