Aviso Weekly Market Pulse: July 17th – July 21st

Jul 24, 2023

Market developments

Equities:
The Nasdaq was slightly positive on Friday, attempting to recover losses from the previous session following disappointing earnings from Tesla and Netflix, leading the index 0.57% lower this week. The focus remains on the sustainability of the Mega cap stock rally and the hype over artificial intelligence. As the S&P 500 has already exceeded most year-end estimates, profit-taking could occur next week ahead of a busy week with significant market-moving events, including rate decisions and key economic data. Investors will closely watch earnings reports from Alphabet, Exxon Mobil, Meta Platforms, and Microsoft next week.

Fixed income:
On the week, yields are mixed, with the curve flatter due to a fully priced-in Fed rate hike on July 26 and strong demand for auctions of 20-year bonds. The 10-year yield is at 3.83%, flat for the week and holding above the 50-day average level breached earlier this week for the first time since May.

Commodities:
Oil futures rose for the fourth consecutive week as expectations of tightening supplies in the second half of 2023 boosted prices. While concerns about interest rate hikes and China’s slow rebound capped gains, Beijing’s stimulus plans provided some hope to traders. Supply cuts by Saudi Arabia and Russia also supported the market amid expectations of moving into deficit in the second half.

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