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Stocks Mixed, With Amazon Buoying Tech/Growth Above Value

EQUITIES
  • Wall Street traded mixed into the Friday close, with weakness evident from the open compounded by a particularly solid set of payrolls figures for January, which reinforces the Fed's hawkish trajectory for policy across 2022. The US sovereign curve sat flatter into the close, with front-end yields adding as much as 11bps to hit the highest levels since the beginning of the COVID pandemic in 2020.
  • This bolstering of a tighter policy outlook for the year pressured materials, real estate and industrials stocks, putting the e-mini S&P on the backfoot.
  • One standout sector, however, was consumer discretionary, underpinned by Amazon, which surged over 10% after their Thursday earnings report put paid to the pressure on the company's stock through early 2022.
  • Across Europe, sentiment was more uniform, with all continental markets trading in the red. German and peripheral bourses underperformed, dropping around 1.8% apiece.
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