Market developments
Equities: The market was whipsawed this week as news about potential tariffs flowed through the news cycle. Mag 7 earnings were also mixed this week, where lackluster results from Alphabet and disappointing guidance from Amazon caused them to end the week down around -9% and -3.5% respectively. The market experienced some additional volatility on Friday as President Trump may introduce reciprocal tariffs, exacerbating inflation fears.
Fixed Income: Wall Street traders remain on edge as economic data revealed moderating job growth and rising wages, raising concerns about inflation and the Federal Reserve’s response. Despite expectations of future rate cuts, the latest figures suggest the Fed is in no rush to ease monetary policy further.
Commodities: Copper prices and mining stocks had a strong week with the metal up over 7%. Demand in China is rising, and analysts see potential tariffs as disruptive but not destructive long-term for demand.
