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MARKET SUMMARY
Equity markets remained volatile but recorded overall gains for the second consecutive week. It was one of the busiest weeks of the Q4 earnings reporting season, with 112 companies in the S&P 500 Index scheduled to report results. This included several mega-cap names, which drove significant moves in the overall benchmarks. Meta Platforms declined by 26% while Amazon.com helped the indexes jump back Friday morning. Energy shares performed best, building on their significant lead for the year as U.S. oil prices rose above USD 90 per barrel and as major oil exporters agreed to stick to only a modest production increase in the face of high demand. US Labor Department jobs report showed a surprising gain of 467,000 jobs in January (3x consensus expectation) despite the impact of omicron, pushing the US 10y yield to 1.93% on Friday morning, its highest level since late 2019. In Europe, equities weakened after ECB President Lagarde made comments that appeared to leave the door open for a possible rate increase this year. Core & Periphery eurozone bond yields rose while the Euro strengthened against the dollar. Cryptocurrencies surged on Friday afternoon with BTC trading above $40k.
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US stocks recorded modest gains over the shortened trading week (markets were closed on Wednesday), with the S&P 500 hitting 5,500 intraday for the 1st time ever. The week also saw modest signs of rotation in the market, with value stocks outperforming growth as Nvidia suffered its first down-week in two months. Friday was a so-called triple-witching day, with roughly USD 5.5 trillion in options related to indexes, stocks and ETFs expiring. The start of the week brought some evidence of US economy easing with retail sales signalling less discretionary spending. But data released later in the week suggested that the economy was stronger than indicated by retail sales.