Traders Market Weekly: Squeeze Dynamics and Market Fragility

Viewing 15 posts - 16 through 30 (of 59 total)
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  • #67949
    Truman
    Participant

    Market Morning

    Dow 35058.86 +111.58 (0.32%)
    Nasdaq 14226.78 +101.30 (0.72%)
    SP 500 4532.58 +18.56 (0.41%)
    10-yr Note -2/32 4.473
    NYSE Adv 1658 Dec 1107 Vol 236 mln
    Nasdaq Adv 2459 Dec 1680 Vol 2.1 bln

    Industry Watch
    Strong: Information Technology, Energy, Consumer Discretionary, Communication Services
    Weak: Consumer Staples, Financials

    Moving the Market
    — Not a lot of conviction due to big gains recently

    — Light participation ahead of the Thanksgiving holiday

    — Oil prices continuing to rebound

    Some individual stocks have been sliding today on specific news catalysts.

    Krispy Kreme, Inc. (DNUT 12.69, -0.34, -2.7%), which was downgraded to Neutral from Overweight at JP Morgan, Chegg (CHGG 9.74, -0.72, -6.7%), which was downgraded to Underweight from Equal-Weight at Morgan Stanley, Walgreens (WBA 20.75, -0.47, -2.2%), which is aiming to offload Boots pension scheme, and Bristol-Myers (BMY 49.55, -1.28, -2.5%), which announced that the FDA’s Oncologic Drugs Advisory Committee will delay its approval decision on Abecma for earlier lines of treatment for relapsed refractory multiple myeloma (RRMM), are all standout in that respect.

    CBOE Volatility Index is down 1.3% to 13.62.

    Semiconductor stocks outperform

    Semiconductor stocks are a pocket of strength today. The PHLX Semiconductor Index is up 0.8%.

    Strength in its semiconductor components has offered some support to the information technology sector (+0.9%).

    #67955

    Dow 35,151.04 203.76 0.58%
    S&P 500 4,547.38 33.36 0.74%
    Nasdaq 14,284.53 159.05 1.13%
    VIX 13.43 -0.37 -2.68%
    Gold 1,979.80 -4.90 -0.25%
    Oil 77.50 1.61 2.12%

    Life is Good … as our Daughter is already at work with my better 1/2 preparing THKG dinner 🙂

    #67956
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Tuesday on a mixed note.

    —Equity Markets—

    Japan’s Nikkei: -0.1%
    Hong Kong’s Hang Seng: -0.3%
    China’s Shanghai Composite: UNCH
    India’s Sensex: +0.4%
    South Korea’s Kospi: +0.8%
    Australia’s ASX All Ordinaries: +0.3%

    #67957
    Truman
    Participant

    The Chinese government is reportedly preparing a list of 50 developers, including China Vanke, who will be eligible for subsidized funding options.

    #67958
    Truman
    Participant

    South Korea’s exports through the first 20 days of November were up 2.2% yr/yr with chip exports rising 2.4%, representing the first increase in 16 months.

    South Korea’s October PPI -0.1% m/m (last 0.5%); 0.8% yr/yr (last 1.4%)

    #67959
    Truman
    Participant

    Taiwan Semiconductor Manufacturing is reportedly considering establishing a third chip fabrication plant in Japan.

    #67960
    Truman
    Participant

    The Reserve Bank of Australia‘s November minutes noted that Australia’s cash rate is below that of many other countries, which could lengthen the time it takes to return inflation to target.

    #67961
    Truman
    Participant

    The Japanese yen (147.67) is rising for the fourth consecutive day against the dollar, reaching its best level versus the greenback since mid-September.

    I

    #67962
    Truman
    Participant

    Hong Kong’s October CPI 1.0% m/m (last 0.4%); 2.7% yr/yr (expected 2.1%; last 2.0%)

    #67963
    Truman
    Participant

    New Zealand’s October trade deficit NZD1.71 bln (expected deficit of NZD1.15 bln; last deficit of NZD2.43 bln). October Credit Card Spending -1.8% m/m (last -0.4%); -2.9% yr/yr (last 2.8%)

    #67964
    Truman
    Participant

    Major European indices trade on a mostly lower note with Italy’s MIB (-1.1%) showing relative weakness.

    Bank stocks are under pressure in Milan with BMPS down nearly 8.0% on news that the Italian government sold a 25% stake in the lender, raising EUR920 mln.

    —Equity Markets—

    STOXX Europe 600: -0.2%
    Germany’s DAX: UNCH
    U.K.’s FTSE 100: -0.5%
    France’s CAC 40: -0.4%
    Italy’s FTSE MIB: -1.1%
    Spain’s IBEX 35: -0.3%

    #67965
    Truman
    Participant

    European Central Bank policymaker Villeroy de Galhau said that the reliance on forward guidance is probably excessive and that eurozone inflation would return to target by 2025.

    A draft EU fiscal assessment has placed France on a watch list while Germany and Italy will be deemed not fully compliant with the region’s fiscal guidance.

    The ECB released a report on commercial real estate, warning that challenges in the sector could amplify economic stress.

    #67966
    Truman
    Participant

    U.K.’s October Public Sector Net Borrowing GBP13.97 bln (expected GBP21.00 bln; last GBP13.72 bln)

    #67967
    Truman
    Participant

    Swiss October trade surplus CHF4.60 bln (expected surplus of CHF5.87 bln; last surplus of CH6.28 bln)

    #67968
    Truman
    Participant

    Baidu (BIDU 112.70, +1.41, +1.3%): beats by $3.22, reports revs in-line

    Lowe’s (LOW 195.90, -8.54, -4.2%): beats by $0.04, reports revs in-line; lowers FY24 guidance; Q3 comps -7.4%

    Best Buy (BBY 64.50, -3.61, -5.3%): beats by $0.10, misses on revs; lowers FY24 guidance, sees Q4 comparable sales of down 3-7%

    Zoom Video (ZM 65.85, -0.15, -0.3%): beats by $0.21, beats on revs; guides Q4 EPS above consensus, revs in-line

    Medtronic (MDT 76.85, +1.69, +2.3%): beats by $0.07, reports revs in-line; guides FY24 EPS above consensus, revs below consensus

    Keysight (KEYS 135.00, +0.08, +0.1%): beats by $0.12, reports revs in-line; guides Q1 EPS below consensus, revs in-line

    Dick’s Sporting Goods (DKS 128.80, +9.79, +8.2%): beats by $0.40, beats on revs; raises FY24 EPS and comp guidance

    Kohl’s (KSS 24.02, -0.84, -3.4%): beats by $0.18, beats on revs; guides FY24 EPS in-line

    Analog Devices (ADI 182.00, -1.82, -1.0%): misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line

    Jacobs Engineering (J 133.25, -3.73, -2.7%): misses by $0.13, beats on revs; guides FY24 EPS below consensus, revs below consensus

    Agilent (A 122.92, +8.94, +7.8%): beats by $0.04, beats on revs; guides JanQ EPS and revs below consensus; guides FY24 EPS and revs below consensus

Viewing 15 posts - 16 through 30 (of 59 total)
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