DJIA: 35,089.74, down 21.42
S&P 500: 4,500.53, up 23.09
Nasdaq: 14,098.01, up 219.19
S&P 500, Nasdaq see best week of 2022

U.S. stocks finished mostly higher on Friday as strong earnings from Amazon.com supported risk sentiment. The S&P 500 rose 0.5%, while the Nasdaq Composite rallied 1.6%, with both benchmarks logging a second straight weekly gain and best five-day advance of 2022 (+1.6% and +2.4%, respectively). The Dow lost 21 points, trimming its weekly advance to 1.1%. Meanwhile, Treasuries slumped as a stronger-than-expected monthly jobs report reignited concerns surrounding a faster pace of monetary policy tightening by the Federal Reserve.

Six of 11 S&P 500 sectors closed in negative territory, with growth-related groups bucking the downtrend. Consumer Discretionary outperformed, with Amazon.com Inc. surging 13.5% after nearly doubling analyst profit estimates. Meanwhile, Snap Inc. soared more than 58% as the social media company posted its first ever quarterly profit. Elsewhere, Clorox Co. dropped 14.5% as rising costs pressured its margins, while Ford Motor Co. fell 9.7% following disappointing results.

On the data front, the Labor Department revealed non-farm payrolls increased by 467,000 in January, topping estimates of a 125,000 gain. The unemployment rate rose modestly to 4.0%, while wage inflation climbed 5.7% year-over-year, accelerating from December’s 4.7% annual increase. Following the report, the yield on the benchmark 10-year note jumped eight basis points (0.08%) to 1.91%, its highest level since December 2019. Meanwhile, the yield on the two-year note spiked 11 basis points (0.11%) to 1.31%, a peak not seen since February 2020. In commodities, West Texas Intermediate crude notched its seventh consecutive weekly advance, settling at $92.14/barrel, a new seven-year high.

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