Market Week: January 23, 2023
The Markets (as of market close January 20, 2023)
Last week saw stocks slide lower, despite a rally last Friday. Only the tech-heavy Nasdaq was able to post a gain among the benchmark indexes listed here. Throughout the week, investors had to balance data that showed inflation was waning with the impact rising interest rates may have on the economy. Several Federal Reserve officials indicated that now was not the time to stop interest-rate increases, but it may be appropriate to slow the pace of those hikes. While stock values slipped last week, Treasury yields declined, with 10-year Treasury yields falling for the third week in a row. Crude oil prices climbed higher for the second straight week on optimism over China's anticipated increase in demand. The dollar held relatively steady, while gold prices increased $7.00 per ounce.
Stocks ended a four-day rally last Tuesday, with the Dow falling 1.1%. The S&P 500 dipped 0.1% and the Russell 2000 slid 0.2%. The Global Dow ended the day flat, while the Nasdaq eked out a 0.1% gain. Ten-year Treasury yields added 2.4 basis points to close at 3.53%. The dollar moved very little, while gold prices fell more than $10.00 per ounce. Crude oil prices rose $1.18 to hit $81.04 per barrel.
Last Wednesday saw stocks continue to decline as investors tried to balance favorable inflation data with weak economic information and hawkish Federal Reserve comments. The Dow fell 1.8%, ending its worst session of the new year. The Russell 2000 and the S&P 500 slipped 1.6%, the Nasdaq dropped 1.2%, while the Global Dow lost 0.8%. Bond prices jumped higher, pulling yields lower. Ten-year Treasury yields ended the day 16.0 basis points lower, falling to 3.37%. Crude oil prices fell for the first time in several sessions, closing at around $79.14 per barrel. The dollar was flat, while gold prices dipped less than 0.2%.
Stocks fell for the third straight day last Thursday as investors continued to fret about the economic impact of rising interest rates. The Global Dow led the declining benchmark indexes, falling 1.2%, followed by the Russell 2000 and the Nasdaq, which dipped 1.0%. The S&P 500 and the Dow fell 0.8%. Crude oil prices increased $0.42 to hit $80.75 per barrel. The dollar edged higher, while gold prices rose $8.00 to $1,931.90 per ounce. Ten-year Treasury yields inched up to 3.39%.
In what is likely the result of dip buying, stocks ended their three-day decline last Friday, closing higher to end the week. Tech shares led the rally, with the Nasdaq finishing the session up 2.7%, followed by the S&P 500 (1.9%), the Russell 2000 (1.6%), the Global Dow (1.2%), and the Dow (1.0%). Bond prices slid lower, driving yields higher, with 10-year Treasury yields adding 8.7 basis points to 3.48%. Crude oil prices rose to $81.40 per barrel. The dollar was flat, while gold prices continued to climb higher, reaching $1,928.90 per ounce.
Stock Market Indexes