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WEEKLY SUMMARY: Mag7 gains; bitcoin, bonds & bullion pains
Major U.S. stock indexes finished the week higher, amid investor hopes for an interest rate cut from the Fed at its upcoming meeting. The Nasdaq Composite led the major indexes higher, advancing 0.91%, followed by the small-cap Russell 2000 Index, which rose 0.84%. The S&P 500 Index lagged but still posted a modest gain for the week. Mag7 stocks outperformed the S&P 493. On the macro front, ISM Manufacturing activity index continues to slide while ISM services expand at fastest pace since February. ADP Private payrolls dropped by most since 2023. US PCE inflation index rose 0.3% month over month in September, in line with August’s reading. University of Michigan consumer sentiment survey showed modest improvement. US Treasuries long-term yields rose. Outside the US, the STOXX Europe 600 Index ended 0.41% higher on hopes of interest rate cuts in the U.S. and UK. Japan’s stock markets registered mixed performance over the week, with the Nikkei 225 Index gaining 0.47% despite pressure from rising global bond yields and a speech by BoJ Governor Kazuo Ueda that was perceived as hawkish. The 10-year JGB yield climbed to 1.93%, its highest level since 2007 while the yen strengthened to JPY 154 range against the U.S. dollar. Gold ended the week lower (despite the dollar weakness) but silver surged, topping $59 on Friday - a new record high. After bouncing back last week, bitcoin took another dive this week (down 7 of the last 9 weeks), ending the week back below $90,000.
Have a great weekend
Charles & Syz Research Lab
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