Global-Market Insights - June 30, 2023
Global-Market Insights
-The US markets traded positively on bank stocks rally after passing the Fed stress test
-Dow was +270, S&P500 was +20 points, and Nasdaq was flat
-The US economy grew by an annualized 2% on quarter in Q1 2023, well above 1.3% in the second estimate, and forecasts of 1.4%.
-Jobless claims fell by 26000 to 239000 from an estimate of 265000
-Dollar index strengthened to 103, approaching high levels amid further signs the US economy remains resilient
-US Bonds
2Y: 4.872
10Y: 3.843
30Y: 3.903
-Fed stress test shows big US banks can withstand a severe recession
-Bank of America sitting on $100B in unrealized losses at the end of Q1
-In the first half, S&P500 is up 14% in 2023, and Nasdaq has gained 30%.
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