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Written by Charles-Henry Monchau | Apr 2, 2023 9:48:34 AM

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WEEKLY SUMMARY: Big Tech, Bullion and Bitcoin all soared in Q1

US equities posted solid gains in a relatively quiet week for economic data releases and financial news. Small-caps outperformed large-caps, and value stocks advanced modestly more than growth stocks. Rising oil prices boosted energy stocks. U.S. WTI crude oil rose more than 9% for the week, climbing back above the USD 70 per barrel level. Over the quarter, the Nasdaq Composite index jumped more than 16%, while the S&P 500 Index rose approximately 7%. However, the narrowly focused large-cap Dow Jones Industrial Average was only modestly higher. The market received some positive news on inflation last week, with the U.S. core personal consumption expenditure (PCE) price index for February coming in at 4.6% versus consensus expectations for 4.7%. In Europe, Headline CPI slowed to 6.9% in March from 8.5% in February as energy costs subsided. In Fixed income, easing concerns about the global banking sector pushed US and European bond yields higher. Shares in Europe rallied as fears of financial instability waned. Chinese stocks advanced as strong economic data coupled with supportive comments from Beijing boosted confidence in the country’s growth outlook. Gold is up for the second quarter in a row (up over 19% in the  last 6 months - its best such gain since 2016). Bitcoin is up for the 3rd month in a row for its best quarterly gain since Q1 2021, back above $28,500.