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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