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Stocks Absorb Fed Neutrality, Finish Higher

EQUITIES
  • A solid nonfarm payrolls report provided some decent support for equity markets at the open, buoying the e-mini S&P further off the Thursday lows and eye a broadly unchanged performance for the week.
  • Stocks looked lower mid-Friday trade as a few more Fed speakers made their final comments ahead of the pre-FOMC meeting media blackout. Both Bullard and Kashkari shrugged off recent volatility in real yields in the US, further pressuring markets to price-out the likelihood of imminent policy easing from the Fed as soon as March.
  • Energy and materials named led gains Friday, with consumer staples and industrials not far behind. Consumer discretionary names were the only sector in the red.
  • Across the European continent, stocks finished lower with losses of 0.3-1.0%. Germany's DAX was among the biggest decliners, with the UK's FTSE-100 still lower, but only posting a 0.3% fall.
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