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Markets often forget past troubles when faced with significant profits, as seen with US investment banks like JP Morgan, which reported a profit of $12.9 billion. This raises questions about UBS, which, after cutting its investment bank post-2008 crisis and acquiring Credit Suisse, is now reducing its own risk. Critics wonder if UBS is missing out on a major opportunity while it takes these cautious steps.
US stock markets closed positively, with the S&P 500 and Dow Jones reaching record highs, driven by strong bank earnings. Economic indicators showed flat producer prices and a drop in consumer sentiment, while upcoming retail sales data could influence market expectations of a soft landing. The Nasdaq and S&P 500 both secured five consecutive weeks of gains, with technical analysis suggesting potential upward targets if key support levels hold.
On September 10, Oracle's stock surged 11% following strong quarterly results, contributing to a 1.5% rise in the Information Technology sector, which was the second-best performer after Real Estate. The S&P 500 gained 0.5%, while bonds rallied, with the 10-year yield dropping to 3.65%, the lowest since June 2023. Energy stocks struggled as crude oil prices fell to their lowest close since late 2021.
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