Traders Market Weekly: Climbing The Wall of Worry

Viewing 15 posts - 31 through 45 (of 71 total)
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    The Treasury market experienced a slight uptick in selling.

    2-yr note yield is up three basis points to 4.02%
    10-yr note yield is up two basis points to 3.43%.

    The U.S. Dollar Index is down 0.4% to 102.12.

    Oil prices are on the rise while natural gas prices are declining.

    WTI crude oil futures are up 1.2% to $80.67/bbl and natural gas futures are down 1.0% to $2.15/mmbtu.


    CarMax (KMX 69.95, +4.09, +6.2%)
    Albertsons (ACI 20.80, -0.41, -1.9%)
    After both companies reported quarterly results this morning.


    Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note.

    —Equity Markets—

    Japan’s Nikkei: +0.6%
    Hong Kong’s Hang Seng: -0.9%
    China’s Shanghai Composite: +0.4%
    India’s Sensex: +0.4%
    South Korea’s Kospi: +0.1%
    Australia’s ASX All Ordinaries: +0.4%


    Taiwan Semiconductor Manufacturing will slow its plans for an expansion of its facility in Taiwan.

    Australia’s foreign minister spoke in favor of diversifying the country’s export market.
    Australia’s February Private House Approvals 11.3% m/m, as expected (last -13.5%)

    Japan’s February Core Machinery Orders -4.5% m/m (expected -7.8%; last 9.5%); 9.8% yr/yr (expected 2.9%; last 4.5%). March PPI 0.0% m/m (expected -0.3%; last -0.3%); 7.2% yr/yr (expected 7.1%; last 8.3%). March Bank Lending 3.0% yr/yr (expected 1.8%; last 3.3%)

    South Korea’s March Unemployment Rate 2.7% (expected 3.0%; last 2.6%)

    New Zealand’s March Electronic Card Retail Sales 0.7% m/m (expected 1.5%; last -0.1%); 15.5% yr/yr (expected 9.5%; last 11.7%)


    Major European indices trade in the green.

    —Equity Markets—

    STOXX Europe 600: +0.4%
    Germany’s DAX: +0.8%
    U.K.’s FTSE 100: +0.8%
    France’s CAC 40: +0.7%
    Italy’s FTSE MIB: +1.2%
    Spain’s IBEX 35: +0.6%


    EU Foreign Minister Borell and Germany’s Foreign Minister Babcock will visit China over the next three days.

    European Central Bank policymaker Villeroy de Galhau said that ECB policy should move from a “sprint to a long-distance run” and that the central bank remains committed to reigning in inflation. Volvo Group reported record results for Q1.


    The weekly MBA Mortgage Applications Index rose 5.3% with purchase applications jumping 8.0% while refinance applications were flat.

    Philadelphia Federal Reserve Bank President Patrick Harker (FOMC voter) said rates should go to 5% and the Fed should hold them there, according to Reuters.


    Johnson & Johnson (JNJ 164.20, -0.07, -0.04%): defends attempts to resolve talc lawsuits in bankruptcy, according to Reuters

    National Instruments (NATI 57.00, +4.42, +8.4%): Emerson Electric (EMR) is in discussions to acquire National Instruments, according to Reuters.

    Triton International (TRTN 82.24, +19.23, +30.5%): to be acquired by Brookfield Infrastructure (BIP) in a $13.3 bln take-private transaction

    Cirrus Logic (CRUS 96.70, -5.12, -5.0%): shares lower by 4% after Apple (AAPL) analyst Ming-Chi Kuo tweets “Two iPhone 15 Pro models’ removal of solid-state button design negatively affects Cirrus Logic and AAC”

    Procter & Gamble (PG 151.30, +0.64, +0.4%): increases quarterly dividend to $0.9407/share from $0.9133/share


    Shopify (SHOP 45.73, +0.95, +2.1%): JMP upgraded to Market Outperform from Market Perform

    Goldman Sachs (GS 328.99, +1.62, +0.5%): UBS upgraded to Buy from Neutral


    Treasury yields took a sharp turn lower in response to the CPI report.

    The 2-yr note yield is down 11 basis points to 3.94% and the 10-yr note yield is down seven basis points to 3.37%.

    The U.S. Dollar Index is down 0.6% to 101.59.

    Consumer Inflation in March Eases, Higher Shelter Prices Offsetting Fall in Energy Costs


    Dow 33,646.50 -38.29 -0.11%
    S&P 500 4,091.95 -16.99 -0.41%
    Nasdaq 11,929.34 -102.54 -0.85%
    VIX 19.16 0.06 0.31%
    Gold 2,028.50 9.50 0.47%
    Oil 83.24 1.71

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    Early Bonds U.S. Treasuries slightly lower

    March PPI fell 0.5% m/m (consensus +0.1%) following upwardly revised 0.0% (from -0.1%) The key takeaway is producers are seeing some welcome disinflation, aided by declines in energy prices; however, the stickiness of core CPI in March has offset some of the excitement about the improvement in the PPI data in March.

    2-yr: -5 bps to 3.92%
    3-yr: -6 bps to 3.64%
    5-yr: -6 bps to 3.42%
    10-yr: -4 bps to 3.38%
    30-yr: -3 bps to 3.62%


    Initial claims for the week ending April 8 increased by 11,000 to 239,000 consensus 236,000) and continuing claims for the week ending April 1 decreased by 13,000 to 1.810 million. The key takeaway from this report is that it reflects some softening in the labor market but not any clear-cut weakness.


    OPEC expects that its cuts will widen the supply shortfall in the oil market. The cartel continues expecting demand growth of 2.3 mln barrels per day.

    WTI Crude: -0.4% to $82.96/bbl
    Gold: +0.8% to $2041.20/ozt
    Copper: +0.5% to $4.102/lb

Viewing 15 posts - 31 through 45 (of 71 total)
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