- Technology companies led a stock market rebound at the end of a volatile week, with investors recalibrating their strategies amid growing calls for higher interest rates from prominent voices.
- The S&P 500 recovered losses in the final minutes of trading, while the Nasdaq 100 rose as dip buyers returned after the tech-heavy index fell to its lowest level since October.
- Banks were weighed down by disappointing trading results from JPMorgan and Citigroup though Wells Fargo rallied on a bullish forecast for a measure of lending.
- Treasury yields rose alongside the dollar.
- Jamie Dimon, chief executive officer of JPMorgan Chase, said the Federal Reserve could raise interest rates up to seven times, warning that tightening will not be as "sweet and gentle" as some might expect. He didn't say how quickly that could happen.
- President of the Federal Reserve Bank of New York, John Williams, stated that given the signs of a strong labour market, the central bank is nearing a decision to begin gradually raising interest rates. Patrick Harker, a colleague in Philadelphia, believes "three and possibly four increases of 25 basis points this year" are "appropriate."
- Retail sales in the United States fell at the end of 2021, factory output fell, and consumer sentiment deteriorated at the start of the new year, indicating a temporary loss of traction, according to many analysts. According to major newswire analysts latest monthly forecaster survey, the economy will take an early hit from the Omicron variant of coronavirus in 2022, but the damage should be limited to the first quarter.
