. "I love you because I love you," it told one user. Shares of Microsoft dropped 1.56% on Friday.
Global oil demand will pick up substantially in 2023 because of China's rebounding economy, the International Energy Agency predicted. This mightU.S.-China relations remain strained, but at least they're talking. Secretary of State Antony Blinken met with China's top diplomat, Wang Yi, during the Munich Security Conference. Blinken said they had a "very direct, very clear" conversation about China's infamous spy balloon.
Which brings us to the strange relationship between the economy and markets today. A widely accepted rule on Wall Street is that the Nasdaq, stuffed full of tech stocks whose value rests on future earnings, is the most sensitive to interest rates. Yet it's the only index that had a positive week, despite signs — like three-month highs on Treasury yields — that rates might end up higher than the Federal Reserve had projected.
We'll have a clearer picture of the U.S. economy this week. Earnings reports from retail giants Walmart and Home Depot will gauge consumer activity, while semiconductor firm Nvidia will indicate whether the rally in tech stocks can last. On Wednesday, minutes from the Fed meeting come out, and on Friday we'll see the personal consumption expenditure price index, which is the Fed's preferred inflation reading.
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