WEEKLY BUSINESS ROUNDUP
Global Business Week: Visualizing the European Union Economy
The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics
Tech stocks, which are usually sensitive to interest rate moves declined in the U.S. stock market to close the session on Friday. This happened after the U.S. Labor Department reported the economy adding 517,000 in January, crushing consensus estimates, with the unemployment rate dropping to a 54-year low of 3.4%. U.S. Treasurys sold off on the blowout report, with the two-year yield soaring 21 basis points to 4.29% and the benchmark 10-year note rising 14 basis points to 3.53%.
What’s usually considered a robust indicator of a healthy economy, investors worry that this would translate into an aggressive Federal Reserve — indicating more hikes. Risk sentiment also deflated after the big techs like Apple, Amazon & Alphabet posted disappointing Q4 earnings. Nevertheless, the S&P 500 and Nasdaq were up entering the new month. For the week, the S&P 500 added 1.6%, and the Nasdaq continued its strong 2023 start, climbing 3.3%. The Dow slipped 0.2%.
The US dollar index (DXY) outperformed other major currencies on Thursday. It went up by 0.56% which was its best day in a month. A bullish…
