Traders Market Weekly: Jobs, Inflation and PMI Pressures

Viewing 15 posts - 16 through 30 (of 63 total)
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  • #42365
    Truman
    Participant

    DocuSign (DOCU 63.04, -2.88, -4.37%) and Netflix (NFLX 234.00, -7.16, -2.97%) are both trading down after receiving downgrades.

    The former was downgraded to Sector Perform from Outperform at RBC Capital Mkts while the latter was downgraded to Sell from Hold at CFRA and had its price target cut to $238 from $245.

    #42366
    Truman
    Participant

    Mega caps continue to drive the market lower with the consumer discretionary (-2.5%), communication services (-2.2%), and information technology (-2.1%) sectors at the bottom of the pack thanks to Amazon.com (AMZN 133.63, -4.58, -3.3%), Meta Platforms (META 163.54, -4.36, -2.6%), and Microsoft (MSFT 279.12, -7.04, -2.5%), respectively. These are the only sectors down more than 2.0%.

    Growth stocks in general are lagging the broader market as evidenced by the Russell 3000 Growth Index (-1.9%) down more than the Russell 3000 Value Index (-1.5%).

    #42367
    Truman
    Participant

    The consumer discretionary sector (-2.5%) is buried in last place with every component trading down. Ford (F 14.98, -0.90, -5.7%) is the worst performing constituent following a jury ruling assessing a $1.7 billion verdict against the carmaker, according the CNBC.

    Homebuilder components are notably weak today ahead of tomorrow’s July New Home Sales release (Briefing.com consensus 580,000; prior 590,000) at 10:00 a.m. ET.

    #42378
    TradersCom
    Keymaster

    Dribblers always want someone else to blame how about S&P taking this long to downgrade Bed Bath & Beyond
    $BBBY credit rating downgrades two notches deeper into junk-bond territory, lowering the rating to CCC, from B-
    @ryancohen tried to warn y’all

    #42379
    TradersCom
    Keymaster

    • This reply was modified 3 months, 2 weeks ago by TradersCom.
    #42381

    ^^^ +1s for excellent & expert market insights & analysis above

    Dow 33,063.61 -643.13 -1.91%
    S&P 500 4,137.99 -90.49 -2.14%
    Nasdaq 12,381.57 -323.64 -2.55%
    GlobalDow 3,634.08 -54.00 -1.46%
    Gold 1,748.10 -14.80 -0.84%
    Oil 90.67 -0.10 -0.11%

    The “hammer dulcimer is a FAV musical instrument … and 1 of best in world featured 🙂

    #42385

    #42411
    TradersCom
    Keymaster

    Europe Flash PMI

    Germany
    August
    flash manufacturing PMI 49.8 vs 48.2 expected Prior 49.3
    Services PMI 48.2 vs 49.0 expected Prior 49.7
    Composite PMI 47.6 vs 47.4 expected Prior 48.1

    France
    August
    Manufacturing PMI 49.0 vs 49.0 expected Prior 49.5
    Services PMI 51.0 vs 53.0 expected Prior 53.2
    Composite PMI 49.8 vs 50.8 expected Prior 51.7

    Eurozone
    August
    Manufacturing PMI 49.7 vs 49.0 expected Prior 49.8
    Services PMI 50.2 vs 50.5 expected Prior 51.2
    Composite PMI 49.2 vs 49.0 expected Prior 49.9

    UK
    August
    Manufacturing PMI 46.0 vs 51.1 expected Prior 52.1
    services PMI 52.5 vs 52.0 expected Prior 52.6
    Composite PMI 50.9 vs 51.1 expected Prior 52.1

    #42419
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.

    —Equity Markets—

    Japan’s Nikkei: -1.2%
    Hong Kong’s Hang Seng: -0.8%
    China’s Shanghai Composite: -0.1%
    India’s Sensex: +0.4%
    South Korea’s Kospi: -1.1%
    Australia’s ASX All Ordinaries: -1.2%

    #42420
    Truman
    Participant

    China Securities Times speculated that the People’s Bank of China will lower its reserve requirement ratio.
    Japan is reportedly considering a halt to coronavirus tests for international travelers.
    South Korea’s Consumer Confidence improved in August while inflation expectations decreased for the first time in eight months.
    Japan’s and South Korea’s Services PMIs dipped into contraction in their flash readings for August while Manufacturing PMIs also weakened but remained above 50.0.
    Japan’s flash August Manufacturing PMI 51.0, as expected (last 52.1) and flash Services PMI 49.2 (last 50.3). July BoJ Core CPI 1.8% yr/yr (expected 1.5%; last 1.6%)
    South Korea’s April Consumer Confidence 88.8 (last 86.0)
    Australia’s flash August Manufacturing PMI 54.5 (last 55.7) and flash Services PMI 49.6 (last 50.9)
    Singapore’s July CPI 7.0% yr/yr, as expected (last 6.7%) and Core CPI 4.8% yr/yr (expected 4.7%; last 4.4%)

    #42421
    Truman
    Participant

    Major European indices trade on a mostly lower note while Italy’s MIB (+0.4%) outperforms.

    STOXX Europe 600: -0.4%
    Germany’s DAX: -0.1%
    U.K.’s FTSE 100: -0.7%
    France’s CAC 40: -0.2%
    Italy’s FTSE MIB: +0.8%
    Spain’s IBEX 35: -0.5%

    #42422
    Truman
    Participant

    EU Foreign Minister Borrell said that most countries that are part of nuclear talks with Iran agree with the proposal from the EU.
    The U.K.’s Manufacturing PMI fell into contraction for the first time in over two years in the flash reading for August while Germany’s Manufacturing PMI remained in contraction for the second month in a row.
    Eurozone’s flash August Manufacturing PMI 49.7 (expected 49.0; last 49.8) and flash Services PMI 50.2 (expected 50.5; last 51.2)
    Germany’s flash August Manufacturing PMI 49.8 (expected 48.2; last 49.3) and flash Services PMI 48.2 (expected 49.0; last 49.7)
    U.K.’s flash August Manufacturing PMI 46.0 (expected 51.0; last 52.1) and flash Services PMI 52.5 (expected 52.0; last 52.6). August CBI Industrial Trends Orders -7 (expected 3; last 8)
    France’s flash August Manufacturing PMI 49.0, as expected (last 49.5) and flash Services PMI 51.0 (expected 53.0; last 53.2)

    #42423
    Truman
    Participant

    The S&P 500 futures are flat and are trading slightly below fair value.
    The Nasdaq 100 futures are flat and are trading slightly below fair value.
    The Dow Jones Industrial Average futures are down 25 points and are trading slightly below fair value.

    #42424
    Truman
    Participant

    Retailers Dick’s Sporting Goods (DKS 113.93, +3.56, +3.23%) and Macy’s (M 18.88, +0.27, +1.45%) are both higher in premarket action after reporting quarterly results.

    The 10-yr note yield continues to climb, up four basis points to 3.07%. The 2-yr note yield is down two basis points to 3.31%.

    #42425
    Truman
    Participant

    August IHS Markit Manufacturing PMI preliminary reading was 51.3 versus a prior reading of 52.2. The August IHS Markit Services PMI preliminary reading was 44.1 versus the prior reading of 47.3.

    Treasury yields moved sharply lower after the soft IHS numbers. They fit the view that the Fed can’t be overly aggressive now with rate hikes, lest it risk inviting a recession.

    The 10-yr note yield is down one basis point to 3.02% while the 2-yr note yield is down six basis points to 3.28%.

    July New Home Sales totaled 511,000 (Briefing.com consensus 580,000) after a revised 585,000 (from 590,000).

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