Key Market Insights September 20

8 min read

US Markets

Futures remained negative over the weekend after the S&P 500 suffered its worst performance in three months last week.

  • Transportation stocks, seen as a strong indicator of economic strength, were down significantly last Friday as FedEx fell 21.4% and UPS lost 4.5%.
  • Adobe was down 25% last week after announcing its acquisition of Figma.
  • The current 10 Year U.S. Treasury yield is set at 3.45330%
Market Price Move
Dow Jones 30,822.42 -0.45%
S&P 500 3,873.33 -0.72%
Nasdaq 11,448.40 -0.90%
Russell 2000 1,798.19 -1.48%

 

Canadian Markets

The Royal Bank of Canada said that higher interest rates would continue to have a negative impact on home prices in the country.

  • The Home Price Index was down 1.6% from July to August.
  • The index is down 7.4% since February, when the Canadian housing market peaked.
  • Policymakers have increased the benchmark interest rate from 0.25% to 3.25% so far this year to fight inflation. The annual inflation rate reached 7.6% in July, nearly four times higher than the central bank’s target.
Market Price Move
TSX 19,385.88 -0.89%

 

European Markets

Stocks in Europe continued their negative trend over the weekend amid volatility caused by growth concerns, fears of further rate hikes, and the ongoing energy crunch.

  • The Stoxx 600 was down 1.6% on Friday, with every sector finishing in the red.
  • The food and beverages and the media sectors were both down 1.5%, while automotive stocks fell by 1%.
  • The World Bank warned of a global recession in 2023, significantly dampening investor sentiment.
Market Price Move
Euro STOXX 50 3,500.41 -1.17%
UK (FTSE 100) 7,236.68 -0.62%
Germany (DAX) 12,741.26 -1.66%
France (CAC 40) 6,077.30 -1.31%

 

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Asian Markets

Stocks in Asia were down last week due to poor economic data from the U.S. and despite reports showing that China’s economy is performing above expectations.

  • Data released late last week showed China’s industrial production and retail sales figures were higher than expected in August.
  • Retail sales in China were up 5.4% in August compared to 2.7% in July and the 3.5% expected by economists.
  • Industrial production in China was up 4.2% last month, which was higher than the 3.8% expected.
  • Fixed Asset Investment in China for the first eight months of 2022 was up 5.8% compared to the 5.5% expected by economists.
Market Price Move
S&P Asia 50 4,237.02 -1.20%
Japan (Nikkei 225) 27,567.65 -1.11%
South Korea (KOSPI) 2,382.78 -0.79%
China (Hang Seng) 18,761.69 -0.89%
India (SENSEX) 58,840.79 -1.82%

 

Commodities

Oil prices were largely unchanged on Friday but finished the week in the red due to investor concerns about a global recession.

  • Brent crude was up under 0.7% on Friday, while U.S. West Texas Intermediate gained 0.9%.
  • Both oil benchmarks have now been down for three consecutive weeks.
  • So far this quarter, they are both down more than 20%.
Market Price Move
Oil (NYSEARCA:OIL) 30.23 -0.30%
Gold (NYSEARCA:GLD) 155.84 0.56%
Silver (NYSEARCA:SLV) 17.99 2.04%
Corn (NYSEARCA:CORN) 27.09 0.22%
Lumber (NASDAQ:WOOD) 71.33 -1.84%

 

Currency Exchange Rates

The U.S. Dollar Index was down on Friday but saw gains last week amid fears of a global recession.

  • The index finished the week up 0.6% at 109.68, just below the 20-year high of 110.79 from earlier this month.
  • On Friday, the index was down 0.1% but tracked about even with the Euro and the British Pound Sterling, which were also down on the day relative to other fiat currencies.
  • So far this year. the U.S. Dollar is up 15% against the six largest fiat currencies.
Market Price Move
UK(GBP) £0.88 -0.02%
Europe (EURO) €1.00 0.03%
Canada (Canadian Dollar) $1.33 0.03%
Japan (Yen) ¥143.09 0.12%

 

Cryptocurrency

Cryptocurrencies were down over the weekend following Ethereum’s Merge last week.

  • Chandler Guo, an Ethereum miner, has predicted that the Merge will cause over 90% of miners to go bankrupt.
  • The new Ethereum Proof-of-Work network has faced technical issues since launching as its own fork of the popular network.
  • Bitcoin volume has fallen amid an increase in Ethereum trading.
Market Price Move
Bitcoin $19,378.30 -1.97%
Ethereum $1,331.83 -9.33%
Litecoin $53.19 -8.01%
Bitcoin Cash $111.60 -6.68%

 

Good trading,
Chris Svorcik

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