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US markets (S&P 500 Index -1.1%) dropped in choppy trading on Thursday. The market is still trying to find its footing after a surprise increase in August’s CPI report sparked the worst day of trading in 2 years on Tuesday.  Microsoft (-2.7%), Apple (-1.9%), and Adobe (-16.8%) were the biggest drags on the US markets, with Adobe experiencing its worst trading day in more than a decade.  

US markets (S&P 500 Index +0.3%) ended Wednesday in the green after a choppy session, perhaps exhausting the extreme sell-off sentiment from the previous day. The unexpected result from the US inflation report released on Tuesday had prompted speculation that stocks could start to head back to their June lows in reaction to a more aggressive Federal Reserve. Top performers of the day include Moderna (+6.2%), Starbucks (+5.5%), and Royal Caribbean Cruises (+5.4%).  

US markets (S&P 500 Index –4.3%) experienced their worst day since June 2020 as US inflation subsided less than expected (data showed an annual inflation rate of 8.3% versus 8.1% expected). As such, investors are bracing for the US Federal Reserve to ramp up its rhetoric about taming inflation. Bets are rising that next week’s rate hike will be 75-basis-points or greater, with the market now pricing in +84bps at 21st Sept Fed meeting.

US markets (S&P 500 Index + 1.0%) recorded its fourth consecutive positive session. Energy was the best performing sector, followed closely by Technology, but the rally occurred across was broad. Fortinet (+4.2%) and Apple (+3.9%) were among the top performing Technology stocks, the latter boosted by reports that the new iPhone 14 presales are better than expected. European markets (Stoxx 600 Index, +1.8%) continued last week’s momentum on Monday, rising above its 50-day moving average and booking its largest three-day rally in two months. 

US markets (S&P 500 Index +1.5%) rose strongly to end the week on a positive note, as markets recovered from a three-week slide. All sectors were in the green, with heavily beaten down stocks making the strongest gains as the most-shorted names were the best performers. Docusign rose +10.5% after its earnings beat estimates, Kroger also jumped+7.4% after lifting its annual forecast.

US markets (S&P 500 Index + 0.7%) closed higher on Thursday despite a Q&A session with Jerome Powell at the Cato Institute, where he reiterated that the Federal Reserve is not considering a change to the pace at which it will hike interest rates. With no change on the macro front, company specific news caused the biggest market moves. Rivian (+10.9%) shares surged after the company announced a partnership with Mercedes to build electric commercial vans in Europe. The leaking of a ‘turnaround plan’ memo from Snap (+9.3%) CEO Evan Spiegel helped the company post an almost double-digit gain.

US markets (S&P 500 Index +1.8%) have broken their 7-day losing streak, with every sector except energy (-1.2%) closing the session in the green. Utilities and Consumer Discretionary stocks led the pack, both rising 3.0% on the day. Oil stocks within the energy sector index were rocked by the fall in price of WTI Crude oil (-5.8%) over the past 24 hours. European markets (Stoxx 600 Index, -0.4%) fell on Wednesday, following declines in commodity stocks after data from China added to worries about a global economic slowdown. Shares in Ubisoft (UBI:EPA) tumbled 17.2% after investors lost faith that China’s Tencent (0700.HK) would conduct a full buyout of the company.

US markets (S&P 500 Index –0.4%) whipped between gains and losses but eventually closed lower in the first post-Labour Day session. The NASDAQ Index fell -0.7% marking its 7th daily decline in a row, on the back of ‘good’ economic news which translates badly for market sentiment at the moment. US services sector data came in stronger than expected for the month of August, implying the US economy is still in a strong position despite recent interest rate hikes, giving the Fed more room to hike rates further. Adding to the pessimism in stocks is the surge in bond yields. The yield on the 2-year U.S. Treasury jumped to a fresh daily high of 3.515% on Tuesday, almost touching the highs that occurred in 2007.

US markets (S&P 500 Index 0.0%) were closed on Monday in observance of Labor Day. However, US Futures (S&P 500 Index Futures +0.3%) are currently trading slightly higher in anticipation of Tuesday’s opening. European stocks weaker as energy crisis continues to dominate headlines (Stoxx 600 Index -0.6%) as euro gas futures jumped +15% while the Euro fell through 0.99 versus the US dollar for first time in 20 years. Russia’s Gazprom announced that they would be indefinitely halting gas flows to Europe via the Nord Stream 1. Putin’s spokesperson said there would be no resumption in gas supply until sanctions are lifted. The loss that was incurred in the Stoxx 600 could have been worse if not for the gains made in energy sector stocks (STOXX 600 Energy +2.2%).