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*US equities close lower to start 2023*
*4 January 2023*
Nasdaq 100 Index 10862.64, (-0.7%)↓
S&P 500 Index 3823.93, (-0.41%)↓
Dow Jones Indus Avg Index 33136.37, (-0.03%)↓
US stocks closed the 1st trading day of the year in the red amidst unease about a possible recession and rising interest rates. 6 of 11 sectors ended in the red, with *Energy* leading losses, while *Communication Services* led shares higher. Elsewhere, *Gold* climbed to a 6-month high as *Treasury Yields* logged its biggest decline in more than a month, with the *10-year yield* last hovering around 3.74%. *Oil prices* plunged on poor manufacturing activity data from China and IMF warnings of a global recession. The *VIX (+5.49%)* jumped to 22.88.
*Former New York Fed President William Dudley* said that a recession is "pretty likely" but not severe, adding that "the Fed can end the recession by subsequently easing monetary policy". *Former Fed Chair Alan Greenspan* said the risks of cutting rates too quickly is that inflation could "flare up again" and that he does not expect the Fed to loosen prematurely. Ahead in the week, Investors will be monitoring *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, *China's re-opening* remains uncertain, with crematoriums in Shanghai reportedly being overwhelmed by a surge in COVID cases.
Energy and Tech stocks weighed on the broader market. *Tesla (-12.24%)* tumbled to its lowest level since August 2020 on demand worries, production issues, and after missing Q4 delivery estimates. *Apple (-3.74%)* fell on demand fears, closing below $2 Trillion for the first time since March 2021. Energy stocks slumped as oil prices declined, with *Exxon Mobil (-3.44%)* and *Chevron (-3.06%)* both dropping. Casino stocks such as *Wynn Resorts (+3.81%)* and *Las Vegas Sands (+2.62%)* gained as Macau looks poised for a gradual reopening.
*4 January 2023*
Nasdaq 100 Index 10862.64, (-0.7%)↓
S&P 500 Index 3823.93, (-0.41%)↓
Dow Jones Indus Avg Index 33136.37, (-0.03%)↓
US stocks closed the 1st trading day of the year in the red amidst unease about a possible recession and rising interest rates. 6 of 11 sectors ended in the red, with *Energy* leading losses, while *Communication Services* led shares higher. Elsewhere, *Gold* climbed to a 6-month high as *Treasury Yields* logged its biggest decline in more than a month, with the *10-year yield* last hovering around 3.74%. *Oil prices* plunged on poor manufacturing activity data from China and IMF warnings of a global recession. The *VIX (+5.49%)* jumped to 22.88.
*Former New York Fed President William Dudley* said that a recession is "pretty likely" but not severe, adding that "the Fed can end the recession by subsequently easing monetary policy". *Former Fed Chair Alan Greenspan* said the risks of cutting rates too quickly is that inflation could "flare up again" and that he does not expect the Fed to loosen prematurely. Ahead in the week, Investors will be monitoring *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, *China's re-opening* remains uncertain, with crematoriums in Shanghai reportedly being overwhelmed by a surge in COVID cases.
Energy and Tech stocks weighed on the broader market. *Tesla (-12.24%)* tumbled to its lowest level since August 2020 on demand worries, production issues, and after missing Q4 delivery estimates. *Apple (-3.74%)* fell on demand fears, closing below $2 Trillion for the first time since March 2021. Energy stocks slumped as oil prices declined, with *Exxon Mobil (-3.44%)* and *Chevron (-3.06%)* both dropping. Casino stocks such as *Wynn Resorts (+3.81%)* and *Las Vegas Sands (+2.62%)* gained as Macau looks poised for a gradual reopening.
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