WEEKLY BUSINESS ROUNDUP

Global Business Week: Which Asset Class Logged the Biggest Return in 2023?

The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics

Stocks closed slightly higher on Friday following a robust U.S. jobs report, but the nine-week winning streaks for all three benchmark averages came to an end. Market fluctuations ensued as traders analyzed the job data, speculating on when and if the Federal Reserve might commence interest rate cuts. In December, the U.S. economy added a higher-than-expected 216,000 jobs, leading to a surge in Treasury yields.

The benchmark 10-year yield surpassed 4.1%, marking its most substantial weekly gain since October. The possibility of a delayed initial rate cut by the Fed, eagerly anticipated by traders, looms with a strong labor market. During the shortened holiday week, the Nasdaq Composite index experienced its most significant drop since September, plummeting 3.2%, while the S&P 500 declined 1.5%, and the Dow Jones lost 0.6%.

The Dollar Index is presently trading slightly above 102.40, experiencing modest losses following adjustments in dovish market expectations after the release of December’s Nonfarm Payrolls (NFP) and the ISM PMIs. The Federal Reserve’s…