On January 23, 2023, the S&P 500 Index rose by 0.25%, while the Dow Jones decreased by 0.38%, and the Nasdaq 100 increased by 0.62%. This market shift followed a recovery from early losses attributed to a 15% plunge in Intel’s stock, after a grim forecast from CEO Lip-Bu Tan. Additionally, Q4 earnings results show that 81% of the 40 reporting S&P 500 companies exceeded expectations, contributing to positive market sentiment.
Key economic indicators included the University of Michigan’s consumer sentiment index, revised upward to 56.4, a five-month high, and the manufacturing PMI showing a slight increase to 51.9. WTI crude oil prices surged over 2% due to geopolitical tensions, achieving a weekly high, while gold and silver prices hit record levels amidst a weaker dollar and increased demand for safe-haven assets.
Overseas, mixed stock market trends were observed, with the Euro Stoxx 50 down by 0.19% and China’s Shanghai Composite up by 0.33%. The 10-year T-note yield declined to 4.239%, reflecting easing inflation expectations following recent revisions to inflation data.
