Weekly Commentary

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Monday, July 18, 2016

As stocks posted a week of strong gains, the Dow Jones Industrial Average and the S&P 500 index hit new highs. U.S. inflation rose 0.2% in June, marking the fourth straight month of increases in consumer prices. The 10-year U.S. Treasury yield continued to trace a low path. Gold prices were at a two week low following the week's equities rally. Oil experienced a modest gain after rallying with 4% gains early in the week.

Monday, July 11, 2016

Strong jobs data lifted all major U.S. stock indexes at the end of the week, bringing the S&P 500 to a record high. The 10-year U.S. Treasury yield hit record lows. Brexit continued to fuel economic volatility across the world. Risk-off sentiment was in focus amid continued attention on the fallout from the "leave" vote. Rallies persisted in global government debt and other perceived safe-havens such as gold, fueling skepticism that last week’s stock gains were sustainable. Gold was slightly down following the jobs announcement, but still had risen 27% for the year. Oil prices fell for the week.

Tuesday, July 5, 2016

Global stocks began the week in retrenchment, driven by Brexit risk-off sentiment, but found their footing by mid-week. Markets around the globe finished the week in the black, and some of the major indexes turned positive year to date. The pound further declined against the U.S. dollar. Gold slipped early in the week but rallied to post gains by Friday. The ten-year U.S. Treasury yield dipped below 1.4% before closing at about 1.5%. Oil prices got a boost from lower supply.

Monday, June 27, 2016

Stocks plunged in Asia, Europe and the United States, posting losses for the week after Britain voted to leave the European Union. Investors drove the pound to its lowest levels in decades. Investors seeking safe havens bid up gold and U.S. government bonds. The yield on the ten-year U.S. Treasury fell as low as 1.4% but climbed back to slightly below 1.6% by end of Friday. Oil prices fell for the week.

Monday, June 20, 2016

Stock prices skidded for a second week as inflation expectations slipped and Brexit worries mounted. Low yields in Germany, Japan, and the U.K. continued to push investors into the U.S. markets, driving the ten-year U.S. Treasury yield beneath last week’s three-year low. Oil prices fell but mostly recovered by Friday as the U.S. dollar slid. Gold prices continued to gain.

Monday, June 13, 2016

U.S. stocks declined for the week on uncertainty over global economic growth, central bank policy and the upcoming Brexit vote. European bourses also were in the red; Asian markets were mixed. Bonds yields in Germany, Japan and the U.K. fell to record lows, pushing investors to the United States and driving the yield on the ten-year U.S. Treasury to its lowest point in three years. Oil prices fell as the U.S. dollar strengthened; by contrast, gold prices gained.

Monday, June 6, 2016

U.S. stocks wobbled unevenly through a volatile, holiday-shortened week that culminated with a dismal jobs report on Friday. The report sent the dollar and government bond yields plummeting; the ten-year U.S. Treasury dropped about 15 basis points. Oil prices fell and gold prices jumped. Brexit fears worsened the woes of European bourses, whereas Asia finished mixed.

Tuesday, May 31, 2016

U.S. stocks had one of their strongest weeks in months; the technology sector turned up as economic data and continued hawkish Fedspeak reinforced market sentiments. Global stocks also gained, with only the Shanghai index faltering. Gold prices fell, oil prices rose and the ten-year U.S. Treasury yield was unchanged at 1.85%.

Monday, May 23, 2016

Stocks continued their roller coaster ride for another week, with mixed results across and within regions, as investors pondered the implications of renewed hawkish Fedspeak. Major U.S. indexes had slight gains; Asian and European indexes were mixed. Gold prices fell but oil prices climbed. The yield on the ten-year U.S. Treasury note rose about 13 basis points on the week.

Monday, May 16, 2016

Stock markets were mixed for the week, pressed by choppy trading sessions without obvious thematic drivers. The major U.S. indexes were mostly down; Asian and European indexes were mixed. Gold and oil prices posted gains for the week, as did U.S. Treasury securities; the yield on the ten-year note declined for a second week to finish near 1.7%.

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