Last week’s biggest headline was consumer price inflation (CPI) which registered +5.0% y/y in May, the first “five-handle” US inflation print in nearly 13 years. Under the covers, however, the report was less alarming. Core CPI, which strips out volatile food and energy prices, was just +3.8% y/y. Moreover, more than half of the total […]
“Forward-looking economic news was positive…”
Bit of a roller coaster last week as inflation fears returned to the foreground. Things calmed down a little bit on Friday, allowing stocks to recoup some of their losses.
“…on Friday, equities of all stripes got a boost when the US Nonfarm Payroll Report came in significantly below expectations, calming inflation fears…”
Rates and commodity prices moved higher last week, while most bond and equity prices moved lower. Economic news was all good, including consumer confidence, durable goods orders, home prices, jobless claims, and of course, that hefty Q1 GDP print of +6.4% q/q annualized.
Risk assets rallied around the world last week, with equities, bonds, andcommodities all moving higher. In US equity markets, the Dow and S&P 500both finished the week at fresh all-time highs, while the Nasdaq closed lessthan 1% off of the high set back in February. Small and midcap indices delivered strong performance on the week, […]
Equities posted solid returns last week, led by large cap technology stocks. The S&P 500 reached a new all-time high on Thursday, closing above 4,000 for the first time.
Tough week for oil prices and energy stocks last week; investors have become increasingly concerned about a demand shock as parts of Europe institute new lockdowns to combat rising covid-19 case counts. Meanwhile, incoming economic data was mixed. Most importantly though, the Fed reiterated its commitment to keeping rates at zero and maintaining asset purchases until substantial further progress has been made towards full employment. Enjoy!