US Markets Markets rose significantly on Friday, lifting the Dow to its fourth consecutive positive week. - The rise followed the release of economic data showing that inflation may be easing, while consumer spending remained steady last month.
- The Dow gained 5.7% on the week, the S&P 500 rose 3.9%, and the Nasdaq was up 2.2%.
- The current 10 Year U.S. Treasury yield is set at 4.01640%
| Dow Jones | 32,861.80 | 2.59% | | S&P 500 | 3,901.06 | 2.46% | | Nasdaq | 11,102.45 | 2.87% | | Russell 2000 | 1,846.92 | 2.25% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Market Insight There were a few key data points and events on Friday that provided some great insight for this week's trading: - Tech stocks were down, with Amazon falling 6.8% and Apple dropping 7.5% on Friday, while all the major tech companies underperformed on their earnings calls.
- Oil markets were supported by Chevron and Exxon Mobil's rises after both had better-than-expected earnings reports.
- The Personal Consumption Price index rose 0.5% in September versus August and 5.1% compared to last year.
- 29 stocks in the S&P 500 hit new 52-week highs on Friday. 20 of those stocks also hit all-time highs, including Mcdonald's, Campbell Soup, Pepsico, Hershey, General Mills, Exxon, and Chevron.
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Canadian Markets Data from Statistics Canada shows that the country's economy grew by 0.1% in August. - Retail, wholesale trade, agriculture, and public sector spending were the largest contributors to growth.
- The construction, manufacturing, mining, quarrying, and oil and gas extraction sectors shrank.
- According to an estimate for Q3 2022, the economy grew 1.6% year-on-year, down from 3.3% in Q2 2022.
*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 Markets in Europe were down early on Friday before rising later in the day as investors reacted with volatility to the European Central Bank's interest rate hike. - The Stoxx 600 was up just 0.1% on Friday after markets were mixed during the trading session.
- Telecoms and healthcare stocks led the markets, gaining 1.8% and 1.4%, respectively.
- Basic resources and retail stocks both lost 2%, dragging down the markets.
| Euro STOXX 50 | 3,613.02 | 0.24% | | UK (FTSE 100) | 7,047.67 | -0.37% | | Germany (DAX) | 13,243.33 | 0.24% | | France (CAC 40) | 6,273.05 | 0.46% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Hong Kong are at their lowest point since 2009 as macroeconomic issues in Asia continue to push down markets. - The Hang Send Tech Index was down almost 6% on Friday, which caused a significant decline in the Hang Seng.
- Xpeng slumped 14%, Bilibili and Li Auto dropped around 11%, Meituan lost 8%, while Tencent, Xiaomi, and Alibaba all fell more than 5%.
- Stocks in mainland China, Australia, Japan, Singapore, Malaysia, and South Korea were all down to close last week.
| S&P Asia 50 | 3,478.65 | -3.02% | | Japan (Nikkei 225) | 27,105.20 | -0.88% | | South Korea (KOSPI) | 2,268.40 | -0.89% | | China (Hang Seng) | 14,863.06 | -3.66% | | India (SENSEX) | 59,959.85 | 0.34% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were down slightly on Friday as China added new COVID-19-related restrictions. - On the week, Brent rose 2% and West Texas Intermediate gained 3%, even though both lost ~1% on Friday.
- China has increased social restrictions to fight COVID-19 outbreaks, including locking down entire city districts and sealing off buildings where infections were detected.
- The IMF decreased China's 2022 GDP growth forecast to 3.2%, from 4.4% in April.
| Oil (NYSEARCA:OIL) | 31.60 | -1.16% | | Gold (NYSEARCA:GLD) | 153.16 | -1.02% | | Silver (NYSEARCA:SLV) | 17.74 | -1.33% | | Corn (NYSEARCA:CORN) | 27.09 | -0.33% | | Lumber (NASDAQ:WOOD) | 71.54 | 0.58% | *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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Currency Exchange Rates The Yen lost more than 1% against the U.S. Dollar on Friday after the Bank of Japan decided not to raise interest rates. - The U.S. Dollar Index was down 1% on the week.
- The Euro was even on Friday as investors reacted to the ECB's 75-basis point interest rate hike on Thursday.
- The Bank of Canada's smaller-than-expected interest rate hike caused some instability in the Canadian Dollar, which fell on Wednesday and Thursday before seeing some gains on Friday.
| UK(GBP) | £0.86 | -0.41% | | Europe (EURO) | €1.00 | 0.03% | | Canada (Canadian Dollar) | $1.36 | 0.59% | | Japan (Yen) | ¥147.46 | 0.79% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, 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 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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