ATTIVO
Market Summary Week Ending 09/07/2023
It was a negative week for equity markets across all major indices, with renewed fears interest rates will possibly remain higher for longer in the continued battle against stubborn inflation figures, and with further concern the Federal Reserve will resume their interest rate hikes following last month’s pause.
In the US, all three major indices fell across the week as investors struggled to escape the fear of further rate increases by the Federal Reserve at this month’s meeting (25/26th July).
This renewed concern came as a result of employment data showing that, whilst the number of roles created was less than analysts expected, wage growth numbers came in stronger with average hourly earnings increasing by 0.4% for June and 4.4% overall in the 12-month period. This gave investors the reason to believe further interest rate increases may be back on the horizon, following the decision to ‘pause’ at June’s Meeting.
As a result, all three major averages capped a losing week. The S&P dropped 1.16%, while the Nasdaq declined 0.92% and the Dow Jones shed 1.96% for its worst weekly performance since March.
In the UK, the FTSE 100 lost 3.6% for the week, its worst showing in 16 weeks, with the FTSE 250 also falling 2.20% across the trading week.
Please note for this weekly summary, we focus on the major indices within the financial markets such as the FTSE 100 (UK) and the Dow Jones and NASDAQ (US) to provide a factual account of what has happened within a certain index. Performance figures quoted are factual from the previous week’s trading and this summary is for commentary purposes only.
The performance of these indices is not a representation of an individual fund or portfolio. Past performance is no guarantee of future returns. The value of your investment can go down as well as up. You could get back less than you originally invested.