Weekly Financial Market Update: May 15, 2020
May 18, 2020
A degree of negative sentiment reemerged across U.S. markets this week, amid a batch of mostly troubling economic data and a warning from Federal Reserve Chair Jerome Powell about the threat of a protracted economic downturn.
Weighed down by the financial, industrial and real estate sectors, the S&P 500 Index declined 2.3%, marking its worst weekly return since March. After breaching the 0.70% level early in the week, yields on the 10-year U.S. Treasury bond began to decline on Tuesday afternoon and traded near 0.64% late in today's session.
U.S. crude oil prices strung together a third consecutive week of strong gains on an improving supply and demand picture. The International Energy Agency's forecast for lower global inventories in the second half of 2020 spurred a roughly 20% rally to above $29 per barrel in the June contract for West Texas Intermediate.
Learn more about jobless claims, retail sales, and the one bright spot in last week's economic data in our Weekly Financial Market Update.