Traders Market Weekly: Holiday Shopping Season Kicking Off

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    Selling pressure in bonds hitting longer-dated maturities have borne the brunt of the selling interest, but weakness can be seen across the curve.
    The 10-yr note yield, at 4.69%, has pushed above last week’s highs, which has invited some added technical pressure.
    The 2s10s spread sits at -38 bps versus -42 bps at Friday’s settlement.
    Stocks have started their session on a soft note, weighed down some by the bump in rates. S&P 500 is down 0.4% and Nasdaq Composite is down 0.7%.
    2-yr: +2 bps to 5.07%
    3-yr: +4 bps to 4.86%
    5-yr: +4 bps to 4.71%
    10-yr: +6 bps to 4.69%
    30-yr: +7 bps to 4.80%


    Dow 34,337.87 54.77 0.16%
    S&P 500 4,411.55 -3.69 -0.08%
    Nasdaq 13,767.74 -30.36 -0.22%
    VIX 14.78 0.61 4.30%
    Gold 1,950.40 12.70 0.66%
    Oil 78.62 1.45 1.88%


    Fisker (FSR) misses by $0.04, misses on revs; delivered more cars in October than the entire Q3; to delay 10-Q filing… FSR down 11.7%


    Harrow (HROW) misses by $0.13, misses on revs; guides FY23 revs below consensus; guides FY24 revs below consensus… HROW down 17.0%


    The Beauty Health Company (SKIN) reports Q3 (Sep) results, misses on revs; guides FY23 revs below consensus; CEO Andrew Stanleick to depart, effective November 19; Marla Beck to serve as Interim CEO… SKIN down 39.0%


    Fair Value for Tuesday, November 14:

    S&P 500: 4,427
    Nasdaq 100: 15,545
    DJIA: 34,395


    RALLY TIME DOOMERS … Futures are exploding upwards over 1% after 3.2% tame inflation reading
    “As goeth OIL, so goeth future price of items — as oil/gas prices factor into all consumer goods)


    Equity indices in the Asia-Pacific region trended mostly higher in Tuesday’s trade, drawing some support from the resilience seen on Wall Street and speculation about a possible stimulus push in China.

    Japan’s Nikkei: +0.4%,
    Hong Kong’s Hang Seng: -0.2%,
    China’s Shanghai Composite: +0.3%,
    India’s Sensex: closed for holiday,
    South Korea’s Kospi: +1.2%,
    Australia’s All Ordinaries: +0.9%.


    Bloomberg reports that China is considering $137 billion in new funding for its housing market.
    Press reports are highlighting the potential for a cut in the required reserve ratio by the end of the year.
    Reuters notes that China is telling local governments to stop public-private partnership projects that are seen as problematic.


    South Korea’s October Export Price Index -9.5% yr/yr (last -8.9%) and Import Price Index -10.2% yr/yr (last -9.6%)


    Australia’s November Westpac Consumer Confidence 79.9 (last 82.0); October NAB Business Confidence -2 (last 0)


    India’s October WPI Inflation -0.52% yr/yr (expected -0.20%; last -0.26%)


    The yen’s ongoing weakness has been problematic, triggering expectations for an intervention effort.
    A spike seen overnight was dismissed as a function of an options position expiration.
    Finance Minister Suzuki repeated that excessive moves in the currency market are undesirable.
    USD/JPY currently flat at 151.72 with 152.0 seen by some as the potential bogey now for an official intervention push.


    Major European indices are trading mostly higher with modest gains in front of the U.S. CPI Report’s release at 8:30 a.m. ET.

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


    Trading sentiment found some support in better than expected November ZEW Economic Sentiment readings for the eurozone and Germany.

    Eurozone’s Q3 GDP -0.1% qtr/qtr (expected -0.1%; last 0.2%); employment change 0.3% qtr/qtr (expected 0.1%; last 0.1%); November ZEW Economic Sentiment 13.8 (expected 6.1; last 2.3)
    Germany’s November ZEW Economic Sentiment 9.8 (expected 5.0; last -1.1)

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