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Japan’s April National CPI 0.6% m/m (last 0.4%); 3.5% yr/yr (expected 2.5%; last 3.2%).
April National Core CPI 3.4% yr/yr, as expected (last 3.1%).
March Tertiary Industry Activity Index -1.7% m/m (expected 0.3%; last 1.7%)New Zealand’s April trade surplus NZD427 mln (expected deficit of NZD235 mln; last deficit of NZD1.586 bln).
April Credit Card Spending 11.4% yr/yr (expected 12.5%; last 19.7%)ASB Bank expects the Reserve Bank of New Zealand to announce a 50-bps rate hike next week.
India’s Prime Minister Modi will meet with Australia’s Prime Minister Albanese in Australia.
Ministers of commerce and trade representatives from the U.S. and China will meet in Washington in the middle of next week.
Major European indices trade in positive territory with Germany’s DAX (+0.7%) approaching its record high from November 2021.
STOXX Europe 600: +0.7% (+0.7% week-to-date),
Germany’s DAX: +0.7% (+2.3% week-to-date),
U.K.’s FTSE 100: +0.4% (+0.2% week-to-date),
France’s CAC 40: +0.7% (+1.1% week-to-date),
Italy’s FTSE MIB: +1.4% (+0.9% week-to-date),
Spain’s IBEX 35: +0.5% (+0.2% week-to-date).Germany’s April PPI 0.3% m/m (expected -0.5%; last -1.4%); 4.1% yr/yr (expected 4.0%; last 6.7%)
Spain’s April Consumer Confidence 73.0 (expected 78.9; last 67.4)The European Central Bank’s latest economic bulletin reiterated that inflation has remained too high for too long and that future policy decisions will ensure that inflation returns to its 2.0% target.
ECB President Lagarde said that the council will be making “more delicate” decisions going forward.
Deere (DE 384.00, +13.48, +3.6%): beats by $1.18, beats on revs; provides FY23 net income outlook
Foot Locker (FL 31.59, -9.92, -23.9%): misses by $0.08, misses on revs; guides FY24 EPS below consensus, revs below consensus; appoints new CFOApplied Materials (AMAT 128.10, -1.82, -1.4%): beats by $0.17, beats on revs; guides JulQ EPS in-line, revs in-line
Ross Stores (ROST 104.67, -0.71, -0.7%): 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
DXC Technology (DXC 23.75, -0.09, -0.4%): 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; appoints Rob Del Bene as CFO, effective June 15; succeeds Ken Sharp who is leaving for personal reasons
Catalent (CTLT 30.28, -1.86, -5.8%): lowers FY23 revenue and net income guidanceAlphabet (GOOG 124.49, +0.97, +0.8%): Samsung (SSNLF) will not switch default search engine from Google to Microsoft (MSFT). The company will keep Google, according to WSJ
The 2-yr Treasury note yield is unchanged at 4.27% and the 10-yr note yield is up one basis point to 3.66%.
The U.S. Dollar Index is down 0.3% to 103.25.
Energy complex futures trade in mixed fashion. WTI crude oil futures are up 1.3% to $72.29/bbl and natural gas futures are down 0.1% to $2.71/mmbtu.
S&P 500 futures are up 11 points and are trading 0.3% above fair value.
Nasdaq 100 futures are up 9 points and are trading 0.1% above fair value.
Dow Jones Industrial Average futures are up 92 points and are trading 0.3% above fair value.Dow 33,426.63 -109.28 -0.33%
S&P 500 4,191.98 -6.07 -0.14%
Nasdaq 12,657.90 -30.94 -0.24%
VIX 16.81 0.76 4.74%
Gold 1,979.10 19.30 0.98%
Oil 71.70 -0.16 -0.22%May 21-27, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… What’s Inside?
[See the full post at: Traders Market Weekly: NVidia, AI and The Debt Celling]
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