Wealth Daily 24 January 2022

WEALTH DAILY 2022-01-24
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US equities plunged on Fri. The Dow Jones Industrial Average lost 450.02 pts, or 1.3%, to close at 34,265.37. The tech-heavy Nasdaq Composite retreated 2.72%. The Nasdaq posted a 7.6% loss for the week, and now sits more than 14% below its Nov record close.

The S&P 500 index fell 1.89%, closing below its 200-day moving average for the first time since 2020. The S&P 500 is off more than 8% from its record close. The small cap Russell 2000 dropped 1.78%.

Netflix (NFLX US, -21.79%) tumbled, after it gave an outlook for subscriber additions that fell short of Wall Street’s expectations. Other streaming companies like Disney (DIS US, -6.94%), Roku (ROKU US, -9.1%) and Spotify (SPOT US, -6.29%) are also underperforming.

The most actively traded US gold futures (Feb) contract settled down $10.80, or 0.6%, at US$1,831.80/oz. March silver, which is the most actively traded silver futures, fell 39.6 cents, or 1.6%, to end at US$24.320/oz.

Cryptocurrency-exposed stocks dropped on Fri after Bitcoin (XBTUSD, -11.21%) briefly fell below the $38,000 level. PayPal (PYPL US, -5.62%) and Block (SQ US, -7.42%) shares fell last Fri.

The yield on the 10-year Treasury note slipped 4.59 basis points (bps) to 1.7581%.

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, was nearly unchanged at 95.642.

The front-month Brent and WTI futures closed down 49 cents at US$87.89/bbl and $1.76 at US$85.14/bbl respectively on Fri.

European equity markets finished lower last Fri. The UK FTSE lost 1.2%, France's CAC 40 fell 1.75%, while the German DAX retreated 1.94%.