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New Zealand’s Q1 Input PPI 0.2% qtr/qtr (expected 0.5%; last 0.5%) and Output PPI 0.3% qtr/qtr (expected 0.8%; last 0.9%)
Hong Kong’s April Unemployment Rate 3.0% (expected 2.9%; last 3.1%)
Major European indices trade on a firmly higher note with Germany’s DAX (+1.7%) reaching its best level since January 2022.
STOXX Europe 600: +0.6%,
Germany’s DAX: +1.7%,
U.K.’s FTSE 100: +0.5%,
France’s CAC 40: +0.9%,
Italy’s FTSE MIB: +1.1%,
Spain’s IBEX 35: +0.7%.Spain’s March trade deficit EUR160 mln (expected deficit of EUR720 mln; last deficit of EUR2.46 bln)
European Central Bank policymaker de Guindos said that the bulk of policy tightening has been done already but services inflation remains worrisome for the ECB. Meanwhile policymaker Muller said that it is premature to expect a rate cut in early 2024.
The EU and U.K. are reportedly looking to boost cooperation on regulation of financial services.
Earnings
Walmart (WMT 151.96, +2.43, +1.6%): beats by $0.15, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY24 EPS guidance; Q1 Wal-Mart US comps +7.4%Alibaba (BABA 89.77, -0.88, -1.0%): beats by RMB1.24, reports revs in-line
Cisco (CSCO 45.85, -1.78, -3.7%): beats by $0.03, beats on revs; guides JulQ EPS above consensus, mid-point of revs above consensus; Total product orders were down 23%.
Bath & Body Works (BBWI 37.35, +3.33, +9.8%): beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY24 EPS in-line, reaffirms FY24 revs guidance
Take-Two (TTWO 141.03, +16.01, +12.8%): misses by $2.37, beats on revs; guides JunQ EPS below consensus, bookings below consensus; guides FY24 EPS below consensus, bookings below consensus; expects next phase of growth in FY25 with over $8.0 bln in net bookings
Synopsys (SNPS 384.31, +7.23, +1.9%): beats by $0.07, reports revs in-line; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line
Canada Goose (GOOS 23.35, +2.91, +14.2%): beats by CAD0.07, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs above consensus
Netflix (NFLX 345.50, +5.54, +1.6%): President of worldwide advertising Jeremi Gorman at conference last night said that ad supported tier now has 5 million global monthly active users
Snowflake (SNOW 177.88, +3.86, +2.2%): jumping on reports it is in talks to buy Neeva, which develops software combining search with large-language models, according to The Information
The May Philadelphia Fed Index improved to -10.4 (consensus -16.0) from -31.3 in April.
That was a better trend than what seen earlier this week for the Empire State Manufacturing Survey, yet it bears pointing out that a number below 0.0 is still indicative of a contraction in manufacturing activity in the region.
Initial jobless claims for the week ending May 13 decreased by 22,000 to 242,000 (consensus 259,000) while continuing jobless claims for the week ending May 6 decreased by 8,000 to 1.799 million.
The key takeaway from the report is that initial claims are at levels that are much closer to signaling tightness in the labor market, which means the Fed is apt to stick to its tighter policy for longer.
Treasury yields turned higher in response to the data.
The 2-yr note yield is up seven basis points to 4.23% and the 10-yr note yield is up five basis points to 3.62%.
Equity futures continue to deteriorate.
A short time ago, Dallas Fed President Lori Logan (FOMC voter) said that current data doesn’t justify pausing rate hikes in June, according to CNBC.
The S&P 500 futures are up 6 points and are trading 0.1% below fair value.
The Nasdaq 100 futures are flat and are trading in line with fair value.
The Dow Jones Industrial Average futures are down 100 points and are trading 0.3% below fair value.Tech and natgas the winners today:
Natural gas futures jumped 8.8%
SPX NDX:
Take-Two $TTWO 141.90, +16.88, +13.50%
Copart $CPRT 87.31, +5.31, +6.48%
Cadence Design $CDNS 214.92, +10.77, +5.28%
NVidia $NVDA 316.71 +14.93 +4.95%Tech and #natgas the winners today:
Natural gas futures jumped 8.8%#SPX #NDX:
Take-Two $TTWO 141.90, +16.88, +13.50%
Copart $CPRT 87.31, +5.31, +6.48%
Cadence Design $CDNS 214.92, +10.77, +5.28%
NVidia $NVDA 316.71 +14.93 +4.95%https://t.co/IpZHTWh9uk pic.twitter.com/Umn991h5Aq— Traders Community (@TradersCom) May 18, 2023
Gold futures settled $25.10 lower (-1.3%) to $1,959.80/oz, pressured by gains in the dollar following comments from government officials that reaching a debt ceiling deal by Sunday was “doable”.
U.S. Dollar Index is up about +0.7% to $103.60.
Dow 33,535.91 115.14 0.34%
S&P 500 4,198.05 39.28 0.94%
Nasdaq 12,688.84 188.27 1.51%
VIX 16.16 -0.71 -4.21%
Gold 1,959.90 -25.00 -1.26%
Oil 71.98 -0.85 -1.17%Great TEXAS lull-a-bye + bonus songs by great super-group of 1970s 🙂
Nothing Far Fetched about these earnings ….
Farfetch beats by $0.13, beats on revs; guides for FY23 Group GMV of approximately $4.9 billion
$FTCH up 16.5%Flowers Foods (FLO) reports EPS in-line, revs in-line; lowers FY23 EPS and revenue guidance
FLO down 4.9%Ross Stores (ROST) beats by $0.04, reports revs in-line, comps +1%; guides Q2 EPS below consensus; raises lower end of FY24 EPS guidance; reaffirms FY24 comp guidance of relatively flat
ROST down 0.1%Applied Materials (AMAT) beats by $0.17, beats on revs; guides JulQ EPS in-line, revs in-line…
AMAT down 1.6%DXC Technology (DXC) misses by $0.02, reports revs in-line; guides JunQ EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs in-line; announces new $1.0 bln repurchase program
DXC down 5.7%Equity indices in the Asia-Pacific region ended the week on a mixed note, though Japan’s Nikkei (+0.8%) reached its highest level since 1990.
Japan’s Nikkei: +0.8% (+4.8% for the week),
Hong Kong’s Hang Seng: -0.9% (-2.2% for the week),
China’s Shanghai Composite: -0.4% (+0.3% for the week),
India’s Sensex: +0.5% (-0.5% for the week),
South Korea’s Kospi: +0.9% (+2.5% for the week),
Australia’s ASX All Ordinaries: +0.6% (+0.3% for the week).
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