Key Market Insights September 28

8 min read

US Markets

The S&P 500 was down on Monday, hitting a new low for 2022 as the negative momentum from last week carried forward over the weekend.

  • The Dow Jones officially moved into a bear market as it is now down 20.4% from its record high on Jan. 4.
  • Match Group fell 1.2% to reach its lowest price since it IPOed in 2015.
  • The current 10 Year U.S. Treasury yield is set at 3.92650%
Market Price Move
Dow Jones 29,260.81 -1.11%
S&P 500 3,655.04 -1.03%
Nasdaq 10,802.92 -0.60%
Russell 2000 1,655.88 -1.41%

 

Canadian Markets

The government of Canada said it will remove all COVID-19-related border restrictions starting Saturday, Oct. 1.

  • This includes all vaccination, testing, and quarantine requirements for international travelers, as well as mask mandates on international and domestic flights and trains.
  • The government will just let the current measures expire at the end of September but clarified that it may need to impose restrictions again if required.
  • The government is also removing all requirements to monitor and report COVID-19 symptoms.
Market Price Move
TSX 18,327.04 -0.83%

 

European Markets

Stocks in Europe were down on Monday following a volatile day of trading.

  • The Stoxx 600 fell 0.8% early in the day before recovering half of the losses to finish the day down 0.4%.
  • Utilities were the worst-performing stocks, losing 2.3%, while travel stocks fell 2%.
  • Housebuilding stocks fell in the U.K. as investors expect a decline in the real estate sector. Vistry Group, Bellway, Taylor Wimpey, and Persimmon were all down more than 6% on the day.
Market Price Move
Euro STOXX 50 3,342.97 -0.17%
UK (FTSE 100) 7,020.95 0.03%
Germany (DAX) 12,227.92 -0.46%
France (CAC 40) 5,769.39 -0.24%

 

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Asian Markets

Stocks in Asia were down considerably as the negative sentiment from the past week continues to influence investors.

  • Major news is expected later this week, with the Reserve Bank of India announcing its monetary policy and China releasing new factory data.
  • The Hang Seng Tech Index went against the general markets, gaining 1.61%, even as the rest of the Hang Seng fell.
  • Gambling stocks in Macao were up as Hong Kong eased its quarantine policies for travelers.
Market Price Move
S&P Asia 50 3,388.65 -0.99%
Japan (Nikkei 225) 26,431.55 -2.66%
South Korea (KOSPI) 2,220.94 -3.02%
China (Hang Seng) 17,855.14 -0.44%
India (SENSEX) 57,145.22 -1.64%

 

Commodities

Commodities were down on Monday as investors fear that a global recession is increasingly likely.

  • Brent crude was down 2.1% on the day, while U.S. West Texas Intermediate lost 2.3%. This comes after a 5% decline for both benchmark prices over the weekend.
  • Steve Hanke of Johns Hopkins University believes there is an 80% chance of a recession in the short term.
  • Gold, Silver, Platinum, and Palladium were all down on Monday.
Market Price Move
Oil (NYSEARCA:OIL) 27.38 -3.14%
Gold (NYSEARCA:GLD) 151.23 -1.16%
Silver (NYSEARCA:SLV) 16.92 -2.53%
Corn (NYSEARCA:CORN) 26.61 -1.11%
Lumber (NASDAQ:WOOD) 64.33 -2.20%

 

Currency Exchange Rates

The British Pound hit a new record low on Monday after falling 4% during Asian trading hours before rebounding to finish the day down 1.6% when New York markets closed.

  • Analysts say that the U.K.’s “Growth Plan” unveiled on Friday will increase debt levels and could put inflationary pressures because it includes additional government spending, as well as lower taxes.
  • The U.S. Dollar is at a 20-year high as it continues to climb due to the hawkish tone of the Federal Reserve.
  • The South Korean Won has fallen to its 2009 levels, while the Japanese yen continued to gain against the U.S. Dollar.
Market Price Move
UK(GBP) £0.94 1.61%
Europe (EURO) €1.04 0.83%
Canada (Canadian Dollar) $1.37 1.01%
Japan (Yen) ¥144.66 0.90%

 

Cryptocurrency

Bitcoin was up on Monday, reversing the negative trend last weekend.

  • Bitcoin saw an increase in trading volume on Monday, indicating strong support for the $18,000 psychological price point.
  • Luna Classic was up 60% after Binance unveiled their burn scheme to deal with the remaining coins from the collapse of Terra.
  • Disney has posted a job for a legal counsel to assist in developing NFT and Defi projects in accordance with existing regulations as it expands into Web3.
Market Price Move
Bitcoin $19,114.90 1.01%
Ethereum $1,326.19 2.33%
Litecoin $53.03 0.91%
Bitcoin Cash $115.35 -1.63%

 

Good trading,
Chris Svorcik

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