Apple's Eye, Markets & S&P 500 Bullish Return.
Major stocks extended the previous week’s rally into last week, pushing overall U.S. benchmarks slightly higher
Hey Hisa fan,
Monday, a new day to move markets and invest! Let’s have a review of what is making headlines and moving markets. This week, there is a lot lined up. from both local and global markets, there is a line of streaming data expected to come and this will definitely impact how markets react and perform.
Last week, there was good news for investors in U.S Markets as the S&P 500 returned into bear territory, meaning the general mood of the market is more optimistic than ominous.
Investors were concerned as the U.S Labor Department reported on Thursday that weekly jobless claims had jumped to 261,000, well above expectations, the highest level since October 2021.
Coffee Break.
How cool is it to look into the future? Well, we definitely know that would be awesome, if it were real, but for now all we have is a close to the future. Last week, during the 2023 Worldwide Developers Conference (WWDC), Apple Inc, the world’s most profitable company, announced they would be launching a VR headset dubbed Vision Pro, the largest apple product launch since the apple watch.
Heads up, Vision Pro will be retailing from $3499.
Markets.
Major stocks extended the previous week’s rally into last week, pushing overall U.S. benchmarks slightly higher – even as the Federal Reserve’s policy meeting and rate announcement this Wednesday dominated market attention.
Meanwhile, long-term Treasury yields climbed after data showed that April U.S. PCE inflation remained hot. A credit rating agency warning it could downgrade the top notch Treasuries rating if the U.S. defaults reinforces our view investors will demand more compensation for holding long-term bonds given higher policy rates.
The week was notable for the S&P 500 Index moving into bull market territory, or up more than 20% off its mid-October lows.
Local Markets
Local markets were up during the week. The benchmark NSE All-share index increased by 0.70% to close the week at 105.84 points from last week’s figure of 105.10 points.
The NSE 20-share Index closed the week higher at 1,594.02 points, a 2.41% increase from the preceding week’s figure of 1,556.55points while the NSE 25 Share Index also increased by 2.59% to close the week at 2,738.85points from last week’s figure of 2,699.78 points.
Nairobi Business Ventures was the week’s top gainer, adding 30.08% in shareholder wealth, while Eveready East Africa Plc was the week’s worst performer, posting a 6.90% decline in share price activity.
What Top Cowries are we collecting this week?
The U.S Federal Reserve Bank - On Wednesday this week, the Fed will deliver another decision on weather it will maintain, raise or lower the benchmark rate in the U.S.
Oracle Corporation Inc. [NYSE: ORCL 0.00%↑] - Oracle is expected to release earnings today after market close. Analysts estimate earnings of $1.58 per share on revenue of $13.72 billion, representing 15.9% year-over-year revenue growth. Will Oracle keep up with other tech platforms?
Kenya Finance Bill 2023 - Kenya’s finance bill will be tabled in parliament this week. Lawmakers on Sunday said they would push for removal of a few clauses in the controversial bill. Will this affect markets?
How about you, what are you watching? Let us know on Hisa App.
Disclaimer: The writer of this article owns SCOM 0.00 , HAFR, NBV , EQTY 0.72%↑ , NVDA -0.72%↓ & AAPL 2.08%↑ shares. This article does not constitute any investment recommendations. Investors and the general public are advised to do their own research before making any investment decision.