US stock markets finished the week the same way they started, in a broadly positive fashion despite no signs of the oil price rally slowing down.
Bond yields continue to rally, putting pressure on lower-quality companies across most growth sectors, sending the Nasdaq to a 0.2% loss on Friday but a 2% gain for the week.
The world’s largest technology companies continue to rally, Apple (NASDAQ: AAPL) up 0.4%, taking its two-week gain to over 15%.
The S&P 500 outperformed on Friday, gaining 0.5% and 1.8% for the week, with the market overcoming news that the European Council had agreed on a Digital Markets Act aimed at reining in the power of the technology giants.
Oil futures remain elevated after a major Saudi processing plant was attacked overnight, the Dow Jones gained 0.4% and 0.3% for the week.
Chinese stocks remain volatile
Volatility in US-listed Chinese stocks continued, with JD.com (NASDAQ: JD) down 2.6% after the US accounting board indicated there was some way to go before they would sign an agreement allowing the transparency into Chinese audit reports of dual-listed companies.
Alibaba (NYSE: BABA) shares fell 1.9% on Friday while Baidu (NASDAQ: BIDU) finished down 2.7%.
NIO stock tumbles
Shares in EV maker NIO (NYSE: NIO) fell close to 10% despite posting better than expected revenue in the fourth quarter, with weaker guidance the driver behind the fall.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to edge lower when the market opens this morning. For all the latest, check out my ASX 200 morning report.