Markets just logged their third straight weekly win — longest run since May — though Friday saw some profit-taking off the highs.
Energy led the charge, hitting levels not seen since March as crude punched through $82. That came as the US rolled out fresh Iran sanctions, tightening supply expectations.
But the consumer's showing cracks. Retail sales dropped 0.6% in July — sharpest decline in over a year — and sentiment slipped for the first time in three months. Fed rate hike odds for September collapsed from 50/50 on Monday to just 30% by week's end.
Meanwhile, the 30-year Treasury auction cleared at 5.216% — highest since 2001 — even as short-end yields fell on dovish repricing. That steepened the curve fast. The dollar gave back three months of gains, wiping out the Warsh bump entirely.
Yet volatility kept falling. $VIX hit its lowest close since late December, fourth straight weekly drop. And global equity funds pulled in another $18.6 billion — twelfth week in a row of inflows.
Gold and silver extended their breakout rallies. Bitcoin slid back toward range lows on renewed ETF outflows.
Week's scoreboard:
$SPY +0.4%
$QQQ +0.1%
$IWM +1.1%
$DIA -0.6%
10-year yield +14 bps
$BTC -2.9%
Banks +2.1%
$VIX -4%
Dollar +0.1%
Gold +0.7%
Silver +2.1%
Crude +5.4%
Energy led the charge, hitting levels not seen since March as crude punched through $82. That came as the US rolled out fresh Iran sanctions, tightening supply expectations.
But the consumer's showing cracks. Retail sales dropped 0.6% in July — sharpest decline in over a year — and sentiment slipped for the first time in three months. Fed rate hike odds for September collapsed from 50/50 on Monday to just 30% by week's end.
Meanwhile, the 30-year Treasury auction cleared at 5.216% — highest since 2001 — even as short-end yields fell on dovish repricing. That steepened the curve fast. The dollar gave back three months of gains, wiping out the Warsh bump entirely.
Yet volatility kept falling. $VIX hit its lowest close since late December, fourth straight weekly drop. And global equity funds pulled in another $18.6 billion — twelfth week in a row of inflows.
Gold and silver extended their breakout rallies. Bitcoin slid back toward range lows on renewed ETF outflows.
Week's scoreboard:
$SPY +0.4%
$QQQ +0.1%
$IWM +1.1%
$DIA -0.6%
10-year yield +14 bps
$BTC -2.9%
Banks +2.1%
$VIX -4%
Dollar +0.1%
Gold +0.7%
Silver +2.1%
Crude +5.4%