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Dow 33,743.84 9.88 0.03%
S&P 500 4,016.22 -0.73 -0.02%
Nasdaq 11,313.36 -20.91 -0.18%
VIX 19.08 -0.12 -0.63%
Gold 1,947.70 12.30 0.64%
Oil 80.38 0.25 0.31%U.S. GDP grew 2.9% annual rate during Q4-2022
but due to holidays & likely Q1 will be lower as recession predicted later in 2023
And hot GDP # means FED ain’t done on future interest rate hikes
NASDAQ up about 70 & DOW is down about 70 points … and Traders digest the newsEquity indices in the Asia-Pacific region ended Thursday on a mixed note while markets in China, India, and Australia were closed for holidays.
—Equity Markets—
Japan’s Nikkei: -0.1%
Hong Kong’s Hang Seng: +2.4%
China’s Shanghai Composite: CLOSED
India’s Sensex: CLOSED
South Korea’s Kospi: +1.6%
Australia’s ASX All Ordinaries: CLOSEDJapan’s cabinet office lowered the overall economic assessment of the Japanese economy for the first time in eleven months.
South Korea’s GDP contracted in Q4, but Finance Minister Choo said that growth is likely to return in Q1. Nissan and Renault will reportedly announce changes to their partnership on February 6.
Japan’s December Corporate Services Price Index 1.5% yr/yr (expected 1.6%; last 1.7%)
South Korea’s Q4 GDP -0.4% qtr/qtr (expected -0.3%; last 0.3%); 1.4% yr/yr (expected 1.5%; last 3.1%).
Hong Kong’s December trade deficit $51.60 bln (last deficit of $27.10 bln). December Imports -23.5% m/m (last -20.3%) and Exports -28.9% m/m (last -24.1%)
Singapore’s December Industrial Production 3.2% m/m (expected -1.1%; last -1.6%); -3.1% yr/yr (expected -6.9%; last -3.8%)Major European indices trade on a higher note.
—Equity Markets—
STOXX Europe 600: +0.6%
Germany’s DAX: +0.1%
U.K.’s FTSE 100: +0.4%
France’s CAC 40: +0.8%
Italy’s FTSE MIB: +0.8%
Spain’s IBEX 35: +0.9%STMicroelectronics beat Q4 expectations and issued strong guidance while Diageo reported solid six-month results and reaffirmed its guidance for the fiscal year. Germany’s Economy Minister Habeck said that the trend in inflation has been broken. Italy’s Economy Minister Giorgetti said that energy subsidies for families and businesses will be extended before April.
U.K.’s January CBI Distributive Trades Survey -23 (expected -5; last 11). Q3 Labour Productivity 0.1% (last 0.1%)
Italy’s January Consumer Confidence 100.9 (expected 102.7; last 102.5) and Business Confidence 102.7 (expected 101.8; last 101.5)
Spain’s Q4 Unemployment Rate 12.87% (expected 12.50%; last 12.67%)Tesla (TLSA 154.36, +9.93, +6.9%): beats by $0.08, reports revs in-line, automotive gross margin down 466 bps yr/yr, guides for 1.8 mln vehicles in FY23, which is ahead of its long-term 50% CAGR target; thus far in January it has seen the strongest orders YTD in its history
Sherwin-Williams (SHW 224.85, -22.24, -9.0%): beats by $0.04, reports revs in-line; guides FY23 EPS below consensus, revs below consensus
Southwest Airlines (LUV 36.02, -0.85, -2.3%): misses by $0.27, reports revs in-line; guides Q1 revs below consensus; Dept of Transportation is probing scheduling meltdown, according to WSJ
Northrop Grumman (NOC 468.00, +4.71, +1.0%): beats by $0.93, beats on revs; guides FY23 revs above consensus
Dow (DOW 56.22, -1.67, -2.9%): misses by $0.11, misses on revs
Comcast (CMCSA 39.70, -0.40, -1.0%): beats by $0.04, reports revs in-line; increases quarterly dividend to $0.29 from $0.27/share
STMicroelectronics (STM 45.09, +1.76, +4.1%): beats by $0.22, beats on revs; guides Q1 revs above consensus
Last night:
Tesla (TLSA 154.36, +9.93, +6.9%): beats by $0.08, reports revs in-line, automotive gross margin down 466 bps yr/yr, guides for 1.8 mln vehicles in FY23, which is ahead of its long-term 50% CAGR target; thus far in January it has seen the strongest orders YTD in its history
Sherwin-Williams (SHW 224.85, -22.24, -9.0%): beats by $0.04, reports revs in-line; guides FY23 EPS below consensus, revs below consensusIBM (IBM 137.93, -2.83, -2.0%): misses by $0.01, beats on revs; announced it will cut about 3,900 jobs, or roughly 1.5% of its workforce, according to Bloomberg
Comcast (CMCSA 39.70, -0.40, -1.0%): beats by $0.04, reports revs in-line; increases quarterly dividend to $0.29 from $0.27/share
ServiceNow (NOW 442.00, -6.77, -1.5%): beats by $0.26, reports revs in-line
Chevron (CVX 184.93, +5.85, +3.3%): authorizes $75 bln stock repurchase program and increases quarterly divided by 6% to $1.51/share
The S&P 500 futures are up 19 points and are trading 0.5% above fair value.
The Nasdaq 100 futures are up 111 points and are trading 0.9% above fair value.
The Dow Jones Industrial Average futures are up 41 points and are trading 0.1% above fair value.Equity futures indicate a higher open following Tesla’s (TSLA) earnings report, which is driving a continued rebound effort in the mega cap space and bolstering the broader market on a busy earnings reporting day
Treasury yields were higher ahead of the release.
The 2-yr note yield is up one basis point to 4.15% and the 10-yr note yield is up two basis points to 3.48%. The U.S. Dollar Index is up 0.1% to 101.75.
Energy complex futures are mixed. WTI crude oil futures are up 1.3% to $81.16/bbl and natural gas futures are down 4.5% to $2.78/mmbtu.
Q4 GDP was 2.9% in the advance reading (Briefing.com consensus 2.6%) following 3.2% reading in Q3. The Q4 Chain Deflator was 3.5% in the advance reading (consensus 3.2%) following a 4.4% reading in Q3. Thank you CI – agree with your assessment …
Weekly initial jobless claims totaled 186,000 (consensus 205,000) following a revised count of 192,000 last week (from 190,000).
Continuing claims came in at 1.675 million after last week’s revised total of 1.655 million (from 1.647 million).Durable goods orders rose 5.6% in December (consensus 2.9%) following a revised decline of 1.7% in November (from -2.1%).
Durable goods orders, excluding transportation fell 0.1% (Briefing.com consensus -0.2%) following a revised 0.1% increase in November (from +0.2%).Adv. Intl. Trade in Goods showed a $90.3 billion deficit in December following a revised $82.9 billion in November (from -$83.3 billion).
Adv. Retail Inventories rose 0.5% in December following a revised flat reading in November (from +0.1%).
Adv. Wholesale Inventories rose 0.1% in December following a revised 0.9% incline in November (from 1.0%0.Treasury yields spiked after the 8:30 a.m. data releases before pulling back slightly.
The 2-yr note yield hit 4.18%, but now sits at 4.16%. The 10-yr note yield hit 3.51%, but sits at 3.48% now.
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