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The 2-yr Treasury note yield is down seven basis points to 4.42% and the 10-yr note yield is down six basis points to 3.65%.
Worries are mounting about the Fed sticking to a hawkish line after Cleveland Fed President Loretta Mester (not a voting FOMC member) in interview said there is no “compelling reason to pause,” according to the FT.
Energy complex futures are moving lower this morning, building on yesterday’s losses. WTI crude oil futures are down 3.4% to $67.12/bbl and natural gas futures are down 1.3% to $2.30/mmbtu.
The U.S. Dollar Index is up 0.3% to 104.45.
US MBA mortgage applications w.e. 26 May -3.7% vs -4.6% prior
Market index 197.4 vs 205.0 prior
Purchase index 154.4 vs 158.3 prior
Refinance index 412.5 vs 443.0 prior
30-year mortgage rate 6.91% vs 6.69% priorC3.ai (AI) beats by $0.04, beats on revs; guides Q1 revs in-line; guides FY24 revs in-line… AI down 19.0%
Chewy (CHWY) beats by $0.24, beats on revs.
CHWY up 12.3%CrowdStrike (CRWD) beats by $0.06, beats on revs; guides Q2 EPS and revs midpoints above consensus; guides FY24 EPS above consensus, revs above consensus.
CRWD down 11.5%nCino (NCNO) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs below consensus; guides FY24 EPS in-line, revs below consensus.
NCNO down 10.9%NetApp (NTAP) beats by $0.19, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs inline, also announces new share repurchase authorization of an additional $1 bln
NTAP up 5.5%Nordstrom (JWN) beats by $0.17, beats on revs; reaffirms FY24 EPS guidance, revs guidance
JWN up 6.7%Okta (OKTA) beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs in-line.
OKTA down 13.4%Pure Storage (PSTG) beats by $0.04, beats on revs; guides Q2 revs above consensus.
PSTG up 7.0%PVH (PVH) beats by $0.20, beats on revs; sees Q2 EPS of ~$1.70, may not be comparable to $2.25 FactSet ConsensusPVH down 4.2%
Salesforce (CRM) beats by $0.08, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, reaffirms FY24 revs guidance.
CRM down 4.4%Veeva Systems (VEEV) beats by $0.12, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs in-line.
VEEV up 6.8%Victoria’s Secret (VSCO) misses by $0.26, reports revs in-line; guides Q2 EPS, revs below consensus; guides FY24 revs below consensus.
VSCO down 11.5%House Rules Committee votes to advance 2 year debt ceiling/spending cap bill to a full House vote, which will take place tonight at 8:30 PM ET
CBO estimates that debt ceiling bill will cut deficit by $1.5 trillion over the 2023–2033 periodBoeing (BA)
Increased production of its 787 Dreamliner from three to four planes per month, according to Reuters
Judge rules that families can seek compensation for Boeing 737 2019 crash, according to the Wall Street Journal
Boeing (BA) 737 certification is taking a “considerable amount of time”, according to Reuters
Boeing expands in Poland with new parts distribution siteMorgan Stanley (MS) pulls back in late trade following Saperstein comments at conference – expects “soft” quarterly sales and trading
ON Semiconductor (ON) and Vitesco Technologies (VTSCY) announce a 10-year long-term supply agreement worth $1.9 bln for silicon carbide products to enable Vitesco Technologies’ ramp in electrification technologies
Occidental Petro (OXY) 10% owner Berkshire Hathaway (Warren Buffett) bought another 4,660,809 shares worth approx. $273 mln
UiPath (PATH): Cathie Wood is positive on UiPath, Twilio (TWLO), and Teladoc Health (TDOC), according to Bloomberg
Equity indices in the Asia-Pacific region ended Thursday on a mixed note
Japan’s Nikkei: +0.8%,
Hong Kong’s Hang Seng: -0.1%,
China’s Shanghai Composite: UNCH,
India’s Sensex: -0.3%,
South Korea’s Kospi: -0.3%,
Australia’s ASX All Ordinaries: +0.2%.China’s Caixin Manufacturing PMI returned into expansion in the May reading while Australia’s Manufacturing PMI remained below 50.0 for the third month in a row.
China’s May Caixin Manufacturing PMI 50.9 (expected 50.3; last 49.5)
Japan’s Manufacturing PMI returned into expansion for the first time in seven months.
Japan’s Q1 Capital Spending 11.0% yr/yr (expected 5.5%; last 7.7%) and May Manufacturing PMI 50.6 (expected 50.8; last 49.5)
South Korea’s May Manufacturing PMI 48.4 (expected 48.8; last 48.1)
May trade deficit $2.10 bln (expected deficit of $2.89 bln; last deficit of $2.65 bln). May Imports -14.0% yr/yr (expected -10.6%; last -13.3%) and Exports -15.2% yr/yr (expected -13.5%; last -14.3%)
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