Fri 21 Nov: After the Bell🔒

Your 5’ evening market wrap 📄📈

Indices + LargeCaps + FX + Treasuries + Commodities tables on the ‘Market Data’ post.

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Good evening,

Thursday’s steep risk-off mood carried into Friday’s open, but sentiment reversed midday after dovish comments from NY Fed President Williams. Markets remain volatile, with large intraday swings in stocks and cryptos, while core bond markets and major currencies continue to trade range-bound. Market action remains highly sensitive, with any news on AI valuations or the Fed’s interest rate outlook sparking significant volatility.

Despite Friday’s positive finish, global equities closed the week sharply lower: the US and EU down 2–3%, and Asian markets worse at 3–5%. The US IT sector led the losses, falling over 5%, followed by Energy down 2.8% as WTI crude slid to a four-week low, below $58. US Treasury yields fell ~10bps on the week, with the 2-year note at 3.51%, the lowest in three weeks, on Williams’s comments.

Next week will be short with Thanksgiving, featuring some economic releases and a few large-cap earnings, but nothing is expected to shift the broader market narrative.