Traders Market Weekly: Impact of Global Risk Off Deleveraging

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    U.K.’s August Halifax House Price Index -1.9% m/m (expected -0.3%; last -0.4%);
    U.K.’s Halifax House Price Index fell 4.6% yr/yr in August, representing the sharpest rate fall since late 2009.

    Bank of England Governor Bailey said that many indicators are pointing toward a marked slowdown in inflation.
    The BoE Decision Maker Panel survey showed a decrease in three-month inflation expectations to 4.9% from 5.2% while the year-ahead outlook was lowered to 4.9% from 5.4%. French Finance Minister Le Maire said that inflation is decelerating, but at a slow pace.


    Treasury yields are pulling back from yesterday’s settlement levels, but the recent runup in yields remains top of mind for market participants.

    The 2-yr note yield is down four basis points to 5.00% and the 10-yr note yield is down three basis points to 4.27%.

    Oil prices are inching lower this morning. WTI crude oil futures are down 0.6% to $87.01/bbl.


    Initial jobless claims for the week ending September 2 decreased by 13,000 to 216,000 (consensus 233,000).
    Continuing jobless claims for the week ending August 26 decreased by 40,000 to 1.679 million.

    The key takeaway from the report is that initial claims — a leading indicator — were at their lowest level since February. That is really good news — economically speaking — but it is also news — monetary policy speaking — that will likely keep the Fed in a restrictive policy position for longer.

    The revised Q2 productivity report featured a downward revision in productivity to 3.5% (consensus 3.7%) from the preliminary estimate of 3.7% and an upward revision in unit labor costs to 2.2% (consensus 1.6%) from the preliminary estimate of 1.6%.

    The key takeaway from the report is that unit labor costs weren’t as low as previously reported, so they look disappointing at the headline level; however, they still fit the bill of disinflation given that unit labor costs were up 2.5% a year ago.

    Treasuries saw some turbulent action following the data.

    The 2-yr note yield, at 4.99% just before the release, hit 5.05% in the immediate aftermath before pulling back to 5.02%. The 10-yr note yield was at 4.27% before the data, hit 4.31% immediately after, but pulled back to 4.28%.


    SPAGHETTI MODELS look promising so far — but all concerns on EAST COAST of USA should closely monitor in days ahead 🙂


    Dow 34,500.73 57.54 0.17%
    S&P 500 4,451.14 -14.34 -0.32%
    Nasdaq 13,748.83 -123.64 -0.89%
    VIX 14.46 0.01 0.07%
    Gold 1,943.30 -0.90 -0.05%
    Oil 87.01 -0.53 -0.61%


    Texas power grid back to normal conditions after supply issue last night. Outages did not occur, according to ABC News


    Planet Labs down 5.8% After earnings
    EPS beats by $0.01, reports revs in-line;
    Guides Q3 revs below consensus; guides FY24 revs below consensus.
    $PL $2.90 -0.18 (-5.84%) AH


    Smartsheet up 6.4% After Earnings
    EPS beats by $0.09,
    Revenue $235.59M (+26.2% Y/Y) beats by $6.04M.
    Guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus…
    $SMAR $42.75 +2.39 (+5.92%) AH


    Smith & Wesson Brands Up 9.5% After Earnings
    EPS beats by $0.04, beats on revs…
    In September, #FBI firearm background checks dropped to 2,143,982, the lowest figure for the month since 2018.
    $SWBI 11.50 ▲ 0.99 (9.42%) After Hours


    RH down 7.5% After Earnings
    EPS beats by $1.25, reports revs in-line;
    Guides Q3 revs below consensus; guides FY24 revs in-line;
    Continues to expect a challenging luxury housing market for FY24
    $RH 341.10▼ 27.45 (7.45%) After Hours


    Guidewire Software Little Changed After Earnings
    EPS beats by $0.36, beats on revs;
    Guides Q1 revs below consensus; guides FY24 revs below consensus.
    $GWRE 85.13▲ 0.29 (0.34%) After Hours


    DocuSign Q2
    Adj EPS $0.72 beat by $0.06
    Rev $687.69M (+10.5% Y/Y) beat by $10.27M
    Adj GM 82%
    Free cash flow $183.6 million v $105.5m same period last year
    Q3 Outlook: Total Revenue: $687M-691M
    Adj gross margin: 81-82%.
    $DOCO $54.63 +2.50 +4.80% AH


    Crude #Oil settles back with risk off selling in $ES_F #Nasdaq $AAPL with higher yields and China woes.

    WTI ended 9day streak of highs settle 67-cents lower to $86.87 per barrel.
    Inflation impact grows with Unleaded #Gasoline Futures Up 0.0277 or 1.06% to 2.6291


    Fair Value for Friday, September 8:
    S&P 500: 4,455
    Nasdaq 100: 15,276
    DJIA: 34,525

    USA Day Ahead ET:
    09:00 Fed Vice Chair for Supervision Barr Speaks
    10:00 July Wholesale Inventories (consensus -0.1%; prior -0.5%)
    13:00 U.S. Baker Hughes #Oil Rig Count
    15:00 July Consumer Credit (consensus $15.8 bln; prior $17.9 bln)

    Earnings Friday BMO
    Kroger $KR
    Naas Tech ADR $NAAS
    Hooker Furniture $HOFT
    Rent the Runway $RENT
    Hurco $HURC
    Anixa Biosciences $ANIX
    OFS Credit $OCCI


    Asensus Surgical $ASXC Announces Collaboration with NVIDIA $NVDA to Enhance Augmented Intelligence Capabilities of the ISU

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