> For the week ended June 17, US equity markets continued to fall as the Dow and Nasdaq declined 4.8%, while the S&P 500 contracted 5.8%. Declines were led by growth stocks and procyclical stocks, mainly in the technology sector and travel industry.
Growing concerns weighed on markets that the U.S. economy could fall into a recession as the Federal Reserve raised its benchmark rate by 75 bps, its largest rate hike since 1994. U.S. Treasury notes rose to its highest level since 2011, reaching a high of 3.49% before closing the week at 3.23%. Crude oil prices recorded their first weekly decline since April, as concerns over a global growth slowdown led to reduced demand for oil. West Texas Intermediate crude closed the week at $109 per barrel.
Next week will be a shortened trading week as markets close for the Juneteenth holiday on Monday. Federal Reserve Chair Jerome Powell will address Congress in a two-day testimony on monetary policy. Powell will testify before the U.S. Senate Banking Committee on Wednesday, followed by the House Financial Services Committee on Thursday.
Additional housing market data, tracking existing and new home sales in May, will be released on Tuesday and Friday, respectively. And the final reading of the University of Michigan's Consumer Sentiment Index, tracking the month of June, will be released Friday.
Comments