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

Viewing 9 posts - 76 through 84 (of 84 total)
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  • #71210
    Truman
    Participant

    Eurozone
    December M3 Money Supply 0.1% yr/yr (expected -0.7%; last -0.9%).
    December Private Sector Loans 0.3% yr/yr (expected 0.6%; last 0.5%)
    December loans to nonfinancials 0.4% yr/yr (last 0.0%)

    European Central Bank policymakers are reportedly willing to start discussing cuts in March, followed by potential action in June.

    #71212
    Truman
    Participant

    Germany
    February GfK Consumer Climate -29.7 (expected -24.5; last -25.4)

    France
    January Consumer Confidence 91 (expected 90; last 89)

    Spain
    Q4 Unemployment Rate 11.76% (expected 11.90%; last 11.84%)

    #71213
    Truman
    Participant

    American Express (AXP 193.90, +5.83, +3.1%): misses by $0.02, misses on revs; guides FY24 EPS above consensus, revs in-line; to increase dividend by 17%
    Colgate-Palmolive (CL 81.40, +0.18, +0.2%): beats by $0.02, beats on revs; guides FY24 revs in-line
    Booz Allen Hamilton (BAH 137.38, +8.50, +6.6%): beats by $0.27, beats on revs; guides FY24 EPS above consensus, revs above consensus
    Intel (INTC 44.29, -5.26, -10.6%): beats by $0.09, beats on revs, non-GAAP gross margin of 48.8%, ahead of guidance; guides Q1 EPS below consensus, revs below consensus; Mobileye, PSG, and business exits impacting Q1 guidance
    T-Mobile US (TMUS 159.15, -3.41, -2.1%): reports Q4 (Dec) results, beats on revs; provides FY24 outlook
    Visa (V 265.00, -7.61, -2.8%): beats by $0.07, reports revs in-line; guides for Q2 and FY24
    Capital One (COF 131.00, -1.55, -1.2%): reports Q4 (Dec) results, reports revs in-line
    L3Harris (LHX 198.60, -6.04, -3.0%): beats by $0.04, beats on revs; guides FY24 EPS below consensus, revs below consensus
    Western Digital (WDC 58.15, -2.18, -3.6%): beats by $0.43, beats on revs; guides MarQ EPS above consensus, revs above consensus
    KLA Corporation (KLAC 617.30, -24.39, -3.8%): beats by $0.25, beats on revs; guides Q3 EPS in-line, revs below consensus
    Levi Strauss (LEVI 15.11, -0.64, -4.1%): beats by $0.01, misses on revs; guides FY24 EPS below consensus, revs below consensus; announces global productivity initiative, includes a 10-15% global corporate workforce reduction in 1H24

    #71214
    Truman
    Participant

    Salesforce (CRM 279.73, +0.70, +0.3%): to eliminate 700 jobs, according to WSJ

    #71215
    Truman
    Participant

    Personal income increased 0.3% month-over-month in December, as expected, but personal spending increased a much stronger-than-expected 0.7% (consensus 0.4%).
    The inflation gauges were spot-on with expectations. The PCE Price Index was up 0.2% month-over-month and so was the core-PCE Price Index, which excludes food and energy.

    With the December changes, the PCE Price Index was up 2.6% year-over-year, unchanged from November, and the core PCE Price Index was up 2.9% — the lowest since March 2021 — versus 3.2% in November.

    The key takeaway from the report should be more Goldilocks than anything else: consumer spending is strong and core inflation, which the Fed is targeting, is moving toward the 2.0% target.

    Treasuries had a volatile response to the data, but are now little changed from yesterday.

    The 10-yr note yield, at 4.11% just before 8:30 ET, hit 4.15% in the immediate aftermath, and pulled back to 4.12% now. The 2-yr note yield was at 4.32% before the data, hit 4.35% in response, but pulled back to 4.32% again.

    Core PCE Prices in December at 6 Month Annualized 1.9%, Below Fed’s 2% Target

    #71216
    Truman
    Participant

    Morning Market
    Dow 38072.37 +23.24 (0.06%)
    Nasdaq 15471.46 -39.04 (-0.25%)
    SP 500 4890.29 -3.87 (-0.08%)
    10-yr Note -24/32 4.150
    NYSE Adv 1667 Dec 907 Vol 884 mln
    Nasdaq Adv 2260 Dec 1584 Vol 1.0 bln

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

    Moving the Market
    — Reacting to the December PCE Price Indexes, which validated the market’s soft landing view
    — Treasury yields moving slightly higher in response to the data
    — Weakness in semiconductor stocks following disappointing guidance from Intel (INTC) and KLA Corporation (KLAC)
    — Weakness in some mega cap stocks after big gains to start the year

    Weak semiconductor stocks weigh on broader market

    Weakness in semiconductor-related stocks has weighed down the broader market following disappointing guidance from Intel (INTC 43.79, -5.76, -11.6%) and KLA Corporation (KLAC 609.02, -32.67, -5.1%).
    The PHLX Semiconductor Index (SOX) is down 2.3%.

    Market breadth is positive and eight S&P 500 sectors are trading higher. Advancers lead decliners by a better than 2-to-1 margin at the NYSE and by a 3-to-2 margin at the Nasdaq.

    None of the S&P 500 sectors are moving more than 0.7% in either direction. The information technology sector shows the steepest loss due to weak semiconductor constituents and a loss in Microsoft (MSFT 403.74, -1.19, -0.3%).

    Health care (+0.5%) and consumer discretionary (+0.4%) sectors show the largest gains.

    #71217
    Truman
    Participant

    Pending home sales jumped 8.3% in December (consensus 2.3%) following a revised 0.3% decline in November (from 0.0%).

    #71282

    Dow 38,109.43 60.30 0.16%
    S&P 500 4,890.97 -3.19 -0.07%
    Nasdaq 15,455.36 -55.13 -0.36%
    VIX 13.26 -0.19 -1.41%
    Gold 2,018.20 0.40 0.02%
    Oil 78.23 0.87 1.12%

    #70503

    Jan 28 to Feb 5, 2024 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Doing, O
    [See the full post at: Traders Market Weekly: America on Show; Big Oil, Apple, FOMC and Boeing]

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