MARKET RECAP

• US stocks ended up flat on the week, an incredible achievement considering the Monday scare.
• On Monday, the Japanese Topix fell by 12.2%, its biggest loss since October of 1987. Nasdaq fell by 3.4%, the S&P 500 -3.0%. The unwinding of the carry trade and scares of a hard landing propelled the selloff.
• The VIX got as high as the mid 60s and was at its highest level since the 2020 Covid bear market.
• There were economic fears that the Fed was way behind the curve. But the Institute of Supply Management’s service index offered some encouragement, rising to 51.4 from 48.8 in June. More positive news later in the week: Initial jobless claims came in at 233,000, a decline of 17,000 and lower than the estimate, helped calm the market.

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