Stocks closed in red last week, it was one of the worst weeks since June 2022
There were a few different factors that caused this drop; Powell was hawkish on Tuesday and Wednesday’s testimony when US stocks turned lower. Then on Friday, we got US jobs data with +311k good number, but unemployment rate came up to 3.6% so there is speculation that FED will go for 25bp after all, and not 50. This could be supportive for stocks, but gains never occurred as SVB collapse causes further risk-off that can resume next week, at least till we get inflation numbers out.
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