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*US shares close slightly higher ahead of CPI report*
*11 January 2023*
Nasdaq 100 Index 11205.78, (0.88%)↑
S&P 500 Index 3919.41, (0.7%)↑
Dow Jones Indus Avg Index 33704.1, (0.56%)↑
US equities closed slightly higher as investors bet that the upcoming CPI report will show further softening. The *Nasdaq* posted its 3rd consecutive winning session. *Treasury?10-year yields* rallied to around 3.6%. 10 of 11 sectors closed in the green, with *Consumer Staples* the sole sector in the red, while *Communication Services* led shares higher. The *VIX (-5.01%)* dipped to 20.87.
*Fed Chair Jerome Powell* avoided directly commenting on interest rates at a forum in Stockholm. However, Powell briefly stated that *"restoring price stability when inflation is high can require measures that are not popular in the short term."* Elsewhere, the *World Bank* slashed 2023 growth forecasts and warned of a global recession, pointing to a "sharp, long-lasting slowdown". Looking ahead, All eyes will be on this *Thursday's CPI data scheduled to be released at 21:30 Singapore Time*.
*Communication Services* led the broader market higher, with *Netflix (+3.92%) and Warner Bros Discovery (+8.18%)* both up. *Virgin Orbit (-13.9%)* tumbled after its first launch in the UK failed to reach orbit. *Coinbase (+12.96%)* jumped after announcing plans to slash its workforce by 20%. *American Eagle (+2.08%) and Abercrombie & Fitch (+1.46%)* both rose after raising their sales forecast for the holiday quarter. *Oak Street Health (+27.47%)* surged on reports CVS Health will purchase it for $10B. *Jefferies Financial (+3.76%)* rallied after posting its 2nd best year for investment banking revenue, despite a sharp decline in Q4 profit.
*11 January 2023*
Nasdaq 100 Index 11205.78, (0.88%)↑
S&P 500 Index 3919.41, (0.7%)↑
Dow Jones Indus Avg Index 33704.1, (0.56%)↑
US equities closed slightly higher as investors bet that the upcoming CPI report will show further softening. The *Nasdaq* posted its 3rd consecutive winning session. *Treasury?10-year yields* rallied to around 3.6%. 10 of 11 sectors closed in the green, with *Consumer Staples* the sole sector in the red, while *Communication Services* led shares higher. The *VIX (-5.01%)* dipped to 20.87.
*Fed Chair Jerome Powell* avoided directly commenting on interest rates at a forum in Stockholm. However, Powell briefly stated that *"restoring price stability when inflation is high can require measures that are not popular in the short term."* Elsewhere, the *World Bank* slashed 2023 growth forecasts and warned of a global recession, pointing to a "sharp, long-lasting slowdown". Looking ahead, All eyes will be on this *Thursday's CPI data scheduled to be released at 21:30 Singapore Time*.
*Communication Services* led the broader market higher, with *Netflix (+3.92%) and Warner Bros Discovery (+8.18%)* both up. *Virgin Orbit (-13.9%)* tumbled after its first launch in the UK failed to reach orbit. *Coinbase (+12.96%)* jumped after announcing plans to slash its workforce by 20%. *American Eagle (+2.08%) and Abercrombie & Fitch (+1.46%)* both rose after raising their sales forecast for the holiday quarter. *Oak Street Health (+27.47%)* surged on reports CVS Health will purchase it for $10B. *Jefferies Financial (+3.76%)* rallied after posting its 2nd best year for investment banking revenue, despite a sharp decline in Q4 profit.
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