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Energy Had a 3.25% Loss

Energy Had a 3.25% Loss

December 12, 2023

Last week, major markets closed mostly higher despite some weakness, especially in Emerging Markets. The Dow barely made it into positive territory, while the S&P 500 had its smallest gain in the past six weeks, hitting a new 52-week high. S&P style boxes showed gains, but the Russell version indicated some segments ended lower.

Sector performance varied, with Communication Services standing out with a 1.4% gain, driven by Alphabet Google's announcement of Gemini AI. On the flip side, Energy recorded a 3.25% loss, affected by the drop in oil prices.

The economic calendar had mixed results, with the November BLS Employment Situation report showing a drop in the unemployment rate and more jobs created than expected. This reinforced expectations of the Fed holding interest rates steady, with increased odds of stability through March. Treasuries experienced a yield curve steepening on Friday, with the 2-year duration gaining 15 basis points and the 20 and 30-year durations seeing a 9 basis point yield fall. #MarketUpdate #EconomicNews