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Markets on Course for Lower Weekly Close Despite Friday Rally

EQUITIES
  • Following an acutely volatile beginning to the week, the S&P 500 looked to confirm a fourth consecutive week of losses, with the busy earnings calendar, heightened geopolitical risk and a hawkish Federal Reserve meeting conspiring against prices. Despite a solid session on Friday, with tech names (and notably the NASDAQ) rallying, markets were unable to climb above last Friday's close, leaving indices lower for fourth consecutive week.
  • Friday's recovery was led by the likes of Apple, Visa and Mastercard, who all rallied 5% on more on a solid set of earnings, helping the tech sector to the top of the S&P 500.
  • Energy names were the laggard despite still-buoyant crude prices as Chevron's earnings missed forecast - with profits and revenues failing to keep up with oil price rally.
  • Earnings season continues in the coming week, with a further 28% of the S&P500 due to report, including megacap names Meta (Facebook), Amazon and Alphabet. Full schedule as well as EPS and Revenue expectations here: https://roar-assets-auto.rbl.ms/documents/13665/MN...
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