US Markets Stocks were up significantly on Friday, allowing the S&P 500 to claim a four-week positive streak. - Investors appeared reinvigorated by the news that U.S. inflation may have peaked, increasing confidence in higher-risk stocks.
- The S&P 500 is up 16.7% from its lows, while the Nasdaq is up 22.6%.
- The current 10 Year U.S. Treasury yield is set at 2.83850%
| Dow Jones | 33,761.05 | 1.27% | | S&P 500 | 4,280.15 | 1.73% | | Nasdaq | 13,047.19 | 2.09% | | Russell 2000 | 2,016.62 | 2.09% | *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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Canadian Markets The TSX was up 3% last week as Canadian investors followed the positive sentiment in the United States and started investing in risk-on assets. - Canada's banking sector led the surge last week, with Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal seeing the most significant increases in the index.
- Earnings are still impacting individual stocks, with several companies falling +10% last week due to poor earnings. Park Lawn Corporation, a funeral home and cemetery company, fell 11% after missing its Q2 earnings expectations.
- Some U.S. investors are concerned about the devaulation of the Canadian Dollar relative to the U.S. Dollar.
*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 The Stoxx 600 was positive last week after gaining 0.2% on Friday. - Travel and leisure stocks gained 3.9% on Friday, and that momentum has continued into after-hours trading in Europe.
- The U.K. economy contracted by 0.1% in Q2 2022, less than the 0.3% expected by economists.
- Uniper is up 10% following reports that the company is considering using U.S. gas instead of LNG from Australia as an energy source for the winter.
| Euro STOXX 50 | 3,776.81 | 0.53% | | UK (FTSE 100) | 7,500.89 | 0.47% | | Germany (DAX) | 13,795.85 | 0.74% | | France (CAC 40) | 6,553.86 | 0.14% | *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 in Asia were up on Friday as investors continued to react positively to U.S. inflation figures. - The positive momentum carried into the weekend with futures in Japan, Korea, Hong Kong, and mainland China rising.
- Japan's Prime Minister announced that his government will focus on lowering fuel and food prices. This comes despite the county seeing only 2% inflation, significantly less than North American and European countries.
- China's Semiconductor Manufacturing International Corp reported a revenue increase of 42% in Q2, similar to the growth of Taiwan Semiconductor Manufacturing Company.
| S&P Asia 50 | 4,658.75 | 0.55% | | Japan (Nikkei 225) | 28,546.98 | 2.62% | | South Korea (KOSPI) | 2,527.94 | 0.16% | | China (Hang Seng) | 20,175.62 | 0.46% | | India (SENSEX) | 59,462.78 | 0.22% | *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 Oil prices were down on Friday and through the weekend due to concerns about long-term demand. - Prices rose earlier on Friday following reports of a damaged oil pipeline in the Gulf of Mexico, but expectations are that the issue will be resolved quickly.
- Brent gained 3.5% last week after losing 14% the previous week. West Texas Intermediate rose 3.7%.
- Oil prices are expected to rise this week if the supply issue in the Gulf is not cleared.
| Oil (NYSEARCA:OIL) | 32.26 | -2.33% | | Gold (NYSEARCA:GLD) | 167.87 | 0.92% | | Silver (NYSEARCA:SLV) | 19.17 | 2.68% | | Corn (NYSEARCA:CORN) | 25.75 | 1.62% | | Lumber (NASDAQ:WOOD) | 81.91 | 1.99% | *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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Currencies The U.S. Dollar was down 0.8% last week. Most of those losses came on Wednesday when it fell 1% after the release of Consumer Price index figures. - The U.S. Dollar Index rose on Friday, for the second day in a row, gaining 0.57%.
- The U.S. Dollar started gaining against the Japanese Yen on Friday after the Yen made significant jumps on Wednesday and Thursday, seemingly replacing the U.S. Dollar as the default safe haven currency.
- The British Pound continues to suffer due to negative economic data, expectations of another 50-basis-point hike in September, and political instability in the UK.
| UK(GBP) | £0.82 | | Europe (EURO) | €0.97 | | Canada (Canadian Dollar) | $1.28 | | Japan (Yen) | ¥133.44 | *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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Market Insight The U.S. House and Senate have passed the Inflation Reduction Act, which will have a significant impact on climate action, tax, and healthcare policies. - The Act will provide $369B for climate change initiatives, which should create positive momentum in markets for solar, EV, battery and renewable energy companies.
- It allows Medicare to negotiate the prices on 100 drugs, which could negatively impact some pharma stocks.
- The Act features a minimum corporate tax of 15%, which targets companies that have used deductions and deals to reduce their tax rate below the standard 21% rate. This will impact many large-cap companies.
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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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