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*US equities inch lower on last trading day of 2022*
*3 January 2023*
Nasdaq 100 Index 10939.76, (-0.1%)↓
S&P 500 Index 3839.5, (-0.25%)↓
Dow Jones Indus Avg Index 33147.25, (-0.22%)↓
US stocks closed slightly lower last Friday as all 3 benchmark indices wrapped up the year with their *largest annual losses since 2008*. 10 of 11 sectors ended in the red, with *Energy* the sole sector in the green, while *Real Estate* and *Utilities* led losses. Elsewhere, the *Yen* strengthened above 130 per dollar, its highest level since June. A stronger Yen signals that *traders believe the Bank of Japan will be forced to pivot on its ultra-loose monetary policy as inflation rises*, despite bond buying efforts by the BoJ and statements by officials pointing to the contrary.
Ahead in the week, Investors will be monitoring Manufacturing PMI data, JOLTs Job openings data, *minutes of the Fed's latest policy meeting on Thursday, 5 January, at 03:00 Singapore Time*, and *Nonfarm Payrolls for December on Friday, 6 January, 21:30 Singapore Time*. Elsewhere, *Australia and Canada* joined a growing list of countries requiring pre-arrival testing of visitors from China.
Energy stocks gained as oil prices settled higher to end the year, as *APA Corp (+1.68%) and Halliburton (+1.23%)* both rallied. Semiconductor stocks continued weighing on markets amidst fears for softer demand, with *Micron (-1.10%) and Taiwan Semiconductor Manufacturing (-1.99%)* both declining. China-based EV maker *Li Auto (+4.67%)* jumped after forecasting more than 20,000 deliveries in December 2022, up from 14,087 deliveries in December 2021. *Southwest Airlines (+0.87%)* rose after returning to normal operations following a winter storm that led to thousands of flight cancellations. *Tesla (+1.12%)* rose after reporting a record 405,278 vehicle deliveries in Q4, although it still missed estimates for 420,760.
*3 January 2023*
Nasdaq 100 Index 10939.76, (-0.1%)↓
S&P 500 Index 3839.5, (-0.25%)↓
Dow Jones Indus Avg Index 33147.25, (-0.22%)↓
US stocks closed slightly lower last Friday as all 3 benchmark indices wrapped up the year with their *largest annual losses since 2008*. 10 of 11 sectors ended in the red, with *Energy* the sole sector in the green, while *Real Estate* and *Utilities* led losses. Elsewhere, the *Yen* strengthened above 130 per dollar, its highest level since June. A stronger Yen signals that *traders believe the Bank of Japan will be forced to pivot on its ultra-loose monetary policy as inflation rises*, despite bond buying efforts by the BoJ and statements by officials pointing to the contrary.
Ahead in the week, Investors will be monitoring Manufacturing PMI data, JOLTs Job openings data, *minutes of the Fed's latest policy meeting on Thursday, 5 January, at 03:00 Singapore Time*, and *Nonfarm Payrolls for December on Friday, 6 January, 21:30 Singapore Time*. Elsewhere, *Australia and Canada* joined a growing list of countries requiring pre-arrival testing of visitors from China.
Energy stocks gained as oil prices settled higher to end the year, as *APA Corp (+1.68%) and Halliburton (+1.23%)* both rallied. Semiconductor stocks continued weighing on markets amidst fears for softer demand, with *Micron (-1.10%) and Taiwan Semiconductor Manufacturing (-1.99%)* both declining. China-based EV maker *Li Auto (+4.67%)* jumped after forecasting more than 20,000 deliveries in December 2022, up from 14,087 deliveries in December 2021. *Southwest Airlines (+0.87%)* rose after returning to normal operations following a winter storm that led to thousands of flight cancellations. *Tesla (+1.12%)* rose after reporting a record 405,278 vehicle deliveries in Q4, although it still missed estimates for 420,760.
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