July 5th 2022, 2:37:18 pm
(about a year ago)
✌Best week for US stocks in a month🇺🇸😇
US equities roar back from the recent rout that signaled a bear market as the investors digest the impact of the latest interest rate increase by the US central bank and bet that the next inflation reading will show the peaking of hot increasing prices. S&P 500 added more than 3% on Friday, the biggest one-day increase since May 2020 and 6.5% for the whole week. Tech heavy Nasdaq and Canada’s S&P/TSX composite added 3.34% and 1.85%, respectively.
However, recession signs in the US and across the world are flashing red, with the latest one being the Treasury Yields curve that has become inverted. The yield on the 10-year Treasuries stands at 3.13%.
The stock market rebound has given some breath to the crypto market, where Bitcoin is hovering around 21,000. The US dollar rebounded during the week and stayed around recent highs standing at 1.28 against the Canadian dollar. West Texas Intermediate crude oil prices remain around 107, with the forecast showing no levels of falling below 100 a barrel by the yearend.
US new home sales in the US jumped in May while the market conditions get tighter amid rising borrowing costs and elevated prices.