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The major indices experienced fluctuations to close a volatile week. The S&P 500 edged down 4 points (-0.06%) to 6940, the Nasdaq 100 decreased by 17 points (-0.07%) to 25529, and the Dow fell 83 points (-0.17%) to 49359. Sector performance was mixed, with Real Estate (XLRE), Industrials (XLI), and Energy (XLE) showing solid gains, while Communication Services (XLC), Health Care (XLV), and Materials (XLB) lagged behind.
For the week overall, the S&P 500 declined 0.38%, the Nasdaq 100 fell 0.92%, and the Dow dropped 0.29%. Notably, Real Estate (XLRE) and Consumer Staples (XLP) stood out as the top-performing sectors, while Financials (XLF) and Communication Services (XLC) underperformed significantly.
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U.S. Economic Developments: |
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On Friday, only a few significant economic updates emerged. Industrial Production increased by 0.4% month-on-month in December, surpassing the estimate of 0.3%, and marking the second straight month of growth. In contrast, the NAHB Housing Market Index declined to 37, falling below the expected 39, representing the first drop after three consecutive months of improvement.
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PNC Financial Services (PNC) increased by 3.79% after reporting fourth-quarter earnings per share (EPS) of $4.88, up from $3.77 a year ago, driven by higher interest income.
AST Space Mobile (ASTS) surged 14.33% following its selection for a prime position in a U.S. Missile Defense Agency program.
In contrast, Kraft Heinz (KHC) dropped 2.89% after being downgraded from "Equal-Weight" to "Underweight" by Morgan Stanley.
Constellation Energy (CEG), Vistra (VST), and Talen Energy (TLN) fell by 9.82%, 7.54%, and 11.31%, respectively. This decline followed a Reuters report indicating that U.S. governors are set to sign an agreement with the Trump administration aimed at curbing rising electricity costs.
In the semiconductor industry, stocks generally advanced, with Super Micro Computer (SMCI) rising 11.01% and Micron Technology (MU) up 7.76%. Meanwhile, Intel (INTC) experienced a decline of 2.75%.
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At the European close, the major indices in the region finished in negative territory. Germany's Dax fell 55pts (-0.22%) to 25297, France's Cac 40 dropped 54pts (-0.65%) to 8258, and the U.K.'s FTSE 100 declined 3pts (-0.04%) to 10235. On the economic front, final inflation readings showed that Germany's inflation remained stable, as anticipated, while Italy recorded an inflation rate of 0.2%, also in line with expectations.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
Following today's choppy trading action, the VIX index edged up 0.02pt (+0.13%) to 15.86, reflecting a minor uptick in caution. More notably, the US 10-year yield climbed to 4.229%, suggesting that despite the lack of a major sell-off in equities, bond investors are pricing in a prolonged period of elevated interest rates, reflecting persistent inflation concerns.
Precious Metals & Crude:
Precious metals faced a second consecutive day of selling pressure, with Gold retreating $22.95 (-0.50%) to $4,591.67 and Silver declining more sharply by $2.71 (-2.93%) to $89.61. In contrast, WTI Crude Oil edged up $0.25 (+0.42%) to $59.44, finding a floor after a couple of days of consistent downward momentum.
The Dollar & Majors:
The dollar index nudged up 0.04 points (+0.04%) to reach 99.363.
EUR/USD dipped 5 pips (-0.04%) to 1.1601.
GBP/USD slipped 3 pips (-0.02%) to 1.3375.
USD/JPY fell 57 pips (-0.36%) to 158.07.
USD/CHF retreated 3 pips (-0.04%) to 0.8027.
AUD/USD dropped 17 pips (-0.25%) to 0.6681.
USD/CAD advanced 26pips (+0.19%) to 1.3917. Housing starts in Canada jumped to 282,400 in December, well above the 250,000 forecasted. This marks the second consecutive month of month-over-month growth, with positive figures reported for the past nine months.
Digital Assets:
Cryptocurrencies faced continued pressure on Friday, despite showing bullish momentum earlier in the week. Bitcoin dipped $193 (-0.2%) to $95,355, while Ethereum retreated $7 (-0.24%) to $3,289.
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