HK Weekly Recap & Analysis January 2nd, 2023
The Week Ahead (January 2nd – January 6th)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
December 26, 2022
Market Closed
December 27, 2022
Chinese stocks increased on news of the country reopening borders on Jan. 8th after the covid lockdowns.
Putin's decree bans oil supply to clients who adhere to the Western price cap. It comes into force on February 1st and remains in place until July 1st, 2023.
The US Department of Transportation is investigating Southwest Airlines over massive cancellations.
Intraday Change for Indices:
S&P500: -0.37%
Dow: 0.05%
Nasdaq: -1.04%
December 28, 2022
US Pending Homes Index Actual 73.9 (Forecast -, Previous 77.1)
US Pending Home Sales Change MoM Actual -4% (Forecast -1%, Previous -4.6%)
FTX customers file a class action lawsuit to claim priority reimbursement from the remaining digital assets
SBF is expected to enter a plea to criminal charges in court on January 3rd
Amazon is planning on creating a stand-alone sports live-streaming app
Intraday Change for Indices:
S&P500: -1.21%
Dow: -1.21%
Nasdaq: -1.21%
December 29, 2022
US Initial Jobless Claims Actual 225k (Forecast 225k, Previous 216k)
US Continued Jobless Claims Actual 1.71M (Forecast 1.69M, Previous 1.672M)
Elon Musk tells employees not to be bothered by “stock market craziness” and that “Tesla will be the most valuable company on Earth” in the long run.
SBF and former FTX executives were found to have used customer cash from Alameda Research to fund their investments
Intraday Change for Indices:
S&P500: 1.15%
Dow: 0.60%
Nasdaq: 1.52%
December 30, 2022
SBF cashed out $684k to exchange in Seychelles while under house arrest. A decentralized finance analyst found this by linking blockchain wallet transactions to SBF and Alameda Research.
US Chicago PMY Actual 44.9 (Forecast 40, Previous 37.2)
The Chicago PMI came in much more bullish than predictions anticipated.
Intraday Change for Indices:
S&P500: 0.25%
Dow: 0.22%
Nasdaq: 0.11%
THE WEEK AHEAD & EARNINGS
Monday – 01/02/2023
New Year Holiday. None scheduled.
AM Earnings: None scheduled
PM Earnings: None scheduled.
Tuesday – 01/03/2023
S&P U.S. manufacturing PMI (final) - 9:45 AM ET
Construction spending - 10 AM ET
AM Earnings: None scheduled.
PM Earnings: SMART Global Holdings (SGH)
Wednesday – 01/04/2023
ISM manufacturing index - 10 AM ET
Job openings - 10 AM ET
Quits - 10 AM ET
FOMC minutes - 2 PM ET
Motor vehicle sales (SAAR) - varies
AM Earnings: Unifirst Corporation (UNF)
PM Earnings: Simulations Plus (SLP), Resources Connection (RGP)
Thursday – 01/05/2023
ADP employment report - 8:15 AM ET
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
Trade deficit - 8:30 AM ET
S&P U.S. services PMI (final) - 9:45 AM ET
AM Earnings: Constellation Brands (STZ), Wallgreens (WBA), ConAgra Brands (CAG), Lamb Weston (LW), RPM International (RPM), MSC Industrial Direct (MSM), The Simply Good Foods (SMPL), Neogen Corp (NEOG), Helen of Troy (HELE), AngioDynamics (ANGO)
PM Earnings: Duck Creek Technologies (DCT), Franklin Covey Company (FC), Aehr Test Systems (AEHR)
Friday – 01/06/2023
Nonfarm payrolls - 8:30 AM ET
Unemployment rate - 8:30 AM ET
Average hourly earnings - 8:30 AM ET
Labor force participation rate, ages 25-54 - 8:30 AM ET
ISM services index - 10 AM ET
Factory orders - 10 AM ET
Core equipment orders - 10 AM ET
AM Earnings: Greenbrier Companies (GBX)
