Markets Wrap

Markets Wrap: Poor Snap results take a toll on Nasdaq 100 equity contracts

Ten-year Treasury yield below 3% reflects economic angst

European stocks swung to gains from losses Friday, joining a global equity rebound as investors looked to the second-quarter earnings season to gauge how companies are weathering the impact of surging prices. Bonds and the dollar rose.

The Stoxx 600 Index added 0.4%, poised for a weekly advance as investors shrugged off worries about the economic outlook. Nasdaq 100 contracts pared losses to trade down 0.6%, weighed by Snap Inc.’s poor results, while those on the S&P 500 slipped 0.3%

Global stocks remain on course for their best week in a month, paring this year’s equity market rout to about 18%. Speculation that the worst of the selloff has passed is partly behind the move. 

Weekly market wrap

But angst about the damage from inflation and rapidly rising interest rates is proving hard to shake — despite a tempering in expectations of just how aggressive the Federal Reserve will be. 

Underscoring recession fears, a dollar gauge rose and Treasuries extended an advance, pushing the 10-year yield to around 2.8%. 

Rising US jobless claims, a dimming regional factory outlook, and a weaker leading economic indicator this week signaled recession risks amid tightening monetary policy.

In Europe, economic data Friday showed Germany’s economy shrinking for the first time this year as inflation squeezes businesses and households and the war in Ukraine destroys confidence. 

The focus will now turn to the Fed’s meeting next week, where the central bank is again expected to increase interest rates to tame scorching inflation. 

Some of the main moves in markets:

Stocks

Market Wrap: Bitcoin Stalls at $23K but Sits Above Cost for Average Investor’s Purchase Price

The Stoxx Europe 600 rose 0.4% as of 9:37 a.m. London time

Futures on the S&P 500 fell 0.3%

Futures on the Nasdaq 100 fell 0.6%

Futures on the Dow Jones Industrial Average were little changed

The MSCI Asia Pacific Index rose 0.1%

The MSCI Emerging Markets Index was little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.2%

The euro fell 0.7% to $1.0161

The Japanese yen fell 0.2% to 137.66 per dollar

The offshore yuan was little changed at 6.7767 per dollar

The British pound fell 0.4% to $1.1951

Bonds

The yield on 10-year Treasuries declined five basis points to 2.82%

Germany’s 10-year yield declined 15 basis points to 1.08%

Britain’s 10-year yield declined 10 basis points to 1.95%

Commodities

Brent crude was little changed

Spot gold was little changed

Market Wrap: Bitcoin Stalls at $23K but Sits Above Cost for Average Investor’s Purchase Price

Inflation and central bank policy were in the driver’s seat last week. June’s stronger-than-expected rise in consumer prices pushed headline inflation to 9.1%, a 41-year high1. This suggests the Federal Reserve has more work to do to achieve its price stability mandate.

While markets finished lower for the week, June’s inflation surprise elicited a different market response from May’s consumer price index (CPI) surprise. After this past Wednesday’s inflation news, the S&P 500 rose while the 10-year Treasury yield fell, indicating markets might already be looking past the inflation peak to the likelihood of slower economic growth ahead.

We’d offer the following perspective on inflation and the yield curve inversion, and share our views on the investment implications.

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