Traders Market Weekly: Debt Ceilings and The Consumer

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    PacWest (PACW 4.81000, +0.1200, +2.6%): rebounding after steep losses

    Meta Platforms (META 238.48, +2.69, +1.2%): introducing the AI Sandbox for advertisers and expanding its Meta Advantage suite

    Icahn Enterprises (IEP 33.84, +2.19, +6.9%): Public documents say that IEP Board approved a $500 mln buyback, according to Bloomberg


    Spectrum Brands (SPB 69.00, -2.34, -3.3%): reports EPS in-line, misses on revs; guides FY23 revs below consensus


    Fed Governor Bowman (FOMC voter) said that if inflation remains high and the labor remains tight, additional tightening may be appropriate.

    The 2-yr Treasury note yield is up two basis points to 3.92% and the 10-yr note yield is up three basis points to 3.43%.


    The S&P 500 futures are up 14 points and are trading 0.3% above fair value.
    The Nasdaq 100 futures are up 23 points and are trading 0.1% above fair value.
    The Dow Jones Industrial Average futures are up 130 points and are trading 0.4% above fair value.

    Energy complex futures are moving higher. WTI crude oil futures are up 0.4% to $71.17/bbl and natural gas futures are up 0.2% to $2.35/mmbtu.


    Import prices rose 0.4% in April following a downwardly revised 0.8% decline in March (from -0.6%).
    Import prices, excluding oil, were flat in April after a 0.5% decline in March.

    Export prices rose 0.2% following a downwardly revised 0.6% decline in March (from -0.3%).
    Export prices, excluding agriculture, rose 0.2% in April after a revised 0.5% decline in March (from 0.2%).

    Import price highlights:

    Import prices declined -4.8% on a 12-month basis, largest drop since May 2020.
    Fuel Imports: Prices rose 4.5% in April, first monthly increase since June 2022; fell 25.9% over the past year.
    Import petroleum prices advanced 5.7% in April, declined 25.7% from April 2022 to April 2023.
    Import natural gas prices fell 17.4% in April, decreased 45.7% over the past year (largest decline since April 2015).
    All Imports Excluding Fuel: Nonfuel import prices unchanged in April; fell 1.9% over the past 12 months (largest drop since April 2016).
    Foods, Feeds, and Beverages: Prices advanced 0.2% in April.
    Nonfuel Industrial Supplies and Materials: Prices decreased 0.2% in April.
    Finished Goods: Import prices for major categories were mixed in April.
    Consumer goods price index rose 0.2%; fell 0.2% from April 2022 to April 2023.
    Capital goods price index edged down 0.1%.
    Automotive vehicles prices were unchanged in April; rose 1.9% over the past year.

    Export price highlights:

    Export prices fell 5.9% from April 2022 to April 2023, largest drop since May 2020.
    Agricultural Exports: Prices rose 0.4% in April; fell 3.9% over the past year (largest drop since June 2020).
    All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.2% in April; declined 6.3% from April 2022 to April 2023 (largest decrease since May 2020).
    Nonagricultural Industrial Supplies and Materials: Prices increased 0.2% in April.
    Finished Goods:
    Consumer goods prices rose 0.3% in April.
    Capital goods prices advanced 0.2% in April.


    Market Open:

    Dow industrial average up 60 points or 0.18% at 33370
    S&P index up 11.0 points or 0.27% at 4141.37
    NASDAQ index up 28.16 points or 0.23% at 12356
    in the US debt market, yields are marginally higher:

    2 year yield 3.918% +1.2 basis points
    5 year yield 3.368% +1.2 basis points
    10 year yield 3.397% unchanged
    30 year 3.742% unchanged

    The regional bank ETF KRE is trading up $0.23 or 0.66%. PacWest Bancorp is up marginally by $0.17 or 0.75%.

    The major big cap names are all trading little changed:

    Alphabet is up unchanged at $116.58
    Apple is down $0.44 at $173.42
    Microsoft is down $0.49 at $309.65
    Nvidia is up $0.53 at $286.31
    Meta is down $0.48 to $235.43
    Amazon is down $0.15 $111.97

    Gold inches back towards $2,000 mark at the end of the week
    Nvidia has reportedly placed additional orders for AI chips
    Federal Open Market Committee (FOMC) members Bullard and Jefferson speak late on Friday
    Two major Japanese life insurers are planning to reduce their U.S. Treasury holdings
    Large paper and pulp firm is considering selling its products to China priced in yuan


    Wishing a HAPPY & BLESSED Mother’s day on SUNDAY 🙂


    Dow 33,300.62 -8.89 -0.03%
    S&P 500 4,124.08 -6.54 -0.16%
    Nasdaq 12,284.74 -43.76 -0.35%
    VIX 16.95 0.02 0.12%
    Gold 2,016.20 -4.30 -0.21%
    Oil 70.14 -0.73 -1.03%


    Dan Snyder Agrees to Sell Washington Commanders

    Dan Snyder has agreed to sell the NFL’s Washington Commanders to a group led by Apollo Global Management Inc. co-founder Josh Harris.

    In a joint statement, Snyder confirmed that Harris, along with minority owners including billionaire Mitch Rales, Blackstone Inc. executive David Blitzer, former Google CEO Eric Schmidt, and NBA legend Earvin “Magic” Johnson, would acquire the football team.

    The deal is valued at $6 billion, Bloomberg previously reported, which would be a record for a US professional sports franchise. The statement didn’t specify a price.

    “We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” Snyder and his wife Tanya said in the statement.

    Other members of the Harris-led ownership group include Lee Ainslie, founder of Maverick Capital, and the billionaire Santo Domingo family, according to the statement.

    The consortium is committed to “delivering a championship-caliber franchise for this city and its fanbase,” Harris, 58, said in the statement. He’s worth an estimated $7.6 billion, according to the Bloomberg Billionaires Index.

    Harris adds the Commanders to his portfolio of sports holdings. Through Harris Blitzer Sports & Entertainment, the duo have stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

    Individually, they also own stakes in Crystal Palace FC of the English Premier League and the NFL’s Pittsburgh Steelers. Once the Commanders purchase is finalized, they will have to sell the latter.


    May 13-19, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… What’s Inside?
    [See the full post at: Traders Market Weekly: Debt Ceilings and The Consumer]

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