Halliburton (HAL): The oil-field services company rallied as investors shifted into energy stocks. It also reported better-than-expected results and received upgrades from Morgan Stanley and J.P. Morgan.

Moderna (MRNA): The maker of coronavirus vaccines was the biggest decliner in the S&P 500 for the second straight month. Investors continued selling the stock despite incrementally positive regulatory news, looking for the coronavirus pandemic to wind down.

Schlumberger (SLB): The oil-field service provider surged past Wall Street’s profit and revenue estimates in the fourth quarter. CEO Olivier Le Peuch plans to increase capital spending more than 10% because “industry macro fundamentals are very favorable.” He expects more investment as demand recovers from the coronavirus pandemic.

Netflix (NFLX): The streaming-video giant forecast an unexpected slowdown in subscriber growth, and missed its own guidance in the fourth quarter. At one point the stock was down 50% from its record high, erasing all of its pandemic-fueled gains.

Discovery (DISCK): The media company advanced as investors focused on its merger with AT&T’s (T) WarnerMedia, expected for the second quarter. The rebound followed a sharp drop in 2021 as analysts viewed the company as a value opportunity and a potential competitor for Netflix (NFLX) and Walt Disney (DIS).

Etsy (ETSY): The e-commerce stock continued a slide that began in December as investors unloaded high-multiple growth companies. At one point, ETSY had rallied more than 900% from its March 2020 low. It’s now given back more than 60% of that gain.

Payroll reports from the Labor Department (7/1) and ADP (5/1) were mixed, with rebounds in the private sector and weakness in government hiring. A tight job market lifted wages more than expected and pushed unemployment below forecasts.

The Federal Reserve indicated it will start raising interest rates and cease asset purchases in March. Chairman Jerome Powell conceded that inflation “has probably gotten a bit worse” amid “solid job gains.” Policymakers also released plans for “significantly reducing” the central bank’s balance sheet. (26/1)

Gross domestic product increased by 6.9% in the fourth quarter, according to the government’s preliminary estimate. It was more than a full percentage point ahead of forecasts as companies rebuilt inventories depleted during the pandemic. The 5.7% annual growth for 2021 was the best since 1984. (27/1)

Housing starts and building permits for December (19/1) and new-home sales (26/1) beat estimates. An ongoing inventory shortage, along with low interest rates, continued to support the housing market. Prices rose 19% year-over-year. Some industry observers believe expectations of higher interest rates pulled forward demand from would-be buyers.