Key Market Insights November 1


US Markets

Markets rose significantly on Friday, lifting the Dow to its fourth consecutive positive week.

  • The rise followed the release of economic data showing that inflation may be easing, while consumer spending remained steady last month.
  • The Dow gained 5.7% on the week, the S&P 500 rose 3.9%, and the Nasdaq was up 2.2%.
  • The current 10 Year U.S. Treasury yield is set at 4.01640%
Market Price Move
Dow Jones 32,861.80 2.59%
S&P 500 3,901.06 2.46%
Nasdaq 11,102.45 2.87%
Russell 2000 1,846.92 2.25%

Market Insight

There were a few key data points and events on Friday that provided some great insight for this week’s trading:

  • Tech stocks were down, with Amazon falling 6.8% and Apple dropping 7.5% on Friday, while all the major tech companies underperformed on their earnings calls.
  • Oil markets were supported by Chevron and Exxon Mobil’s rises after both had better-than-expected earnings reports.
  • The Personal Consumption Price index rose 0.5% in September versus August and 5.1% compared to last year.
  • 29 stocks in the S&P 500 hit new 52-week highs on Friday. 20 of those stocks also hit all-time highs, including Mcdonald’s, Campbell Soup, Pepsico, Hershey, General Mills, Exxon, and Chevron.

Canadian Markets

Data from Statistics Canada shows that the country’s economy grew by 0.1% in August.

  • Retail, wholesale trade, agriculture, and public sector spending were the largest contributors to growth.
  • The construction, manufacturing, mining, quarrying, and oil and gas extraction sectors shrank.
  • According to an estimate for Q3 2022, the economy grew 1.6% year-on-year, down from 3.3% in Q2 2022.
Market Price Move
TSX 19,471.19 0.62%

European Markets

Markets in Europe were down early on Friday before rising later in the day as investors reacted with volatility to the European Central Bank’s interest rate hike.

  • The Stoxx 600 was up just 0.1% on Friday after markets were mixed during the trading session.
  • Telecoms and healthcare stocks led the markets, gaining 1.8% and 1.4%, respectively.
  • Basic resources and retail stocks both lost 2%, dragging down the markets.
Market Price Move
Euro STOXX 50 3,613.02 0.24%
UK (FTSE 100) 7,047.67 -0.37%
Germany (DAX) 13,243.33 0.24%
France (CAC 40) 6,273.05 0.46%

Asian Markets

Stocks in Hong Kong are at their lowest point since 2009 as macroeconomic issues in Asia continue to push down markets.

  • The Hang Send Tech Index was down almost 6% on Friday, which caused a significant decline in the Hang Seng.
  • Xpeng slumped 14%, Bilibili and Li Auto dropped around 11%, Meituan lost 8%, while Tencent, Xiaomi, and Alibaba all fell more than 5%.
  • Stocks in mainland China, Australia, Japan, Singapore, Malaysia, and South Korea were all down to close last week.
Market Price Move
S&P Asia 50 3,478.65 -3.02%
Japan (Nikkei 225) 27,105.20 -0.88%
South Korea (KOSPI) 2,268.40 -0.89%
China (Hang Seng) 14,863.06 -3.66%
India (SENSEX) 59,959.85 0.34%


Oil prices were down slightly on Friday as China added new COVID-19-related restrictions.

  • On the week, Brent rose 2% and West Texas Intermediate gained 3%, even though both lost ~1% on Friday.
  • China has increased social restrictions to fight COVID-19 outbreaks, including locking down entire city districts and sealing off buildings where infections were detected.
  • The IMF decreased China’s 2022 GDP growth forecast to 3.2%, from 4.4% in April.
Market Price Move
Oil (NYSEARCA:OIL) 31.60 -1.16%
Gold (NYSEARCA:GLD) 153.16 -1.02%
Silver (NYSEARCA:SLV) 17.74 -1.33%
Corn (NYSEARCA:CORN) 27.09 -0.33%
Lumber (NASDAQ:WOOD) 71.54 0.58%

Currency Exchange Rates

The Yen lost more than 1% against the U.S. Dollar on Friday after the Bank of Japan decided not to raise interest rates.

  • The U.S. Dollar Index was down 1% on the week.
  • The Euro was even on Friday as investors reacted to the ECB’s 75-basis point interest rate hike on Thursday.
  • The Bank of Canada’s smaller-than-expected interest rate hike caused some instability in the Canadian Dollar, which fell on Wednesday and Thursday before seeing some gains on Friday.
Market Price Move
UK(GBP) £0.86 -0.41%
Europe (EURO) €1.00 0.03%
Canada (Canadian Dollar) $1.36 0.59%
Japan (Yen) ¥147.46 0.79%


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