Got it from Marketwatch:
The stock market endured another shaky week, which ended with a Friday pounding in the wake of an Employment Situation report for January that missed on the headline level (151K; Briefing.com consensus 188K), but better than expected hourly earnings growth (+0.5%; Briefing.com consensus 0.3%) re-invited fears about the Federal Reserve potentially hiking the fed funds rate again as early as March.
Including the Friday plunge, the S&P 500 lost 3.1% for the week while the Nasdaq underperformed, diving 5.4% for the week. The two indices ended the first week of February with respective year-to-date losses of 8.0% and 12.9%.
Nasdaq's underperformance was fueled by a woeful Friday session that featured a 43.6% collapse in the shares of LinkedIn(LNKD 108.38, -83.90) and a 49.4% dive in Tableau Software (DATA 41.33, -40.42) after both names issued cautious guidance. The broader technology sector lost 3.4% on Friday, ending the week lower by 5.4%.
The Friday plunge in equities followed two days of volatile action that ended with slight gains. Going into Friday, the slight upticks from Wednesday and Thursday appeared somewhat encouraging while dovish comments from New York Federal Reserve President William Dudley provided added, albeit fleeting, support. Mr. Dudley's remarks fostered a belief that the Fed will be cautious in its approach to future rate hikes, but Friday's Employment Situation report shook that belief.
The market will be on the lookout for policy cues next week when Fed Chair Janet Yellen takes part in the Semiannual Monetary Policy Report to the Congress starting with a February 10 appearance before the House Financial Services Committee at 10:00 ET. The next day, Chair Yellen will appear before the Senate Banking Committee, but the first day of testimony is likely to receive the highest degree of attention from market participants.
Treasuries ended the week just below their highs with the 10-yr yield registering its lowest weekly close (1.85%) since April 2015, which represented an eight-basis point decline for the week.
Treasuries ended the week just below their highs with the 10-yr yield registering its lowest weekly close (1.85%) since April 2015, which represented an eight-basis point decline for the week.
| Index | Started Week | Ended Week | Change | % Change | YTD % |
| DJIA | 16466.30 | 16204.83 | -261.47 | -1.6 | -7.0 |
| Nasdaq | 4613.95 | 4363.14 | -250.81 | -5.4 | -12.9 |
| S&P 500 | 1940.24 | 1880.02 | -60.22 | -3.1 | -8.0 |
| Russell 2000 | 1035.38 | 985.95 | -49.43 | -4.8 | -13.2 |
