美帝股评 US Market Summary 20230113

*US shares close higher post-CPI*

*13 January 2023*
Nasdaq 100 Index 11459.61, (0.5%)↑
S&P 500 Index 3983.09, (0.34%)↑
Dow Jones Indus Avg Index 34189.97, (0.64%)↑

US equities rose as investors looked past initial disappointment with CPI data that came in-line with estimates to focus on the possibility that inflation has peaked. *Oil prices* rose for the 6th straight session,while the *10-year Treasury yield* slumped to around 3.43%. Elsewhere, the *Yen extended gains against the Dollar* to around 128.84, supported by a report the BoJ will be reviewing the side effects of its ultra-loose monetary policy next week. 8 of 11 sectors closed in the green, with *Energy* leading shares higher while *Consumer Staples* led losses. The *VIX (-9.06%)* dipped to 19.18.

*December Headline Consumer Price Index (CPI)* met estimates and rose 6.5% YoY, the slowest inflation rate in more than a year; *Core CPI* also came inline with expectations at 5.7% YoY. This cooling in inflation puts the Fed on track to downshift to smaller rate hikes at the Jan.31-Feb.1 meeting. *Philadelphia Fed President Patrick Harker*, shortly after the CPI data, said 25bps rate hikes "will be appropriate going forward". *Swap futures* began pricing in a 25bps hike in Feb and less than 50bps of tightening over the next 2 meetings. However, *James Bullard* favored getting rates above 5% "as soon as possible". Banks kick off the *Q4 earnings season* later today, with *Bank of America, Citigroup, JPMorgan, and Wells Fargo* all set to release their earnings results.

Energy was the biggest gainer amidst rising oil prices, *Hess (+3.77%), APA (+3.49%), and EQT (+4.67%)* all gained. *Cognizant (+5.58%)* gained after raising its Q4 revenue guidance. *American Airlines (+9.71%)* jumped after raising its Q4 revenue and earnings estimates, citing hire fares and strong holiday travel demand. Other airlines *Delta Air (+3.72%), Southwest (+2.78%), and United Airlines (+7.52%)* also gained. *Logitech (-16.86%)* sunk after reporting a decline in preliminary sales and earnings. *Taiwan Semiconductor (+6.38%)* surged following a record 78% jump in Q4 profit, despite cutting 2023 capex and warning of weaker chip demand.