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*US equities close mixed following hot inflation data*
*15 February 2023*
Nasdaq 100 Index 12590.89, (0.71%)↑
S&P 500 Index 4136.18, (-0.03%)↓
Dow Jones Indus Avg Index 34089.27, (-0.46%)↓
US stocks closed mixed after a choppy session as investors balance hotter than expected CPI data with mixed Fed commentary. The *S&P 500* ended little change while the *tech-heavy Nasdaq* rose slightly. The *10-year Treasury yield* rose to around 3.75%. 7 of 11 sectors closed in the red, with *Consumer Discretionary* leading shares higher while *Real Estate* led shares lower. The *VIX (-8.51%)* decreased to 18.61.
*Inflation has likely peaked but isn't slowing as fast as markets expected.* The *US Jan Consumer Price Index (CPI)* showed that inflation grew at by 6.4% YoY, down from 6.5% but slightly above expectations of 6.2%. *Core CPI* also slowed to 5.6% but remained higher than estimates of 5.5%. *Shelter costs* were the largest contributor to persistent inflation, growing by 7.2% YoY.
*Dallas Fed President Lorie Logan* warned rate hikes could last "for a longer period than previously anticipated". *Richmond Fed President Thomas Barkin* said that the Fed might "have more to do", and added that "Inflation is normalizing but it's coming down slowly." *Philadelphia Fed President Patrick Harker* was more dovish, saying "We are not done yet… but we are likely close." *Futures market traders* are betting the Fed will lift rates to *5.25-5.50% by June* via 3 consecutive 25bps increments.
*Palantir (+21.16%)* surged on strong quarterly results and after posting its first profitable quarter. *Nvidia (+5.43%)* gained as the chip maker looks primed to benefit from the current "AI arms race" between Microsoft and Alphabet. *Avis Budget (+10.66%)* jumped after the rental car company topped quarterly estimates, citing strong holiday travel demand. *Zoetis (+5.37%)* gained after the pet health company met estimates. *Ecolab (+7.11%)* gained after the chemicals company reported higher-than-expected earnings. After hours, *Airbnb (+9.79%)* jumped after beating top and bottom line estimates
*15 February 2023*
Nasdaq 100 Index 12590.89, (0.71%)↑
S&P 500 Index 4136.18, (-0.03%)↓
Dow Jones Indus Avg Index 34089.27, (-0.46%)↓
US stocks closed mixed after a choppy session as investors balance hotter than expected CPI data with mixed Fed commentary. The *S&P 500* ended little change while the *tech-heavy Nasdaq* rose slightly. The *10-year Treasury yield* rose to around 3.75%. 7 of 11 sectors closed in the red, with *Consumer Discretionary* leading shares higher while *Real Estate* led shares lower. The *VIX (-8.51%)* decreased to 18.61.
*Inflation has likely peaked but isn't slowing as fast as markets expected.* The *US Jan Consumer Price Index (CPI)* showed that inflation grew at by 6.4% YoY, down from 6.5% but slightly above expectations of 6.2%. *Core CPI* also slowed to 5.6% but remained higher than estimates of 5.5%. *Shelter costs* were the largest contributor to persistent inflation, growing by 7.2% YoY.
*Dallas Fed President Lorie Logan* warned rate hikes could last "for a longer period than previously anticipated". *Richmond Fed President Thomas Barkin* said that the Fed might "have more to do", and added that "Inflation is normalizing but it's coming down slowly." *Philadelphia Fed President Patrick Harker* was more dovish, saying "We are not done yet… but we are likely close." *Futures market traders* are betting the Fed will lift rates to *5.25-5.50% by June* via 3 consecutive 25bps increments.
*Palantir (+21.16%)* surged on strong quarterly results and after posting its first profitable quarter. *Nvidia (+5.43%)* gained as the chip maker looks primed to benefit from the current "AI arms race" between Microsoft and Alphabet. *Avis Budget (+10.66%)* jumped after the rental car company topped quarterly estimates, citing strong holiday travel demand. *Zoetis (+5.37%)* gained after the pet health company met estimates. *Ecolab (+7.11%)* gained after the chemicals company reported higher-than-expected earnings. After hours, *Airbnb (+9.79%)* jumped after beating top and bottom line estimates
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