WEEKLY MARKET RECAP

Global Business Week: Minimum Wages Comparison between U.S States & Select Countries

The State of Financial Markets & Economies, Weekly Charts, Business Trends & Statistics

Wall Street endured a bruising week, capped by a steep Friday sell-off that dragged U.S. markets to their worst weekly performance since late May. The downturn was largely fueled by renewed fears of a trade war, which rattled investor sentiment and triggered a broad retreat across equities. Ironically, the week had started on a strong note, with major indexes riding high after a record close midweek.

Traders had appeared unfazed by the ongoing government shutdown and a dearth of fresh economic data, instead turning their attention to the surging precious metals market. Gold broke through the historic $4,000 per ounce threshold, while silver soared past $50 per ounce for the first time ever, stealing the spotlight from equities. The mood shifted dramatically on Friday after President Donald Trump accused China of imposing “hostile” export controls on rare earth elements and announced a sweeping 100% tariff on Chinese goods.

The announcement sent shockwaves through the market, leading to the worst single-day drop for key indexes since early April. By…