S&P 500: Equities resilient despite rates selloff – Deutsche Bank

Deutsche Bank’s Jim Reid notes that global equities, including the S&P 500, held up well despite a notable rise in bond yields and hawkish rate expectations. The S&P 500 gained over 1% on the week and remains close to record highs, supported by optimism on growth and strong PMI data. Tech stocks, including the Magnificent 7, also contributed to the positive equity performance.

US stocks hold near highs

"Yet despite the rates selloff, the optimism on the growth side helped to sustain equities last week around the world."

"For instance, the S&P 500 was actually up +1.21% last week (+0.51% Friday), leaving the index within 1% of its record high."

"Meanwhile in Europe, the STOXX was up +0.50% (+0.35% Friday), and Japan’s Nikkei was up +2.07% (+1.30% Friday)."