HK Weekly Recap & Analysis January 30th, 2023
The Week Ahead (January 30th – February 3rd)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
January 23, 2023
US Leading Index Change MoM Actual -1.0% (Forecast -0.7%, Previous -1.0%)
Spotify announces it will cut 6% of its workforce.
Citadel made a $16 billion profit for clients last year. The other top 20 hedge funds made $22.4 billion combined.
US Iran Envoy Malley: The United States is taking steps to stop Iranian oil exports.
Jeff Bezos is potentially looking to sell the Washington Post for the Washington Commanders NFL team.
Intraday Change for Indices:
S&P 500 +1.19%
Nasdaq +2.22%
Dow Jones +0.75%
January 24, 2023
A considerable amount of trading halts at the opening on NYSE on exchange related issue
Extensive stocks like Target, Walmart, Visa, McDonald’s, and Nike involved
US S&P Manufacturing PMI Flash Actual 46.8 (Forecast 46, Previous 46.2)
US S&P Services PMI Flash Actual 46.6 (Forecast 45, Previous 44.7)
Amazon deepens its healthcare push with a monthly subscription to cover a range of generic drugs called RxPass. It will include 50 medications addressing 80+ chronic conditions.
US Treasury Secretary Yellen: The Treasury will most likely be able to avoid default until at least early June.
The US is suing Google over the ad market, escalating the antitrust fight
Microsoft Earnings:
Revenue $52.75 bln, Est $52.93 bln
EPS $2.20 vs Est $2.29
Intraday Change for Indices:
S&P 500 -0.07%
Nasdaq -0.20%
Dow Jones +0.28%
January 25, 2023
Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied up with Sam Bankman-Fried’s FTX and Alameda Research.
Senator Josh Hawley introduced the “Pelosi Act” - a bill to ban stock trades by lawmakers and spouses.
SEC is set to unveil a rule barring traders in asset-backed securities from betting against the very assets they sold to investors - an addition to the Dodd-Frank reforms
Tesla plans to spend $3.6 billion more on expanded battery and heavy-duty truck manufacturing in Nevada
$TSLA Earnings:
Revenue $24.32 billion vs. Est $24.16 billion
EPS $1.19 vs. Est $1.13
Facebook and Instagram reinstated Donald Trump’s accounts after a 2-year ban.
Intraday Change for Indices:
S&P 500 -0.02%
Nasdaq -0.22%
Dow Jones +0.07%
January 26, 2023
US Initial Jobless Claims Actual 186k (Forecast 205k, Previous 190k)
US Durable Goods Actual 5.6% (Forecast 2.5%, Previous -2.1%)
US PCE Prices Advance Actual 3.2% (Forecast -, Previous 4.3%)
US Core PCE Prices Advance Actual 3.9% (Forecast 3.9%, Previous 4.7%)
US Real GDP QoQ Advance Actual 2.9% (Forecast 2.6%, Previous 3.2%)
US New Home Sales - Units Actual 0.616M (Forecast 0.612M, Previous 0.640M)
Goldman Sachs, JP Morgan, Netflix, and Apple are listed among FTX’s Creditors
BuzzFeed to use ChatGPT to create content for Facebook and Instagram
Intraday Change for Indices:
S&P 500 +1.10%
Nasdaq +1.95%
Dow Jones +0.60%
January 27, 2023
US Consumer Spending MoM Actual -0.2% (Forecast -0.1%, Previous 0.1%)
US PCE Price Index YoY Actual 5% (Forecast 5%, Previous 5.5%)
US Core PCE Price Index YoY Actual 4.4% (Forecast 4.4%, Previous 4.7%)
University Michigan 5 Yr Inflation Final Actual 2.9% (Forecast 3%, Previous 3.0%)
University Michigan 1 Yr Inflation Final Actual 3.9% (Forecast 4%, Previous 4.0%)
University Michigan Expectations Final Actual 62.7 (Forecast 62, Previous 62.0)
US Pending Home Sales Change MoM Actual 2.5% (Forecast -1%, Previous -4.0%)
University Michigan Conditions Final Actual 68.4 (Forecast 68.6, Previous 68.6)
University Michigan Sentiment Final Actual 64.9 (Forecast 64.6, Previous 64.6)
Boeing is planning to hire 10,000 workers in 2023
Lucid Motors halted trading nine times after rumored news that Saudi Public Investment Fund would buy it out.
