Equity markets delivered a strongly positive week. The S&P 500 Index and NASDAQ Composite Index managed to break their seven-week slump, thanks to three consecutive days of gains to end the week. With bond yields falling, the technology-heavy NASDAQ performed well. Within the S&P 500, consumer discretionary led the rally, followed by energy and financials stocks.
Yields continued to decline in North America, possibly implying market participants’ shifting focus away from high inflation and towards slowing economic growth.
Oil continued to perform well, recording a fifth consecutive weekly gain. Gold eked out a gain, helped in part by falling yields. Copper prices advanced, bucking their medium-term downward trend, as marginally easing COVID19 restrictions in China bolstered the case for greater demand; China is the world’s largest importer of copper.