Weekly Market Recap – June 9, 2023
Ukraine’s biggest dam, which functioned as a water reservoir and a hydroelectric power source, was blown up last week. Former president Donald Trump was indicted on charges related to classified documents that he removed from the white house. U.S. jobless claims leaped to a nearly two-year high of 261,000.
The Fed is scheduled to conclude its next meeting on Wednesday, and a majority of observers anticipate that the key benchmark interest rate will remain steady between 5.00% and 5.25%. This would end a sequence of 10 straight meetings where rates were increased. Investors are keen to find any clues about whether the Fed may revert to its rate-increasing stance at the next meeting, which concludes on July 26th, should they decide to maintain the current rates in the June session.
The S&P 500 rose for its 4th consecutive week. It passed the level needed to be considered in a bull market. The other major U.S. indexes climbed slightly last week as well, showing modest positive trends. The CBOE Volatility Index (VIX) fell to its lowest level since January 2020, before the pandemic.
Major U.S. Economic Reports
| Report | Period | Actual | Previous |
| S&P U.S. services PMI | May | 54.9 | 55.1 |
| Factory orders | April | 0.004 | 0.006 |
| ISM services | May | 0.503 | 0.519 |
| U.S. trade deficit | April | $-76.4B | -$60.6B |
| Consumer credit | April | $23B | $26.5B |
| Initial jobless claims | June 3 | 261,000 | 233,000 |
| Wholesale inventories | April | -0.1% | 0.0% |
Closing Prices for the Week
| Contract | Close |
|---|---|
| Dow Jones Industrials Average | 33,876.78 |
| S&P 500 Index | 4,298.86 |
| Nasdaq Composite | 13,259.14 |
| CBOE Volatility Index | 13.83 |
| S&P GSCI | 539.8 |
| S&P 500 E-Mini (Jun ’23) | 4,304.75 |
| Nasdaq 100 E-Mini (Jun ’23) | 14,556.25 |
| Dow Futures Mini (Jun ’23) | 33,909 |
| S&P 500 VIX (Jun ’23) | 15.2378 |
| 10-Year T-Note (Sep ’23) | 113-125 |
| U.S. Dollar Index Cash | 103.557 |
| Crude Oil WTI (jUL ’23) | 70.17 |
| Natural Gas (Jul ’23) | 2.254 |
| Gold (Aug ’23) | 1,977.2 |
| Silver (Jul ’23) | 24.41 |
| Corn (Jul ’23) | 604-2 |
| Wheat (Jul ’23) | 630-2 |
| Soybean (Jul ’23) | 1386-4 |
| Coffee (Oct ’23) | 186.65 |
| Sugar #11 (Sep ’23) | 25.02 |
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