The major US equity indexes ended mixed for the week and US Treasury yields fell as recession fears appeared to weigh on sentiment. The Dow Jones underperformed and gave back a portion of its year-to-date advance while the Nasdaq recorded a modest gain. Indeed, dampening inflation fears helped growth stocks to outperform, as the prospects of lower interest rates support their valuation multiples. As a sign that the US economy is slowing down, retail sales dropped by 1.1% in December, which was roughly triple consensus estimates. Industrial production fell by 0.7% in December, the most since September 2021, driven by a 1.3% drop in manufacturing output. Meanwhile, inflation pressures are easing as producer prices fell 0.5% in December, the biggest drop since early in the pandemic. The job market remained strong, however, with weekly jobless claims falling to their lowest level since April 2022. On the earnings front, shares in Goldman Sachs fell sharply on Tuesday after reporting earnings misses. Netflix’s earnings report on Friday boosted sentiment following news that it had added more subscribers than widely expected in Q4. Shares in Europe weakened after ECB policymakers signalled that they would still hike interest rates aggressively. Chinese equities rallied for a 4th consecutive week ahead of a weeklong holiday following reports indicating better-than-expected economic growth. Cryptocurrencies gained as Bitcoin hit $22k.