WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
Stocks rose Friday after a volatile trading session. Although Friday began with fears that the banking crisis was spilling over to Deutsche Bank, the markets rebounded to end the week on a higher note.
European Central Bank President Christine Lagarde tried to ease concerns, saying euro zone banks are resilient with strong capital and liquidity positions. Lagarde said the ECB could provide liquidity if needed.
Investors continued to assess the Fed’s latest policy move announced this week. The central bank hiked rates by a quarter-point. However, it also hinted that its rate-hiking campaign may be ending soon. Meanwhile, Fed Chair Jerome Powell noted that credit conditions have tightened, which could put pressure on the economy.
E-Mini Nasdaq
A selloff of shares was triggered after the German lender’s credit default swaps jumped, but without an apparent catalyst. The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse. Deutsche Bank shares traded off their worst levels of the session, which caused major U.S. indexes to also cut their losses.
Treasury yields fell sharply Friday, with traders seeking safety as a spike in Deutsche Bank’s credit default swaps once again raised concerns over the state of the global banking system.
The benchmark 10-year yield dropped nearly 10 basis points to 3.313%. The 2-year rate slid 17 basis points to 3.635%.
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