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John Hancock: Weekly Market Recap Week Ended October 20

October 24, 2023

 

5.00% bond yields

After recovering modestly the previous week, prices of government bonds resumed their recent slide, briefly sending the yield of the 10-year U.S. Treasury up to 5.00% on Thursday—the highest since 2007. While the 10-year yield slipped back below that threshold on Friday, the yields of 2-year and 30-year Treasuries both ended the week around 5.08%.

 

Fed rate outlook

Bond yields rose and stocks fell on Thursday afternoon following a speech by Jerome Powell. The U.S. Federal Reserve chair signaled that the central bank could keep interest rates unchanged at its next policy meeting that ends on November 1. However, he also warned that inflation is still too high, and he said that more rate hikes are still possible if economic data continues to come in stronger than expected.

 

Gold shines

Amid escalating geopolitical tensions, the price of gold rose more than 3% for the week to the highest level in five months. Gold futures on Friday were trading just below $2,000 per ounce, up from a recent low of $1,835 on October 6.

 

U.S. economic checkup

The U.S. government on Thursday is scheduled to release its initial estimate of third-quarter economic growth, with most economists expecting that GDP growth remained solidly positive, despite some earlier predictions that the economy could be on the verge of a recession. The upcoming report comes a month after the government revised its second-quarter GDP estimate to an annual growth rate of 2.1%, down from 2.2% in the first quarter.

 

Source: https://www.jhinvestments.com/weekly-market-recap

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RISK: There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Diversification may not protect against market risk. There is no assurance the goals of the strategies discussed will be met. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from difference in generally accepted accounting in principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds will decrease in value as interest rates rise. These and other risks are described more fully in the fund’s prospectus. CREDIT RISK: The issuer of a fixed income security may not be able to make interest and principal payments when due. The lower the credit rating of a security, the greater the risk of default on its obligation.

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