Aviso Weekly Market Pulse: July 4th – July 8th

Jul 11, 2022

Market developments

Equities:
Globally, equities managed to rally despite recessionary concerns and amid mixed narratives on where inflation might be headed. Growth-oriented sectors such as communication services, consumer discretionary, and information technology were the largest contributors to the S&P 500 Index’s positive returns. The tech-heavy NASDAQ benefitted significantly from the strong performance of the information technology sector.

Fixed income:
Bond yields in Canada and the U.S. increased amid strong employment data releases. The low unemployment rate supported the case for 75-basis-point rate hikes from the Bank of Canada and U.S. Federal Reserve later this month.

Commodities:
The oil selloff continues as recession concerns trump supply bottlenecks. The potential for a recession is also being reflected in sustained weakness in copper.

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