The AP on the Street 35th week of 2023

The AP on the Street

The AP on the Street 35th week of 2023

Stay informed with our latest financial market updates! Explore insights on indexes, commodities, stock performances, and economic events. Last week was fine, with all the indexes and commodities we cover in green, except Silver. We have the Labor Day holiday this week on Monday.

This week, we have Services PMI, and ISM Non-Manufacturing PMI. So, let’s take a look at what happened last week:

  • Evergrande shares sunk after the stock resumed trading.
  • US mortgage rates hit their highest level since June 2001 —7.23%.
  • Mastercard shares hit a new all-time high.
  • UBS shares hit their highest level since the Great Recession.
  • AMC shares fell to the lowest level since the COVID-19 plunge.
  • Japanese Yen sunk to its lowest level since November.
  • US JOLTS came out as 8.8 million —0.6 million less than expected. It hit its lowest level since March 2021.
  • US ISM Manufacturing PMI came out as 47.6 points —0.6 points higher than expected.
  • The US Unemployment Rate came out as 3.8% —30 basis points higher than expected. Investors interpreted this weak report as a potential reason for a FED pause, thus pumping stocks.
  • US PCE Price Index rose 3.3% year-on-year, as expected.
  • US Core PCE Price Index rose 4.2% year-on-year, as expected.
  • NVIDIA shares closed at a record high by achieving a $1.2 trillion market capitalization.
  • Visa shares hit an all-time high level.
  • Dollar General shares sunk after a bad quarter.
  • Euro Zone CPI rose 5.3% year-on-year —20 basis points higher than expected.
  • Walmart shares hit an all-time high level.
  • Dell shares hit an all-time high level.
  • Eli Lilly hit an all-time high level.
  • Oil jumped as OPEC proposed more cuts.
  • Goldman Sachs warns that there is a 20% chance of a US recession next year.

Overall Market Indexes & Commodities Moves (Weekly) (By taking the opening price on Monday and closing price on Friday, using MSN Money)

DOW = 0.6% 

S&P 500 = 1.8% 

NASDAQ = 2.6%

RUSSELL 2000 = 2.4%

Gold = 1.1%

Silver = -0.2%

Oil = 7.9%    

The weekly performance of S&P 500 Stocks

Important data/ decisions that will be published next week:
Services PMI and ISM Non-Manufacturing PMI

TIL: What is ISM Non-Manufacturing PMI?

The ISM Non-Manufacturing Index is a monthly economic indicator based on surveys of non-manufacturing firms’ purchasing and supply executives, providing guidance on the economic conditions of the nation and is part of the ISM Report On Business. It is compiled and issued by the Institute of Supply Management (ISM) and contains a diffusion index based on survey data.

We will see how the investors will behave after all of the data and decisions. Stay tuned for new market updates.