US equities were lower this week, with the S&P 500 and Nasdaq both down for a second-straight week (and the S&P off for the fourth week in the past five). Following Friday's blowout December payrolls report, the 2Y yield touched the highest level since October and 10Y the highest since November 2023. After payrolls, market pricing showed less than 30 bps of rate cuts for 2025, down from nearly 50 bps in recent days, with the next cut priced in for October.

US equities were narrowly mixed in fairly choppy Wednesday trading, though stocks finished off worst levels, with the Dow Jones and S&P500 closing up 25bps and 16bps, while the Nasdaq closed down 6bps. FOMC minutes noted participants felt that still-elevated inflation, strong consumer spending, and reduced risks to the labor market underlined the need for a careful approach to rate cuts. ADP private payrolls were up just 122K in December vs 135K consensus; hiring slowed across several industries. Today's auction of $22B of 30Y bonds stopped through, in contrast to the tailing 3- and 10-year auctions earlier this week.

US equities were lower in Tuesday afternoon trading as S&P 500, Nasdaq both posted worst session since 18-Dec. Growth under pressure in a reversal of yesterday's move. Big tech largely underperformed. Hawkish macro data the big headwind to stock. AI takeaways from CES largely upbeat. November JOLTS job openings little changed m/m but higher than expected.