美帝股评 US Market Summary 20230116

*US shares closed higher last Friday amidst mixed Bank earnings*

*16 January 2023*
Nasdaq 100 Index 11541.48, (0.71%)↑
S&P 500 Index 3999.03, (0.4%)↑
Dow Jones Indus Avg Index 34302.61, (0.33%)↑

US equities rose last Friday as investors digested mixed bank earnings and continue betting on a less aggressive Fed. The *Nasdaq* climbed for the 6th straight session, its longest winning run since November 2021. Elsewhere, *Gold* logged its 4th consecutive weekly gain amidst a *weaker Dollar and declining Treasury yields*. 8 of 11 sectors closed in the green, with *Communication Services* leading shares higher while *Real Estate* led losses. The *VIX (-2.55%)* dipped to 18.35.

*US markets will be closed today as it is Martin Luther King Jr. Day.* Data last week added to optimism that the Federal Reserve may be able to slow the pace of interest rate hikes. The *University of Michigan Consumer Sentiment* rose to a 12-month high of 64.6 from 59.7. *US year-ahead inflation expectations* also fell to 4.0% from 4.4% in December, the lowest in nearly two years and its 4th straight monthly decline. Elsewhere, the *World Economic Forum* is set to hold its annual meeting in Davos. The *BoJ's 2-day policy meeting starting on Wednesday* will also garner attention. Looking ahead, investors will monitor *US Retail Sales data due this Wednesday, at 9:30pm Singapore Time.*

*Bank* stocks posted mixed results, *JP Morgan (+2.52%) and Bank of America (+2.2%)* both gained after reporting strong Q4 results, underpinned by rising interest rates that boosted interest income. *Citigroup (+1.69%)* gained despite missing EPS expectations, while *Wells Fargo (+3.25%)* also rose despite missing revenue estimates. *Bank of New York Mellon (+1.81%)* gained after announcing plans to cut around 3% of its workforce. *Delta Air Lines (-3.54%)* fell after forecasting higher labor costs to eat into its Q1 profit. *Wendy’s (+5.97%)* jumped after reporting upbeat preliminary Q4 results, expecting revenue to rise nearly 13%; alongside a corporate revamp and possible job cuts.