US Equity Index Friday Snapshot:
Weekly Snapshot Shows 2nd Week of Losses on the Several Indexes as the Gold Rally Continues:
Equities closed mixed with the S&P (0.1%) and the Dow +0.4% as markets trailed lower over the course of the day, but ended off its lows. Sectors finished mixed with Financials and Energy leading while Information Technology and Consumer Discretionary lagged. Gold closed lower at $1,881 as WTI +3.1% ended at $63.87.
Market Commentary / Looking Ahead
Last week is best described as an overall market selloff, even as markets recovered during the second half of the week, they posted losses as the S&P declined by (0.38%) while the Dow dropped (0.64%). Inflation continues to be the most repeated word on the street, and with the weak April Housing starts showing up, the markets took notice and sold hard assets along with stocks and even crypto assets. With the release of the April FOMC minutes came taper talks which some took as a negative. On the metals front, we saw copper melt down on the week by –3% but precious metals wound up gaining as some reported that crypto was being sold in favor of the more traditional, and rational stores of value were purchased; gold and silver.