Saturday,
July 23, 2022
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The Week in Review
• The market tumbled on Thursday when the White House announced President Biden tested positive for COVID-19. Wall Street veterans say things remain volatile and that investors are likely to react to a variety of headlines. That choppiness is expected to continue in the coming weeks as recessionary concerns remain.
• A strong performance from the tech sector helped lift the major indexes, particularly the Nasdaq Composite. Several chipmakers saw their prices rise ahead of a key vote on legislation that would benefit domestic firms. Some analysts say the market is showing an increased appetite for risk.
• In other areas of the market, signs of pessimism persist. This includes the bond market, where the yield on the benchmark 10-Year US Treasury rose. Oil prices also fell, possibly due to recessionary concerns. Worries tied to tight supply had boosted prices earlier in the week.
• Jobless claims increased for the third-straight week to hit the highest level in eight months. Some analysts say this shows the red-hot labor market is beginning to cool off, albeit gradually. Amid the market’s general uncertainty and fears tied to a broader downturn, the job market has remained a source of optimism. For more economic news and how it affects your money, visit the SoFi app.
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