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February 2, 2023 11 min

The S&P 500 gained 1.05% to 4,119.21, reversing an early decline of almost 1%. The Nasdaq Composite added 2% to 11,816.32, boosted by gains in chipmakers following strong earnings from  AMD. Meanwhile, the Dow Jones Industrial Average rose 6.92 points, or 0.02% to 34,092.96 , after sliding more than 500 points at the day’s lows.

Fed chief Jerome Powell soothes the market nerves despite a 0.25% rate increase.
USD falls, gold rallies. AUD at 71.40c Commodities and oil ease.

The big news after hours was Meta and its results together with a US$40bn stock buyback. The stock rallied another 17% on the news.

Headline inflation in the euro zone came in at 8.5% in January, according to preliminary data released Wednesday. In December, the rate was recorded at 9.2%.

ECB and BoE to come tonight.

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