Weekly Market Recap – August 25, 2023

For the first time in a month, the S&P 500 and the NASDAQ witnessed gains, although the Dow slightly ended in the red. The NASDAQ notably excelled, even with almost a 2% dip on Thursday.

On Friday, U.S. Fed Chair Jerome Powell, addressing from Jackson Hole, Wyoming, announced that the Fed is set to consider more interest rate hikes but will do so with caution. He noted that the impacts of previous hikes are still unfolding, and the decision for further increases will depend on upcoming economic data.

Speculation of more rate hikes caused a surge in U.S. Treasury bond yields. The 2-year yield reached about 5.06% on Friday, a figure it last consistently surpassed back in 2000.

In the housing market, existing home sales in the U.S. for July dropped to its lowest since 2010, registering a 2.2% decrease from June 2023 and a 16.6% decrease from July 2022, as reported by the National Association of Realtors.

Recent reports highlighted a deceleration in U.S. economic momentum. Thursday saw stocks decline as July’s new orders for durable goods dipped by 5.2%, marking the largest monthly reduction in over three years. Business activity also dwindled to its weakest in half a year, as reported on Wednesday.

European business activity also took a hit, declining to its lowest in almost three years as per a purchasing managers’ survey. Similarly, business activity in Germany experienced its largest monthly decrease in over three years.

U.S. crude oil prices dropped for a consecutive week, reversing some of its prior seven-week uptrend. As of Friday, oil was priced approximately at $80 per barrel, a decrease from its $84 mark on August 9.

A forthcoming U.S. labor market report will reveal if the recent slowdown in job growth persisted into August. The past July report showed 187,000 new jobs, which missed many economists’ projections but was similar to June’s figures. The unemployment rate for July dipped to 3.5%.


Major U.S. Economic Reports

Existing home salesJuly4.07 million4.16 million
S&P flash U.S. services PMIAug51.052.3
S&P flash U.S. manufacturing PMIAug47.049.0
New home salesJuly714,000684,000
Initial jobless claimsAug 19230,000240,000
Durable-goods ordersJuly-5.2%4.4%
Durable-goods minus transportationJuly0.5%0.2%
U Mich consumer sentiment (final)Aug69.571.2


Closing Prices for the Week

Dow Jones Industrials Average34,346.90
Nasdaq Composite13,590.65
S&P 500 Index4,405.71
CBOE Volatility Index15.68
S&P GSCI585.01
U.S. Dollar Index104.077
10-Year T-Note (Sep ’23)109-140
Crude Oil WTI (Oct ’23)79.83
Natural Gas (Oct ’23)2.657
Gold (Dec ’23)1,939.9
Silver (Sep ’23)24.234
Corn (Dec ’23)488-0
Wheat (Dec ’23)621-6
Soybean (Nov ’23)1387-6
Coffee (Dec ’23)153.15
Sugar #11 (Oct ’23)24.83


Trading futures and forex involves significant risk of loss and is not suitable for everyone.

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