WEEKLY SUMMARY: Big week for bullion, bitcoin, black-gold & US big-caps
U.S. equity indexes advanced for the week, rebounding from the prior week’s sell-off. The Nasdaq Composite performed best, closing the week at a record high, followed by the S&P 500 and Russell 2000 indexes. Apple announced that it would invest $100 billion—in addition to a previously announced $500 billion—in developing U.S.-based manufacturing over the next four years, which would reportedly exempt the company from the Trump administration’s steep tariffs on semiconductors. Shares of the iPhone maker closed the week 13.3% higher, helping support the broader indexes. The Trump administration’s new round of global tariffs kicked in on Thursday but the market reaction appeared to be more muted compared with other recent tariff actions. September rate cut probability rose as several Fed officials suggested rate cuts could be in the near future and as President Trump announced that he would nominate Stephen Miran, the current chair of the White House’s Council of Economic Advisors, to temporarily fill a vacancy on the #Fed’s Board of Governors. Some investors viewed this nomination as potentially favoring looser #monetarypolicy. US Treasury yields were up across the curve this week with the short-end underperforming. The dollar extended last Friday's post-payrolls plunge this week. #Oil dropped on hopes of a Russia-Ukraine truce. #Gold futures are up for 5 of the last 6 days, hitting new record. #Bitcoin bounced back but underperformed ether which hit $4,000. European, Chinese and Japanese stocks rose during the week.
Have a great weekend!
Charles for the team
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The S&P 500 index finished the week little changed, while the Nasdaq added 0.48%. The Russell 2000 Index performed worst, declining 0.86%, followed by the Dow, which shed 0.67%. Equities started the week broadly lower but reversed course toward the end of the week, supported in part by an encouraging US inflation report as well as strong earnings results from semiconductor manufacturer Micron Technology that seemed to help shift AI-related sentiment. On the macro side, US unemployment rate rose to 4.6% in November, the highest level in over four years while US core inflation dropped to slowest pace since early 2021. December business activity growth slowed to a six-month low. US Treasuries yields generally decreased across most maturities.


