Good morning and welcome to the Weekender for Saturday, May 20,2023. As measured by the S&P 500, equity markets were higher on the week. Going into Friday, it looked like the index would post a new year-to-date high, but concerns about a breakdown in debt ceiling negotiations evaporated some of the week’s “would-be” gains.
Interest rates rose on the week, creating a narrative that now includes a potential US government debt default. Stocks responded to the fixed-income pessimism by rallying. Wait, what?
For the week, the S&P 500 was higher by 1.6%.
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