Tech Turmoil: iPhone Drops, Galaxy Surprises in a Volatile Market!
Market Commentary
Based on our latest observations, the market last week saw outperformers such as the CSI300, STI, and HSI with returns of 3.25%, 3.19%, and 2.54% respectively. This indicates that these assets performed better compared to the rest of the dataset. On the other hand, WTI, Brent, and Silver underperformed with returns of -5.61%, -5.14%, and -0.49% respectively, suggesting lower returns compared to the rest of the assets.
Regarding treasury yields, the 13-week and 5-year treasury yields have slightly decreased compared to the yields from one week ago. The 10-year and 30-year treasury yields have also decreased, but by a slightly larger margin compared to one week ago. This indicates that the yields on these treasuries are currently lower than they were last week.
In terms of risk/reward ratios, the securities with the highest ratios are NDX with a ratio of 3.03 and SPX with a ratio of 1.89. These securities offer higher potential returns relative to their risks. On the other hand, the securities with the lowest risk/reward ratios are HSI with a ratio of -0.69 and CSI300 with a ratio of -0.71, indicating lower potential returns compared to their risks.
In terms of correlation, securities such as Security 2846.HK, Gold, Silver, and STI have shown the lowest correlation with all other assets. This suggests that these securities may provide diversification benefits and should be closely monitored for potential investment opportunities.
Last week, significant events in the market included the price cut of the iPhone 15 by Apple, attracting attention from potential buyers. Samsung also revealed updates on their upcoming Galaxy S24, including reduced prices and improved video recording capabilities. In non-tech news, a winning Powerball ticket worth $1 million was sold in Ohio, and UserWay, a digital accessibility leader, agreed to be acquired by Level Access.
Looking ahead, some upcoming economic data for next week that should be watched out for include the S&P Global Manufacturing PMI, Construction Spending MoM, ISM Manufacturing PMI, JOLTs Job Openings, ADP Employment Change, Initial Jobless Claims, Continuing Jobless Claims, S&P Global Composite PMI, S&P Global Services PMI, Average Hourly Earnings YoY, Average Weekly Hours, Manufacturing Payrolls, Average Hourly Earnings MoM, ISM Services PMI, and Factory Orders MoM. These data releases will provide insights into the health of the manufacturing sector, employment trends, and overall economic activity. Any surprises to the upside or downside may cause market fluctuations, which should be closely monitored.
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