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Home Depot (HD 329.03, -0.92, -0.3%): beats by $0.20, beats on revs; reaffirms FY24 EPS guidance, revs guidance; authorizes new $15 bln share repurchase program
Cardinal Health (CAH 93.00, +0.01, +0.01%): beats by $0.05, beats on revs; raises FY24 EPS in-line
On (ONON 32.19, -2.42, -7.0%): misses by CHF0.07, beats on revs; guides FY23 revs below consensus
NVIDIA (NVDA 444.00, +6.47, +1.5%): continues rally after news that Saudi Arabia & United Arab Emirates purchase Nvidia (NVDA) chips, according to FT
Tesla (TSLA 236.75, -2.96, -1.2%): introduced two new less expensive spec models, according to Bloomberg
SPDR S&P Regional Banking ETF (KBE 10.09, -0.60, -1.5%): Fitch ratings analyst Chris Wolfe in interview warned that agency might be forced to downgrade dozens of more banks, according to CNBC
Following up from US downgrade Fitch warns possible downgrade of major banks, incl $JPM $BAC
"What we don't know is, where does the Fed stop? Because that is going to be a very important input into what it means for the banking system".$XLF $KREhttps://t.co/0QpQgdI5Qc— Traders Community (@TradersCom) August 15, 2023
Lennar (LEN 126.00, +2.13, +1.7%), D.R. Horton (DHI 126.41, +3.13, +2.5%), and NVR (NVR 6202.12, +43.42, +0.7%): Berkshire Hathaway (Warren Buffett) discloses new DHI NVR LEN positions in 13F filing
Total retail sales increased 0.7% month-over-month in July (consensus 0.4%) following an upwardly revised 0.3% increase (from 0.2%) in June. Excluding autos, retail sales were up 1.0% month-over-month (consensus 0.4%) after increasing an unrevised 0.2% in June.
The results were powered by a big month of gains in nonstore retailer sales (+1.9%) and food services and drinking places (+1.4%).
The key takeaway from the report is that discretionary spending on goods remained healthy in July, providing another cue that the tight labor market continues to fend off a hard landing scenario for the U.S. economy.
The August Empire State Manufacturing Survey dropped to -19.0 (consensus 2.4) from 1.1 in July. A reading below 0.0 for this report is indicative of a contraction in manufacturing activity.
Import prices increased 0.4% month-over-month in July and export prices rose 0.7%. Nonfuel import prices were flat and export prices, excluding agricultural products, jumped 0.6%. These monthly gains notwithstanding, import and export prices were still down 4.4% and 7.9%, respectively, on a year-over-year basis.
Treasuries have seen some volatile action in response to the data.
The 10-yr note yield, at 4.24% just before the release, jumped to 4.27% in the immediate aftermath before pulling back to 4.19%.
The 2-yr note yield, at 4.97% just before the data, jumped to 5.02% before pulling back to 4.93%.Dow 34,946.39 -361.24 -1.02%
S&P 500 4,437.86 -51.86 -1.16%
Nasdaq 13,631.05 -157.28 -1.14%
VIX 16.46 1.64 11.07%
Gold 1,933.20 -10.80 -0.56%
Oil 81.08 -1.43 -1.73%Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note with Japan’s Nikkei falling to its lowest level since early June.
Japan’s Nikkei: -1.5%,
Hong Kong’s Hang Seng: -1.4%,
China’s Shanghai Composite: -0.8%,
India’s Sensex: +0.2%,
South Korea’s Kospi: -1.8%,
Australia’s ASX All Ordinaries: -1.4%.China’s July House Prices -0.1% yr/yr (last 0.0%)
Intel terminated its pursuit of Tower Semiconductor due to inability to obtain approval from Chinese officials.
South Korea’s July trade surplus $1.65 bln (last surplus of $1.63 bln).
July Imports -25.4% yr/yr (last -25.4%) and Exports -16.4% yr/yr (last -16.5%)South Korea is reportedly looking to extend a tax cut on oil products.
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