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*US equities close higher on dip-buying in beaten-down tech stocks*
*30 December 2022*
Nasdaq 100 Index 10951.05, (2.54%)↑
S&P 500 Index 3849.14, (1.74%)↑
Dow Jones Indus Avg Index 33220.8, (1.05%)↑
US stocks rose while *Treasury yields* and the *Dollar* fell as jobs data eased fears that a tight labor market would lead to tighter monetary policy. Despite thin holiday trading, the *S&P 500* had its biggest daily gain this month to snap a 2-day losing streak. The *10-year yield* slipped but remained above 3.8%. The *Dollar Index* also fell. All 11 sectors closed in the green, with *Communication Services* and *Info Tech* leading shares higher.
*Weekly Initial Jobless Claims* met estimates at 225k, up from 216k in the previous week. *Continuing Jobless Claims* came in above estimates at 1,710k, up from 1669k. Although it remained near historic lows, the data pointed to a *slowing labor market and eased fears of the Fed raising interest rates further*. It also fueled *hopes for a slowdown in wage growth* and a less aggressive Fed, leading to a decline in Treasury yields. Elsewhere, *oil prices*?dropped amidst concerns around Chinese demand and after US data showed a rise in crude stockpiles.
*Tech stocks* benefited from the decline in Treasury yields, with *Meta (+4.01%)* and *Apple (+2.83%)* both gaining. *Tesla (+8.08%)* surged after CEO Elon Musk told staff they should not be "bothered by stock market craziness". *Beyond Meat (+9.35%)* jumped after *McDonald's (+0.31%)* announced that it would roll out the Double McPlant across the Uk from 4 Jan. *Cal-Maine (-14.50%)* sunk after despite strong quarterly results. *Southwest Airlines (+3.70%)* rose after announcing that it plans to return to normal operations with minimal disruptions on Friday. *Goldman Sachs (+0.75%)* inched higher after announcing potential job cuts in January.
*30 December 2022*
Nasdaq 100 Index 10951.05, (2.54%)↑
S&P 500 Index 3849.14, (1.74%)↑
Dow Jones Indus Avg Index 33220.8, (1.05%)↑
US stocks rose while *Treasury yields* and the *Dollar* fell as jobs data eased fears that a tight labor market would lead to tighter monetary policy. Despite thin holiday trading, the *S&P 500* had its biggest daily gain this month to snap a 2-day losing streak. The *10-year yield* slipped but remained above 3.8%. The *Dollar Index* also fell. All 11 sectors closed in the green, with *Communication Services* and *Info Tech* leading shares higher.
*Weekly Initial Jobless Claims* met estimates at 225k, up from 216k in the previous week. *Continuing Jobless Claims* came in above estimates at 1,710k, up from 1669k. Although it remained near historic lows, the data pointed to a *slowing labor market and eased fears of the Fed raising interest rates further*. It also fueled *hopes for a slowdown in wage growth* and a less aggressive Fed, leading to a decline in Treasury yields. Elsewhere, *oil prices*?dropped amidst concerns around Chinese demand and after US data showed a rise in crude stockpiles.
*Tech stocks* benefited from the decline in Treasury yields, with *Meta (+4.01%)* and *Apple (+2.83%)* both gaining. *Tesla (+8.08%)* surged after CEO Elon Musk told staff they should not be "bothered by stock market craziness". *Beyond Meat (+9.35%)* jumped after *McDonald's (+0.31%)* announced that it would roll out the Double McPlant across the Uk from 4 Jan. *Cal-Maine (-14.50%)* sunk after despite strong quarterly results. *Southwest Airlines (+3.70%)* rose after announcing that it plans to return to normal operations with minimal disruptions on Friday. *Goldman Sachs (+0.75%)* inched higher after announcing potential job cuts in January.
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