US Markets

Markets were up in the United States on Friday, helping propel stocks to their best weekly performance since June.

• The S&P 500 gained 4.7% last week, the Dow rose 4.9%, and the Nasdaq was up 5.2%.
• Banks performed particularly well on Friday; JPMorgan Chase rose 5.3% and Goldman Sachs gained 4.6%.
• Snap was down 28% on Friday after reporting lower-than-expected revenue in Q3 2022.
• The current 10 Year U.S. Treasury yield is set at 4.22830%

Canadian Markets

Stocks in Canada continue to fall as investors are concerned that lower-than-expected earnings will hurt stock prices.

• Earnings per share are down 4.2% from last quarter.
• The TSX has lost 12% so far this year and significantly outperforms the 23% decline in the S&P 500.
• Analysts predict that low earnings levels will continue for the next two years.

European Markets

Markets in Europe were down on Friday amid increasing political uncertainty throughout the continent.

• The U.K. is looking for a new Prime Minister after the resignation of Liz Truss. Rishi Sunak is the clear frontrunner after former Prime Minister Boris Johnson pulled out of the race over the weekend.
• In the EU, leaders are trying to determine how to deal with the energy crisis. Germany said it will be willing to discuss price caps on Russian natural gas.
• The Stoxx 600 was down 0.6% on Friday, with losses led by retail stocks.

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Asian Markets

Stocks in Asia were down on Friday, as investors continued to react negatively to inflation data.

• The Consumer Price Index was up 3% year over year in September in Japan.
• Malaysia reported an inflation rate of 4.5% on an annualized basis.
• Annual inflation in Hong Kong reached 4.4%, the highest in seven years.

Commodities

Oil prices were volatile on Friday as investors bounced between hopes that the Chinese economy will improve and fears of an impending global recession.

• Brent crude was up 1.21% on Friday and U.S. West Texas Intermediate rose under 1%.
• On the week, Brent was up 0.8%, and U.S. West Texas Intermediate lost 1.5%.
• Demand for oil in China remains impacted by lockdowns in several cities due to a COVID-19 surge.

Currency Exchange Rates

The U.S. Dollar was down on Friday against the Japanese Yen after the yen jumped early in the morning before losing some gains later in the day.

• The U.S. Dollar Index was down 0.9% to 111.85, and is now more than 2% below its 20-year high from last month.
• The British Pound gained 0.6% despite the political uncertainty in the country. The currency rose following the announcement of Liz Truss’ resignation and has had positive momentum since.
• Analysts are predicting that the Fed will raise interest rates by 75 basis points again in November.

Cryptocurrency

Bitcoin finished last week in the $19,000 to $21,000 range as it continues its longest period of stability in over two years.

• Goldman Sachs has predicted that cryptocurrency prices will continue to fall if the U.S. Dollar remains strong.
• Bored Ape’s Otherdeed NFTs floor price was down significantly last week. This was combined with a rise in trade volume, indicating a widespread sell-off.
• Wall Street has lowered the buy ratings of blockchain mining companies after downgrading the forecast for these businesses following the Ethereum Merge.

Good trading,
Chris Svorcik