Aviso Weekly Market Monitor: November 6th – November 10th

Nov 14, 2023

Market developments

Equities:
Stocks rebounded as Treasury volatility eased, with the S&P 500 crossing the crucial 4,400 technical mark and finished the week up 1.3% to a seven-week high. Tech giants, including Microsoft and Nvidia, led gains, propelling the Nasdaq over 2% higher for the week. Investors appear less reactive to data, with yearend optimism driven by expectations of declining U.S. bond yields, according to Bank of America. Cash remains a preferred asset, but inflows into equity indexes are anticipated, supported by earnings growth among quality companies.

Fixed income:
Despite a weak government bond sale and Jerome Powell’s remarks on potential tightening, two-year yields closed above 5%, while 30-year bond yields fell. The U.S. 10yr was relatively flat this week, only increasing 4bps; however, traders will be closely watching the economic data next week as key inflation data will be released on Tuesday and Wednesday.

Commodities:
Oil futures ended higher on Friday but experienced a third consecutive weekly decline due to concerns about demand outlook and expectations of a supply surplus, overshadowing Middle East supply risks. Weak economic data from China and fears of a potential U.S. and global slowdown have become major concerns for traders. Despite geopolitical tensions, sentiment in the oil market shifted, leading to a marked correction.

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