- In equities, the S&P 500 arrested its two day slide after Friday’s better-than-expected jobs data. European shares ticked higher on Friday, as the Stoxx-600 Index recovered from its midweek slide, aided by gains in banks and Adidas stock. Equity indices in the Asia-Pacific region ended the week on a mixed note, while markets in China and Japan remained closed. Oil declined for the second straight week, as stockpiles in the US rose to their highest levels since 2017.
- The yield on the 10-Year US Treasury Note rebounded to the 2.50% level after the Fed said that the inflation decline is transient. However, the yield rose after Friday’s strong jobs data.
- The Dollar Spot Index gained in the wake of the Fed keeping rates unchanged and better jobs data
- Beyond Meat (BYND), the vegan unicorn, became the latest unprofitable, disruptive company to go public. Its share price soared 163%, closing in at $65.75, marking the best first day percentage gain for an IPO this year in the US.
- Among major economic data, the ISM manufacturing index for April fell to 52.80% from 55.30% in March. The April reading is the lowest since October 2016.
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Disclosure: Past performance is not necessarily indicative of future results.