Intraday Change for Indices:
S&P 500 +0.25%
Nasdaq +1.00%
Dow Jones +0.07%
THE WEEK AHEAD & EARNINGS
Monday – 01/30/2023
No economic event is scheduled.
AM Earnings: GE HealthCare Technologies (GEHC), Canon, Inc (CAJ), Franklin Resources (BEN), Koninklijke Philips (PHG), SoFi Technologies (SOFI), Alliance Resource Partners (ARLP), Li-Cycle Holdings (LICY), Dynex Capital (DX)
PM Earnings: NXP Semiconductors (NXPI), Alexandria Real Estate (ARE), Principal Financial Group (PFG), Equity Lifestyle Properties (ELS), Graco (GGG), Whirlpool (WHR), Confluent (CFLT), AGNC Investment Corp (AGNC), Woodward (WWD), Cadence Bank (CADE)
Tuesday – 01/31/2023
Employment cost index - 8:30 AM ET
S&P Case-Shiller home price index (SAAR) - 9 AM ET
FHFA home price index (SAAR) - 9 AM ET
Chicago business barometer - 9:45 AM ET
Consumer confidence index - 10 AM ET
Rental vacancy rate - 10 AM ET
AM Earnings: Exxon Mobile (XOM), Pfizer (PFE), McDonald's (MCD), United Parcel Service (UPS), Caterpillar (CAT), UBS AG (UBS), General Motors (GM), Marathon Petroleum (MPC), Sysco (SYY), Spotify (SPOT)
PM Earnings: Amgen (AMGN), Advanced Micro Devices (AMD), Stryker (SYK), Chubb Limited (CB), Mondelez International (MDLZ), Canadian Pacific Railway (CP), Electronic Arts (EW), Snap Inc (SNAP), Match Group (MTCH), Western Digital (WDC)
Wednesday – 02/01/2023
ADP employment report - 8:15 AM ET
S&P manufacturing PMI (final) - 9:45 AM ET
ISM manufacturing index - 10 AM ET
Job openings - 10 AM ET
Quits - 10 AM ET
Construction spending - 10 AM ET
Federal funds rate - 2 PM ET
Federal funds projection - 2 PM ET
Fed Chair Jerome Powell news conference - 2:30 PM ET
Motor vehicle sales (SAAR) - varies
AM Earnings: Thermo Fisher (TMO), Novartis (NVS), T-Mobile (TMUS), Altria (MO), GSK plc (GSK), Humana (HUM), Waste Management (WM), Enterprise Products Partners (EPD), Johnson Controls (JCI), Otis Worldwide (OTIS)
PM Earnings: Meta Platforms (META), MetLife (MET ), McKesson (MCK), Aflac (AFL), Corteva (CTVA), Allstate (ALL), Align Technology (ALGN), Hologic (HOLX), DXC Technology (DXC), Murphy USA (MUSA)
Thursday – 02/02/2023
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
Productivity, first estimate (SAAR) - 8:30 AM ET
Unit labor costs, first estimate (SAAR) - 8:30 AM ET
Core capital goods orders (revision) - 8:30 AM ET
Factory orders - 10 AM ET
AM Earnings: ABB Ltd (ABB), 1-800-Flowers.com (FLWS), BCE, Inc (BCE), Bristol-Myers Squibb (BMY), Ball Corporation (BALL), ConocoPhillips (COP), Eli Lilly (LLY), Merck & Co (MRK), SONY (SONY), Trane Technologies (TT)
PM Earnings: Apple (AAPL), Alphabet (GOOGL), Amazon(AMZN), Gen Digital (GEN), Qualcomm (QCOM), Starbucks (SBUX), Gilead Sciences (GILD), Ford (F), Microchip Technology (MCHP), Atlassian (TEAM), Clorox Company (CLX)
Friday – 02/03/2023
Nonfarm payrolls - 8:30 AM ET
Unemployment rate - 8:30 AM ET
Average hourly earnings - 8:30 AM ET
Labor-force participation rate, 25-54 year-olds - 8:30 AM ET
S&P U.S. services PMI (final) - 9:45 AM ET
ISM services index - 10 AM ET
AM Earnings: Sanofi (SNY), Cigna Corp (CI), Regeneron (REGN), Aon Plc (AON), LyondellBasell (LYB), Cboe Global Markets (CBOE), Saia (SAIA), Piper Sandler (PIPR), GrafTech International (EAF), Avantor (AVTR)
