Traders Market Weekly: America on Show; Big Oil, Apple, FOMC and Boeing

Viewing 15 posts - 1 through 15 (of 84 total)
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  • #70508
    TradersCom
    Keymaster

    Ahead of BOJ Japan PM Kishida:
    – We’re at a critical juncture to escape from #deflation
    – Growth is outpacing prices needed for virtuous cycle
    – Will work on steps to pass on labor costs on to consumers
    – Wage hikes at small and medium-sized businesses are essential

    #70509
    Truman
    Participant

    Equity indices in the Asia-Pacific region began the week on a mixed note with markets in China and Hong Kong seeing continued weakness amid pressure on property names.
    Japan’s Nikkei: +1.6%,
    Hong Kong’s Hang Seng: -2.3%,
    China’s Shanghai Composite: -2.7%,
    India’s Sensex: HOLIDAY,
    South Korea’s Kospi: -0.3%,
    Australia’s ASX All Ordinaries: +0.7%.

    #70510
    Truman
    Participant

    Hong Kong
    December CPI 0.1% m/m (last 0.0%); 2.4% yr/yr (expected 2.5%; last 2.6%)

    #70511
    Truman
    Participant

    China
    Heavily indebted local governments in China have reportedly been instructed to postpone some state-funded infrastructure projects.
    The People’s Bank of China made no changes to its one-year and five-year loan prime rates, but there was ongoing speculation that some easing will be announced before Lunar New Year celebrations in early February.

    #70512
    Truman
    Participant

    South Korea
    Exports through the first 20 days of January were down 1.0% yr/yr but chip exports were up 19.7% yr/yr.

    #70513
    Truman
    Participant

    Major European indices trade on a mostly higher note while Italy’s MIB (-0.5%) lags.
    STOXX Europe 600: +0.5%,
    Germany’s DAX: +0.5%,
    U.K.’s FTSE 100: +0.2%,
    France’s CAC 40: +0.4%,
    Italy’s FTSE MIB: -0.5%,
    Spain’s IBEX 35: +0.8%.

    Stellantis CEO cautioned that the auto industry is facing a bloodbath if prices of electric vehicles are lowered aggressively.

    #70514
    Truman
    Participant

    Farmers in France are threatening to expand their protests against tighter regulation.

    #70515
    Truman
    Participant

    Boeing (BA 211.85, -3.17, -1.5%): down pre-open after the FAA provided updates on grounding of Boeing 737 MAX 9 aircraft

    #70516
    Truman
    Participant

    Macy’s, Inc. (M 18.30, +0.67, +3.8%): Board of Directors Responds to Unsolicited Non-Binding Proposal from Arkhouse and Brigade to acquire all of the outstanding shares of the Company for $21.00 per share in cash on December 1, 2023

    #70517
    Truman
    Participant

    Archer-Daniels (ADM 58.98, -9.21, -13.5%): names Ismael Roig interim CFO; issues FY23 outlook below consensus

    #70518
    Truman
    Participant

    JetBlue Airways (JBLU 4.95, -0.04, -0.8%) and Spirit Airlines (SAVE 6.88, +0.20, +3.0%): file notice of appeal

    #70519
    Truman
    Participant

    SolarEdge Technologies (SEDG 72.50, +3.39, +4.9%): announces 16% global workforce reduction

    #70520
    Truman
    Participant

    J.B. Hunt (JBHT 200.94, +2.22, +1.1%): upgraded to Buy from Neutral at UBS
    Home Depot (HD 359.57, -2.84, -0.8%) and Lowe’s (LOW 218.44, -1.57, -0.7%) downgraded to Market Perform from Outperform at Oppenheimer

    #70521
    Truman
    Participant

    Houthi rebels are seeking more weapons from Iran, according to Politico, but this morning’s price action does not indicate that the market is too worried about a larger issue in the Middle East.
    WTI crude oil futures are up only 0.3% to $73.48/bbl.

    #70522
    Truman
    Participant

    Morning Market
    Dow 37998.31 +134.51 (0.36%)
    Nasdaq 15348.65 +37.68 (0.25%)
    SP 500 4849.14 +9.33 (0.19%)
    10-yr Note +26/32 4.089
    NYSE Adv 2128 Dec 603 Vol 209 mln
    Nasdaq Adv 2889 Dec 1217 Vol 2.0 bln

    Industry Watch
    Strong: Real Estate, Financials, Communication Services, Industrials, Information Technology, Utilities
    Weak: Consumer Staples, Consumer Discretionary

    Moving the Market
    — Ongoing strength in tech stocks
    — Upside momentum after record close for S&P 500
    — Drop in market rates

    Small caps outperform; TSLA rolls over

    Small cap stocks are outperforming today as gains broaden out. The Russell 2000 is up 1.6%, which leaves its loss for the year at 2.6%.

    Tesla (TSLA 209.89, -2.30, -1.1%) rolled over recently, weighing down the major indices. The S&P 500 consumer discretionary sector (-0.5%) is showing the steepest loss now among the three sectors that are trading down.

    WTI crude oil futures are up 1.5% to $74.32/bbl, likely tied to new developments in the Middle East that may disrupt supplies. Houthi rebels are seeking more weapons from Iran, according to Politico.

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