*US equities close mixed as the Q4 earnings season heats up*
*18 January 2023*
Nasdaq 100 Index 11557.19, (0.14%)↑
S&P 500 Index 3990.95, (-0.20%)↓
Dow Jones Indus Avg Index 33910.85, (-1.14%)↓
US shares snapped a 4-day winning streak and struggled for direction amidst concerns over Q4 earnings and potential monetary tightening. Only the tech-heavy *Nasdaq* inched higher. The *2-year Treasury yield* fell to around 4.19%. 7 of 11 sectors ended in the red, with *Materials* and *Communication Services* leading losses, while *Info Tech* led shares higher. The *VIX (-0.92%)* dipped to 19.31.
*Richmond Fed President Thomas Barkin* stated that the Fed "cant declare victory too soon". He added that although recent inflation data has been encouraging, he wants to "see inflation convincingly back to our target". The *NY Empire State Manufacturing Index (Jan)* declined to -32.90 from -11.20, its lowest level since early-2020. This points to continued weakness in the manufacturing sector. Investors are keeping an eye on the *BoJ's 2-day policy meeting starting today*, as markets continue to speculate that the BoJ may further tweak their yield control policy.
*Goldman Sachs (-6.44%)* tumbled after missing Q4 EPS and revenue estimates, citing higher costs and a drop in investment-banking fees. In contrast, *Morgan Stanley (+5.91%)* jumped after beating top and bottom line estimates, supported by record revenue from its wealth management business. *The Travelers Companies (-4.60%)* fell after the insurance firm missed EPS estimates and forecasted wider losses due to winter storms. *Roblox (+11.77%)* surged after December metrics showed strong growth in daily active users and revenue. After hours, *United Airlines (+2.05%)* rose on strong Q4 results, while forecasting profits to quadruple in 2023.
*18 January 2023*
Nasdaq 100 Index 11557.19, (0.14%)↑
S&P 500 Index 3990.95, (-0.20%)↓
Dow Jones Indus Avg Index 33910.85, (-1.14%)↓
US shares snapped a 4-day winning streak and struggled for direction amidst concerns over Q4 earnings and potential monetary tightening. Only the tech-heavy *Nasdaq* inched higher. The *2-year Treasury yield* fell to around 4.19%. 7 of 11 sectors ended in the red, with *Materials* and *Communication Services* leading losses, while *Info Tech* led shares higher. The *VIX (-0.92%)* dipped to 19.31.
*Richmond Fed President Thomas Barkin* stated that the Fed "cant declare victory too soon". He added that although recent inflation data has been encouraging, he wants to "see inflation convincingly back to our target". The *NY Empire State Manufacturing Index (Jan)* declined to -32.90 from -11.20, its lowest level since early-2020. This points to continued weakness in the manufacturing sector. Investors are keeping an eye on the *BoJ's 2-day policy meeting starting today*, as markets continue to speculate that the BoJ may further tweak their yield control policy.
*Goldman Sachs (-6.44%)* tumbled after missing Q4 EPS and revenue estimates, citing higher costs and a drop in investment-banking fees. In contrast, *Morgan Stanley (+5.91%)* jumped after beating top and bottom line estimates, supported by record revenue from its wealth management business. *The Travelers Companies (-4.60%)* fell after the insurance firm missed EPS estimates and forecasted wider losses due to winter storms. *Roblox (+11.77%)* surged after December metrics showed strong growth in daily active users and revenue. After hours, *United Airlines (+2.05%)* rose on strong Q4 results, while forecasting profits to quadruple in 2023.
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