Traders Market Weekly: Another Year, Another Reset

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  • #50047

    Dow 33,241.56 37.63 0.11%
    S&P 500 3,829.25 -15.57 -0.40%
    Nasdaq 10,353.23 -144.64 -1.38%
    VIX 21.57 -0.08 -0.37%
    Gold 1,810.60 -12.50 -0.69%
    Oil 79.15 -0.38

    #50054

    and remembering Buffalo area & all others impacted by storm of century with deepest sympathy … This was definitely in top 5 for us in SW Virginia of all time that I can remember … ice storm, followed by flash freeze, -7F low, snow & we stayed in the icebox for 4 days … but as good news we’re breaking out … I’ve been moving pine limbs all day in clean up & grateful for the warmup cycle on the way as we enter 2023 …

    #50055

    Dow 32,875.71 -365.85 -1.10%
    S&P 500 3,783.22 -46.03 -1.20%
    Nasdaq 10,213.29 -139.94 -1.35%
    VIX 22.14 0.49 2.26%
    Gold 1,812.00 -11.10 -0.61%
    Oil 78.86 -0.67 -0.84%

    A great Indie group from a few years back & song for New Years
    Plus some bonus albums that are on my playlist :)

    #50059
    Truman
    Participant

    Great Musical choices CI – been playing all day – here is the mornings updates – late but I like to share for record keeping :)

    #50060
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note.

    —Equity Markets—

    Japan’s Nikkei: -0.4%
    Hong Kong’s Hang Seng: +1.6%
    China’s Shanghai Composite: -0.3%
    India’s Sensex: UNCH
    South Korea’s Kospi: -2.2%
    Australia’s ASX All Ordinaries: -0.4%

    #50061
    Truman
    Participant

    Japan’s deputy chief cabinet secretary said that the government will increase its focus on wage growth in 2023.
    Continued weakness in Japanese debt drove the country’s 20-yr yield to 1.27%, a level not seen since late October.
    China Economic Daily noted that there is more room for supportive policies and that more powerful measures need to be taken to support the property sector.
    Digitimes reported that Q1 revenue at contract chipmaker TSMC is expected to be down 15% qtr/qtr.
    Japan’s November Industrial Production -0.1% m/m (expected -0.3%; last -3.2%)
    South Korea’s January Manufacturing BSI Index 71 (last 74)

    #50062
    Truman
    Participant

    Major European indices trade near flat lines while the U.K.’s FTSE (+0.8%) outperforms after being closed yesterday.

    —Equity Markets—

    STOXX Europe 600: +0.3%
    Germany’s DAX: -0.1%
    U.K.’s FTSE 100: +0.8%
    France’s CAC 40: UNCH
    Italy’s FTSE MIB: UNCH
    Spain’s IBEX 35: +0.2%

    #50063
    Truman
    Participant

    Russian President Putin signed a decree banning the sale of oil to countries that support the EU price cap.
    European Central Bank policymaker Simkus said that the inflationary peak is expected to be reached soon.
    Infineon CEO said that his company is considering acquisitions.
    Swiss December ZEW Expectations -42.8 (last -57.5)

    #50064
    Truman
    Participant

    Tesla (TSLA 111.27, +2.17, +2.0%): ARK Innovation ETF (ARKK) purchased 25K shares of TSLA; Barron’s out with a cautious view on TSLA
    Boeing (BA 190.21, +0.81, +0.4%): BOC Aviation announces order for 40 additional Boeing 737-8 Jets
    Taiwan Semiconductor Manufacturing Co. (TSM 74.10, -0.22, -0.3%): Q1 revenue could decline by 15% qtr/qtr, according to Digitimes
    Southwest Air (LUV 33.53, -0.41, -1.2%): continued weakness over flight cancelations; memos showed concern about winter storm, according to Bloomberg

    #50065
    Truman
    Participant

    Things started to deteriorate noticeably around 10:30 a.m. ET with no specific news catalyst. Instead, it was induced by a general lack of buyer conviction and presumably some ongoing tax-loss selling efforts.

    Stocks turn lower in the equity market coincided with an increase in selling pressure for the bond market.

    The 10-yr note yield, which hit 3.80% overnight, settled at 3.89%. The 2-yr note yield, which hit 4.33% earlier, settled at 4.35%.

    Tesla (TSLA 112.71, +3.61, +3.3%) was able to go against the grain today after ARK Innovation ETF (ARKK) purchased 25K shares, but like the broader market, the stock declined from an earlier 6.6% gain.

    All 11 S&P 500 sectors closed in the red with energy (-2.2%) suffering the steepest loss by a wide margin.

    Falling oil and natural gas prices provided a catalyst for some profit-taking efforts. WTI crude oil futures fell 0.8% to $78.94/bbl and natural gas futures declined 9.8% to $4.78/mmbtu, which coincided with the arrival of warmer winter temperatures.

    Meanwhile, the financial (-0.4%) and health care (-0.6%) sectors sat atop the leaderboard with the slimmest losses.

    #50066
    Truman
    Participant

    Dow Jones Industrial Average: -9.5% YTD
    S&P Midcap 400: -15.7% YTD
    S&P 500: -20.6% YTD
    Russell 2000: -23.3% YTD
    Nasdaq Composite: -34.7% YTD

    #50067
    Truman
    Participant

    Gold futures settled $7.30 lower (-0.4%) to $1,815.80/oz, giving back a bit of yesterday’s multi-month highs, pressured in part by modest gains in the dollar.

    #50068
    Truman
    Participant

    Was watching these guys with egg prices..

    Cal-Maine Foods (CALM) misses by $0.17, beats on revs; current market environment characterized by record average selling prices for conventional eggs.

    CALM down 4.3%

    #50069
    Truman
    Participant

    ImmunoGen (IMGN) CFO Susan Altschuller, PhD is on leave and will not continue employment at the conclusion of her leave
    IMGN down 1.8%

    Kura Sushi (KRUS) files for $125 mln mixed securities shelf offering.
    KRUS down 2.5%

    New Mountain Finance (NMFC) extends stock repurchase program for up to $50 mln through Dec 31, 2023.
    no indication for NMFC

    #50070
    Truman
    Participant

    Fair Value for December 29:

    S&P 500: 3,808
    Nasdaq 100: 10,765
    DJIA: 33,049

    • This reply was modified 1 year, 6 months ago by Truman.
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