Traders Market Weekly: China, NVidia, BRICS and Jackson Hole Risks

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    Ball Corp (BALL 56.16, +1.65, +3.0%): confirms plans to divest Aerospace Business for $5.6 bln to BAE Systems (BAESY)


    Hawaii Electric (HE 11.39, -2.52, -17.7%): waited too long to act on wildfire threats, in discussions with restructuring advisory firms amid legal challenges from Maui wildfires, according to WSJ


    Initial jobless claims for the week ending August 12 decreased by 11,000 to 239,000 (consensus 240,000) and continuing jobless claims for the week ending August 5 increased by 32,000 to 1.716 million.

    The key takeaway from the report is that initial jobless claims — a leading indicator — are pacing at levels that are indicative of a tight labor market, which is indicative of an economy that isn’t pacing for a hard landing.

    • This reply was modified 3 months, 3 weeks ago by Truman.

    August Philadelphia Fed Index jumped to 12.0 (consensus -9.0) from -13.5 in July with indicators for general activity, new orders, and shipments all positive for the first time since May 2022. A number above 0.0 for this series is indicative of an expansion in manufacturing activity in the region.

    The future indexes for this survey, however, pointed to less widespread expectations for growth over the next six months, as the diffusion index for general business activity slid to 3.9 from 29.1 in July.

    Treasury yields didn’t move that much after the data.

    The 2-yr note yield is down three basis points to 4.94% and the 10-yr note yield is up two basis points to 4.28%.


    Dow +104.99 at 34871.24, Nasdaq -53.55 at 13421.47, S&P +3.84 at 4409.37

    The major indices narrow ranges over the last half hour. The Dow Jones Industrial Average sits near its high of the day.

    Most of the S&P 500 sectors sport a gain. Energy (+2.2%) and materials (+1.2%) lead the pack by a decent margin.

    The latter sector has been supported by a gain in Ball Corp (BALL 56.29, +1.78, +3.3%) after it confirmed plans to divest its Aerospace Business for $5.6 billion to BAE Systems (BAESY 49.92, -1.78, -3.4%).

    The information technology (-0.3%) and consumer discretionary (-0.3%) sectors are the worst performers so far.


    U.S. Treasuries have backed down from their opening levels with longer tenors continuing their early underperformance.

    2-yr: -1 bp to 4.96%
    3-yr: UNCH at 4.67%
    5-yr: +3 bps to 4.44%
    10-yr: +5 bps to 4.31%
    30-yr: +5 bps to 4.41%


    Dow 34,474.83 -290.91 -0.84%
    S&P 500 4,370.36 -33.97 -0.77%
    Nasdaq 13,316.93 -157.70 -1.17%
    VIX 17.89 1.11 6.62%
    Gold 1,918.50 -9.80 -0.51%
    Oil 80.13 0.75 0.94%


    Applied Materials (AMAT) beats by $0.16, beats on revs; guides OctQ EPS above consensus, revs in-line
    AMAT up 2.7% (BILL) beats by $0.18, beats on revs; guides SepQ EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus.
    BILL down 3.1%

    Farfetch (FTCH) beats by $0.07, misses on revs; guides FY23 revs below consensus
    FTCH down 33.9%

    Keysight (KEYS) beats by $0.15, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
    KEYS down 7.5%

    Ross Stores (ROST) beats by $0.16, beats on revs; guides Q3 EPS in-line; guides Q4 (Jan) EPS above consensus.
    ROST up 5.3%


    Fair Value for Friday, August 18:

    S&P 500: 4,384
    Nasdaq 100: 14,774
    DJIA: 34,537


    Good morning & TGIF … hope all have a great weekend ahead
    Market Watch notes $2.2 TRILLION in option expirations today & possible volatility
    Futures are down some as AUGUST has been a time of profit taking & positioning
    Even though jobs & retail have been strong under “Bidenomics” (lol)
    Inflation, deficit spending, and higher interest rates & higher OIL offset these benefits
    BITCOIN lost 9% falling to 26,000 for those investing in fake currencies.
    Still hope for better times on all the streets in future (MAIN, WALL, and K)


    Equity indices in the Asia-Pacific region ended the week on a lower note.
    Japan’s Nikkei: -0.6% (-3.2% for the week),
    Hong Kong’s Hang Seng: -2.1% (-5.9% for the week),
    China’s Shanghai Composite: -1.0% (-1.8% for the week),
    India’s Sensex: -0.3% (-0.6% for the week),
    South Korea’s Kospi: -0.6% (-3.4% for the week),
    Australia’s ASX All Ordinaries: UNCH (-2.5% for the week).


    China’s July FDI -4.0% YTD (expected 2.0%; last -2.7%)

    The People’s Bank of China reportedly instructed state banks to intensify their interventions in the foreign exchange market to support the yuan.
    Evergrande Real Estate filed for Chapter 15 bankruptcy in a New York court, seeking to restructure more than $19 bln in offshore debt.
    Meanwhile, a district court in China froze Country Garden’s stakes in two property companies for three years.


    Japan’s July National CPI 0.5% m/m (last 0.1%); 3.3% yr/yr (expected 2.5%; last 3.3%).
    July National Core CPI 3.1% yr/yr, as expected (last 3.3%)


    Bangko Sentral ng Pilipinas left its overnight rate at 6.25%, as expected.


    Major European indices are on track for a lower finish to the week with China-related concerns weighing on sentiment.
    STOXX Europe 600: -0.9% (-2.6% week-to-date),
    Germany’s DAX: -0.9% (-1.8% week-to-date),
    U.K.’s FTSE 100: -0.9% (-3.7% week-to-date),
    France’s CAC 40: -1.0% (-3.1% week-to-date),
    Italy’s FTSE MIB: -0.8% (-2.2% week-to-date),
    Spain’s IBEX 35: -0.6% (-2.2% week-to-date)..

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