February 1, 2023

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Stocks rise sharply during the day and week, while copper falls more

Stocks rise sharply during the day and week, while copper falls more
  • S&P 500 posted biggest daily percentage gain since May 2020
  • Copper is down again, and oil is up
  • Treasury yields are higher

NEW YORK (Reuters) – Shares in global markets rose on Friday and posted solid gains for the week as the recent slide in commodity prices eased concerns about inflation and expectations of a rate hike.

The S&P 500 is up 3.1% in its biggest daily percentage gain since May 2020, and the MSCI World Index is up 4.8% for the week, halting three straight weeks of declines. Read more

US Treasury yields rose from two-week lows.

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Investors were concerned that large interest rate increases by the Federal Reserve and other major central banks to combat inflation could cause a recession, which could reduce demand for goods and other items.

“The (stock) market went oversold this week, so it’s time for a rebound,” said Quincy Crosby, chief equity strategist at LPL Financial in Charlotte, North Carolina.

“We have seen oil prices drop along with the prices of other commodities,” she said, adding that the market move reflects “expectations of at least a marked slowdown if not an external recession.”

Crosby also said, the reading of the University of Michigan consumer survey of five-year inflation expectations was positive for stocks. It fell to 3.1 from an initial estimate of 3.3% in mid-June. Read more

Last week, the S&P 500 confirmed the existence of a bear market.

Dow Jones Industrial Average (.DJI) It rose 823.32 points, or 2.68%, to 31,500.68, the Standard & Poor’s 500 . (.SPX) It rose 116.01 points, or 3.06%, to 3,911.74 points, and the Nasdaq Composite (nineteenth) It added 375.43 points, or 3.34%, to 11,607.62 points.

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Over the week, the S&P 500 is up 6.4%, the Dow is up 5.4% and the Nasdaq is up 7.5%.

Pan-European STOXX 600 Index (.stoxx) It rose 2.62% and the MSCI gauge of stocks worldwide (.MIWD00000PUS) 2.63% profit.

Benchmark copper on the London Metal Exchange was down 0.5% at $8,367 a ton after touching $81,22.50, down 25% from its March peak and the lowest since February 2021. Read more Other industrial metals also declined.

Oil prices rose on Friday, but posted their second weekly decline. Read more

On the day, Brent crude closed up $3.07, or 2.8%, at $113.12 a barrel, while US West Texas Intermediate crude closed $3.35, or 3.2%, at $107.62.

In the Treasury market, yields have fallen from their highest levels in more than a decade prior to last week’s Federal Reserve meeting. The US central bank raised interest rates by 75 basis points at the meeting.

Fed fund futures traders are now pricing the benchmark rate up to about 3.5% by March, down from expectations last week that it will rise to around 4%. And the

The 10-year benchmark returns were last at 3.125%. It is down from 3.498% on June 14, the highest since April 2011.

In the foreign exchange market, the US dollar fell and recorded its first weekly decline this month.

In New York afternoon trading, the dollar index, which measures the US unit against six major currencies, was down 0.2% to 104.013. Read more

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The US dollar’s decline boosted even commodity-focused currencies such as the Australian dollar and the Norwegian krone. The Australian dollar rose 0.8% to $0.6946.

And the spot gold price rose 0.2 percent to $ 1826.39 an ounce

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Reporting by Caroline Valitkevich in New York Additional reporting by Karen Brittel in New York and Caroline Cohn in London Editing: David Gregorio and Matthew Lewis

Our criteria: Thomson Reuters Trust Principles.