U.S. Markets U.S. stocks were down over the weekend as investors balanced the strong jobs report on Friday with the high inflation environment. - Although the jobs report caused the S&P 500 and Nasdaq to fall on Friday, both indexes were up on the week.
- The Dow Jones was the only major index to gain on Friday but it finished the week down.
- The current 10 Year U.S. Treasury yield is set at 2.83420%
| Dow Jones | 32,803.47 | 0.23% | | S&P 500 | 4,145.19 | -0.16% | | Nasdaq | 12,657.56 | -0.50% | | Russell 2000 | 1,921.82 | 0.81% | *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Market Insight Friday's jobs report will be a significant factor in the Federal Reserve's interest rate decision next month. Between now and then, there will be one more jobs report and two CPI reports. Here is a quick summary: - The U.S. added 528,000 jobs in July, significantly more than the 258,000 increase expected.
- The unemployment rate fell to 3.5% in July, below the 3.6% estimated by economists. The unemployment rate hit 3.6% in June.
- Wages were up 5.2% on an annualized basis and 0.5% month over month.
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Canadian Markets New data indicates that Canada's economy could be cooling down as employment has declined for two consecutive months, unlike in the U.S., where job creation is increasing. - Canada lost 30,600 jobs in July.
- The country's unemployment rate is at 4.9%, versus 3.5% in the U.S.
- Some Canadian investors say that policymakers could face a bigger political backlash due to the shrinking GDP than in the U.S., where other economic indicators are positive.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets Stocks in Europe were down on Friday as investors continue to be concerned about high inflation and a potential recession. - The Bank of England predicts that inflation could peak at over 13% in October.
- The Stoxx 600 was down 0.8% on Friday. Tech stocks led losses with a 2.4% drop.
- Industrial output in France was up 1.4% last month despite economists predicting a 0.2% decline.
| Euro STOXX 50 | 3,725.39 | -0.78% | | UK (FTSE 100) | 7,439.74 | -0.11% | | Germany (DAX) | 13,573.93 | -0.65% | | France (CAC 40) | 6,472.35 | -0.63% | *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Asian Markets Stocks were up on Friday across Asia, with Taiwan leading the surge. - The Taiex was up 2.27%, and Taiwan Semiconductor Manufacturing Company gained 3.2%.
- The ongoing Chinese military drills around Taiwan have been condemned by some Asian nations, including Japan, but have not impacted local markets.
- The Reserve Bank of India hiked its benchmark interest rate by 50 basis points to 5.4%, its biggest increase since 2019.
| S&P Asia 50 | 4,668.77 | 2.37% | | Japan (Nikkei 225) | 28,175.87 | 0.87% | | South Korea (KOSPI) | 2,490.80 | 0.72% | | China (Hang Seng) | 20,201.94 | 0.14% | | India (SENSEX) | 58,387.93 | 0.15% | *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Commodities Gold prices lost almost 1% on Friday. - Spot gold was down 0.92%, while U.S. gold lost 0.87%.
- Commodity prices were volatile last week amid rising tensions between Taiwan, China, and the United States.
- Gold premiums in China and Asia rose last week.
- The U.S. Dollar Index was up 1.1% on Friday, which made gold relatively more expensive for foreign buyers.
| Gold (NYSEARCA:GLD) | 165.29 | -1.12% | | Silver (NYSEARCA:SLV) | 18.33 | -1.66% | | Corn (NYSEARCA:CORN) | 24.68 | 0.61% | | Lumber (NASDAQ:WOOD) | 77.22 | -0.55% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Oil Oil prices were up on Friday to finish above the 6-month lows set earlier in the week. - Brent crude gained 0.85%, while U.S. West Texas Intermediate crude rose 0.5%.
- Prices have been falling recently due to concerns about a global recession.
- Analysts are concerned about a slowdown in countries such as Canada, which is seeing high inflation and decreasing employment rates; and China, which has recorded high inflation and lower production rates. These are indicators of stagflation, which could lead to lower oil demand.
| Oil (NYSEARCA:OIL) | 30.76 | 0.07% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law at Zargar Lawyers + Business Strategists in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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