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Las Vegas Sands (LVS 57.45, -1.04, -1.8%) and Wynn Resorts (WYNN 101.02, -2.24, -2.2%): Jefferies downgraded to Hold from Buy
Carrier Global (CARR 44.11, -1.49, -3.3%): downgraded to Equal Weight from Overweight at Morgan Stanley
Amazon.com (AMZN 122.30, +1.07, +0.9%): Wells Fargo initiated coverage with an Overweight rating
Initial jobless claims for the week ending June 3 increased 28,000 to 261,000 (consensus 237,000) while continuing jobless claims for the week ending May 27 decreased 37,000 to 1.757 million.
Initial claims, which are a leading indicator, hit their highest level since November 2021.
The key takeaway from the report is the bump seen in initial claims as it connotes some softening in the labor market that the Fed will like to see, although claims levels continue to run well below levels seen in past recessions (i.e., north of 375,000), which is a point that market participants should be relatively pleased to know.
The S&P 500 futures are down 2 point and are trading roughly in line with fair value.
The Nasdaq 100 futures are up 22 points and are trading 0.2% above fair value.
The Dow Jones Industrial Average futures are down 651 points and are trading 0.2% below fair value.Treasury yields turned lower after jobs.
The 2-yr note yield, at 4.57% before the release, is down four basis points to 4.50%.
The 10-yr note yield, at 3.82% before the report, is unchanged at 3.78%.Dow 33,833.28 168.26 0.50%
S&P 500 4,293.86 26.34 0.62%
Nasdaq 13,238.52 133.63 1.02%
VIX 13.63 -0.31 -2.22%
Gold 1,979.20 20.80 1.06%
Oil 70.98 -1.55 -2.14%From 1 of the GOAT albums from 1975 as STOCKS may still be a little on the HIGH side
and LIVE version from Germany of Stamp Album is also excellent rendition from 1 of my FAV groups 🙂All week the pundits have been calling for the great collapse yet here we are on Thursday evening ….
Equity indices in the Asia-Pacific region ended the week on a mostly higher note.
—Equity Markets—
Japan’s Nikkei: +2.0% (+2.4% for the week)
Hong Kong’s Hang Seng: +0.5% (+2.3% for the week)
China’s Shanghai Composite: +0.6% (UNCH for the week)
India’s Sensex: -0.4% (+0.1% for the week)
South Korea’s Kospi: +1.2% (+1.5% for the week)
Australia’s ASX All Ordinaries: +0.3% (-0.3% for the week)China’s PPI fell at its fastest pace since early 2016 in the May reading.
China’s May CPI -0.2% m/m (expected -0.1%; last -0.1%); 0.2% yr/yr (expected 0.3%; last 0.1%). May PPI -4.6% yr/yr (expected -4.3%; last -3.6%)China’s Commerce Ministry will aim to increase vehicle sales, partly by encouraging more lending.
Japan’s Finance Minister Suzuki confirmed that a currency swap agreement could be discussed with South Korea.
Chiba Bank and Musashino Bank will be penalized by Japanese regulators for improper sales of structured bonds.Mining stocks outperformed in Australia.
South Korea’s April Current Account deficit $790 mln (expected deficit of $1.38 bln; last deficit of $160 mln)
Major European indices are on track for a modestly lower finish to the week.
—Equity Markets—
STOXX Europe 600: -0.4% (-0.7% week-to-date)
Germany’s DAX: -0.1% (-0.5% week-to-date)
U.K.’s FTSE 100: -0.5% (-0.6% week-to-date)
France’s CAC 40: -0.3% (-1.0% week-to-date)
Italy’s FTSE MIB: -0.3% (+0.5% week-to-date)
Spain’s IBEX 35: -0.3% (UNCH week-to-date)The British Chambers of Commerce expect the British economy to avoid a recession while enduring anemic growth.
The British government will maintain its oil and gas windfall taxes for the next five years.
French Finance Minister Le Maire said that 75 manufacturers have agreed to lower prices of certain products starting next month.Italy’s April Industrial Production -1.9% m/m (expected 0.1%; last -0.6%); -7.2% yr/yr (expected -4.1%; last -3.2%)
Spain’s May Consumer Confidence 81.5 (expected 69.6; last 73.0)The S&P 500 futures are flat and are trading roughly in line with fair value.
The Nasdaq 100 futures are up 29 points and are trading 0.1% above fair value.
The Dow Jones Industrial Average futures are down 78 points and are trading 0.2% below fair value.Treasury yields are moving lower.
The 2-yr note yield, at 4.59% a short time ago, is unchanged at 4.53%. The 10-yr note yield, at 3.77% a short time ago, is up one basis point to 3.72%.
Energy complex futures are trading in mixed fashion.
WTI crude oil futures are up 0.1% to $71.39/bbl and natural gas futures are down 3.6% to $2.27/mmbtu.
Some mega cap stocks recovered from premarket losses, helping to boost the Nasdaq 100 futures.
Apple (AAPL 181.13, +0.56, +0.3%) and Alphabet (GOOG 123.11, +0.44, +0.4%) are standouts in that regard, joining Tesla (TSLA 249.14, +14.24, +6.1%), which has maintained a sizable gain after following news of a charging network deal with General Motors (GM 37.30, +1.45, +4.0%), and NVIDIA (NVDA 391.25, +6.05, +1.6%) in positive territory.
The S&P 500 breached 4,300 today after yesterday’s closing level (4,293.93) marked a 20% advance off the October closing low, which enables it to meet the technical definition of being in a new bull market.
Mega caps are in a leadership position again today, but other stocks are coming along for the upside moves, too. The Vanguard Mega Cap Growth ETF (MGK) is up 1.1% and the Invesco S&P 500 Equal Weight ETF (RSP) is up by a modest 0.1%.
Small and mid cap stocks have been left out of the rally so far. The Russell 2000 is down 0.2% and the S&P Mid Cap 400 is down 0.3%.
Market rates are climbing.
The 2-yr note yield is up seven basis points to 4.59% and the 10-yr note yield is up five basis points to 3.76%.
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