Traders Market Weekly: Consumers Along for The Ride

Viewing 15 posts - 46 through 60 (of 79 total)
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  • #74266
    Truman
    Participant

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

    Japan’s Nikkei: +1.6%,
    Hong Kong’s Hang Seng: -0.5%,
    China’s Shanghai Composite: +0.2%,
    India’s Sensex: -0.5%,
    South Korea’s Kospi: +2.2%,
    Australia’s ASX All Ordinaries: +1.4%.

    Japan’s Nikkei (+1.6%) rallied after two days of holidays.

    China
    April FX Reserves $3.201 trln (expected $3.230 trln; last $3.246 trln)
    China relaxed home purchase restrictions in Shenzhen.
    China’s President Xi pushed back on suggestions that China has an issue with overcapacity.

    Japan
    April Services PMI 54.3 (expected 54.6; last 54.1)

    Australia
    March Retail Sales -0.4% m/m (expected -0.2%; last 0.2%) and Q1 Retail Sales -0.4% qtr/qtr (last 0.4%)
    The Reserve Bank of Australia left its cash rate at 4.35%, as expected.
    The central bank raised its inflation forecast for 2024 to 3.4% from 3.1% and lowered its growth outlook for the year to 1.6% from 1.8%.

    #74267
    Truman
    Participant

    Major European indices trade in the green.

    STOXX Europe 600: +0.7%,
    Germany’s DAX: +0.6%,
    U.K.’s FTSE 100: +1.0%,
    France’s CAC 40: +0.4%,
    Italy’s FTSE MIB: +0.6%,
    Spain’s IBEX 35: +0.8%.

    Eurozone
    March Retail Sales 0.8% m/m (expected 0.6%; last -0.3%); 0.7% yr/yr (last -0.5%)

    Germany
    March Factory Orders -0.4% m/m (expected 0.4%; last -0.8%).
    March trade surplus EUR22.3 bln (expected EUR22.4 bln; last EUR21.4 bln). March Imports 0.3% m/m (expected -1.0%; last 3.0%) and Exports 0.9% m/m (expected 0.4%; last -1.6%)

    U.K.
    April Halifax House Price Index 0.1% m/m (expected 0.2%; last -0.9%); 1.1% yr/yr (last 0.4%)
    BP missed earnings expectations
    The Bank of England will release its latest policy statement on Thursday, but the bank rate is expected to remain at 5.25%.

    France
    Q1 nonfarm payrolls 0.2% qtr/qtr (expected 0.0%; last 0.0%).
    March trade deficit EUR5.5 bln (expected deficit of EUR5.0 bln; last deficit of EUR5.6 bln).
    March Current Account surplus EUR1.30 bln (last surplus of EUR300 mln)

    Swiss
    April Unemployment Rate 2.3%, as expected (last 2.3%)
    UBS reported its first profit since taking over Credit Suisse while .

    Netherlands
    Chipmaker Infineon reported solid results for the quarter but lowered its guidance for the full year once again.

    #74268
    Truman
    Participant

    Walt Disney (DIS 109.31, -7.15, -6.1%): beats by $0.11, reports revs in-line; guides FY24 adj. EPS in-line
    UPS (UPS 146.66, -0.01, -0.01%): CFO Brian Newman to depart to focus on personal health, effective June 1
    Intl Flavors (IFF 92.00, +3.34, +3.8%): beats by $0.27, beats on revs; guides FY24 revs above consensus; announces that Glenn Richter, IFF’s Chief Financial and Business Transformation Officer, plans to retire Dec. 31, 2024 after a three-year tenure with the company
    Lucid Group (LCID 2.80, -0.25, -8.2%): misses by $0.05, reports revs in-line; on track for annual production of around 9,000 vehicles
    UBS AG (UBS 30.09, +2.49, +9.0%): reports Q1 results; provides outlook
    Coherent (COHR 62.82, +4.90, +8.5%): beats by $0.11, beats on revs; guides JunQ EPS in-line, revs in-line
    BP (BP 38.19, -0.85, -2.2%): misses by $0.05, misses on revs

    #74269
    Truman
    Participant

    Apple (AAPL 182.94, +1.23, +0.7%) aiming to create artificial intelligence chips for data center, according to WSJ

    #74270
    Truman
    Participant

    Target (TGT 160.86, +2.51, +1.6%): upgraded to Buy from Neutral at Citigroup
    Gap (GPS 22.84, +0.63, +2.8%): upgraded to Buy from Neutral at Citigroup

    #74271
    Truman
    Participant

    Morning Market

    Dow 38919.18 +66.91 (0.17%)
    Nasdaq 16331.59 -17.66 (-0.11%)
    SP 500 5185.25 +4.51 (0.09%)
    10-yr Note +3/32 4.452
    NYSE Adv 1887 Dec 743 Vol 105 mln
    Nasdaq Adv 2212 Dec 1650 Vol 1.0 bln

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

    Moving the Market
    — Mixed responses to earnings news since yesterday’s close
    — Losses in some mega cap names weighing on the broader market
    — Lower Treasury yields acting as support for equities

    Losses in some mega cap names have limited upside moves for the major indices, but market breadth reflects an underlying positive bias driving today’s action. Advancers lead decliners by a nearly 3-to-1 margin at the NYSE and by a 3-to-2 margin at the Nasdaq.

    NVIDIA (NVDA 897.47, -23.50, -2.7%), Meta Platforms (META 462.74, -3.14, -0.7%), Tesla (TSLA 179.02, -5.86, -3.2%), Microsoft (MSFT 412.44, -1.10, -0.3%), and Broadcom (AVGO 1305.94, -4.37, -0.3%) are among the influential losers so far.

