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The Major Markets ended the week lower with losses in all five indices

February 14, 2023

The Major Markets ended the week lower with losses in all five indices. The Nasdaq saw the greatest losses as the Tech index felt the pain of a loss in conviction to the buy side of the market last week. For the S&P 500, the market opened soft with the market trading largely sideways after the initial open with no economic reports or material headlines to significantly steer the direction of the markets. On Tuesday, the markets opened slightly lower once again, but the day was marked by comments from Jerome Powell “The reality is if we continue to get strong labor market reports or higher inflation reports, it might be the case that we have to raise rates more" This was referencing the prior week’s January Payrolls report which significantly beat estimates with a reading of 517,000 new jobs compared to the 187,000 expected. Ultimately, the initial spike and sell-off resolved into a late day surge into the highs at the close. Yet, as the week wore on, the selling resumed, and the weekly gains proved to be short-lived as the S&P 500 traded lower Wednesday and Thursday with minor gains Friday. For treasuries, the week’s activity saw the yield curve rise higher with higher yields in each of the various durations. This pulled on the bond indices. For the Bloomberg Barclays Us Aggregate Bond index, this signified another loss of 1.43% for the week. At Leap Wealth, we are here to help our clients manage through all the highs and lows. Contact us today to learn more.