Traders Market Weekly: Powell Testifies

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    Adobe (ADBE 514.03, +23.12, +4.7%): beats by $0.12, reports revs in-line; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line


    Goldman Sachs (GS 338.51, -1.23, -0.4%): Board is reevaluating CEO David Solomon, according to NY Post


    Virgin Galactic (SPCE 5.6800, +1.62, +39.9%): starts commercial spaceline operations; first spaceflight planned to fly between June 27-30; second spaceflight to occur in early August, with monthly spaceflights thereafter


    Micron (MU 70.65, +1.86, +2.7%): to invest $600 million in China expansion, according to WSJ; near $1 bln India investment, according to Bloomberg


    Nucor (NUE 151.78, +0.60, +0.4%): guides Q2 earnings above consensus; expects steel mills segment earnings to improve due to margin expansion

    Cabot (CBT 70.19, -4.43, -5.9%): provides update on demand landscape: sales volumes are down in Performance Chemicals and Reinforcement Materials segments; withdraws FY23 EPS outlook

    Humana (HUM 463.38, -0.47, -0.1%): reaffirms FY23 guidance; The Company will also reaffirm its full year Insurance segment benefit expense ratio guidance of 86.3 to 87.3 percent, although the Company now expects to be at the top end of this full year range


    Disney (DIS 92.80, -0.14, -0.2%): CFO Christine McCarthy to step down, taking family medical leave of absence; Disney Parks CFO Kevin Lansberry assuming role of Interim CFO, effective July 1


    The S&P 500 futures are up 9 points and are trading 0.2% above fair value.
    The Nasdaq 100 futures are up 57 points and are trading 0.4% above fair value.
    The Dow Jones Industrial Average futures are up 27 points and are trading 0.1% above fair value.

    Energy complex futures are climbing.

    WTI crude oil futures are up 0.3% to $71.02/bbl and natural gas futures are up 1.6% to $2.57/mmbtu.

    The U.S. Dollar Index is down 0.1% to 102.03.


    Fed Governor Waller said that he does not support altering monetary policy due to concerns about mismanagement of some banks.

    US economy is still ‘ripping along’
    Right now everything ‘seems to be calm’ in the banking system
    Global spillovers from expected from coordinated central bank tightening have to really materialized
    It’s still not clear that recent bank failures have had a material effect on credit conditions
    Monetary policy should not be altered due to ‘ineffectual management at a few banks’
    It’s the Fed’s job to use monetary policy to fight inflation; the job of bank leaders is to manager interest rate risk


    Richmond Fed Barkin:

    Comfortable doing more on interest rates if demand does not slow
    Is “comfortable doing more” on interest rates if the coming data doesn’t confirm a story that slowing demand is returning inflation to the 2% target.
    Believes higher rates may create the risk of a more significant slowdown, but the experience of the 70s shows the Fed should not back off its inflation fight too soon.
    The 2% target has served the Fed well for a generation.
    Inflation has proved “stubbornly persistent,” and he is still looking to be convinced that weakening demand will control it.


    Dow 34,299.12 -108.94 -0.32%
    S&P 500 4,409.59 -16.25 -0.37%
    Nasdaq 13,689.57 -93.25 -0.68%
    VIX 13.51 -0.99 -6.83%
    Gold 1,968.50 -2.20 -0.11%
    Oil 71.72 1.10 1.56%


    June 18 -26, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Testify The
    [See the full post at: Traders Market Weekly: Powell Testifies]

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