Trading for a Living
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*US equities inched higher last Friday ahead of the Christmas weekend*
*27 December 2022*
Nasdaq 100 Index 10985.45, (0.27%)↑
S&P 500 Index 3844.88, (0.59%)↑
Dow Jones Indus Avg Index 33203.93, (0.53%)↑
US stocks closed slightly higher last Friday to end a turbulent week as investors digest inflation data while weighing the prospect of a more hawkish Fed. The *S&P 500* suffered its 3rd consecutive weekly loss. The *Dollar Index* fell despite the probability of interest rates rising above 5%, last hovering at 104.04. All 11 sectors ended in a sea of green, with *Energy* and *Communication Services* leading shares higher.
*November Personal Consumption Expenditure (PCE)* data met expectations, with *Headline PCE* coming in at 5.5% YoY, and *Core PCE* slowing to 4.7% YoY. Although the inflation reading shows that inflation is cooling, it is *unlikely sufficient enough to discourage the Fed from pivoting on their hawkish monetary policy*. However, we *expect the Fed to start cutting rates sometime at the end of 2023* as inflation eases towards their 2% target. As we head into 2023, expect *recession talks to replace inflation as the dominant market headline*. Elsewhere, a *"once-in-a-lifetime" winter storm in the US* led to roughly 5,700 flight cancellations and travel disruptions over the Christmas weekend.
*Energy* stocks gained on higher oil prices following reports that Russia plans to cut crude output to offset the price cap imposed by the EU and G7 nations. *Hess (+4.72%), Halliburton (+4.13%), and APA (+5.73%) all gained*. *Tesla (-1.76%)* continued its decline, as CEO Elon Musk's promise to not sell his shares for at least 2 years failed to reassure investors. *News Corp (+2.81%)* rose following reports that media mogul Michael Bloomberg could be acquiring either the Wall Street Journal or the Washington Post. *Alphabet (+1.68%)* gained following YouTube's exclusive "Sunday Ticket" deal with the National Football League.
*27 December 2022*
Nasdaq 100 Index 10985.45, (0.27%)↑
S&P 500 Index 3844.88, (0.59%)↑
Dow Jones Indus Avg Index 33203.93, (0.53%)↑
US stocks closed slightly higher last Friday to end a turbulent week as investors digest inflation data while weighing the prospect of a more hawkish Fed. The *S&P 500* suffered its 3rd consecutive weekly loss. The *Dollar Index* fell despite the probability of interest rates rising above 5%, last hovering at 104.04. All 11 sectors ended in a sea of green, with *Energy* and *Communication Services* leading shares higher.
*November Personal Consumption Expenditure (PCE)* data met expectations, with *Headline PCE* coming in at 5.5% YoY, and *Core PCE* slowing to 4.7% YoY. Although the inflation reading shows that inflation is cooling, it is *unlikely sufficient enough to discourage the Fed from pivoting on their hawkish monetary policy*. However, we *expect the Fed to start cutting rates sometime at the end of 2023* as inflation eases towards their 2% target. As we head into 2023, expect *recession talks to replace inflation as the dominant market headline*. Elsewhere, a *"once-in-a-lifetime" winter storm in the US* led to roughly 5,700 flight cancellations and travel disruptions over the Christmas weekend.
*Energy* stocks gained on higher oil prices following reports that Russia plans to cut crude output to offset the price cap imposed by the EU and G7 nations. *Hess (+4.72%), Halliburton (+4.13%), and APA (+5.73%) all gained*. *Tesla (-1.76%)* continued its decline, as CEO Elon Musk's promise to not sell his shares for at least 2 years failed to reassure investors. *News Corp (+2.81%)* rose following reports that media mogul Michael Bloomberg could be acquiring either the Wall Street Journal or the Washington Post. *Alphabet (+1.68%)* gained following YouTube's exclusive "Sunday Ticket" deal with the National Football League.
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