Traders Market Weekly: Bonds, Bank Earnings and CPI Ahead

Viewing 15 posts - 46 through 60 (of 72 total)
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  • #66237
    Truman
    Participant

    BlackBerry (BB 4.41, +0.14, +3.2%): updates previously announced review of its businesses; to separate IoT and Cybersecurity units into two independently-operated entities

    #66238
    Truman
    Participant

    O’Reilly Automotive (ORLY 906.00, +8.80, +1.0%): upgraded to Buy from Neutral at Citi

    #66239
    Truman
    Participant

    Initial jobless claims for the week ending September 30 increased by 2,000 to 207,000 (consensus 225,000).
    Continuing jobless claims for the week ending September 23 decreased by 1,000 to 1.664 million.

    The key takeaway from the report is the understanding that the low level of initial claims is associated not only with a tight labor market, but also an economy running at a good pace.

    #66240
    Truman
    Participant

    The trade deficit narrowed to $58.3 billion in August (consensus -$65.1 billion) from an upwardly revised -$64.7 billion (from -$65.0 billion) in July. The improvement was the result of exports being $4.1 billion more than July exports and imports being $2.3 billion less than July imports. Exports of crude oil and fuel oil accounted for nearly half of the increase in exports.

    The key takeaway from the report is that the drop in imports in August, versus the increase in exports, will factor favorably as an input to Q3 GDP computations.

    Treasuries had a volatile reaction to the data.

    The 10-yr note yield, which was at 4.71% just before the release, shot up to 4.77% in the immediate aftermath, but pulled back to 4.73% now.
    The 2-yr note yield, which was at 5.02% before the release, shot up to 5.07%, but pulled back to 5.03%.

    #66241
    Truman
    Participant

    Dow -74.34 at 33055.17, Nasdaq -101.06 at 13134.95, S&P -21.01 at 4242.74

    The stock market opened on a downbeat note, retreating after yesterday’s bounce.
    Relative softness in some mega cap names is weighing over the broader market, but many stocks are also trading down.

    The market-cap weighted S&P 500 is down 0.4% and the Vanguard Mega Cap Growth ETF (MGK) is down 0.6%.
    The Invesco S&P 500 Equal Weight ETF (RSP), meanwhile, shows a 0.3% decline.

    Nine of the 11 S&P 500 sectors are trading down. The consumer discretionary (-0.9%), communication services (-0.9%), and information technology (-0.5%) sectors, which house mega cap constituents, show the largest declines so far. The health care (+0.4%) and real estate (+0.3%) sectors are alone in the green.

    Treasury yields are lower than yesterday, but concerns about rates staying higher for longer remain an overhang for the stock market.
    The 2-yr note yield is down four basis points to 5.04% and the 10-yr note yield is down one basis point to 4.73%.

    #66242
    Truman
    Participant

    Dow -169.08 at 32960.43, Nasdaq -142.87 at 13093.14, S&P -35.95 at 4227.80

    The major indices hit fresh session lows recently.

    All 11 S&P 500 sectors slipped into negative territory as the market declined.
    Energy (-0.1%) shows the slimmest decline while the consumer staples sector (-1.5%) trades at the bottom of the pack.

    The Vanguard Mega Cap Growth ETF (MGK) is down 0.9%; the S&P 500 is down 0.8%; and the Nasdaq Composite is down 1.1%.

    CBOE Volatility Index is up 4.0% or 0.75 to 19.33.

    #66265
    Truman
    Participant

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

    China’s stock market remained closed for holiday, as it has been all week, but will be open for trading again on Monday.

    —Equity Markets—

    Japan’s Nikkei: -0.1% (-2.4% for the week)
    Hong Kong’s Hang Seng: +1.6% (-1.8% for the week)
    China’s Shanghai Composite: CLOSED
    India’s Sensex: +0.6% (+0.3% for the week)
    South Korea’s Kospi: +0.2% (-2.3% for the week)
    Australia’s ASX All Ordinaries: +0.4% (-1.5% for the week)

    #66266
    Truman
    Participant

    The Reserve Bank of Australia, meanwhile, indicated in its Financial Stability Assessment that global financial stability risks are elevated, reflecting challenging macroeconomic conditions.

    Australia’s Retail Sales 0.2% m/m (expected 0.2%; last 0.5%)

    #66267
    Truman
    Participant

    Japan’s Ministry of Finance continues to refrain from saying that it intervened in currency market to stem the yen’s weakness.

    Japan’s August Household Spending 3.9% m/m (expected 0.9%; last -2.7%) and -2.5% yr/yr (expected -4.3%; last -5.0%);
    August Leading Index 1.3% m/m (last -0.6%)

    #66268
    Truman
    Participant

    China’s stock market remained closed for holiday, as it has been all week, but will be open for trading again on Monday.

    The Washington Post reports that President Biden and President Xi are likely to meet next month at the APEC San Francisco summit.

    #66269
    Truman
    Participant

    The Reserve Bank of India left its repurchase rate unchanged at 6.50%, as expected, but made note of inflation risks and said it might sell bonds, according to Bloomberg.

    Reserve Bank of India Kept its Key Rate at 6.50% Repeating a Hawkish Bias as Expected

    #66270
    Truman
    Participant

    Major European indices sank after the U.S. September jobs report.

    Major bourses are trading higher in front of the U.S. employment report, bolstered by some buy-the-dip interest that was facilitated by a stronger-than-expected German factory orders report for August.

    —Equity Markets—

    STOXX Europe 600: +0.52 (-1.9% for the week)
    Germany’s DAX: -0.1% (-2.2% for the week)
    U.K.’s FTSE 100: UNCH (-2.1% for the week)
    France’s CAC 40: -0.2% (-2.1% for the week)
    Italy’s FTSE MIB: +0.2% (-2.5% for the week)
    Spain’s IBEX 35: -0.2% (-3.2% for the week)

    #66271
    Truman
    Participant

    Stronger-than-expected German factory orders report for August.

    Germany’s August Factory Orders 3.9% m/m (expected 1.8%; last -11.3%)

    #66272
    Truman
    Participant

    ECB member Schnabel said she is not ruling out additional rate hikes, noting that she still sees upside risks to inflation, according to Reuters.

    Bloomberg reports the US and the EU are working on a potential deal to avoid a restart of Trump-era tariffs on steel and aluminum trade next year.

    #66273
    Truman
    Participant

    Italy’s August Retail Sales -0.4% m/m (expected 0.0%; last 0.4%) and 2.4% yr/yr (last 2.8%)

    UK’s September Halifax House Price Index -0.4% m/m (expected -0.8%; last -1.8%) and -4.7% yr/yr (last -4.5%)

    France’s August Trade Balance -EUR8.2 bln (expected -EUR8.9 bln; last -EUR8.1 bln)

    Switzerland’s September Unemployment Rate 2.1% (expected 2.1%; last 2.1%)

Viewing 15 posts - 46 through 60 (of 72 total)
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