HK Weekly Recap & Analysis February 13th, 2023
The Week Ahead (February 13th – February 17rd)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
February 6, 2023
Tesla raised the price of its Model Y vehicle by $1,000 after the US government increased the price ceiling of EVs eligible for tax credits.
Dell announced its cutting 5% of its workforce.
Google introduced its ChatGPT rival “Bard” and made it available to early testers.
Fed's Bostic: If necessary, the FOMC could return to a 50 basis-point hike.
Bed Bath and Beyond ran over 120%.
Binance announced it would suspend US Dollar bank transfers on February 8th.
The U.S. plans to impose a 200% tariff on Russian aluminum as soon as this week.
Intraday Change for Indices:
SPY -0.61%
Dow Jones -0.15%
Nasdaq -0.85%
February 7, 2023
US International Trade Actual -67.4B (Forecast -68.5B, Previous -61.5B)
The U.S. trade deficit soared to nearly $950 billion last year.
Roku announced a multi-year deal with DoorDash for six months of free DashPass to new and existing Roku account holders.
Mercedes-Benz introduced an eSprinter EV Van with up to 248 miles of range. It will launch in the US this year.
Boeing is cutting nearly 2,000 jobs, mostly in finance and HR, and Boeing will outsource a third of the eliminated jobs to India.
Zoom is firing 15% of its workforce, or around 1,300 employees.
Microsoft is unveiling an "all-new Bing" that will answer your questions directly and prompt you to be more creative.
US Consumer Credit Actual 11.565B (Forecast 25B, Previous 27.96B)
FTX has asked politicians to return the money they received from FTX by February 28th.
Intraday Change for Indices:
S&P 500 +1.31%
Dow Jones +0.90%
Nasdaq +2.07%
February 8, 2023
U.S. credit card debt has hit a record $930.6 billion.
Google launched an AI-backed immersive view for maps in several cities.
Alibaba is starting to develop a ChatGPT rival.
Tesla's Model Y became the best-selling vehicle in California.
US Wholesale Inventories MoM Rev. Actual 0.1% (Forecast 0.1%, Previous 0.1%)
US Wholesale Sales MoM Actual 0% (Forecast -0.2%, Previous -0.6%)
EIA Crude Oil Inventories Actual 2.423M (Forecast 2M, Previous 4.140M)
US weekly crude inventories have reached their highest level since June 2021.
Alphabet, Google's parent company, lost over $110 Billion market cap after AI ChatBot 'Glitch.'
Wallets linked to the bankrupt Alameda Research became active again on Feb. 7, transferring millions of FTX Tokens.
Netflix unveiled prices to share passwords outside of their home.
Intraday Change for Indices:
S&P 500 -1.09%
Dow Jones -0.61%
Nasdaq -1.78%
February 9, 2023
U.S Initial Jobless Claims Actual: 196K VS 183K previous; Est 190K
U.S Continuing Jobless Claims Actual: 1688K VS 1655K previous; Est 1660K
Lucid Motors offers a $7,500 EV credit on purchasing select Lucid Air models.
Canopy Growth is cutting its workforce by 60% following missed earnings.
Meta has officially restored Donald Trump's Facebook and Instagram accounts.
Yahoo plans to lay off more than 20% of its workforce as part of a significant restructuring of its ad tech unit.
Disney CEO Bob Iger said he is not committed to buying Comcast’s stake in Hulu.
Robinhood accidentally sold short on a stock and lost $57 million.
PayPal CEO Dan Schulman plans to retire from PayPal.
Intraday Change for Indices:
S&P 500 -0.87%
Dow Jones -0.69%
Nasdaq -0.88%
February 10, 2023
Apple CEO Tim Cook says Ai will eventually "affect every product and service we have."
Microsoft Co-Founder Bill Gates said that ChatGPT is as significant an invention as the internet.
University Michigan Sentiment Prelim Actual 66.4 (Forecast 65, Previous 64.9)
UMich 1 Yr Inflation Prelim Actual 4.2% (Forecast 4%, Previous 3.9%)
UMich 5 Yr Inflation Prelim Actual 2.9% (Forecast 2.9%, Previous 2.9%)
UMich Expectations Prelim Actual 62.3 (Forecast 63.1, Previous 62.7)
UMich Condition Prelim Actual 72.6 (Forecast 68.5, Previous 68.4)
Ken Griffin of Citadel has said he would serve as Treasury secretary, but only if the country is in economic trouble.
