– US Equities rebounded on a narrow rally. Commodity prices also moved higher.
– Tech and Consumer Discretion stocks drove broad indices higher. Average sector performance beyond those two was 0.0% for the week.
– A rally in Latin American stocks pushed emerging market indices higher. Developed markets declined slightly.
– Precious metals and the US dollar rallied. US Dollar rally stopped just short of making its first higher high of 2023.

– No asset class was spared last week – with every key asset class registering declines.
– All sectors, styles, and factors went lower. Tech stocks fared the best.
– International equity declines were broad with equity markets declining in 42 of 44 countries.
– Sell-off in Treasuries pushed yields on the 30Y Treasury to 12-year highs. Mortgage rates climbed to 20-year highs.

– Another down week for global equities and fixed income and an up week for Commodities.
– Sharp bounce from Energy stocks. In three short weeks, Energy has gone from being the worst-performing sector YTD to the middle of the pack.
– China continues to struggle – down 3.7% – continuing to weigh on Emerging market indices.
– The US Dollar was up sharply. The dollar bottomed when the NASDAQ peaked in July and has climbed in lockstep with the weakness of Tech stocks ever since.

– Global equities closed the week more than 2% lower. Higher oil prices drove Commodity indices higher.
– Energy was the only advancing sector. Tech stocks and Utilities were off by more than 4% for the week.
– Stock market decline was broad globally, dragging down 38 of 44 countries.
– Fitch downgrade of US Credit rating sent Treasury yields to their highest levels of 2023 and within 10 basis points of the Oct 2022 peak.