Aviso Weekly Market Pulse: February 19th – February 23rd

Feb 26, 2024

Market developments

Equities:
The equity markets reached new all-time highs this week, with the S&P 500 and NASDAQ indices climbing by 1.66% and 1.40% respectively, marking a continued upward trajectory in investor sentiment and market performance. This positive movement reflects broader market optimism, fueled by robust corporate earnings including the better-than-expected Nvidia Corp.’s earnings report, a key driver in the tech sector. Investors remain keenly focused on corporate earnings to gauge the strength of the market’s fundamentals amidst ongoing economic uncertainties.

Fixed income:
The fixed income landscape presented a mixed picture this week. The U.S. Aggregate Bond index slightly retreated by 0.13%. This minor pullback reflects the nuanced dynamics within the bond market, driven by evolving expectations around interest rates and inflation. Despite the Federal Reserve’s cautious stance on monetary policy adjustments, investors are closely monitoring economic indicators and central bank communications for clues about future rate movements.

Commodities:
Crude oil prices experienced a decline due to concerns about extended periods of high interest rates dampening broader economic sentiment, despite signs of a tightening market. West Texas Intermediate futures saw a modest decrease, remaining near the upper bounds of this year’s trading range, influenced by geopolitical tensions in the Middle East and strategic output adjustments by OPEC+.

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