Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: Worst week since December for S&P and Nasdaq

The S&P 500 and Nasdaq Composite lost 1.1% and 2.4%, respectively, in what was their worst week since December. Energy stocks were the notable upside outlier and communication services shares the prominent laggard. Shares of Google parent Alphabet lost roughly USD 100 billion in market capitalization on Wednesday and fell roughly 10% for the week after Reuters reported that Google’s new artificial intelligence (AI)-based chatbot, Bard, mistakenly identified the first satellite to take a picture of an exoplanet in its first public demonstration on Monday. Statements from Fed officials sent stocks in opposite directions on Tuesday and Wednesday. On Tuesday, stocks rallied after Fed Chair Powell repeated an earlier reference to the disinflation process having started. A series of apparently hawkish comments from other Fed officials the following day seemed to send stocks back lower, however. The 10-year U.S. Treasury yield increased solidly over the week and the yield curve inverted further as fears grew that the Fed would need to push the economy into recession in order to tame inflation. Shares in Europe weakened on concerns about overly aggressive central bank policy that might prolong an economic downturn. Chinese stocks retreated as the spy balloon controversy fanned tensions with the U.S. Oil prices rebounded significantly with WTI back above $80. Gold extended last week's losses while Bitcoin tumbled, breaking below $22k.


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