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Johnson & Johnson (JNJ 171.80, +1.61, +1.0%): announces its intention to split-off at least 80.1% of the shares of Kenvue (KVUE) through an exchange offer
The S&P Global US Manufacturing PMI rose to 49.0 in the preliminary July reading from 46.3 in June and the Services PMI fell to 52.4 from 54.4.
US Services Sector Grows at Slowest Pace in Five Month in July – S&P Global PMI
Energy complex futures are mixed. WTI crude oil futures are up 0.8% to $77.69/bbl and natural gas futures are down 0.6% to $2.69/mmbtu.
Dow +167.57 at 35395.17, Nasdaq +42.32 at 14075.51, S&P +18.83 at 4556.44
The major indices have been climbing over the last half hour.
Upside moves coincided with some mega caps recovering from early weakness. The Vanguard Mega Cap Growth ETF (MGK) is up 0.5%, trading near its high of the day.
At the same time, the Invesco S&P 500 Equal Weight ETF (RSP) fell to its low of the day, up 0.1%.
JPMorgan’ s Kolanovic Warns:
JP Morgan: US stock mkt concentration highest 60 years. Watch AI frenzy for selloff sign.
A note Monday from JPMorgan Chief Global Markets Strategist Marko Kolanovic’s analyst team.
In summary:
US stock market is seeing its dependence on a handful of megacap names increase at the fastest pace in 60 years, surpassing what was seen during the dot-com bubble, which peaked in March 2000
additionally, crowding in growth stocks included in the S&P 500 has reached the 97th percentile on a historical basis, the highest since the dot-com bubble
a selloff catalyst might include an event such as:
a deep recession
a sudden resurgence of inflationary pressures“The peak in this concentration episode should coincide with a diminishing interest in [the generative AI/large-language model] theme from investors or as more rationalization is applied post the initial AI frenzy”
Barbie generated a record $155 mln at box office
Oppenheimer exceeded expectations with $80 mln.
Sound of Freedom is now the 14th highest grossing film of the year, according to VarietyWeekend box office numbers for film blockbusters Barbie and Oppenheimer: Warner Bros. (WBD), Comcast (CMCSA), AMC Entertainment (AMC), Cinemark (CNK), IMAX (IMAX), and Mattel (MAT) depending on how close the Barbenheimer numbers are to expectations.
That’s a Wrap
Dow 35435.28 +207.68 (0.59%)
Nasdaq 14061.16 +27.97 (0.20%)
SP500 4557.12 +19.51(0.43%)
10yr Note -2/32 3.86%
DXY +0.3%
Gold – $4.40 (-0.2%)
WTI oil +2.3%
Natural gas – 0.8%AMC Preferred Equity units (APE) moving higher after hours, possibly related to court filing; AMC heads lower…
APE up 5.8%; AMC down 11.5%F5 Networks (FFIV) beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line… FFIV up 8.4%
Nucor (NUE) beats by $0.28, misses on revs; guides Q3 EPS in-line… NUE down 1.0%
NXP Semi (NXPI) beats by $0.15, beats on revs; guides Q3 EPS and revs mostly above consensus… NXPI up 1.1%
Packaging Corp (PKG) beats by $0.38, misses on revs; guides Q3 EPS below consensus… PKG up 1.0%
TrueBlue (TBI) misses by $0.06, misses on revs; guides Q3 revs below consensus… TBI down 12.5%
Whirlpool (WHR) beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance… WHR down 1.1%
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with property names leading Hong Kong’s Hang Seng (+4.3%) sharply higher after China’s Politburo announced that macroeconomic adjustments will be stepped up, including additional support for the real estate sector.
Japan’s Nikkei: -0.1%,
Hong Kong’s Hang Seng: +4.3%,
China’s Shanghai Composite: +2.1%,
India’s Sensex: UNCH,
South Korea’s Kospi: +0.3%,
Australia’s ASX All Ordinaries: +0.5%Japan’s June BoJ Core CPI 3.0% yr/yr, as expected (last 3.1%)
The Bank of Japan is reportedly considering boosting its inflation target to 2.5%, though there are doubts that the momentum will persist.
South Korea’s Q2 GDP 0.6% qtr/qtr (expected 0.5%; last 0.3%); 0.9% yr/yr (expected 0.8%; last 0.9%)
Hong Kong’s June trade deficit HKD56.6 bln (expected deficit of HKD42.4 bln; last deficit of HKD26.4 bln). June Imports -12.3% m/m (expected -11.1%; last -16.7%) and Exports -11.4% m/m (expected -24.2%; last -15.6%)
China’s National Development Reform Commission met with six manufacturers to seek their opinions.
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