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*US equities fall following unexpectedly strong US jobs report*
*6 February 2023*
Nasdaq 100 Index 12573.36, (-1.79%)↓
S&P 500 Index 4136.41, (-1.04%)↓
Dow Jones Indus Avg Index 33926.01, (-0.38%)↓
???? US stocks fell after data pointing to a *robust labor market fueled fears that the Fed would keep hiking rates*. The *S&P 500* still notched a weekly gain that took the index to its highest level since August. The *10-year Treasury yield* jumped to around 3.56% while the *Dollar Index* also rose to its highest since Jan.12. All 11 sectors closed in the red, with *Consumer Discretionary* and *Communication Services* leading shares lower. The *VIX (-2.14%)* decreased to 18.33.
???? *Nonfarm Payrolls* massively exceeded estimates, coming in at 517K for January, up from 260K in the previous month. The *Unemployment rate* for January also dropped to a 53-year low at 3.4%, down from 3.5%. This points to a resilient labour market that could provide the Fed with ammunition to continue with their rate hikes. The *ISM Non-Manufacturing PMI* beat estimates at 55.2 in January, up from 49.2, pointing to a rebound in US services industry activity. Elsewhere, *US-China tensions* rose after an alleged Chinese spy balloon was shot down. Looking ahead, all eyes will be on *Fed Chair Jerome Powell's speech this Wednesday, at 01:40 Singapore Time.*
????? *Amazon (-8.43%)* tumbled after missing EPS estimates and issuing weaker than expected guidance. *Alphabet (-2.75%)* dropped on poor quarterly results, citing weaker online ad spending. *Apple (+2.44%)* gained despite forecasting weaker revenue as iPhone sales were likely to improve once production returned to normal in China. *Regeneron (+4.25%)* gained on strong quarterly results, aided by strong demand for eczema drug Dupixent. *Clorox (+9.78%)* jumped after the cleaning products company beat revenue and EPS estimates. *Starbucks (-4.44%)* fell on poor Q4 results, citing a slide in international sales due to the Covid surge in China. *Ford (-7.61%)* plummeted on weak Q4 earnings and guidance.
*6 February 2023*
Nasdaq 100 Index 12573.36, (-1.79%)↓
S&P 500 Index 4136.41, (-1.04%)↓
Dow Jones Indus Avg Index 33926.01, (-0.38%)↓
???? US stocks fell after data pointing to a *robust labor market fueled fears that the Fed would keep hiking rates*. The *S&P 500* still notched a weekly gain that took the index to its highest level since August. The *10-year Treasury yield* jumped to around 3.56% while the *Dollar Index* also rose to its highest since Jan.12. All 11 sectors closed in the red, with *Consumer Discretionary* and *Communication Services* leading shares lower. The *VIX (-2.14%)* decreased to 18.33.
???? *Nonfarm Payrolls* massively exceeded estimates, coming in at 517K for January, up from 260K in the previous month. The *Unemployment rate* for January also dropped to a 53-year low at 3.4%, down from 3.5%. This points to a resilient labour market that could provide the Fed with ammunition to continue with their rate hikes. The *ISM Non-Manufacturing PMI* beat estimates at 55.2 in January, up from 49.2, pointing to a rebound in US services industry activity. Elsewhere, *US-China tensions* rose after an alleged Chinese spy balloon was shot down. Looking ahead, all eyes will be on *Fed Chair Jerome Powell's speech this Wednesday, at 01:40 Singapore Time.*
????? *Amazon (-8.43%)* tumbled after missing EPS estimates and issuing weaker than expected guidance. *Alphabet (-2.75%)* dropped on poor quarterly results, citing weaker online ad spending. *Apple (+2.44%)* gained despite forecasting weaker revenue as iPhone sales were likely to improve once production returned to normal in China. *Regeneron (+4.25%)* gained on strong quarterly results, aided by strong demand for eczema drug Dupixent. *Clorox (+9.78%)* jumped after the cleaning products company beat revenue and EPS estimates. *Starbucks (-4.44%)* fell on poor Q4 results, citing a slide in international sales due to the Covid surge in China. *Ford (-7.61%)* plummeted on weak Q4 earnings and guidance.
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