Traders Market Weekly: Jobs and a Data Dependent Fed

Viewing 15 posts - 31 through 45 (of 96 total)
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    Germany’s July ifo Business Climate Index 87.3 (expected 88.0; last 88.6). July Current Assessment 91.3 (expected 93.0; last 93.7) and Business Expectations 83.5 (expected 83.4; last 83.8)

    Economists from Germany’s ifo Institute see a rising chance of another quarter of contraction, adding that it would be reasonable for the ECB to pause its hiking cycle.


    U.K.’s July CBI Industrial Trends Orders -9 (expected -17; last -15)

    Unilever beat Q2 expectations and raised its guidance, but also noted that inflation has peaked.


    General Motors (GM 39.99, +0.69, +1.8%): beats by $0.05, beats on revs; raises FY23 EPS above consensus; raises FY23 adjusted EBIT guidance
    3M (MMM 106.45, +2.18, +2.1%) beats by $0.44, beats on revs; raises FY23 EPS in-line
    RTX (RTX 93.95, -3..06, -3.2%): beats by $0.11, beats on revs; guides FY23 EPS in-line, revs above consensus; lowers FY23 free cash flow
    General Electric (GE 114.41, +4.16, +3.8%): beats by $0.22, beats on revs; raises FY23 EPS above consensus
    Whirlpool (WHR 150.29, -0.47, -0.3%): beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
    F5 Networks (FFIV 164.99, +14.78, +9.8%): beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line
    Dow (DOW 53.23, -0.32, -0.6%): beats by $0.05, beats on revs
    GE HealthCare (GEHC 80.90, +0.27, +0.3%): beats by $0.05, reports revs in-line; raises FY23 EPS in-line
    Verizon (VZ 34.98, +0.91, +2.7%): beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, reaffirms total wireless service growth of 2.5-4.5%
    Danaher (DHR 242.02, -15.96, -6.2%): beats by $0.04, reports revs in-line
    Sherwin-Williams (SHW 282.00, +13.98, +5.2%): beats by $0.59, beats on revs; raises FY23 EPS above consensus, revs above consensus
    Kimberly-Clark (KMB 138.52, +1.35, +2.0%): beats by $0.17, reports revs in-line; raises FY23 EPS in-line, raises organic sales growth guidance
    Biogen (BIIB 280.23, +3.23, +1.2%): beats by $0.25, beats on revs; reaffirms FY23 EPS guidance
    Corning (GLW 32.74, -0.45, -1.4%): reports EPS in-line, revs in-line; guides Q3 revs below consensus, earnings below consensus
    PulteGroup (PHM 79.75, +1.22, +1.6%): beats by $0.69, beats on revs
    Dover (DOV 145.00, -7.09, -4.7%): misses by $0.15, misses on revs; guides FY23 EPS in-line, revs in-line


    Goldman Sachs (GS 357.05, -1.88, -0.5%): downgraded to Neutral from Buy at Citigroup

    Walmart (WMT 160.79, +1.49, +0.9%) upgraded to Overweight from Neutral at Piper Sandler


    The 2-yr note yield is down one basis point to 4.87% and the 10-yr note yield is up three basis points to 3.89%.

    The FOMC begins its two-day policy meeting today. A new policy directive will be released at 2:00 p.m. ET on Wednesday followed by Fed Chair Powell’s press conference at 2:30 p.m. ET.


    The FHFA Housing Price Index rose 0.7% in May following a 0.7% in the prior month.
    The S&P Case-Shiller Home Price Index fell 1.7% in May (consensus -1.9%) following a 1.7% decline in the prior month


    Market Open:

    Dow Industrial Average -21.50 points or -0.06% at 35389.75
    S&P index up 1.39 points or 0.03% at 4556.04
    NASDAQ index of 52.06 points or 0.37% at 14110.93

    US yields are higher with one day to go before the FOMC rate decision.

    2 year yield 4.886%, +4.8 basis points
    5 year yield 4.183%, +6.0 basis points
    10 year yield 3.904%, +4.7 basis points
    30 year yield 3.946% +2.6 basis points

    Crude oil is modestly lower by $0.15.
    Gold is up $5.79 or 0.30% at $1960.43.

    EURUSD is a trading to new session lows as a stocks open. The low price reached 1.1025.


    Banc of California, PacWest in Advanced Talks to Combine

    Deal would marry regional lenders beset by fears about the soundness of the sector earlier in the year

    Banc of California is in advanced talks to buy PacWest Bancorp, in a move by the lenders to further shore themselves up following a regional-banking crisis earlier this year.

    A deal could be announced as soon as today, when both banks are scheduled to report results, assuming there isn’t a last-minute snag, people familiar with the matter said.

    PacWest has been at the center of recent fears about the regional-banking system since the failure of three lenders this spring, with the Beverly Hills, Calif., bank beset by deposit outflows and a sinking stock price. Shares of Banc of California dropped significantly too.

    Still, both banks have come through the recent turmoil in relatively good health and both stocks have rebounded somewhat. PacWest has sold assets to shore up its balance sheet, while Banc of California remained profitable in the first quarter.

    Centerbridge and Warburg Pincus plan to contribute equity to help fund the deal, the people said. The private-equity firms, each with a history of investing in financial companies, will provide the only external source of funding for the acquisition.

    Updates to follow as news develops.


    Dow 35,438.07 26.83 0.08%
    S&P 500 4,567.46 12.82 0.28%
    Nasdaq 14,144.56 85.69 0.61%
    VIX 13.89 -0.02 -0.14%
    Gold 1,966.00 3.80 0.19%
    Oil 79.63 0.89 1.13%


    Visa Q3 2023
    EPS $2.16 beat $2.12 exp
    Revenue $8.1 billion beat $8.06 billion exp.
    Cross border volumes at constant currency +17%
    Total processed transactions: $54.0B (exp $53.46B)
    $V 238.00 ▼ 0.69 (0.29%) After Hours


    Airbus Wins C$3.6 Bln Canadian Contract For Four New A330 Tanker Aircraft – RTRS Citing Official Statement

    – Contract Also Covers Conversion Of Five Used A330 Tankers


    Alphabet Q2 2023

    EPS $1.44 beat $1.34 exp
    Revenue $74.6 billion beat $72.82 billion exp
    Operating Income: $21.84B (exp $19.96B)
    Google Ad Revenue: $58.14B (exp $57.45B)
    Google Cloud Revenue: $8.03B (exp $7.83B)
    $GOOG $130.90▲ 8.11 (6.60%) After Hours


    Microsoft Corp Q4 2023

    EPS $2.69 beat $2.55 exp
    Revenue $56.2 billion beat $55.47 billion exp.
    Productivity and Business Processes segment $18.29 billion
    Intelligent Cloud $23.99 billion
    More Personal Computing $13.91 billion
    $MSFT 348.60▼ 2.38 (0.68%) After Hours


    Equity indices in the Asia-Pacific region ended Wednesday on a mixed note.

    Japan’s Nikkei: UNCH,
    Hong Kong’s Hang Seng: -0.4%,
    China’s Shanghai Composite: -0.3%,
    India’s Sensex: +0.5%,
    South Korea’s Kospi: -1.7%,
    Australia’s ASX All Ordinaries: +0.8%.


    Japan’s June Corporate Services Price Index 1.2% yr/yr (expected 1.4%; last 1.7%).
    May Leading Index 1.1% m/m (last 1.4%) and Coincident Indicator 0.1% m/m (expected -0.4%; last 0.1%)

    There was growing speculation that the Bank of Japan will abandon its yield curve control policy with an announcement coming as early as this Friday.

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