Jun. 28 Markets Report: A Historic Week in More Ways Than One
Jun. 28 Markets Report: A Historic Week in More Ways Than One

Jun. 28 Markets Report: A Historic Week in More Ways Than One

Bitcoin has been losing a lot of people a lot of money lately, accusations of Nazism are flying in the cryptosphere, and the global energy market seems stuck in panic mode.

Darry Port

Updated Jun 28, 2022

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Luhansk Has Fallen

  • Russian forces are now in full control of Severodonetsk, the last city to fall in Ukraine’s Luhansk region.
  • U.S. President Joe Biden took to Twitter to confirm that the G7 will ban the import of Russian gold, a major export that generates billions of dollars for Russia.
  • Russia has entered its first major foreign debt default in over a century, after being unable to pay $100 million in interest due to their payments being blocked by Euroclear.

The Justice System Has Failed Us

  • The US Supreme Court sent shockwaves across the country on Friday when they overruled Roe v. Wade, removing the constitutional right to abortion. 
  • Almost half the states, including Arkansas, Louisiana, Missouri and Texas, are expected to restrict or outlaw abortion as a result of this ruling. 
  • Economically, every major organization is now deciding whether they will cover employee travels for reproductive health care. Some of the biggest companies in the world, from Apple and Microsoft to Google and Netflix already have supportive policies in place.

Stocks & Bonds

Yet Another Bear Market Rally

  • The stock market as a whole gained more than 6%, after shedding 18% since the beginning of this year. 
  • The healthcare sector is notable up this week, which particularly makes sense considering the Supreme Court’s abovementioned ruling.
  • Most investors are currently split on whether we’ve already bottomed, or are still in for a world of financial pain as the threat of a recession becomes more palpable by the day. 
  • But seeing that we still haven’t addressed the problems that triggered this bear market in the first place, I wouldn’t assume that we’re out of the woods just yet. 
  • Sector Performance
    • Consumer Discretionary: 8.25%
    • Healthcare: 8.15%
    • Energy: -1.55%
    • Materials: 2.68%