Thanks to All Our Clients! – May 19, 2023

Thanks to All Our Clients!

The MWM team members would like to express our gratitude to the clients who joined us this past Thursday for the Q1 2023 MAPS client call. Thank you! It’s a profound honor and a distinct privilege to serve all our clients. 

Due to Thursday’s call and Friday travel plans, HAI will report here only weekly price action. For full coverage of the week’s market, economic, and geopolitical events, please see Doug Noland’s Credit Bubble Bulletin.

Weekly performance: The S&P 500 was up 1.65%. Gold lost 1.89%, silver was down 0.37%, platinum was up 0.82%, and palladium gained 0.66%. The HUI gold miners index was clubbed by 5.39%. The IFRA iShares US Infrastructure ETF was down 0.22%. Energy commodities were volatile and higher on the week. WTI crude oil gained 2.36%, while natural gas popped 14.08%. The CRB Commodity Index was up 1.63%, and copper was almost flat, up 0.05%. The Dow Jones US Specialty Real Estate Investment Trust Index was down 3.05% on the week, while the Vanguard Utilities ETF was off 4.10%. The dollar was up 0.56% to close at 103.08. The yield on the 10-yr Treasury surged 24 bps, ending the week at 3.70%.

Have a wonderful weekend!

Best Regards,

Morgan Lewis
Investment Strategist & Co-Portfolio Manager
MWM LLC