Weekly Market Recap

Weekly Market Recap – August 5, 2022

The Senate passed a bill to expand medical care and other benefits to 3.5 million veterans who may have been exposed to toxins from burning trash pits on U.S. military bases. As we approached press time on Sunday, the Senate passed a $430 billion bill to forward President Biden’s economic package to …

Weekly Market Recap – July 29, 2022

U.S. Senator Joe Manchin (D-WV) struck a deal with fellow Democrats on a climate and tax package. The Senate passed a bill to provide $52 billion in subsidies to American companies that manufacture chips and related products in a move to counter China’s huge exports of semiconductors to the U.S. After two …

Weekly Market Recap – July 22, 2022

The European Central Bank raised its three interest rates by half a percentage point. Mario Draghi resigned from his position as Italy’s prime minister. Ayatollah Ali Khamenei, Iran’s supreme leader, met with Vladimir Putin and issued a proclamation of support for Russia’s war on Ukraine. On Thursday, the White House announced that …

Weekly Market Recap – July 15, 2022

Inflation topped the headlines this week as soaring U.S. consumer prices hit levels not seen in 40 years, thus prompting more concerns about the anticipated rise of interest rates.
COVID-19 is creeping back to the forefront in national news as cases are now multiplying in more than half the counties across the …

Weekly Market Recap – July 8, 2022

Shinzo Abe, Japan’s former prime minister, was assassinated while giving a public speech on Friday. On Thursday, UK Prime Minister Boris Johnson announced he would step down after a wave of resignations by cabinet officials and members of Parliament. Elon Musk indicated he would withdraw his offer to buy Twitter. In addition, …

Weekly Market Recap – July 1, 2022

The U.S. Supreme court ruled to limit the ability of the Environmental Protection Agency to regulate carbon emissions from power plants. Chief Justice John Roberts wrote that Congress had not clearly given the agency such authority. Turkey dropped its objection to allowing Sweden and Finland into NATO, which led the alliance to …

Weekly Market Recap – June 24, 2022

The Russian ruble, which had collapsed to 139-per-U.S.-dollar after Putin invaded Ukraine, was the strongest major currency during the week. On Tuesday, the ruble traded at 54 per dollar, its best level since June 2015. On Wednesday, President Biden urged Congress to suspend the Federal tax on gasoline and diesel fuel for …

Weekly Market Recap – June 17, 2022

Aiming to stem inflation, the Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday; 1994 was the last time the central bank made a move of that magnitude. The Bank of England raised rates one-quarter point, pursuing a policy more cautious than the Fed. The average rate for …

Weekly Market Recap – June 10, 2022

In a move to mitigate soaring inflation, the European Central bank will raise interest rates in July. The quarter-percentage-point increase will be ECB’s first rate increase since 2011. The U.S. is ending COVID-19 testing requirements for air travelers entering the country, starting on Sunday.
The U.S. Department of Commerce reported that the …

Weekly Market Recap – June 3, 2022

An OPEC Plus announcement on Thursday that the organization will increase crude oil production delivered a surprise: the volume of the increase was more than analysts had anticipated. Starting in July, the net rise in output by member countries will be 648,000 barrels per day. The additional barrels amount to 50% more …

Weekly Market Recap – May 27, 2022

Tuesday was the three-month mark since Russia invaded Ukraine. As the week came to a close, the White House reported that Russia is expected to default on its debt. The due date for Moscow’s $100 million bond payment was Friday.
All eyes were on the inflation indicators on Friday morning as the …

Weekly Market Recap – May 20, 2022

The U.S. is now seeing more than 100,000 COVID-19 cases per day for the first time in months; cases are up 52% and hospitalizations are up 31% in the past two weeks. On Wednesday, President Biden invoked the Defense Production Act to expedite the production of baby formula and approved the use …

