Monday, stocks rose 0.8% in Asia but closed little changed in Europe. Markets were closed in the U.S. for President’s Day.
Tuesday, stocks fell 1.4% in Asia, ended slightly lower in Europe, and dropped 1.7% in the U.S. on 11B shares traded. The VIX rose 8% to close at 22.87. The 10-Year U.S. Treasury bond yield rose 3% to close at 3.96. The S&P 500 index closed below 4000 while Apple ended below its 150 benchmark.
Wednesday, stocks lost 1.2% in Asia and 0.3% in Europe and the U.S. on 11B shares traded. Precious metals fell 1% and their miners lost twice that amount. The FOMC minutes reinforced the belief that interest rates will be higher for longer.
Thursday, stocks ended unchanged in Europe but gained 0.3% in Asia and 0.4% in the U.S. on 11B shares traded. The VIX dropped 5% to close at 21.14.
Friday, stocks fell 1.2% in Asia, 1.1% in Europe, and 0.8% in the U.S. on 10B shares traded. The 10-Year U.S. Treasury bond yield rose 2% to close at 3.95. The Dow Jones Industrial Average closed below its 33,000 benchmark.
The week ended with a flurry of economic data related to inflation, spending, and new home sales. And on the Fauci Flu shot topic, we have the CDC admitting that natural immunity is superior to the shot. Finally, the Federal Reserve balance sheet declined 3B to 8.38T.