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*US equities inch higher following strong retail sales data*
*16 February 2023*
Nasdaq 100 Index 12687.89, (0.77%)↑
S&P 500 Index 4147.76, (0.28%)↑
Dow Jones Indus Avg Index 34128.05, (0.11%)↑
US stocks closed slightly higher as investors shrugged off fresh economic data that pointed to further Fed tightening ahead.The *10-year Treasury yield* rose to around 3.8%. The *Dollar Index* also rose by 0.6%. 9 of 11 sectors closed in the green, with *Communication Services* leading shares higher while *Energy* led losses. The VIX (-4.18%) decreased to 18.12.
*US retail sales* for Jan increased more than expected by 3.0% MoM, up from -1.1% in the previous month in its largest increase in nearly 2 years. *Core Retail Sales*, which excludes automobiles, also surprised to the upside at 2.3% MoM, up from -0.9% in December. The strong retail sales data indicate that *consumer demand remains resilient* and *supports the argument for the Fed to push rates higher for longer*.
*Roblox (+26.38%)* skyrocketed after beating Q4 bookings estimates, seemingly defying a sector-wide demand slowdown. *Taiwan Semiconductor Manufacturing (-5.31%)* fell after Berkshire Hathaway slashed its stake in the company by 86%. *Paramount Global (+9.31%)* jumped after Berkshire increased its stake in the entertainment company. *Devon Energy (-10.49%)* tumbled after missing earnings estimates and warned that Q1 production could take a hit from infrastructure outages. *Analog Devices (+7.47%)* gained on strong quarterly results and a stronger than expected Q1 guidance. After hours, *Roku (+10.65%)* jumped after issuing upbeat revenue guidance.
*16 February 2023*
Nasdaq 100 Index 12687.89, (0.77%)↑
S&P 500 Index 4147.76, (0.28%)↑
Dow Jones Indus Avg Index 34128.05, (0.11%)↑
US stocks closed slightly higher as investors shrugged off fresh economic data that pointed to further Fed tightening ahead.The *10-year Treasury yield* rose to around 3.8%. The *Dollar Index* also rose by 0.6%. 9 of 11 sectors closed in the green, with *Communication Services* leading shares higher while *Energy* led losses. The VIX (-4.18%) decreased to 18.12.
*US retail sales* for Jan increased more than expected by 3.0% MoM, up from -1.1% in the previous month in its largest increase in nearly 2 years. *Core Retail Sales*, which excludes automobiles, also surprised to the upside at 2.3% MoM, up from -0.9% in December. The strong retail sales data indicate that *consumer demand remains resilient* and *supports the argument for the Fed to push rates higher for longer*.
*Roblox (+26.38%)* skyrocketed after beating Q4 bookings estimates, seemingly defying a sector-wide demand slowdown. *Taiwan Semiconductor Manufacturing (-5.31%)* fell after Berkshire Hathaway slashed its stake in the company by 86%. *Paramount Global (+9.31%)* jumped after Berkshire increased its stake in the entertainment company. *Devon Energy (-10.49%)* tumbled after missing earnings estimates and warned that Q1 production could take a hit from infrastructure outages. *Analog Devices (+7.47%)* gained on strong quarterly results and a stronger than expected Q1 guidance. After hours, *Roku (+10.65%)* jumped after issuing upbeat revenue guidance.
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