WEEKLY BUSINESS ROUNDUP
Global Business Week: How long does it take to double your money?
The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics
Stocks experienced a significant decline on Friday due to escalating risks related to the UAW auto strike. This marked the first instance in the union’s 88-year history where all three major automakers were targeted simultaneously. Notably, chip equipment manufacturers such as Applied Materials, Lam Research & KLA Corp. saw their stock prices drop by more than 4% following reports of delays in deliveries by Taiwan Semiconductor. These delays raised concerns about weakened consumer demand.
Adding to the negative sentiment in the market, oil prices continued to rise, surpassing $90 per barrel and reaching year-to-date highs. Additionally, the persistent increase in Treasury yields remained a burden on stocks, with the benchmark 10-year yield reaching 4.32%. Although the Dow Jones average managed to eke out a modest gain of 0.1% for the week, the S&P 500 and Nasdaq Composite both recorded their second consecutive week of losses, declining by 0.2% and 0.4%, respectively.
The Greenback is encountering growing selling pressure as Dollar bulls opt to take profits, spurred by waning…
