Traders Market Weekly: Market Combustion, Short Squeeze Meets Fed Pivot

Viewing 15 posts - 16 through 30 (of 62 total)
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  • #68731
    Truman
    Participant

    AbbVie (ABBV 151.32, +2.04, +1.4%): upgraded to Buy from Neutral at Goldman
    Best Buy (BBY 74.66, +1.59, +2.2%): upgraded to Buy from Hold at Jefferies

    #68732
    Truman
    Participant

    Treasury yields are moving higher.

    2-yr note yield is up three basis points to 4.77%
    10-yr note yield is up three basis points to 4.28%

    Ahead of today’s $50 billion 3-yr Treasury note auction and $37 billion 10-yr Treasury note reopening with results at 11:30 a.m. ET and 1:00 p.m. ET, respectively.

    #68733
    Truman
    Participant

    S&P 500 futures are down 2 points and are trading 0.1% below fair value,
    Nasdaq 100 futures are down 26 points and are trading 0.2% below fair value,
    Dow Jones Industrial Average futures are down 20 points and are trading 0.1% below fair value.

    Pre-open action has been muted as market participants look ahead to some market-moving events this week, including Tuesday’s November Consumer Price Index and Wednesday’s FOMC rate decision.

    Market participants are also in a consolidation mindset following big gains since late October.

    #68734
    Truman
    Participant

    WTI crude oil futures are trading roughly flat at $71.19/bbl. Natural gas futures are sinking 10.2% to $2.32/mmbtu.

    #68747

    ^^^^^ Several +1s for excellent posts that look at week ahead

    Dow 36,404.93 157.06 0.43%
    S&P 500 4,622.44 18.07 0.39%
    Nasdaq 14,432.49 28.51 0.20%
    VIX 12.65 0.30 2.43%
    Gold 1,996.60 -17.90 -0.89%
    Oil 71.46 0.23 0.32%

    #68760
    Truman
    Participant

    Equity indices in the Asia-Pacific region followed Wall Street’s lead and ended Tuesday mostly higher with modest gains.
    Japan’s Nikkei: +0.1%,
    Hong Kong’s Hang Seng: +1.3%,
    China’s Shanghai Composite: +0.4%,
    India’s Sensex: -0.5%,
    South Korea’s Kospi: +0.4%,
    Australia’s All Ordinaries: +0.5%.

    Things were more subdued on the mainland as investors awaited insight from the conclusion of China’s Central Economic Work Conference.
    Japan’s Nikkei had been higher, but pulled back as the yen gained strength against the dollar.

    #68761
    Truman
    Participant

    Japan’s
    Japan’s Producer Price Index was up 0.3% year-over-year in November, down from 0.9% in October and marking the eleventh straight slowdown in the annual rate.
    November PPI 0.2% m/m (expected 0.2%; last -0.3%) and 0.3% yr/yr (expected 0.1%; last 0.9%)
    Japan’s Nikkei reported that the government is pushing tax breaks for large companies that offer 7% year-over-year wage increases for employees.

    #68762
    Truman
    Participant

    Australia’s
    November NAB Business Confidence -9 (last -3); December Westpac Consumer Sentiment 82.1 (last 79.9)
    Australia’s Business Confidence Index hit its lowest level since 2012, excluding COVID period.
    Reserve Bank of Governor Bullock, meanwhile, said he doesn’t think Australia is falling behind other countries in its fight to ease consumer inflation.

    #68763
    Truman
    Participant

    Major European indices are mixed in front of this morning’s release of the November Consumer Price Index in the U.S. and Thursday’s ECB meeting.

    STOXX Europe 600: -0.1%,
    Germany’s DAX: -0.2%,
    UK’s FTSE 100: +0.3%,
    France’s CAC 40: +0.1%,
    Italy’s FTSE MIB: flat,
    Spain’s IBEX 35: -0.7%.

    The UK’s FTSE (+0.3%) has advanced following employment data that showed weaker-than-expected wage growth and a higher-than-expected claimant count.
    That combination has pulled forward expectations for a BOE rate cut to June from August.

    AstraZeneca announced the acquisition of Icosavax for $15.00 per share in cash, plus a non-tradable contingent value right to receive up to $5.00 in cash, payable upon achievement of specified regulatory and net sales milestones. EUR/USD +0.4% to 1.0801.

    #68764
    Truman
    Participant

    Eurozone’s
    December ZEW Economic Sentiment 23.0 (expected 11.2; last 13.8)

    U.K.’s
    October Unemployment Rate 4.2% (expected 4.2%; last 4.2%); Average Earnings Index + Bonus 7.2% (expected 7.7%; last 8.0%); November Claimant Count Change 16.0K (expected 15.0K; last 8.9K)

    Germany’s
    December ZEW Economic Sentiment 12.8 (expected 8.8; last 9.8); November WPI -0.2% m/m (expected -0.1%; last -0.7%) and -3.6% yr/yr (last -4.2%)

    #68765
    Truman
    Participant

    Oracle (ORCL 104.80, -10.33, -9.0%): beats by $0.01, reports slight miss on revs; guides FebQ EPS and revenue in-line

    #68766
    Truman
    Participant

    AstraZeneca (AZN 64.51, +1.01, +1.6%): Icosavax (ICVX) to be acquires by AstraZeneca for $15.00 pre share plus a non-tradable contingent value right to receive up to $5.00 in cash

    KKR (KKR 77.88, +0.65, +0.8%): in discussions to purchase stake in Cotiviti, according to FT

    #68767
    Truman
    Participant

    Alphabet (GOOG 133.78, -0.92, -0.7%): Epic Games wins antitrust lawsuit against Google (GOOG), according to the Washington Post

    #68768
    Truman
    Participant

    Ford (F 11.11, +0.04, +0.4%): will lower F-150 Lightning production by 50% next year, according to Automotive News

    #68769
    Truman
    Participant

    Hasbro (HAS 46.05, -2.84, -5.8%): confirms plans to reduce its workforce by approximately 900 positions over the next 18-24 months; expects gross annual run-rate cost savings of $350-400 mln by end of 2025

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