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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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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.