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*US equities close lower as economic data point to a cooling economy*
*19 January 2023*
Nasdaq 100 Index 11410.29, (-1.27%)↓
S&P 500 Index 3928.75, (-1.56%)↓
Dow Jones Indus Avg Index 33296.96, (-1.81%)↓
US shares closed lower as weak economic data and hawkish Fed comments fueled recession fears and worries over corporate earnings. The *S&P 500* posted its worst daily drop in over a month, while the tech-heavy *Nasdaq* snapped a 7-day win streak. The 10-year Treasury yield fell to around 4-month lows of 3.37%. All 11 sectors ended in the red, with *Consumer Staples* and *Utilities* leading losses. The *VIX (+3.77%)* rose to 20.09.
Pointing to a slowing US economy, *US Core Retail Sales* fell more than expected by -1.1% MoM in December, while *Industrial Production* also came in below estimates at -0.7%, down from -0.6% in November. Adding to the peak inflation narrative, the *December Producer Price Index (PPI)* also dropped to 6.2% from 7.3%.
Fed officials repeated their calls for more rate hikes. *St.Louis Fed President James Bullard* said rates were not yet in restrictive territory and has to "stay on the tighter side", projecting a terminal rate of 5.5% by the end of 2023. *Cleveland Fed President Loretta Mester* said that the Fed needs to "keep going" and thinks rates need to be above 5%. *Philadelphia Fed Chief Patrick Harker* favored 25bps rate hikes "going forward" and sees rates being raised "a few more times".
*Microsoft (-1.89%)* fell on reports it plans to slash around 10,000 jobs or 5% of its workforce. *J.B. Hunt Transport Services (+4.95%)* jumped on forecasts of a freight market rebound in Q2 and Q3 despite poor quarterly results. *Moderna (+3.32%)* gained on successful test results of a vaccine which treats an infectious respiratory virus. *PNC Financial Services (-6.04%)* sunk after missing EPS estimates. *Charles Schwab (-2.53%)* fell after missing both top and bottom line estimates. *Procter & Gamble and Netflix* will be reporting earnings later today.
*19 January 2023*
Nasdaq 100 Index 11410.29, (-1.27%)↓
S&P 500 Index 3928.75, (-1.56%)↓
Dow Jones Indus Avg Index 33296.96, (-1.81%)↓
US shares closed lower as weak economic data and hawkish Fed comments fueled recession fears and worries over corporate earnings. The *S&P 500* posted its worst daily drop in over a month, while the tech-heavy *Nasdaq* snapped a 7-day win streak. The 10-year Treasury yield fell to around 4-month lows of 3.37%. All 11 sectors ended in the red, with *Consumer Staples* and *Utilities* leading losses. The *VIX (+3.77%)* rose to 20.09.
Pointing to a slowing US economy, *US Core Retail Sales* fell more than expected by -1.1% MoM in December, while *Industrial Production* also came in below estimates at -0.7%, down from -0.6% in November. Adding to the peak inflation narrative, the *December Producer Price Index (PPI)* also dropped to 6.2% from 7.3%.
Fed officials repeated their calls for more rate hikes. *St.Louis Fed President James Bullard* said rates were not yet in restrictive territory and has to "stay on the tighter side", projecting a terminal rate of 5.5% by the end of 2023. *Cleveland Fed President Loretta Mester* said that the Fed needs to "keep going" and thinks rates need to be above 5%. *Philadelphia Fed Chief Patrick Harker* favored 25bps rate hikes "going forward" and sees rates being raised "a few more times".
*Microsoft (-1.89%)* fell on reports it plans to slash around 10,000 jobs or 5% of its workforce. *J.B. Hunt Transport Services (+4.95%)* jumped on forecasts of a freight market rebound in Q2 and Q3 despite poor quarterly results. *Moderna (+3.32%)* gained on successful test results of a vaccine which treats an infectious respiratory virus. *PNC Financial Services (-6.04%)* sunk after missing EPS estimates. *Charles Schwab (-2.53%)* fell after missing both top and bottom line estimates. *Procter & Gamble and Netflix* will be reporting earnings later today.
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