*US equities fall on Fed fears and disappointing quarterly earnings*
*20 January 2023*
Nasdaq 100 Index 11295.67, (-1.00%)↓
S&P 500 Index 3898.92, (-0.76%)↓
Dow Jones Indus Avg Index 33044.56, (-0.76%)↓
US shares closed lower as the risks of rising interest rates to economic growth and corporate earnings continue to weigh on investor sentiment. The *S&P 500* fell for the 3rd straight session. 8 of 11 sectors ended in the red, with *Industrials* leading losses while *Energy* was the best performing sector. The *Yen held steady against the Dollar* near 128 as *Japan's Dec Core CPI* came in at 4%, up from 3.7% in the previous month. The *10-year Treasury yield* rose to around 3.4%. The *VIX (-0.25%)* decreased to 20.29.
*Fed Vice Chair Lael Brainard* said that inflation still remains high despite recent moderation. She added that rates need to be "sufficiently restrictive for some time" to make sure inflation "returns to 2% on a sustained basis". *Boston Fed President Susan Collins* favored a slower pace of rate hikes to get rates above 5%, before holding "at that level for some time". *Weekly Initial Jobless Claims* unexpectedly fell to 190,000, down from 205,000. *December Building Permits* also came in lower than estimates at 1.33M. Elsewhere, the *Netherlands and Japan* are also reportedly close to joining the US in restricting exports of semiconductor making equipment to China.
*Procter & Gamble (-2.11%)* fell after warning of commodity costs pressuring profits, despite exceeding revenue and EPS estimates. *Norwegian Cruise Line (-4.83%)* fell after warning that it expects a net loss for the Q4 and full year of 2022, as well as Q1 2023. *Vornado Realty Trust (-3.90%)* shed after cutting quarterly dividends. *Allstate (-5.88%)* sank after releasing preliminary Q4 results that foresee a higher net loss due to claims related to winter storms. After hours, *Netflix (+6.94%)* surged after beating revenue estimates and adding 7.66M subscribers last quarter, well above estimates for 4.6M. *Nordstrom (-5.56%)* tumbled after slashing its annual profit forecast as holiday promotions failed to improve sales.
*20 January 2023*
Nasdaq 100 Index 11295.67, (-1.00%)↓
S&P 500 Index 3898.92, (-0.76%)↓
Dow Jones Indus Avg Index 33044.56, (-0.76%)↓
US shares closed lower as the risks of rising interest rates to economic growth and corporate earnings continue to weigh on investor sentiment. The *S&P 500* fell for the 3rd straight session. 8 of 11 sectors ended in the red, with *Industrials* leading losses while *Energy* was the best performing sector. The *Yen held steady against the Dollar* near 128 as *Japan's Dec Core CPI* came in at 4%, up from 3.7% in the previous month. The *10-year Treasury yield* rose to around 3.4%. The *VIX (-0.25%)* decreased to 20.29.
*Fed Vice Chair Lael Brainard* said that inflation still remains high despite recent moderation. She added that rates need to be "sufficiently restrictive for some time" to make sure inflation "returns to 2% on a sustained basis". *Boston Fed President Susan Collins* favored a slower pace of rate hikes to get rates above 5%, before holding "at that level for some time". *Weekly Initial Jobless Claims* unexpectedly fell to 190,000, down from 205,000. *December Building Permits* also came in lower than estimates at 1.33M. Elsewhere, the *Netherlands and Japan* are also reportedly close to joining the US in restricting exports of semiconductor making equipment to China.
*Procter & Gamble (-2.11%)* fell after warning of commodity costs pressuring profits, despite exceeding revenue and EPS estimates. *Norwegian Cruise Line (-4.83%)* fell after warning that it expects a net loss for the Q4 and full year of 2022, as well as Q1 2023. *Vornado Realty Trust (-3.90%)* shed after cutting quarterly dividends. *Allstate (-5.88%)* sank after releasing preliminary Q4 results that foresee a higher net loss due to claims related to winter storms. After hours, *Netflix (+6.94%)* surged after beating revenue estimates and adding 7.66M subscribers last quarter, well above estimates for 4.6M. *Nordstrom (-5.56%)* tumbled after slashing its annual profit forecast as holiday promotions failed to improve sales.
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