It was another volatile week in the markets as wild gyrations in US equities rocked the commodity space as well. By week's end, both complexes went their separate ways. Stocks closed mixed, while commodities ended lower based on a general index that we follow.
Aluminum finished down by 1.25%. But there is no easing in physical premiums, which continue to climb in both the US and Europe.
Bullish sentiment remained in place in US equity markets this past week as a de-escalation in US-China trade tensions and strong earnings reports from several "Mag-7" names offset the rather hawkish remarks on interest rates made by Fed Chair Jerome Powell on Wednesday. For the week, the NASDAQ Composite gained 2.2%, while the S&P 500 and the Dow each were up by about .7% in what has been an incredible run.
As of this writing Monday, Aug. 5, the markets are experiencing upheaval and the jury is out as to when/how all the current turmoil is going to play out.
Markets rebound in July on lower rates and dollar.
Scrap price split amid global market tensions.