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Dow 32,799.92 -255.59 -0.77%
S&P 500 4,115.24 -30.34 -0.73%
Nasdaq 12,484.16 -76.08 -0.61%
VIX 20.19 1.66 8.96%
Gold 1,961.60 -12.90 -0.65%
Oil 73.92 1.01And sadly noting passing of another great R&R hall of famer TINA TURNER at age 83
CRANK IT UP — as this 1 is definitely one of my FAVs 🙂Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.
Japan’s Nikkei: +0.4%,
Hong Kong’s Hang Seng: -1.9%,
China’s Shanghai Composite: -0.1%,
India’s Sensex: +0.2%,
South Korea’s Kospi: -0.5%,
Australia’s ASX All Ordinaries: -1.0%.South Korea’s April PPI -0.1% m/m (expected 0.3%; last 0.1%); 1.6% yr/yr (expected 2.3%; last 3.3%)
South Korea’s President Yoon confirmed that he will represent his country at the NATO summit in July.
The Bank of Korea left its base rate at 3.50%, as expected, and increased its terminal rate forecast by 25 bps to 3.75%.
Singapore’s Q1 GDP -1.6% qtr/qtr (expected -0.7%; last -0.7%); 0.4% yr/yr (expected 0.1%; last 2.1%)
China Securities Daily noted that there is no room for additional sharp depreciation of the yuan after the currency reached its lowest level against the dollar since late November.
Major European markets trade on a mostly lower note.
STOXX Europe 600: -0.1%,
Germany’s DAX: -0.1%,
U.K.’s FTSE 100: -0.3%,
France’s CAC 40: -0.3%,
Italy’s FTSE MIB: -0.2%,
Spain’s IBEX 35: -0.1%.
.Germany officially entered recession after Q1 GDP was revised to show a contraction of 0.3% after a 0.5% contraction in Q4.
Germany’s Q1 GDP -0.3% qtr/qtr (expected -0.1%; last -0.4%); -0.2% yr/yr (expected 0.2%; last 0.3%).
June GfK Consumer Climate -24.2 (expected -24.0; last -25.8)U.K.’s May CBI Distributive Trades Survey -10 (expected 10; last 5)
France’s May Business Survey 99 (expected 101; last 101)
Spain’s April PPI -4.5% yr/yr (last -1.4%)
European Central Bank policymaker de Guindos said that wages and profits present an upside risk to inflation while the crisis in the banking sector poses a downside risk. Meanwhile, ECB policymaker Vasle repeated that more rate hikes are needed.
Best Buy (BBY 72.75, +3.60, +5.2%): beats by $0.05, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
Medtronic (MDT 85.91, -1.58, -1.8%): beats by $0.02, beats on revs; lowers FY23 EPS below consensus; to acquire wearable insulin patch maker EOFlow
Carnival (CCL 10.91, +0.24, +2.3%): upgraded to Buy from Hold at Citigroup
Verizon (VZ 35.77, -0.10, -0.3%): warned customer service employees of layoffs, according to The Verge
S&P futures vs fair value: +29.00. Nasdaq futures vs fair value: +287.00.
The S&P 500 futures are up 29 points and are trading 0.7% above fair value.
The Nasdaq 100 futures are up 287 points and are trading 2.1% above fair value.
The Dow Jones Industrial Average futures are down 66 points and are trading 0.2% below fair value.A huge gain in NVIDIA (NVDA) after the company beat earnings estimates and raised guidance, along with other semiconductor stocks trading higher in solidarity, has driven the outperformance of the Nasdaq 100 and S&P 500 futures.
Meanwhile, debt ceiling uncertainty has kept the broader market in check.
Angst around the debt ceiling has escalated after Fitch Ratings put the nation’s AAA rating on “watch negative.” Also, Congressional members will leave Washington for Memorial Day, but will return to vote on legislation if a debt ceiling deal is reached, according to The Hill.
Fitch’s action has fueled selling in the Treasury market. The 2-yr note yield is up seven basis points to 4.41% and the 10-yr note yield is up four basis points to 3.75%.
The second estimate for Q1 GDP was revised up to 1.3% (consensus 1.1%) from the advance estimate of 1.1% and the GDP Price Deflator was revised up to 4.2% (consensus 4.0%) from the advance estimate of 4.0%.
The key takeaway from the report is that consumer spending remained strong (+3.8%) in the first quarter in spite of the ongoing inflation pressures.
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