Traders Market Weekly: Hello 2024, Unexpected Opportunity on The Menu

Viewing 15 posts - 16 through 30 (of 94 total)
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  • #69666
    Truman
    Participant

    Baidu (BIDU 117.19, -1.90, -1.6%): bid to acquire Joyy (YY) China live streaming business has lapsed, according to Bloomberg

    #69667
    Truman
    Participant

    Tesla (TSLA 246.11, -2.37, -1.0%): DOE updates EV models that qualify for $7500 tax credit

    #69668
    Truman
    Participant

    ASML (ASML 734.00, -22.92, -3.0%):
    issues statement regarding partial revocation export license; saying in part “We do not expect the current revocation of our export license or the latest U.S. export control restrictions to have a material impact on our financial outlook for 2023.”

    #69669
    Truman
    Participant

    Estee Lauder (EL 143.50, -2.75, -1.9%): downgraded to Hold from Buy at Deutsche Bank

    #69670
    Truman
    Participant

    S&P 500 futures are down 40 points and are trading 0.8% below fair value,
    Nasdaq 100 futures are down 202 points and are trading 1.2% below fair value,
    Dow Jones Industrial Average futures are down 240 points and are trading 0.6% below fair value.

    Stocks futures indicate a lower open on the first session of the new year following big gains for the market in 2023.
    A loss in Apple (AAPL) has contributed to the negative bias after the stock was downgraded to Underweight from Equal Weight at Barclays.
    Rising rates are another factor driving the downbeat price action.

    2-yr note yield is up seven basis points to 4.32%
    10-yr note yield is up seven basis points to 3.95%.

    Geopolitical worries are also in play after Iran sent a warship to the Red Sea after the U.S. destroyed three Houthi boats, according to Bloomberg.
    Israel Prime Minister Benjamin Netanyahu has rejected international pressure to stop the war, saying the war will continue until “absolute victory,” which will take “many more months,” according to The New York Times.

    WTI crude oil futures are up 2.2% to $73.17/bbl, likely tied to the geopolitical angst.

    Manufacturing PMI readings from Germany, France, U.K., Spain, and Italy remained in contractionary territory, but they were a bit better than expected. China’s Caixin PMI expanded to 50.8 in December, exceeding the forecast of 50.4.

    Today’s U.S. economic data includes the final December S&P Global U.S. Manufacturing PMI at 9:45 ET and the November Construction Spending report at 10:00 ET.

    #69671

    OOOHHHH THE HUMANITY — as SANTA has left WALL STREET & now back at NORTH POLE
    In the famous words of Jim Cramer “SELL, SELL, SELL” – lol
    FUTURES ARE DOWN about 1% as traders consolidate, profit-take, and reallocate for 2024
    HAPPY NEW YEAR to all members & readers of this great site & wish all best in trading/investing 🙂
    Major WINTER STORM is heading our way for weekend

    #69684

    Dow 37,715.04 25.50 0.07%
    S&P 500 4,742.83 -27.00 -0.57%
    Nasdaq 14,765.94 -245.41 -1.63%
    VIX 13.20 0.75 6.02%
    Gold 2,067.60 -4.20 -0.20%
    Oil 70.50 -1.15 -1.61%

    #69685
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note while Japan’s Nikkei remained closed for a holiday.

    Japan’s Nikkei: CLOSED,
    Hong Kong’s Hang Seng: -0.9%,
    China’s Shanghai Composite: +0.2%,
    India’s Sensex: -0.8%,
    South Korea’s Kospi: -2.3%,
    Australia’s ASX All Ordinaries: -1.4%.

    #69686
    Truman
    Participant

    India’s
    final December S&P Global Manufacturing PMI 54.9 (expected 55.9; last 56.0)

    #69687
    Truman
    Participant

    Australia
    Growing speculation in Australian press that the Reserve Bank of Australia will begin cutting rates in September.
    Australia’s Prime Minister Albanese said that his administration will look to implement additional measures to reduce the cost of living in the next budget.

    #69688
    Truman
    Participant

    South Korea
    Kia Motors expects to maintain its 2023 production level in 2024.

    #69689
    Truman
    Participant

    China
    Chinese press speculated that more rate cuts and reserve requirement ratio cuts will take place in 2024

    #69690
    Truman
    Participant

    Major European indices trading down.
    #STOXX Europe 600: -0.9%
    U.K.’s #FTSE100: -0.9%
    Germany’s #DAX: -1.0%
    Spain’s #IBEX35: -1.0%
    Italy’s #FTSEMIB: -1.3%
    France’s #CAC40: -1.5%
    Flowing on from yesterday & Asia profit taking & Geopolitical angst

    #69691
    Truman
    Participant

    Yields higher with rate expectations in focus during with the looming release of the latest #FOMC Minutes at 14:00 ET.:

    2-yr: +1 bp to 4.34%
    3-yr: +2 bps to 4.12%
    5-yr: +1 bp to 3.94%
    10-yr: +2 bps to 3.97%
    30-yr: +2 bps to 4.11%

    #69692
    Truman
    Participant

    UK
    British business leaders are reportedly calling for rate cuts to begin soon while the market expects up to 150 bps worth of cuts by the end of the year.
    Junior doctors in the U.K. have begun a strike that is expected to last six days, which would be a record.
    Discount carrier Ryanair reported a 9% yr/yr increase in passenger traffic in December.

Viewing 15 posts - 16 through 30 (of 94 total)
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