Week Ending February 5 Financial Markets Update

Equity markets surged higher as COVID concerns waned and quarterly earnings reports surpassed most estimates. The S&P 500 Index returned 4.67% last week, the best weekly return since early November. Earnings season was in full gear as 108 names in the S&P 500 announced quarterly results. The median earnings surprise was 6.95% higher than analyst estimates, a primary driver of equity returns last week.

The steepening yield curve trend continued with shorter-dated US Treasury bond yields down and longer-dated US Treasury bond yields higher. The two-year Treasury note yield matched record lows on Friday, while the 10-year US Treasury bond yield hit year-to-date highs. Monday’s ISM Manufacturing Index survey missed the consensus expectation but signaled manufacturing expansion. 
Latest News

Q1 2023 Financial Management Newsletter

Most asset prices rose moderately over the course of Q1 2023 despite persistent headwinds across the global economy. It goes without saying inflation remains historically