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The week in the markets –
March 28, 2024
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Fresh new highs
- The U.S. stock market reached a new all-time high.
- The European stock market reached a new all-time high.
- And while we’re at it, gold reached a new all-time high.
In this brief week, which also marked the end of the quarter, we witnessed a rather sluggish start that ultimately turned around. A surge in the final hours on Wednesday propelled the S&P 500 to a new record high. Over the last three months, the MSCI Global Equity Index had an impressive 8% increase, buoyed by significant rallies across the United States, Japan and basically everywhere. Interestingly, this rally wasn't solely driven by the advancements in AI technology; it encompassed a much broader scope, with the energy, industrials and financial sectors all posting gains. European stocks weren't left behind either, reaching new heights and setting themselves up for the strongest quarterly performance seen in a year. The Stoxx 600 (an index of European stocks) enjoyed a four-day run of wins, predominantly led by the travel, consumer product and retail sectors. This month, the rally in European stocks widened, moving beyond just the top-tier companies.
Throughout the week, the 10-year treasury yields see-sawed, while the Bloomberg Dollar Spot Index (which measures the U.S. dollar’s performance against 10 leading currencies) climbed to its highest level since mid-February. This uptick came after a somewhat cautious speech from U.S. Federal Reserve (the Fed) Governor Christopher Waller, entitled "There’s still no rush.” He emphasized that the Fed needs to witness a reduction in inflation before considering any relaxation of its monetary policy. This stance suggested that the market might still be in the process of fully digesting and adjusting to this outlook, as noted by some financial analysts.
On the commodities front, oil prices saw another increase, with West Texas Intermediate (WTI) crude oil prices reaching levels not seen since last October. This resurgence in oil prices lent a significant boost to the Canadian stock market last quarter, which, against the backdrop of prevailing economic uncertainties, managed to close out the quarter on a surprisingly positive note. In the U.S., despite the persistence of “sticky” inflation rates, Fed Chair Jerome Powell's somewhat encouraging remarks appeared to have a positive impact on precious metals markets. Consequently, spot gold prices kept their upward trend, trading at a new all-time high of over $2,200.
Listen to this week’s podcast for further insights.
This week's market closing value - week ending March 28, 2024
(As of 4:00 PM ET.*)
| EQUITY INDICES | Level | Change | WTD | YTD | 1-year | 5-year |
| CAD | CAD | CAD | CAD | |||
| S&P/TSX | 22,198.25 | 198.45 | 0.90% | 5.91% | 12.92% | 6.56% |
| S&P 500 | 5,258.40 | 18.69 | -0.10% | 12.64% | 31.90% | 13.49% |
| DJIA | 39,807.18 | 331.28 | 0.38% | 7.96% | 22.40% | 9.31% |
| FTSE 100 | 7,952.62 | 21.70 | 0.04% | 4.10% | 8.22% | 1.41% |
| CAC 40 | 8,205.81 | 53.89 | 0.04% | 8.68% | 14.72% | 8.47% |
| DAX | 18,492.49 | 286.55 | 0.95% | 10.28% | 21.02% | 9.42% |
| Nikkei | 40,168.07 | -720.36 | -2.18% | 14.33% | 25.76% | 7.07% |
| Hang Seng | 16,541.42 | 41.95 | -0.28% | -1.04% | -16.46% | -10.28% |
| CURRENCY RETURNS |
CAD | Change | WTD | YTD | 1-year | 5-year |
| US$ | 1.3548 | -0.0062 | -0.46% | 2.22% | -0.39% | 0.16% |
| Euro | 1.4615 | -0.0091 | -0.62% | -0.10% | -0.91% | -0.62% |
| Yen | 0.0089 | 0.0000 | -0.42% | -4.76% | -13.85% | -5.93% |
| CANADIAN TREASURIES | Yield | Change | COMMODITIES | USD | Change |
|---|---|---|---|---|---|
| 3-month | 4.99 | 0.05 | Oil | $82.97 | $2.17 |
| 5-year | 3.53 | 0.04 | Gold | $2,220.57 | $56.62 |
| 10-year | 3.47 | 0.03 | Natural Gas | $1.75 | $0.09 |
| CANADIAN PRIME RATE |
|---|
| 7.20% |
*The data contained in the charts above is provided by Bloomberg as of 4:00 PM ET. Please note that the final closing market values may vary due to data delays and market settlement.
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