Stocks declined for the week in the U.S, while Canada eked out a gain. The S&P 500 and NASDAQ recorded their seventh straight weekly decline, their longest losing streaks since 2001 and 2011 respectively. Investors have been concerned about slowing growth and the negative impact of higher costs on corporate earnings. Asian markets got a boost as Chinese stimulus measures ramped up toward the end of the week. Banks there implemented a record cut to a key interest rate for long-term loans to help bolster the property sector amid a rapidly slowing economy.
Yields declined as investors mounted bids for safe-haven assets, led by continued negative sentiment on equities plus concerns around the effects of tightening central bank policy on economic growth.
Oil posted its fourth straight weekly gain due to strong demand and tight supply. Prices are up over 50% for the YTD period. Copper and gold both appreciated, breaking multi-week losing streaks.