US Markets
Stocks were significantly down on Friday to finish off a volatile trading week.
- The S&P 500 finished the week down 1.55% and the Nasdaq fell 3.11%.
- The decline in stocks was largely due to the fall in consumer sentiment and the expectation that prices will continue to rise.
- According to the latest University of Michigan consumer sentiment report, consumers now expect that the inflation rate will reach 5.1% in the next 12 months, up from a previous estimate of 4.7%.
- The current 10 Year U.S. Treasury yield is set at 4.02350%
Market |
Price |
Move |
Dow Jones |
29,634.83 |
-1.34% |
S&P 500 |
3,583.07 |
-2.37% |
Nasdaq |
10,321.39 |
-3.08% |
Russell 2000 |
1,682.40 |
-2.66% |
Canadian Markets
Tiff Macklem, the Governor of the Bank of Canada, said that the bank plans to continue raising interest rates despite the current economic conditions and stock market instability.
- The Bank of Canada has indicated that it will likely hike interest rates by 50 basis points at its next meeting on Oct. 26.
- So far this year, rates have increased from 0.25% to 3.25%, and the next rate would raise rates to 3.75%.
- At the IMF and World Bank annual meetings, Macklem said that the Bank of Canada will primarily focus on fighting inflation and strengthen the Canadian Dollar.
Market |
Price |
Move |
TSX |
18,326.35 |
-1.54% |
European Markets
European stocks rose on Friday but remained below their high points from earlier in the week.
- British Prime Minister Lizz Truss fired Kwasi Kwarteng, the Chancellor of the U.K., after markets reacted negatively to her governments’ fiscal plan.
- Truss announced the reversal of more tax-cutting measures that were announced by her government on Sept. 23.
- The Stoxx 600 was up 0.7% on Friday, led by utility stocks which gained 2%.
Market |
Price |
Move |
Euro STOXX 50 |
3,381.73 |
0.57% |
UK (FTSE 100) |
6,858.79 |
0.12% |
Germany (DAX) |
12,437.81 |
0.67% |
France (CAC 40) |
5,931.92 |
0.90% |
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Asian Markets
Stocks in Asia were up on Friday as they benefitted from the positive momentum in U.S. markets a day earlier.
- The Hang Seng was up, led by the Hang Seng Tech index, which gained 2.16% on the day.
- Stocks in Singapore were up on the day after the country reported 4.4% GDP growth in the third quarter.
- Taiwan Semiconductor Manufacturing Company gained 5.31% after announcing that its third-quarter profits surged by 80% year over year.
Market |
Price |
Move |
S&P Asia 50 |
3,780.40 |
1.75% |
Japan (Nikkei 225) |
27,090.76 |
3.25% |
South Korea (KOSPI) |
2,212.55 |
2.30% |
China (Hang Seng) |
16,587.69 |
1.21% |
India (SENSEX) |
57,919.97 |
1.20% |
Commodities
Oil prices were down 3% on Friday amid concerns that a global economic slowdown will weaken oil demand.
- Brent fell 6.4% last week and U.S. West Texas Intermediate (WTI) lost 7.6%.
- On Friday, Brent and WTI fell 3.1% and 3.9%, respectively.
- COVID-19 cases increased during the holidays in China, which could lead to lower oil demand.
Market |
Price |
Move |
Oil (NYSEARCA:OIL) |
30.43 |
-3.60% |
Gold (NYSEARCA:GLD) |
152.98 |
-1.25% |
Silver (NYSEARCA:SLV) |
16.81 |
-3.34% |
Corn (NYSEARCA:CORN) |
27.60 |
-0.86% |
Lumber (NASDAQ:WOOD) |
67.69 |
-1.70% |
Currency Exchange Rates
The British pound fell on Friday after Prime Minister Liz Truss fired her Chancellor and altered her economic plans.
- During her 40 days as prime minister, Truss has caused significant volatility in British markets and a devaluation.
- The U.S. Dollar Index was up 0.6% on Friday to 113.25.
- The Euro gained against the British Pound but was down against the U.S. Dollar.
Market |
Price |
Move |
UK(GBP) |
£0.90 |
1.19% |
Europe (EURO) |
€1.03 |
0.48% |
Canada (Canadian Dollar) |
$1.39 |
0.87% |
Japan (Yen) |
¥148.79 |
1.00% |
Cryptocurrency
Trading volume in the cryptocurrency markets decreased last week but prices were relatively stable.
- Ethereum is down 23% since the Merge on Sept. 15.
- So far this year, Bitcoin has lost 60% and Ether is down 64%.
- NYDIG, the crypto trading firm, said it plans to lay off ~33% of its staff.
Market |
Price |
Move |
Bitcoin |
$19,100.50 |
-1.44% |
Ethereum |
$1,280.76 |
-1.35% |
Litecoin |
$50.77 |
-1.13% |
Bitcoin Cash |
$108.78 |
-0.29% |
Good trading,
Chris Svorcik
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