The S&P 500 advanced 5.9%, the Dow Jones added 5.1%, the Nasdaq surged 6.6% and the Russell 2000 jumped about 7% last week on hopes that the Fed is done with its rate-hiking campaign due to weak jobs data. The report revealed that the labor market is slowly cooling as several strikes including from members of the UAW weighed on the manufacturing payrolls. The dollar strength, rising rates in the United States, capital outflows, a slump in China’s economy, strong inflation and a debacle in Russia investing have all added up to the EM crisis.