Traders Market Weekly: NVidia, AI and The Debt Celling

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    Australia’s Prime Minister Albanese said that next week’s meeting of Quad leaders will now be held in Japan instead of Australia.


    Singapore’s April trade surplus $4.713 bln (expected surplus of $6.346 bln; last surplus of $6.207 bln).
    April non-oil exports 2.7% m/m (expected -3.0%; last 18.4%); -9.8% yr/yr (expected -9.4%; last -8.3%)


    Major European indices trade near their flat lines while Germany’s DAX (+0.5%) outperforms.

    —Equity Markets—

    STOXX Europe 600: UNCH
    Germany’s DAX: +0.5%
    U.K.’s FTSE 100: -0.1%
    France’s CAC 40: +0.1%
    Italy’s FTSE MIB: UNCH
    Spain’s IBEX 35: +0.2%


    Siemens reported better than expected quarterly results and raised its outlook for the year while SAP announced a new buyback.
    European Central Bank policymaker de Cos said that the central bank is nearing the end of its tightening cycle while British Chancellor Hunt said that the U.K. is on the right path to lower inflation and rates.

    Eurozone’s April CPI 0.6% m/m (expected 0.7%; last 0.9%); 7.0% yr/yr, as expected (last 6.9%). April Core CPI 1.0% m/m, as expected (last 1.3%); 5.6% yr/yr, as expected (last 5.7%)

    France’s Q1 Unemployment Rate 7.1%, as expected (last 7.1%)

    Italy’s March trade surplus EUR7.54 bln (expected surplus of EUR2.50 bln; last surplus of EUR2.10 bln)


    Germany’s DAX (+0.5%) outperforms while major European indices trade near their flat lines.
    Siemens reported better than expected quarterly results and raised its outlook for the year
    SAP announced a new buyback.
    Nears ATH Update


    Target (TGT 156.75, -0.16, -0.1%): beats by $0.26, misses on revs; guides Q2 EPS below consensus; reaffirms FY24 EPS guidance

    Keysight (KEYS 158.54, +12.02, +8.2%): beats by $0.17, reports revs in-line; guides Q3 EPS above consensus, revs in-line

    TJX (TJX 77.15, -1.07, -1.4%): beats by $0.05, reports revs in-line; guides Q2 EPS below consensus; lowers top end of FY24 EPS below consensus; Q1 comps +3%

    Doximity (DOCS 30.62, -3.25, -9.6%): beats by $0.03, reports revs in-line; guides JunQ revs below consensus; guides FY24 (Mar) revs in-line


    Western Alliance Bancorp (WAL 34.86, +3.27, +10.4%): in 2Q23 Investor Update slides: deposits stabilized by March 20 and resumed growth trajectory; QTD deposit growth exceeded $2.0 bln as of May 12


    Wynn Resorts (WYNN 106.00, +2.95, +2.9%): upgraded to Overweight from Equal Weight at Barclays


    Tesla (TSLA 169.08, +2.56, +1.5%): at yesterday’s share holder meeting, CEO Elon Musk teases “two new products”


    The MBA Mortgage Applications Index fell 5.7% with purchase applications declining 4.8% and refinancing applications dropping 8.0%.

    Housing starts totaled 1.401 million in April (consensus 1.405 million) following a revised 1.371 million in March (from 1.420 million).

    Building permits totaled 1.416 million (consensus 1.438 million) following a revised 1.437 million in March (from 1.413 million).


    The stock market opened to mixed action. Western Alliance (WAL 34.67, +3.05, +9.7%) providing an encouraging update helped to boost sentiment, fueling buying interest in other regional bank stocks. The SPDR Regional Bank ETF (KRE) is up 2.9%.

    Target’s (TGT 159.46, +2.55, +1.6%) fiscal Q1 earnings report was mixed, yet the stock trades up so far today. The S&P 500 consumer discretionary sector (+1.2%) sits atop the leaderboard thanks to its mega cap components along with a nice gain in TGT.

    Most of the S&P 500 sectors trade up. Only the defensive-oriented health care (-0.8%), consumer staples (-0.4%), and utilities (-0.2%) sectors sport a loss.

    Treasuries have seen an uptick in selling recently.

    The 2-yr note yield is up six basis points to 4.13% and the 10-yr note yield is up one basis point to 3.55%.


    Dow 33,420.77 408.63 1.24%
    S&P 500 4,158.77 48.87 1.19%
    Nasdaq 12,500.57 157.51 1.28%
    VIX 16.87 -1.12 -6.23%
    Gold 1,986.50 -6.50 -0.33%
    Oil 72.68 1.82 2.57%


    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note with Japan’s Nikkei (+1.6%) approaching its high from September 2021.

    Japan’s Nikkei: +1.6%,
    Hong Kong’s Hang Seng: +0.9%,
    China’s Shanghai Composite: +0.4%,
    India’s Sensex: -0.2%,
    South Korea’s Kospi: +0.8%,
    Australia’s ASX All Ordinaries: +0.5%.


    Japan’s April trade deficit JPY1.02 trln (expected deficit of JPY1.08 trln; last deficit of JPY1.21 trln). April Imports -2.3% yr/yr (expected -0.3%; last 7.3%) and Exports 2.6% yr/yr (expected 3.0%; last 4.3%)

    Several large chipmakers announced their intentions to invest in Japan after executives met with Prime Minister Kishida.

    Japan and the U.K. signed The Hiroshima Accord, formalizing their partnership on defense and technology collaboration.


    Australia reported its sharpest fall in jobs since January.

    Australia’s April Employment Change -4,300 (expected 25,000; last 61,100) and full employment change -27,100 (last 82,500). April Unemployment Rate 3.7% (expected 3.5%; last 3.5%) and April Participation Rate 66.7%, as expected (last 66.8%)

    China will resume imports of Australian timber after halting most shipments in late 2020.

Viewing 15 posts - 46 through 60 (of 89 total)
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