Market Summary Week Ending 17/09/2023

In the US, rising oil prices boosted value stocks with oil prices moving above $90 a barrel for the first time since November 2022.

Apple revealed its new products to mixed reviews, which has weighed heavily on tech and growth stocks. Economic data in the US showed that the Federal Reserve made progress in its fight against inflation, but the rising energy prices may prompt the bank to further tighten monetary policy.

Total pay in the UK grew 8.5% year-on-year in July. However, the UK economy also shrank faster than anticipated in July and unemployment grew unexpectedly.

The S&P 500 ended another week down at 0.68% lower than the week before. The FTSE 100 was 2.67% up for the week despite the intermittent news.

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.