Weekly Market Recap – May 13, 2022

On Thursday, Finland pledged to join NATO, a move prompted by Russia’s February invasion of Ukraine. In a 368 to 57 vote, the House passed a bill to provide Ukraine an additional $40 billion in military and humanitarian aid; it now awaits a vote in the Senate. Bitcoin plunged to its lowest …

Weekly Market Recap – May 6, 2022

The Fed announced a 0.5% interest rate increase, the largest increase in the federal-funds benchmark since 2000, as the central bank continues efforts to combat inflation. The water level in Lake Mead, which provides water to the states of Arizona, California, and Nevada, has dropped to its lowest point in the man-made …

Weekly Market Recap – April 29, 2022

President Biden asked Congress to authorize $33 billion for weapons as well as economic and humanitarian aid for Ukraine. According to the U.N., more than 5.4 million refugees have fled Ukraine since the fighting began. The CDC reported that COVID-19 has caused more than 990,000 deaths in the U.S.
The S&P Case-Shiller …

Weekly Market Recap – April 22, 2022

Russia has proclaimed the fall of Mariupol; the Pentagon is sending Ukraine an additional $800 million in military aid for the second time in two weeks. As of Friday, the outcome of France’s election runoff between incumbent president Emmanuel Macron and challenger Marine Le Pen was too close to call; however, as …

Weekly Market Recap – April 14, 2022

Vladimir Putin called the peace talks a “dead end” as his military heightened its focus on Ukraine’s eastern Donbas region. Russia’s flagship cruiser, the Moskva, sank in the Black Sea; Ukraine claimed that its missiles had struck the vessel, while Russia alleged it was an accidental ammunition fire. The U.S. began sending …

Weekly Market Recap – April 8, 2022

Western nations continued their efforts to exert economic pressure against Russia: the E.U. approved a ban on Russian coal, and the U.S. moved to prohibit Russia’s energy sales to the American markets. The U.N. voted to suspend Russia from the Human Rights Council due to evidence of atrocities committed by Russian troops …

Weekly Market Recap – April 1, 2022

Russia increased attacks in Ukraine, despite ongoing peace talks, as the war entered its sixth week. U.S. COVID-19 deaths are now fewer than 800 per day, the lowest daily average since mid-August; the nation’s total death toll from the virus has surpassed 975,000. The FDA has authorized second booster shots for the …

Weekly Market Recap – March 25, 2022

The Russian invasion of Ukraine has now become the largest European conflict in the last 75 years. On Wednesday, President Biden traveled to Brussels to attend the strategy summit with more than 30 NATO members. The alliance addressed several critical issues surrounding the crisis: increased refugee aid, new economic sanctions, deployment of …

Weekly Market Recap – March 18, 2022

As the humanitarian crisis in Ukraine worsens, Russian airstrikes occurred within 11 miles of Poland’s border, where NATO forces are stationed on high alert. A 7.4 magnitude earthquake struck off Japan’s coast near Fukushima on Wednesday night, affecting the eastern part of the country, including Tokyo. The Omicron sub-variant BA.2 is driving …

Weekly Market Recap – March 11, 2022

More than 300 international companies have ceased or scaled back operations in Russia in an effort to put pressure on President Putin by using sanctions and other economic penalties. The sectors represented range from finance to energy, media, food, transportation, tech, and consumer services. According to the U.N., 1.5 million Ukrainians have …

Weekly Market Recap – March 4, 2022

The U.S. Department of Commerce reported that the trade deficit in January was -$107.6 billion (vs. -$100.5 billion in December), a record level for the second month in a row. Other monthly economic statistics compared with prior levels, were as follows: the Chicago purchasing managers index 56.3 vs. 65.2, construction spending +1.3% …

Weekly Market Recap – February 25, 2022

In the first massive European military operation of its kind since WWII, Russia invaded Ukraine early on Thursday. The news of the invasion triggered panic in Russia’s markets. The Ruble collapsed as much as 85-to-1 against the U.S. Dollar, an all-time low for the currency. Moscow’s stock exchange (MOEX) had plunged 45% …