May 18th 2022, 10:44:31 pm
(about a year ago)
🌹Stocks rose to a one-week high🌹
The relentless North American stock markets drop paused on Tuesday in a broad-based rally as investors weighed comments from the US Central Bank’s Chair Jerome Powell on the effect of higher interest rates on the US economy. US S&P 500 and Nasdaq climbed 2.02% and 2.76%, respectively, and Canada’s S&P/TSX composite added 1.41%. US 10-year treasury yield remains elevated at 2.98%, waiting for the possibility of more rate hikes by the yearend.
Tech stocks led the rally, including Apple, Tesla, and Nvidia. The Russia-Ukraine war, China’s economic growth, and the risk of global recession remain the top concerns of the markets. Chinese industrial production fell 2.9% in April year over year.
Oil prices seem to have stabilized their stance at over 100 per barrel, with West Texas Intermediate standing at 112.06, higher than the projected levels for 2022.
The Crypto market crash caused by the UST stable coin, which went from being pegged to one dollar to zero, is now stabilized. However, Bitcoin and Ethereum are still down 25% and 32% monthly, respectively.
The US dollar remains strong on the currency side, though coming off the recent highs and standing at 1.28 against the Canadian dollar.