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S&P 500 futures are up 6 points and are trading 0.2% above fair value.
Nasdaq 100 futures are up 10 points and are trading 0.1% above fair value.
Dow Jones Industrial Average futures are up 64 points and are trading 0.2% above fair value.Adv. Intl. Trade in Goods showed a $91.5 billion deficit in January following a revised $89.7 billion in December (from -$90.3 billion).
Adv. Retail Inventories rose 0.3% in January following a revised 0.4% increase in December (from +0.5%).
Adv. Wholesale Inventories fell 0.4% in January following a 0.1% incline in December.
US December Case-Shiller 20-city home price index -0.5% m/m vs -0.5% expected
Prior was -0.5%
Year-over-year prices +4.6% vs +5.8% expected
Prior y/y reading was +6.8%US FHFA monthly house price index was down 0.1% m/m in December and up 6.6% y/y.
The spring housing market is going to be an interesting place to watch as inventories remain low but a big segment of potential buyers are shut out by high interest rates.
After today’s selling here are the end of month changes for US Stock indices:
Dow Industrial Average fell by -4.19%
S&P index fell by -2.61%
NASDAQ index fell by -1.11%
Russell 2000 fell by -1.81%Rates explain the stock moves:
U.S. Treasuries ended February paced by the 2-yr note, compressed 2s10s spread by 20 bps to -88 bps.
Close & bps change for the month:
2-yr +59 bps
3-yr 4.51%+59 bps
5-yr 4.17% +53 bps
10-yr 3.92% +39 bps
30-yr 3.93% +27 bpsPubMatic (PUBM) beats by $0.07, misses on revs; guides Q1 revs below consensus… PUBM down 8.8%
Rivian Automotive (RIVN) beats by $0.22, misses on revs, produced 10,020 vehicles during Q4; expects to produce 50K vehicles in 2023… RIVN down 7.0%
Ross Stores (ROST) beats by $0.08, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus… ROST down 2.1%
Schrodinger (SDGR) reports Q4 results, beats on revs… SDGR up 12.8%… SDGR up 11.4%
Urban Outfitters (URBN) misses by $0.04, beats on revs… URBN down 0.7%
Pfizer (PFE) confirms that the U.S. FDA’s Vaccines and Related Biological Products Advisory Committee voted that available data is adequate to support the safety and effectiveness of its respiratory syncytial virus bivalent vaccine candidate PF-06928316 or RSVpreF
PFE up 0.2%
Agilent (A) beats by $0.06, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line… A down 3.4%
Ambarella (AMBA) beats by $0.08, reports revs in-line; guides Q1 revs below consensus… AMBA down 4.4%
Duolingo (DUOL) beats by $0.18, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus… DUOL up 7.9%
GoodRx (GDRX) beats by $0.02, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus… GDRX up 12.5%
HP Inc. (HPQ) reports EPS in-line, misses on revs; guides AprQ EPS in-line; reaffirms FY23 EPS guidance… HPQ up 2.4%
Monster Beverage (MNST) misses by $0.06, misses on revs; announces 2:1 stock split… MNST down 6.1%
Marqeta (MQ) reports Q4 (Dec) results, revs in-line… MQ down 19.0%
Novavax (NVAX) misses by $1.23, misses on revs; issues going concern statement… NVAX down 24.8%
Payoneer (PAYO) beats by $0.02, beats on revs; guides FY23 revs above consensus; John Caplan to become CEO effective March 1… PAYO up 11.7%
Ford Motor (F): USPS moves forward with awards to modernize and electrify the nation’s largest federal fleet… F up 0.5%
First Solar beats by $0.08, reports revs in-line; guides FY23 EPS above consensus, revs above consensus… FSLR up 3.7%
Equity indices in the Asia-Pacific region ended the midweek session on a higher note while markets in South Korea were closed for a holiday.
—Equity Markets—
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: +4.2%
China’s Shanghai Composite: +1.0%
India’s Sensex: +0.8%
South Korea’s Kospi: CLOSED
Australia’s ASX All Ordinaries: UNCHChina’s Manufacturing PMI reached its highest level in nearly 11 years in the February reading while Japan’s Manufacturing PMI contracted for the fourth month in a row.
China’s February Manufacturing PMI 52.6 (expected 50.5; last 50.1) and Non-Manufacturing PMI 56.3 (expected 55.0; last 54.4). February Caixin Manufacturing PMI 51.6 (expected 50.2; last 49.2)
Japan’s February Manufacturing PMI 47.7 (expected 47.4; last 48.9)The U.S. may reportedly revoke all of Huawei’s export licenses.
Japan’s foreign minister will skip this week’s meeting of G-20 foreign ministers in India.
South Korea’s February trade deficit $5.30 bln (expected deficit of $6.06 bln; last deficit of $12.65 bln). February Imports 3.6% yr/yr (expected 4.0%; last -2.8%) and Exports -7.5% yr/yr (expected -8.7%; last -16.6%)
India’s February Manufacturing PMI 55.3 (expected 54.3; last 55.4)
Australia’s January AIG Manufacturing Index -6.4 (last -17.1) and February Manufacturing PMI 50.5 (expected 50.1; last 50.0). Q4 GDP 0.5% qtr/qtr (expected 0.8%; last 0.7%); 2.7% yr/yr, as expected (last 5.9%). February CPI 7.4% yr/yr (expected 8.1%; last 8.4%)
Major European indices mostly trade in positive territory.
—Equity Markets—
STOXX Europe 600: -0.3%
Germany’s DAX: +0.1%
U.K.’s FTSE 100: +0.7%
France’s CAC 40: +0.2%
Italy’s FTSE MIB: +0.2%
Spain’s IBEX 35: -0.5%The European Central Bank is starting to reduce holdings in its Asset Purchase Program portfolio.
ECB policymaker Villeroy de Galhau said that it is desirable to reach the terminal rate by the summer and that growth in France is expected to be slightly positive in 2023.
Bank of England Governor Bailey said that additional rate hikes may be appropriate, but nothing has been decided yet.
Eurozone’s February Manufacturing PMI 48.5, as expected (last 48.8)
Germany’s February Manufacturing PMI 46.3 (expected 46.5; last 46.5). February unemployment change 2,000 (expected 9,000; last -15,000) and Unemployment Rate 5.5%, as expected (last 5.5%)
U.K.’s February Manufacturing PMI 49.3 (expected 49.2; last 49.2). February Mortgage Approvals 39,640 (expected 38,000; last 40,540). February Nationwide HPI -0.5% m/m (expected -0.4%; last -0.6%); -1.1% yr/yr (expected -0.9%; last 1.1%)
France’s February Manufacturing PMI 47.4 (expected 47.9; last 47.9)
Italy’s February Manufacturing PMI 52.0 (expected 51.0; last 50.4)
Spain’s February Manufacturing PMI 50.7 (expected 49.1; last 48.4)
Swiss February procure.ch PMI 48.9 (expected 50.4; last 49.3) and January Retail Sales -2.2% yr/yr, as expected (last -3.0%)
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