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Last week, US equities experienced a mixed performance. Strong job gains fuelled economic optimism, yet higher-than-expected wage growth sparked inflation concerns. The 10-year Treasury yield exceeded 4%, affecting rate-sensitive sectors. Despite a modest Friday gain, major indices concluded the week lower, ending a nine-week winning streak. Investors reevaluated expectations for Fed rate cuts, with signs pointing to a potential cut as early as March. Technology shares, notably Apple, faced pressure, while financial shares strengthened. Small-cap stocks, as represented by the Russell 2000, concluded the week with a 3.7% decline. The Stoxx 50 closed 0.25% lower on Friday, influenced by a softer-than-expected ISM services PMI in the US, raising bets of a Federal Reserve rate cut by March, and concerns over Eurozone inflation rebounding to 2.9% in December.
Summary for 08.01.2024
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