By Staff Reporters
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Treasury yields jumped after a much stronger-than-expected U.S. January jobs report clouded investor expectations for the Federal Reserve to end its interest rate hiking cycle in coming months. Treasury Yields and debt prices move opposite each other:
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- The yield on the 2-year Treasury note rose 14.9 basis points to 4.233%.
- The 10-year Treasury note yield jumped 9.9 basis points to 3.498%.
- The 30-year Treasury bond yield was up 6.9 basis points at 3.626%.
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U.S. equities declined in a choppy trading session following a stronger-than-expected January labor report, and some uninspiring earnings results from mega-cap stocks. Non farm payroll additions beat estimates by a large amount, and the unemployment rate declined, solidifying the notion of a tight job market.
Meanwhile, a read on domestic services sector activity moved back into expansion territory. Mega-cap stocks were in focus today, as Dow member Apple missed estimates and posted its first quarterly decline in revenues since 2019, and Alphabet also posted discouraging quarterly results, while Qualcomm bested EPS estimates by a penny, but fell short on the revenue side.
Notably, the retail giant Amazon is finally starting to feel the economic pinch. The e-commerce company, which most people thought was unstoppable, has reportedly had its first unprofitable year since 2014. The company released this week that it has lost over $2 billion in 2022, despite holiday-season sales increasing by 9%.
Asian and European stocks finished mixed, as the markets continued to process the week's monetary policy decisions, as well as some services sector data across the globe.
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Elon Musk was found not liable for investors' losses in a securities fraud trial over his 2018 tweet that he had "funding secured" to take Tesla private at $420 per share, continuing the tech mogul's streak of favorable verdicts over his erratic behavior. Plaintiff Glen Littleton and fellow members of the class action sued Musk and Tesla, including its board of directors, over the tweet and Musk's subsequent statements, alleging the notion that financing was in place had been false. They said shareholders suffered steep financial harms because of panicked sales in the 10 days following the tweet, as Tesla and Musk engaged in damage control.
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