Traders Market Weekly: September Effect on Risk Appetite

Viewing 15 posts - 61 through 75 (of 77 total)
  • Author
  • #64486

    Dow 34,099.42 -373.56 -1.08%
    S&P 500 4,376.31 -59.70 -1.35%
    Nasdaq 13,463.97 -257.06 -1.87%
    VIX 17.20 1.22 7.63%
    Gold 1,944.70 -3.40 -0.17%
    Oil 78.88 -0.01 -0.01%


    Affirm (AFRM) beats by $0.18, beats on revs; guides Q1 revs above consensus… AFRM up 6.4%
    Domo (DOMO) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus… DOMO down 23.7%
    Gap (GPS) beats by $0.25, reports revs in-line, comps -6%; guides Q3 revs below consensus; guides FY24 revs in-line… GPS up 0.4%
    Intuit (INTU) beats by $0.22, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs in-line… INTU down 2.0%
    Marvell (MRVL) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line… MRVL down 5.2%
    Nordstrom (JWN) beats by $0.36, beats on revs; reaffirms FY24 EPS guidance… JWN down 3.9%
    Ulta Beauty (ULTA) beats by $0.17, beats on revs; guides FY24 EPS in-line, revs in-line… ULTA up 2.1%
    Workday (WDAY) beats by $0.17, reports revs in-line, Raises FY24 subscription revenue guidance… WDAY up 3.8%


    Hawaiian Electric (HE) down over -1% in after-hours on Maui County suing HE over fires alleging negligence, according to The AP on MSN… HE down 2.3%


    Fair Value for Friday, August 25:

    S&P 500: 4,386
    Nasdaq 100: 14,860
    DJIA: 34,134


    Equity indices in the Asia-Pacific region ended the week on a lower note.

    —Equity Markets—

    Japan’s Nikkei: -2.1% (+0.6% for the week)
    Hong Kong’s Hang Seng: -1.4% (UNCH for the week)
    China’s Shanghai Composite: -0.6% (-2.2% for the week)
    India’s Sensex: -0.6% (-0.1% for the week)
    South Korea’s Kospi: -0.7% (+0.6% for the week)
    Australia’s ASX All Ordinaries: -0.9% (-0.5% for the week)


    Japan’s Tokyo Core CPI was up 2.8% yr/yr in August, representing the slowest pace of increase since September 2022.

    Japan’s August CPI 2.6% yr/yr (last 2.5%).
    August Tokyo CPI 2.9% yr/yr (expected 3.0%; last 3.2%)
    Tokyo Core CPI 2.8% yr/yr (expected 2.9%; last 3.0%)


    China Securities Regulatory Commission is reportedly calling on state pension funds, big banks, and insurers to assist in stabilizing the stock market.
    China’s Ministry of Industry is reportedly looking for a 5% increase in the output of ten nonferrous metals in 2024.
    U.S. Commerce Secretary Raimondo will be visiting China between Sunday and Wednesday.


    Singapore’s July Industrial Production 4.1% m/m (expected -0.5%; last 3.3%); -0.9% yr/yr (expected -3.8%; last -6.6%)


    Major European indices are looking for a higher finish to the week.

    —Equity Markets—

    STOXX Europe 600: +0.6% (+1.3% week-to-date)
    Germany’s DAX: +0.7% (+1.1% week-to-date)
    U.K.’s FTSE 100: +0.6% (+1.6% week-to-date)
    France’s CAC 40: +0.8% (+1.5% week-to-date)
    Italy’s FTSE MIB: +1.1% (+2.2% week-to-date)
    Spain’s IBEX 35: +0.8% (+1.4% week-to-date)


    Germany’s Q2 GDP was revised up to 0.0% from -0.1%, marking the end of a two-quarter recession, but economists from the ifo Institute see another contraction as a near-certainty.

    Germany’s Q2 GDP 0.0% qtr/qtr, as expected (last -0.1%); -0.2% yr/yr, as expected (last -0.2%).
    August ifo Business Climate Index 85.7 (expected 86.7; last 87.4).
    August Current Assessment 89.0 (expected 90.0; last 91.4) and Business Expectations 82.6 (expected 83.8; last 83.6)

    European Central Bank policymaker Nagel pushed back against reports that the ECB is considering a pause at the September meeting while policymaker Centeno called for caution at the next meeting.

    ECB President Lagarde will speak at the Jackson Hole Symposium at 15:00 ET.


    Spain’s July PPI -8.4% yr/yr (expected -10.1%; last -8.1%)
    Swiss Q2 Employment Level 5.432 mln (expected 5.428 mln; last 5.389 mln)


    Netflix (NFLX 409.55, +2.62, +0.6%): Loop Capital upgrades to Buy from Hold; raises price target to $500 from $425


    Hawaiian Electric Industries (HE 9.93, -1.93, -16.3%):

    Maui County suing HE over fires alleging negligence; suspends quarterly dividend beginning with Q3; drew $200 million under their existing revolving unsecured credit facilities


    The final August reading for the University of Michigan Consumer Sentiment Survey checked in at 69.5 (consensus 71.2) versus the preliminary reading of 71.2 and the final reading of 71.6 for July.
    Yeah-ahead inflation expectations were 3.5% versus the preliminary reading of 3.3%.
    Five-year inflation expectations were 3.0% versus the preliminary reading of 2.9%.

    The 2-yr note yield is up four basis points to 5.05% and the 10-yr note yield is down one basis point to 4.23%.


    Dow +20.43 at 34119.77, Nasdaq +29.40 at 13493.75, S&P +5.56 at 4381.87

    There has been some roller-coaster action in the market following Fed Chair Powell’s speech at the Jackson Hole Symposium.

    He stuck by the Fed’s 2.0% inflation target; he reiterated that the process of getting inflation back down to 2.0% still has a long way to go; and he acknowledged that the Fed will raise rates again if it is appropriate. These are all things he said following the last FOMC meeting.

    Notably, he concluded his remarks with the thought that the Fed “…will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data.”

    What was missing from today’s remarks was any notion that the Fed is thinking at all about cutting rates.

    The indices have faded from their pre-speech levels and the market has turned more mixed, lacking any concerted leadership.

    The 2-yr note yield is up seven basis points to 5.08% and the 10-yr note yield is unchanged at 4.24%.

Viewing 15 posts - 61 through 75 (of 77 total)
  • You must be logged in to reply to this topic.