Marketbites: Friday Carries Into Monday
Updated: Sep 27
Portfolio Manager Commentary:
Stocks closed lower on Monday as the sell-off spurred by Jerome Powell’s speech last Friday continued. The Dow came down -0.57%, the S&P 500 slid -0.67%, and the Nasdaq declined -1.02%. As stocks and bonds kept falling, treasury yields continued to climb on Monday, with the 2-year rate reaching one of its highest levels since 2007.
On this week's agenda, investors will be looking forward to the August U.S. jobs report, coming out Friday. Despite a slowing economy combined with rising interest rates and inflation, the labor market has remained surprisingly durable. An average of 418,000 jobs have been added to the economy each month this year.
Chart of the Day:
While European countries and the U.S. have reduced their imports of Russian oil, countries in Asia and the Middle East are buying more, which has helped Russia maintain its oil export levels. Russia has earned $20 billion in average monthly sales this year, compared to its $14.6 billion monthly average in 2021.