US equities closed the second week of July at fresh S&P 500 and Nasdaq record highs
US equities closed the second week of July at fresh S&P 500 and Nasdaq record highs, up 2.4% in
July so far, fueled by the dovish Senate statement from Fed Chairman Powell on Wednesday and
investors bullish sentiment towards the stock market now that any future rate increase is off
the table and easing is back for the Fed short term agenda.
The earnings season will kick off Monday with the majority off the financial sector bellwethers reporting and probably setting the tone for the markets short term, with the next Fed meeting only 2 weeks away, set for July 31.
US equity markets continue their climb higher this week, at the expense of all other global equity markets, the MSCI Emerging markets index was down 0.31%, the EURSXX50 traded mostly sideways all week and overall global sentiment far from matching the US euphoria towards more risk.
FX markets leaned towards a stronger Euro after a 0.3% pullback in the dollar last week, the yen gained 0.6% and the sterling closed the week up 0.4%. Commodities markets saw a strong week for OIL, up nearly 5% this week following the supply restraints put on Gulf of Mexico producers by tropical storm Barry, crippling more than 50% of the region outputs and the ongoing tensions in the Middle East were Iran and US allies continue their aggressive rhetoric tone towards each other.
Gold closed the trading week higher, at $1,414 per ounce, that’s on a weaker dollar and bonds declining to 2.11% on the 10-year, the biggest drop this week.