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Stocks are rallying again. Are they out of the woods?

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Last week, global markets entered a rout after the Bank of Japan raised interest rates for the second time this year and a dismal July jobs report in the US sparked fears of a recession. Stocks and bond yields plunged as the yen carry trade, in which investors borrowed ultra-cheap yen to buy other higher-yielding assets, unraveled.

US stocks have come roaring back barely a week after a bruising global sell-off. Markets were rattled after the Bank of Japan raised interest rates in late July for the second time this year. That led the yen carry trade, in which investors borrow ultra-cheap yen to buy other higher-yielding assets, to begin unraveling. That unwinding came to a head last week, when Japanese stocks logged their worst day in decades. In the US, a dismal July jobs report sparked fears of a recession.

9% for the 12 months ended in July, edging below 3% for the first time since March 2021, according to the Bureau of Labor Statistics. US wholesale price hikes also slowed. The latest retail sales report offered more good news. Sales at US retailers rose 1% in July from the month before, up from June’s downwardly revised decline and far above economists’ expectations. That’s a sign that the US consumer, a key support of the US economy, remains resilient.

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