Deutsche Bank strategists highlight that the S&P 500 has logged an eighth consecutive weekly gain, supported by falling Oil prices and easing stagflation fears. Futures are modestly higher after the long weekend, though slightly below pre-strike levels. The report notes that US equities advanced despite recent weakness in big tech, with the Magnificent 7 slipping over the week.
US equities supported by lower Oil
“This morning S&P 500 futures are +0.62% and NASDAQ futures +0.85% which is a few tenths of a percent lower than most of yesterday before the overnight strikes.”
“That decline in oil prices meant investor fears eased about a stagflationary shock to the global economy, supporting bonds and equities on both sides of the Atlantic.”
“In fact, the S&P 500 posted an 8th consecutive weekly advance for the first time since 2023, rising another +0.88% over the week.”
“Interestingly, the latest advance took place despite weakness among the big tech stocks, with the Magnificent 7 falling -0.76% last week, ending a run of 7 consecutive weekly gains.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
