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SPX Recovering

US STOCKS

The unexpected jobs gain for Jan and up-revisions for December is dampening risk appetite for stocks at the moment as More aggressive rate hikes being priced back in (appr 50% chance of 50bp liftoff in March and another 50bp go in Jun, 150bps total hikes by year end).

That said, SPX eminis are gradually recovering from modest post-data selling, latest index level recap:

  • DJIA down 63.18 points (-0.18%) at 35044.16
  • S&P E-Mini Future up 10 points (0.22%) at 4478.25
  • Nasdaq up 126.1 points (0.9%) at 14002.68
Top three sectors leading the bounce:
  • +3.05% Consumer Discretionary
  • +2.00% Energy
  • +1.21% Financials
Markets will be keeping close eye on next Thu's CPI inflation metric (0.4% est vs. 0.5% in Dec) while latest earnings cycle winds down.

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