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

Viewing 15 posts - 61 through 75 (of 94 total)
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    The ADP Employment Change Report for December showed 164,000 jobs were added to private-sector payrolls (consensus 114,000) following a revised increase of 101,000 in November (from 103,000).


    Initial jobless claims for the week ending December 30 decreased by 18,000 to 202,000 (consensus 220,000) while continuing jobless claims for the week ending December 23 decreased by 31,000 to 1.855 million.

    The key takeaway from the report — and the ADP number — is that the labor market is still in good shape, which is good news for the economy if not for the market’s aggressive rate-cut outlook.

    Treasury yields had already been moving higher ahead of the the data, but selling activity picked up in response. The 10-yr note yield is up seven basis points from yesterday at 3.98% and the 2-yr note yield is up five basis points to 4.37%.


    S&P 500 futures are down one point and are trading roughly in line with fair value,
    Nasdaq 100 futures are down 73 points and are trading 0.5% below fair value,
    Dow Jones Industrial Average futures are up 100 points and are trading 0.3% above fair value.


    The S&P Global US Services PMI rose to 51.4 in the final December reading from 50.8.

    The 10-yr note yield is just below 4.00% again, up eight basis points from yesterday to 3.99%.
    The 2-yr note yield is up four basis points to 4.36%.


    Market Morning
    Dow 37623.65 +193.46 (0.52%)
    Nasdaq 14589.43 -2.78 (-0.02%)
    SP 500 4716.76 +11.95 (0.25%)
    10-yr Note -6/32 3.989
    NYSE Adv 1635 Dec 1052 Vol 152 mln
    Nasdaq Adv 2119 Dec 1872 Vol 1.7 bln

    Industry Watch
    Strong: Financials, Industrials, Health Care, Utilities, Energy, Consumer Staples
    Weak: Information Technology, Consumer Discretionary, Communication Services

    Moving the Market
    — AAPL loss weighing over market after downgrade to Neutral from Overweight at Piper Sandler

    — Rising market rates; 10-yr note yield nearing 4.00% again

    — Digesting better than expected labor market data

    The S&P 500 health care sector is outperforming the broader market, trading up 0.7%. A gain in Eli Lilly (LLY 628.20, +10.53, +1.7%) after announcing LillyDirect, whereby patients can obtain obesity, migraine, and diabetes medications direct from Eli Lilly, has contributed to the sector’s gains.

    In other corporate news, Walgreens Boots Alliance (WBA 23.24, -2.32, -9.1%) is trading down after topping fiscal Q1 expectations and slashing its dividend by 48%. This loss is limiting upside moves for the consumer staples sector, which sports a 0.4% gain.


    Dow 37,440.34 10.15 0.03%
    S&P 500 4,688.68 -16.13 -0.34%
    Nasdaq 14,510.30 -81.91 -0.56%
    VIX 14.13 0.09 0.64%
    Gold 2,050.80 8.00 0.39%
    Oil 72.34 -0.36 -0.50%
    Bitcoin 42,782 -170 -0.40%

    And few of my FAV GOAT songs all time 🙂


    and a few more bonus tunes for the playlist 🙂


    Mettler-Toledo (MTD) withdraws its Q4 guidance; notes that sales and adjusted EPS for Q4 will be below its previously announced outlook due to unexpected shipping delays
    MTD down 4.8%


    Kura Sushi (KRUS) misses by $0.08, revs in-line; reaffirms FY24 revenue outlook.
    KRUS down 2.1%


    Costco (COST) reports December adjusted comparable sales growth of 8.1%…
    COST up 1.0%


    Franklin Covey (FC) reports $0.17 EPS beat and upside revs; reaffirms FY24 adjusted EBITDA…
    FC down 8.6%


    Exxon Mobil (XOM) details items that will impact Q4 results; changes in gas prices positively impacting Q4 upstream earnings by $0.4-0.8 bln…
    XOM up 0.2%


    Fisker (FSR) inching lower as it struggles to hit internal sales targets, according to TechCrunch…
    FSR up 0.3%


    Equity indices in the Asia-Pacific region ended the week on a mostly lower note.
    Japan’s Nikkei: +0.3% (-0.3% for the week),
    Hong Kong’s Hang Seng: -0.7% (-3.0% for the week),
    China’s Shanghai Composite: -0.9% (-1.5% for the week),
    India’s Sensex: +0.3% (-0.3% for the week),
    South Korea’s Kospi: -0.4% (-2.9% for the week),
    Australia’s ASX All Ordinaries: -0.2% (-1.4% for the week).


    Japan’s Services PMI for December pointed to the 16th consecutive month of expansion, though the reading was a bit shy of estimates.
    December Services PMI 51.5 (expected 52.0; last 50.8)

    December Monetary Base 7.9% yr/yr (expected 9.0%; last 8.9%).
    December Household Confidence 37.2 (expected 36.6; last 36.1)

    Japan’s Ministry of Industry noted that more than 80% of manufacturers that were impacted by the New Year’s earthquake have resumed production or will do so soon.

Viewing 15 posts - 61 through 75 (of 94 total)
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