- Asian stocks rallied to five-week highs on Friday, tracking positive sentiments from US-China trade talks, whereas European markets remained flat by the end of Thursday’s trading session, as automakers announced job cuts.
- The yield on the 10-year Treasury Note traded higher during the week, reaching 2.74% on Thursday. The yield increased seven basis points in four trading days, and the yield on the 30-year Treasury bond increased by three basis points to 3.06%.
- The US Dollar hit a three-month low in the middle of the week before stabilizing on Thursday
- Oil prices traded considerably higher for the week until Thursday. West Texas Intermediate crude futures have risen nearly 25% since their December lows. Oil has risen for its tenth consecutive session, making it the longest rally since 2010.
- Department store chain Macy’s shares fell more than 17% on Thursday. The sell-off was triggered after Macy’s cut its earning forecast for the year, following disappointing holiday sales. The dismal sales numbers also prompted a broader sell-off across the retail industry.
- Among major economic data, the ISM Non-Manufacturing Index slipped to 57.6% in December from the 60.7% reading in November. Initial unemployment claims decreased by 17,000 to 216,000 for the week ending January 5.
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Disclosure: Past performance is not necessarily indicative of future results.