US Market Sees Mixed Week with Sectors in Disagreement
The US stock market saw a mixed performance this week, with the S&P 500 and Dow Jones Industrial Average both gaining 1.0% (up 9.4% and 9.2% year-to-date). The Utilities sector, however, dropped 4.0% (up 4.7% y-t-d).
The three-month Treasury bill rate ended the week at 3.6687%, while two-year government yields dipped four basis points to 4.29% (up 82 bps year-to-date). The US Dollar Index dropped 1.5% to 99.914 (up 1.6% y-t-d).
The Bloomberg Commodities Index fell 2.1% (up 20.4% y-t-d), while spot gold slipped 0.2% to $4,046 (down 6.3%) and silver declined 1.0% to $57.5953 (down 19.6%).
A notable mention was made of a hedge fund started in 2024 by a 22-year-old individual who had previously worked at FTX's Future Fund, the philanthropic arm tied to the cryptocurrency exchange.