Market Outlook 🚀 - US Stocks Falling

Crypto Trading Volume Remains Low

Inside.com Part of   Network October 17, 2022

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US Markets Stocks were significantly down on Friday to finish off a volatile trading week.  The S&P 500 finished the week down 1.55% and the Nasdaq fell 3.11%.  The decline in stocks was largely due to the fall in consumer sentiment and the expectation that prices will continue to rise.  According to the latest University of Michigan consumer sentiment report, consumers now expect that the inflation rate will reach 5.1% in the next 12 months, up from a previous estimate of 4.7%. The current 10 Year U.S. Treasury yield is set at 4.02350% Dow Jones  29,634.83 -1.34% S&P 500  3,583.07 -2.37% Nasdaq  10,321.39 -3.08% Russell 2000 1,682.40 -2.66% *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.

Canadian Markets Tiff Macklem, the Governor of the Bank of Canada, said that the bank plans to continue raising interest rates despite the current economic conditions and stock market instability.  The Bank of Canada has indicated that it will likely hike interest rates by 50 basis points at its next meeting on Oct. 26.  So far this year, rates have increased from 0.25% to 3.25%, and the next rate would raise rates to 3.75%.  At the IMF and World Bank annual meetings, Macklem said that the Bank of Canada will primarily focus on fighting inflation and strengthen the Canadian Dollar.  TSX  18,326.35 -1.54% *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 European stocks rose on Friday but remained below their high points from earlier in the week.  British Prime Minister Lizz Truss fired Kwasi Kwarteng, the Chancellor of the U.K., after markets reacted negatively to her governments' fiscal plan.  Truss announced the reversal of more tax-cutting measures that were announced by her government on Sept. 23.  The Stoxx 600 was up 0.7% on Friday, led by utility stocks which gained 2%.  Euro STOXX 50  3,381.73 0.57% UK (FTSE 100)  6,858.79 0.12% Germany (DAX)  12,437.81 0.67% France (CAC 40) 5,931.92 0.90% *European stock prices are as of 7am ET.Data received directly from the references indexes through ICE Data Services.

Asian Markets Stocks in Asia were up on Friday as they benefitted from the positive momentum in U.S. markets a day earlier.  The Hang Seng was up, led by the Hang Seng Tech index, which gained 2.16% on the day.  Stocks in Singapore were up on the day after the country reported 4.4% GDP growth in the third quarter.  Taiwan Semiconductor Manufacturing Company gained 5.31% after announcing that its third-quarter profits surged by 80% year over year.  S&P Asia 50 3,780.40 1.75% Japan (Nikkei 225) 27,090.76 3.25% South Korea (KOSPI) 2,212.55 2.30% China (Hang Seng) 16,587.69 1.21% India (SENSEX) 57,919.97 1.20% *Asian stock prices are as of 7am ET.Data received directly from the references indexes through ICE Data Services.

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Commodities Oil prices were down 3% on Friday amid concerns that a global economic slowdown will weaken oil demand.  Brent fell 6.4% last week and U.S. West Texas Intermediate (WTI) lost 7.6%.  On Friday, Brent and WTI fell 3.1% and 3.9%, respectively.  COVID-19 cases increased during the holidays in China, which could lead to lower oil demand.  Oil (NYSEARCA:OIL) 30.43 -3.60% Gold (NYSEARCA:GLD) 152.98 -1.25% Silver (NYSEARCA:SLV) 16.81 -3.34% Corn (NYSEARCA:CORN) 27.60 -0.86% Lumber (NASDAQ:WOOD) 67.69 -1.70% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The British pound fell on Friday after Prime Minister Liz Truss fired her Chancellor and altered her economic plans.  During her 40 days as prime minister, Truss has caused significant volatility in  British markets and a devaluation.  The U.S. Dollar Index was up 0.6% on Friday to 113.25.  The Euro gained against the British Pound but was down against the U.S. Dollar.  UK(GBP) £0.90 1.19% Europe (EURO) €1.03 0.48% Canada (Canadian Dollar) $1.39 0.87% Japan (Yen) ¥148.79 1.00% *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.

Cryptocurrency Trading volume in the cryptocurrency markets decreased last week but prices were relatively stable.  Ethereum is down 23% since the Merge on Sept. 15.  So far this year, Bitcoin has lost 60% and Ether is down 64%.  NYDIG, the crypto trading firm, said it plans to lay off ~33% of its staff.  Bitcoin $19,100.50 -1.44% Ethereum $1,280.76 -1.35% Litecoin $50.77 -1.13% Bitcoin Cash $108.48 -0.29% *Exchange rates as of 7am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

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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