*US equities closed mixed last Friday on rate hike fears amidst sticky inflation*
*17 February 2023*
Nasdaq 100 Index 12358.18, (-0.68%)↓
S&P 500 Index 4079.23, (-0.27%)↓
Dow Jones Indus Avg Index 33826.69, (0.39%)↑
US stocks closed mixed last Friday as investors remain wary that the Fed could hike rates by more than expected amidst sticky inflation. The *S&P 500* declined for the 2nd consecutive week. The *10-year Treasury yield* slipped to around 3.82%. 6 of 11 sectors closed in the green, with **Consumer Staples* leading gains while *Energy* led shares lower. *Oil* capped its longest string of daily losses on the year last week, falling down to around $76 amidst fears of a more hawkish Fed. The *VIX (-0.7%)* decreased to 20.02.
*US Markets will be closed today for President's Day.* Last week, *Richmond Fed President Thomas Barkin* said that he favored a 25bps hike in February to give the Fed some "flexibility" in reining in inflation. *Fed Governor Michelle Bowman* added that rates need to keep going higher as inflation remains "much too high". Investors will be looking to *this Thursday's FOMC meeting minutes scheduled at 03:00 Singapore Time*; as well as *Q4 GDP data due 21:30 Singapore Time*. Attention will then shift to *Personal Consumption Expenditure (PCE) Index data*, the Fed's preferred inflation gauge, this *Friday at 21:30 Singapore Time.*
Energy weighed on the broader market, *EOG Resources (-5.37%) and Hess (-5.73%)* both slumped. *Deere (+7.53%)* rose after the agriculture equipment maker topped EPS estimates and raised its 2023 full-year guidance. *DraftKings (+15.33%)* surged on strong quarterly results and an upbeat 2023 guidance, citing strong demand for legalized sports betting. *DoorDash (-7.59%)* plunged after reporting a wider than expected quarterly loss. *AutoNation (+11.35%)* jumped after the car dealer beat quarterly estimates, citing stronger demand for new vehicles. After hours, *Sigma Lithium (+25.51%)* surged on reports Tesla is considering a takeover of the battery-metals miner.
*17 February 2023*
Nasdaq 100 Index 12358.18, (-0.68%)↓
S&P 500 Index 4079.23, (-0.27%)↓
Dow Jones Indus Avg Index 33826.69, (0.39%)↑
US stocks closed mixed last Friday as investors remain wary that the Fed could hike rates by more than expected amidst sticky inflation. The *S&P 500* declined for the 2nd consecutive week. The *10-year Treasury yield* slipped to around 3.82%. 6 of 11 sectors closed in the green, with **Consumer Staples* leading gains while *Energy* led shares lower. *Oil* capped its longest string of daily losses on the year last week, falling down to around $76 amidst fears of a more hawkish Fed. The *VIX (-0.7%)* decreased to 20.02.
*US Markets will be closed today for President's Day.* Last week, *Richmond Fed President Thomas Barkin* said that he favored a 25bps hike in February to give the Fed some "flexibility" in reining in inflation. *Fed Governor Michelle Bowman* added that rates need to keep going higher as inflation remains "much too high". Investors will be looking to *this Thursday's FOMC meeting minutes scheduled at 03:00 Singapore Time*; as well as *Q4 GDP data due 21:30 Singapore Time*. Attention will then shift to *Personal Consumption Expenditure (PCE) Index data*, the Fed's preferred inflation gauge, this *Friday at 21:30 Singapore Time.*
Energy weighed on the broader market, *EOG Resources (-5.37%) and Hess (-5.73%)* both slumped. *Deere (+7.53%)* rose after the agriculture equipment maker topped EPS estimates and raised its 2023 full-year guidance. *DraftKings (+15.33%)* surged on strong quarterly results and an upbeat 2023 guidance, citing strong demand for legalized sports betting. *DoorDash (-7.59%)* plunged after reporting a wider than expected quarterly loss. *AutoNation (+11.35%)* jumped after the car dealer beat quarterly estimates, citing stronger demand for new vehicles. After hours, *Sigma Lithium (+25.51%)* surged on reports Tesla is considering a takeover of the battery-metals miner.
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