US Equity Markets declined last week as reports of China banning some government use of iPhones raised concerns about further actions China could take against other US firms. The S&P 500 fell 1.3% for the week and is now up 16.1% for the year. The Nasdaq dropped 1.9% for the week to bring its gains for the year to 31.5%, while the Russell 2000 (small cap stocks) was down 3.6% for the week and is now up 5.1% for the year.
Global Equity Markets fell last week due to ongoing concerns about economic weakness in China and higher global interest rates. Developed Markets were down 1.6% for the week and are now up 5.1% for the year. Emerging Markets dropped 1.2% for the week to bring its gains for the year to 1.1%.
Energy Prices are moving higher again. The price of a barrel of oil has risen 7.4% over the last two weeks, closing at $87.23/barrel last week, its highest level this year. These increases have come following news that Saudi Arabia and Russia will be extending their voluntary production cuts totaling about 1.3 million barrels/day through the end of 2023.
Of Interest to Us
After declining significantly for much of the year, gasoline prices have begun to rise. According to AAA, the average price of a gallon of regular unleaded gasoline last week was $3.823, up 2.3% from a year ago. At the end of June, gasoline prices had declined roughly 30% from year ago levels. Will inflation rates now start to move higher again?
for the week ending 9/8/2023
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