Traders Market Weekly: Naive Markets and The Fed Fortune Tellers

Viewing 15 posts - 1 through 15 (of 102 total)
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  • #65579
    TradersCom
    Keymaster

    Clorox identified unauthorized activity on some of its Information Technology systems;
    Believes the impact will be material on Q1 financial results

    $CLX 143.30, -2.90, -2.0%

    • This reply was modified 9 months, 4 weeks ago by TradersCom.
    • This reply was modified 9 months, 4 weeks ago by TradersCom.
    #65583
    Truman
    Participant

    Equity indices in the Asia-Pacific began the week on a mostly lower note while markets in Japan were closed for a holiday.

    Japan’s Nikkei: CLOSED,
    Hong Kong’s Hang Seng: -1.4%,
    China’s Shanghai Composite: +0.3%,
    India’s Sensex: -0.4%,
    South Korea’s Kospi: -1.0%,
    Australia’s ASX All Ordinaries: -0.7%.

    #65584
    Truman
    Participant

    Singapore’s August trade surplus SGD3.584 bln (expected surplus of SGD5.787 bln; last surplus of SGD6.509 bln).
    August non-oil exports -3.8% m/m (expected 5.5%; last -3.5%); -20.1% yr/yr (expected -15.8%; last -20.3%)

    #65585
    Truman
    Participant

    Taiwan Semiconductor Manufacturing (TSM) ordered suppliers to slow deliveries of high-end chipmaking equipment, suggesting slowing demand.

    #65586
    Truman
    Participant

    China’s Evergrande saw continued volatility amid speculation about a new investigation into the company’s practices.

    #65587
    Truman
    Participant

    Michelle Bullock is now the new Governor of the Reserve Bank of Australia.

    NZIER lowered New Zealand’s 2023/24 growth forecast to 0.4% from 0.6% while inflation in Q1 is expected to reach 4.3%.

    #65588
    Truman
    Participant

    Moody’s raised Greece’s rating to Ba1 from Ba3 and revised the outlook to Stable from Positive,
    Fitch affirmed Germany’s AAA rating with a Stable Outlook,
    Standard & Poor’s affirmed Spain’s A rating with a Stable outlook.

    #65589
    Truman
    Participant

    Major European indices trade in the red.

    STOXX Europe 600: -0.6%,
    Germany’s DAX: -0.6%,
    U.K.’s FTSE 100: -0.3%,
    France’s CAC 40: -1.0%,
    Italy’s FTSE MIB: -0.8%,
    Spain’s IBEX 35: -0.3%.

    #65590
    Truman
    Participant

    U.K.’s September Rightmove House Prices 0.4% m/m (last -1.9%); -0.4% yr/yr (last -0.1%)

    #65591
    Truman
    Participant

    European Central Bank policymaker Holzmann said that there is a risk that more tightening will be needed, though he described the likelihood another hike as not big, while policymaker Kazimir said that he hopes that the September hike was the final one.

    #65592
    Truman
    Participant

    DoorDash (DASH 82.19, +1.26, +1.6%): upgraded to Buy from Neutral at Mizuho Securities
    Micron (MU 71.05, +1.17, +1.7%): upgraded to Buy from Hold at Deutsche Bank
    Walt Disney (DIS 85.89, +0.31, +0.4%): Raymond James initiated coverage with an Outperform rating; Chief Information Officer leaves company, according to WSJ

    #65593
    Truman
    Participant

    UAW rejects offer from Stellantis, according to Bloomberg

    Stellantis (STLA 18.91, -0.34, -1.8%),
    Ford (F 12.57, -0.04, -0.3%),
    General Motors (GM 33.92, -0.03, -0.1%)

    Stellantis offered to increase pay by nearly 21% over four years, with a 10% immediate increase, has been turned down by the UAW.

    • This reply was modified 9 months, 4 weeks ago by Truman.
    #65595
    Truman
    Participant

    Treasury yields and oil continue to nudge higher, keeping pressure on equities.

    2-yr note yield is up four basis points to 5.08%
    10-yr note yield is up three basis points to 4.36%.

    Oil prices also remain elevated.

    WTI crude oil futures is up 1.1% to $91.04/bbl.

    #65596
    Truman
    Participant

    Opening levels

    Dow Industrial Average’s trading up 25 points or 0.06% at 34645
    S&P index is down 3 points or -0.06% at 4447.70
    NASDAQ index is down 19 points or 0.14% at 13688.12

    2 year yield is getting more comfortable above the 5% level at 5.0645% up 3.1 basis points
    10 year yield is trading at 4.349% after trading as high as 4.415% earlier today. That was the highest yield going back to October 2007
    30 year yield is at 4.429%

    Crude oil is trading up $0.24 or 0.26% at $91.01
    Spot gold is trading up $1.61 or 0.08% at $1925.24
    Bitcoin is trading above the $27,000 level $27300

    #65606

    ^^^ +1s for excellent insight to week ahead
    Like plucking DAISIES — the FED will raise rates …the FED will NOT raise rates …
    Soon those flowers on WALL STREET will run out of pedals
    It’s a STALEMATE on the street today – esp. with rising OIL/GAS which fuels inflation
    The WALL STREET VULTURES have already migrated from SOUTH & poised for action – lol

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