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*US equities close higher ahead of key US inflation data*
*14 February 2023*
Nasdaq 100 Index 12502.31, (1.6%)↑
S&P 500 Index 4137.4, (1.15%)↑
Dow Jones Indus Avg Index 34245.93, (1.11%)↑
US stocks closed higher as investors positioned themselves ahead of today's CPI report. The *10-year Treasury yield* fell to around 3.70%. 10 of 11 sectors closed in the green, with *Info Tech* leading shares higher while *Energy* led shares lower. *Oil prices* fell after the US announced it would sell 26M more barrels from its strategic crude reserves. The *VIX (-0.39%)* decreased to 20.45.
All eyes will be on *US Consumer Price Index (CPI) and Core CPI data due later tonight at 21:30 Singapore TIme*. The inflation data will test the "disinflation" narrative and show how effective the Fed's rate hike cycle is at reining in inflation. The inflation reading will also provide clues to the trajectory of the Fed's rate hike cycle. *Futures market traders* are betting the Fed will lift rates to *5.00-5.25% by May* via 2 consecutive 25bps increments, up from less than 5% a month ago. A *New York Federal Reserve consumer survey* showed that *1-year inflation expectations* were unchanged in January, reassuring markets.
Dip-buying investors piled into tech stocks ahead of today's inflation report, *Meta (+3.03%)* rose on reports it is preparing for another round of layoffs. *Twilio (+2.08%)* gained after the cloud communications software company announced it would slash about 17% of its workforce and restructure into 2 separate units to better control spending. *Fidelity National Information Services (-12.50%)* plunged after issuing weak Q1 guidance and announcing they would be taking a $17.6B write-down on a payment-processing business it bought for $41B 4 years ago. After hours, *Palantir (+16.56%)* surged following strong quarterly results and after it forecasted 2023 to be its first profitable year.
*14 February 2023*
Nasdaq 100 Index 12502.31, (1.6%)↑
S&P 500 Index 4137.4, (1.15%)↑
Dow Jones Indus Avg Index 34245.93, (1.11%)↑
US stocks closed higher as investors positioned themselves ahead of today's CPI report. The *10-year Treasury yield* fell to around 3.70%. 10 of 11 sectors closed in the green, with *Info Tech* leading shares higher while *Energy* led shares lower. *Oil prices* fell after the US announced it would sell 26M more barrels from its strategic crude reserves. The *VIX (-0.39%)* decreased to 20.45.
All eyes will be on *US Consumer Price Index (CPI) and Core CPI data due later tonight at 21:30 Singapore TIme*. The inflation data will test the "disinflation" narrative and show how effective the Fed's rate hike cycle is at reining in inflation. The inflation reading will also provide clues to the trajectory of the Fed's rate hike cycle. *Futures market traders* are betting the Fed will lift rates to *5.00-5.25% by May* via 2 consecutive 25bps increments, up from less than 5% a month ago. A *New York Federal Reserve consumer survey* showed that *1-year inflation expectations* were unchanged in January, reassuring markets.
Dip-buying investors piled into tech stocks ahead of today's inflation report, *Meta (+3.03%)* rose on reports it is preparing for another round of layoffs. *Twilio (+2.08%)* gained after the cloud communications software company announced it would slash about 17% of its workforce and restructure into 2 separate units to better control spending. *Fidelity National Information Services (-12.50%)* plunged after issuing weak Q1 guidance and announcing they would be taking a $17.6B write-down on a payment-processing business it bought for $41B 4 years ago. After hours, *Palantir (+16.56%)* surged following strong quarterly results and after it forecasted 2023 to be its first profitable year.
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