    Market rates are slightly lower, acting as support for equities.

    The 2-yr note yield is down one basis point to 4.81% and the 10-yr note yield is down five basis points to 4.44%.

    #74272
    Truman
    Participant

    Yield:

    2-yr: -1 bp to 4.81%
    3-yr: -2 bps to 4.62%
    5-yr: -3 bps to 4.45%
    10-yr: -5 bps to 4.44%
    30-yr: -6 bps to 4.59%

    U.S. Treasury will sell $58 bln in 3-yr notes this afternoon.
    Crude oil is giving back yesterday’s gain while the U.S. Dollar Index is up 0.2% at 105.22.

    #74273

    Dow 38,884.26 31.99 0.08%
    S&P 500 5,187.70 6.96 0.13%
    Nasdaq 16,332.56 -16.69 -0.10%
    VIX 13.23 -0.26 -1.93%
    Gold 2,321.50 -9.70 -0.42%
    Oil 78.27 -0.21 -0.27%

    #74284
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note with Japan’s Nikkei (-1.6%) slipping from a three-week high.

    Japan’s Nikkei: -1.6%,
    Hong Kong’s Hang Seng: -0.9%,
    China’s Shanghai Composite: -0.6%,
    India’s Sensex: -0.1%,
    South Korea’s Kospi: +0.4%,
    Australia’s ASX All Ordinaries: +0.1%

    Toyota beat earnings expectations, announced a JPY1 trln buyback, and guided for a slight yr/yr decrease in FY25 global sales.

    China Securities Journal speculated about a potential reserve requirement ratio cut this quarter.

    The market did not receive any data from the region but China’s trade figures for April will be released overnight.

    #74285
    Truman
    Participant

    Major European indices trade in positive territory while Italy’s MIB (-0.2%) lags with automakers contributing to the underperformance.

    STOXX Europe 600: +0.3%,
    Germany’s DAX: +0.3%,
    U.K.’s FTSE 100: +0.3%,
    France’s CAC 40: +0.9%,
    Italy’s FTSE MIB: -0.2%,
    Spain’s IBEX 35: +0.5%.

    Germany
    March Industrial Production -0.4% m/m (expected -0.6%; last 1.7%); -3.4% yr/yr (last -5.2%)
    Siemens Energy reported strong results for the quarter and raised its guidance for the year.

    Italy
    March Retail Sales 0.0% m/m (expected 0.2%; last 0.1%); 2.0% yr/yr (last 2.4%)

    Spain
    March Industrial Production -1.2% yr/yr (last 1.3%)

    Sweden
    Riksbank lowered its policy rate by 25 bps to 3.75%, making for the first cut since 2016. The central bank sees room for two more cuts in the second half of this year.

    #74286
    Truman
    Participant

    McKesson (MCK 544.94, -0.81, -0.2%): misses by $0.18, misses on revs; guides FY25 EPS above consensus, revs above consensus
    Uber (UBER 65.49, -4.94, -7.0%): misses by $0.54, reports revs in-line
    Lyft (LYFT 17.50, +0.90, +5.2%): beats by $0.09, beats on revs, gross bookings up 21%, ahead of guidance, adjusted EBITDA of $59.4 mln, also ahead of guidance; Guides for Q2 gross bookings of $4.0-$4.1 bln, adjusted EBITDA of $95-$100 mln; Pickup times in Q1 were fastest they have been in four years
    Rivian Automotive (RIVN 9.63, -0.63, -6.2%): misses by $0.33, beats on revs; reaffirms 2024 annual guidance for 57K total units produced
    Arista Networks (ANET 294.35, +20.36, +7.4%): beats by $0.25, beats on revs; guides Q2 revs in-line; authorizes additional $1.2 bln for repurchases
    Zoom Info (ZI 12.35, -3.67, -22.9%): beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs in-line; buyback increased
    Anheuser-Busch InBev (BUD 63.27, +2.70 ,+4.5%): beats by $0.09, reports revs in-line
    Reddit (RDDT 56.72, +7.32, +14.8%): beats by $0.56, beats on revs; guides Q2 revs above consensus

    #74287
    Truman
    Participant

    Apple (AAPL 182.79, +0.39, +0.2%): China Apple iPhone shipments increased 12% in March amid discounts, according to Bloomberg

    #74288
    Truman
    Participant

    Wholesale Inventories fell 0.4% in March (consensus -0.4%) following a revised 0.2% increase in February (from 0.5%).

    Treasury yields are slightly higher, contributing to the downside bias in equities.

    The 10-yr note yield is up two basis points to 4.48% and the 2-yr note yield is up one basis point to 4.84%.

    The weekly MBA Mortgage Applications Index rose 2.6% versus last week’s 2.3% decline. Other data include the March Wholesale Inventories report at 10:00 ET and the weekly EIA Crude Oil Inventories at 10:30 ET.

    #74289

    Dow 39,056.39 172.13 0.44%
    S&P 500 5,187.67 -0.03 -0.00%
    Nasdaq 16,302.76 -29.80 -0.18%
    VIX 13.00 -0.23 -1.74%
    Gold 2,316.40 -7.80 -0.34%
    Oil 79.24 0.86 1.10%

    GOAT “more cowbell please” tune from 1 of greatest groups at their prime in 1970 🙂

    #74291

    and have been remembering our members from HOUSTON for safekeeping during intense record rainfall

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