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*US equities inch higher after hawkish Fed minutes*
*5 January 2023*
Nasdaq 100 Index 10914.8, (0.48%)↑
S&P 500 Index 3852.78, (0.75%)↑
Dow Jones Indus Avg Index 33269.77, (0.4%)↑
US stocks pared gains but remained in positive territory after *minutes of the Federal Open Market Committee’s Dec. 13-14 meeting* suggested that the Fed will remain hawkish in raising rates to tame inflation. All 11 sectors closed in a sea of green, with *Real Estate* and *Materials* leading shares higher. The *10-Year Treasury yield* fell below 3.7%, last hovering around 3.687%. *Crude Oil* slumped by more than 5% on demand fears, before settling around $73.37. The *VIX (-2.18%)* declined to 22.40.
Last month's *FOMC minutes* showed that officials favored a "restrictive policy stance for a sustained period" and *cautioned investors against underestimating their resolve to keep rates higher for longer*. They noted that an *"unwarranted loosening in financial conditions" driven by public misperception could hurt price stabilization efforts.* No Fed officials saw rate cuts in 2023. *US job openings* fell less than expected in November to 10.46M from 10.51M, pointing to a resilient labor market. The *ISM Manufacturing PMI* also fell to 48.4 from 49. *Minneapolis Fed President Neel Kashkari*, who votes on FOMC decisions this year, said that he sees at least another 100bps of rate hikes in 2023, calling for a pause at 5.4% although persistent inflation may warrant "taking the policy rate potentially much higher." Ahead in the week, Investors will be monitoring *Nonfarm Payrolls for December on Friday, 6 January, 21:30 Singapore Time*.
*Salesforce (+3.57%)* jumped after announcing plans to slash 10% of its workforce and close some offices to reduce expenses. *General Electric (+5.86%)* surged after GE Healthcare Technologies debuted as a separate public company. *Carnival Corp (+9.66%)* rose after the company said that it would raise prices effective April 1. *Coinbase (+12.20%)* jumped after the company reached a settlement with New York regulators over its anti-money laundering program. After hours, *Amazon (+1.66%)* rose on reports it is planning to layoff more than 17,000 workers.
*5 January 2023*
Nasdaq 100 Index 10914.8, (0.48%)↑
S&P 500 Index 3852.78, (0.75%)↑
Dow Jones Indus Avg Index 33269.77, (0.4%)↑
US stocks pared gains but remained in positive territory after *minutes of the Federal Open Market Committee’s Dec. 13-14 meeting* suggested that the Fed will remain hawkish in raising rates to tame inflation. All 11 sectors closed in a sea of green, with *Real Estate* and *Materials* leading shares higher. The *10-Year Treasury yield* fell below 3.7%, last hovering around 3.687%. *Crude Oil* slumped by more than 5% on demand fears, before settling around $73.37. The *VIX (-2.18%)* declined to 22.40.
Last month's *FOMC minutes* showed that officials favored a "restrictive policy stance for a sustained period" and *cautioned investors against underestimating their resolve to keep rates higher for longer*. They noted that an *"unwarranted loosening in financial conditions" driven by public misperception could hurt price stabilization efforts.* No Fed officials saw rate cuts in 2023. *US job openings* fell less than expected in November to 10.46M from 10.51M, pointing to a resilient labor market. The *ISM Manufacturing PMI* also fell to 48.4 from 49. *Minneapolis Fed President Neel Kashkari*, who votes on FOMC decisions this year, said that he sees at least another 100bps of rate hikes in 2023, calling for a pause at 5.4% although persistent inflation may warrant "taking the policy rate potentially much higher." Ahead in the week, Investors will be monitoring *Nonfarm Payrolls for December on Friday, 6 January, 21:30 Singapore Time*.
*Salesforce (+3.57%)* jumped after announcing plans to slash 10% of its workforce and close some offices to reduce expenses. *General Electric (+5.86%)* surged after GE Healthcare Technologies debuted as a separate public company. *Carnival Corp (+9.66%)* rose after the company said that it would raise prices effective April 1. *Coinbase (+12.20%)* jumped after the company reached a settlement with New York regulators over its anti-money laundering program. After hours, *Amazon (+1.66%)* rose on reports it is planning to layoff more than 17,000 workers.
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