Traders Market Weekly: Memorial Weekend a Time for Reflection

Viewing 15 posts - 46 through 60 (of 60 total)
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    S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -32.20.

    The futures for the major indices had been tracking higher, but there was an abrupt shift in tone a short time ago following a guidance update Microsoft (MSFT) provided in an 8K filing.

    Specifically, Microsoft is lowering its fiscal Q4 EPS guidance to $2.24-2.32 from a prior range of $2.28-2.35, citing a larger than expected impact of foreign currency.

    Shares of MSFT are down 2.0% in pre-market trading, which has had a disproportionate impact on the behavior of the Dow, S&P 500, and Nasdaq 100 futures, which are now pointing to a mixed start for the major indices.


    ^^^ +1s for excellent updates & breaking news 🙂 .. RALLY TIME on the street … BITCOIN even hit $30,000
    I do wish best ahead for nation/world to improve conditions & share in a “non-political” context 🙂
    While it’s easy to see this as worst of times — some of best things have happened to our family in past year
    I do hope gas prices stabilize soon & even prices go back to pre-war levels
    and most importantly may our nation & world become more peaceful in future 🙂


    Ohhhhh the humanity 😉 🙂


    OPEC increased output of 50% will help in days ahead 🙂
    Dow 33,248.28 435.05 1.33%
    S&P 500 4,176.82 75.59 1.84%
    Nasdaq 12,316.90 322.44 2.69%
    GlobalDow 3,907.42 34.51 0.89%
    Gold 1,873.50 24.80 1.34%
    Oil 117.43 2.17 1.88%

    during year 2000 – Helen Rodgers had voice of ANGEL 🙂


    Friday what’s going on?

    China, Hong Kong, Taiwan:
    Annual Dragon Boat Festival

    #Duanwu Jie, the Dragon Boat Festival falls on the fifth day of the fifth month of the Chinese lunar calendar,
    = Stock exchanges in mainland China and Hong Kong will be closed


    ALEX will soon be born in Atlantic — after Hurricane Agatha crossed over from Pacific


    Ahead of NFP S&P 500 futures are 0.6% below fair value; Nasdaq 100 futures are 1.1% below fair value; Dow Jones Industrial Average futures are 0.4% below fair value

    Key factors driving the futures market:

    Elon Musk says he has a “super bad feeling” about the economy and that Tesla (TSLA) needs to cut about 10% of staff; TSLA down 4.5%
    Germany posts weaker-than-expected retail sales for April and South Korea posts higher-than-expected CPI for May
    Apple (AAPL) down 2.4% on report that European Commission has proposed plan to mandate a universal charging adapter for smartphones
    Nervousness ahead of May Employment Situation Report (8:30 a.m. ET)
    CNN reports that some Shanghai neighborhoods have returned to lockdown because of COVID cases
    White House said to be considering some Chinese tariff relief
    Travelers (TRV) down 1.7% after Goldman Sachs downgrades Dow component to Sell from Neutral on margin concerns
    RH, Inc. (RH) beats on earnings, but says it saw softening in demand and warned for Q2 and FY23 revenues; RH down 3.7%
    Okta (OKTA) jumps 15.8% on better-than-expected earnings and guidance


    Upgrades: CIEN, ECL, MLM, POR, RF, VOYA
    Downgrades: AON, BKU, MMC, HBAN, MU, MCO, TRV, WLK


    WTI crude futures -0.5% to $116.27/bbl; wheat futures -0.3% to $10.55/bu; nat gas futures +0.9% to $8.56/mmbtu
    10-yr note yield +1 bp to 2.92% and 2-yr note yield +1 bp to 2.64%


    Equity indices in the Asia-Pacific region ended the week on a mostly higher note while markets in China and Hong Kong were closed for holidays.

    Japan’s Nikkei: +1.3% (+3.7% for the week)
    Hong Kong’s Hang Seng: CLOSED (+1.9% for the week)
    China’s Shanghai Composite: CLOSED (+2.1% for the week)
    India’s Sensex: -0.1% (+1.6% for the week)
    South Korea’s Kospi: +0.4% (+1.2% for the week)
    Australia’s ASX All Ordinaries: +1.0% (+0.8% for the week)


    Japan’s May Services PMI 52.6 (expected 51.7; last 50.7)
    South Korea’s May CPI 5.4% yr/yr (expected 5.1%; last 4.8%)
    India’s May Services PMI 58.9 (expected 57.5; last 57.9)
    Australia’s April Home Loans -7.3% m/m (expected -1.0%; last 0.9%). May Services PMI 53.2 (last 56.1) and May AIG Construction Index 50.4 (last 55.9)


    Major European indices trade mostly in the red while the U.K.’s FTSE remains closed.

    —Equity Markets—

    STOXX Europe 600: FLAT (-0.6% week-to-date)
    Germany’s DAX: FLAT (+0.2% week-to-date)
    U.K.’s FTSE 100: CLOSED (-0.7% week-to-date)
    France’s CAC 40: UNCH (-0.3% week-to-date)
    Italy’s FTSE MIB: -0.8% (-1.6% week-to-date)
    Spain’s IBEX 35: UNCH (-2.2% week-to-date)


    Eurozone’s April Retail Sales -1.3% m/m (expected 0.3%; last 0.3%); 3.9% yr/yr (expected 5.4%; last 1.6%). May Services PMI 56.1 (expected 56.3; last 56.3)
    Germany’s April trade surplus EUR3.50 bln (expected surplus of EUR1.60 bln; last surplus of EUR1.90 bln). April Imports 3.1% m/m (expected 0.2%; last 3.2%) and Exports 4.4% m/m (expected 1.5%; last -3.0%). May Services PMI 55.0 (expected 56.3; last 56.3)
    France’s April Industrial Production -0.1% m/m (expected 0.3%; last -0.4%). May Services PMI 58.3 (expected 58.4; last 58.4)
    Italy’s May Services PMI 53.7 (expected 54.5; last 55.7)
    Spain’s May Services PMI 56.5 (expected 56.0; last 57.1)


    Tesla (TSLA 733.08, -42.80, -5.6%) has been an early directional driver after Mr. Musk’s comments about the economy. Many stocks are down in solidarity but Tesla is down quite a bit, by 5.6%.

    The consumer discretionary sector (-1.6%) is the weakest of the 11 S&P 500 sectors in the early going, no doubt dragged down by Tesla.


    Dow 32,899.70 -348.58 -1.05%
    S&P 500 4,108.54 -68.28 -1.63%
    Nasdaq 12,012.73 -304.16 -2.47%
    GlobalDow 3,880.20 -23.40 -0.60%
    Gold 1,853.30 -18.10 -0.97%
    Oil 120.29 3.42 2.93%
    Bitcoin USD 29,620 -622 -2.06%
    Ethereum USD 1,755.00 -69.05 -3.79%

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