Stocks bounced around but closed the week higher, with both the S&P 500 and the NASDAQ closing at record highs on Friday. US Treasuries were ever-so-slightly better bid, with yields falling a few bps across the curve, Oil remains elevated. Gold and the US Dollar rose, while the Japanese Yen and Bitcoin fell. This week S&P 500 earnings will kick off with the six largest US banks reporting. JNJ, ASML and TSMC will also release results. The FOMC is week after next.

Four of the infamous tech giants in the Mag & report earnings today and tomorrow: MSFT, META, AMZN and AAPL. Risk is downside asymmetrical.

UK autumn budget, earnings galore (including five "Mag 7" companies), and gobs of economic data...just as we lead into the US election!!

Chinese stimulus measures buoyed stocks globally, and US Treasuries were stable. Gold paused and oil fell. The Dollar was weaker.

We are going "to the moon" across risk assets of all types. Can this continue? I'm not convinced but it's been a great start to 2023!

Markets largely slid sideways this week. Large tech companies continue layoffs. Economic data suggests peak inflation has been reached.

This is a monumental week for earnings, with 167 S&P 500 companies – including all five FAMAG big tech companies – reporting results.