美帝股评 US MARKET SUMMARY 20230210

*US equities fall for 2nd straight session*

*10 February 2023*
Nasdaq 100 Index 12381.17, (-0.91%)↓
S&P 500 Index 4081.6, (-0.88%)↓
Dow Jones Indus Avg Index 33699.88, (-0.73%)↓

US stocks retreated as investors adjust to the prospect of higher interest rates from the Fed. The *S&P 500* wiped out early gains of almost 1% to close lower. The *10-year Treasury yield* rallied to around 3.66%. All 11 sectors closed in the red, with *Utilities* and *Communication Services* leading shares lower. The *VIX (+5.45%)* increased to 20.70.

*Weekly Initial Jobless Claims* rose more than expected to 196k from 183k, but remains at historically low levels, pointing to a still-tight labor market. The *10Y-2Y yield curve* is having its deepest inversion since the early 1980s, triggering recession concerns. *Futures market traders* are betting the Fed will lift rates to *5.00-5.25% by May* via 2 consecutive 25bps increments, before cutting rates in December.

*MGM Resorts (+6.44%)* jumped after beating revenue estimates, driven by strong performance in Macau after China reopened its borders. *Pepsi (+0.95%)* and *AbbVie (+2.83%)* both gained after beating Q4 estimates. *Alphabet (-4.54%)* extended its decline on concerns that its AI chat bot Bard will be unable to compete with Microsoft's ChatGPT. *Tapestry (+3.47%)* rose after the luxury fashion house, home to Coach and Kate Spade brands, reported better than expected quarterly results and provided upbeat guidance. *Mattel (-10.68%)* dropped on poor quarterly results, citing lower toy demand as higher prices for food and necessities led to tighter budgets. After hours, *Lyft (-30.18%)* plunged following a surprise Q4 loss and a dismal earnings forecast as it aims to lower surge pricing to keep up with rivals.