A new rule will likely force Tesla to unlock superchargers, adopt competitor standards, or forgo federal funding.
Biden admin to release final rule next week on EV charging standards as part of $7.5B effort to electrify U.S. roads
Fed's Waller to Crypto asset buyers: Don’t be surprised if the value falls to zero, and don’t expect taxpayers to cover losses.
Fed's Harker: The Fed does not require 50 basis point increases.
PayPal suspends Stablecoin development as regulators scrutinize cryptocurrency.
Intraday Change for Indices:
S&P 500+0.23%
Dow Jones +0.49%
Nasdaq -0.66%
THE WEEK AHEAD & EARNINGS
Monday – 02/13/2023
NY Fed 1-year inflation expectations - 11 AM ET
NY Fed 5-year inflation expectations - 11 AM ET
AM Earnings: TreeHouse Foods (THS), Check Point Software (CHKP), Cemex (CX), Monday.com (MNDY), Blue Owl Capital (OWL), Roivant Sciences (ROIV), Vornado Realty Trust (VNO), Teradata Corporation (TDC)
PM Earnings: Cadence Design Systems (CDNS), Arista Networks (ANET), Eversource Energy (ES), FirstEnergy Corp (FE), SolarEdge Technologies (SEDG), Palantir Technologies (PLTR), Lattice Semiconductor (LSCC), Avis Budget Group (CAR), Amkor Technologies (AMKR), Medpace Holdings (MEDP)
Tuesday – 02/14/2023
NFIB small-business index - 6 AM ET
Consumer price index - 8:30 AM ET
Core CPI - 8:30 AM ET
CPI (year-over-year) - 8:30 AM ET
Core CPI (year-over-year) - 8:30 AM ET
AM Earnings: Cleveland Cliffs (CLF), Coca-Cola (KO), Ecolab (ECL), Exelon (EXC), GlobalFoundries (GFS), Howmet Aerospace (HWM), Leidos Holdings (LDOS), Marriott International (MAR), Peabody Energy (BTU), WESTCO International (WCC)
PM Earnings: Airbnb (ABNB), Suncor Energy (SU), Devon Energy (DVN), Nu Holdings (NU), Akamai Technologies (AKAM), GoDaddy (GDDY), Service Corporation (SCI), Ternium (TX), GXO Logistics (GXO), TripAdvisor (TRIP)
Wednesday – 02/15/2023
Retail sales - 8:30 AM ET
Retail sales excluding motor vehicles - 8:30 AM ET
Empire state manufacturing index - 8:30 AM ET
Industrial production index - 9:15 AM ET
Capacity utilization rate - 9:15 AM ET
NAHB home builders' index - 10 AM ET
Business inventories - 10 AM ET
AM Earnings: Analog Devices (ADI), Barrick Gold Corp (GOLD), Biogen (BIIB), Fidelity National (FIS), Generac Holdings (GNRC), Trade Desk (TTD), Kraft Heinz (KHC), Lithia & Driveway (LAD), Sonic Automotive (SAH), Roblox Corp (RBLX)
PM Earnings: Cisco Systems (CSCO), Equinix (EQIX), Shopify (SHOP), Synopsys (SNPS), American International Group (AIG), Nutrien (NTR), Energy Transfer (ET), Welltower (WELL), Zillow Group (Z), Roku (ROKU)
Thursday – 02/16/2023
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
Producer price index final demand - 8:30 AM ET
Building permits - 8:30 AM ET
Housing starts - 8:30 AM ET
Philadelphia Fed manufacturing survey - 8:30 AM ET
Household debt (SAAR) - 11 AM ET
AM Earnings: Bloomin' Brands (BLMN), Southern Company (SO), Constellation Energy (CEG), Entergy Corp (ETR), Datadog (DDOG), Hasbro (HAS), Paramount Global (PARAA), Hyatt Hotels (H), KBR Inc (KBR), Toast (TOST)
PM Earnings: Applied Materials (AMAT), Consolidated Edison (ED), Digital Realty Trust (DLR), DoorDash (DASH), Agnico Eagle Mines (AEM), HubSpot (HUBS), Bio-Rad Laboratories (BIO), Dropbox (DBX), Cognex Corporation (CGNX), DraftKings (DKNG)
Friday – 02/17/2023
Import price index - 8:30 AM ET
Index of leading economic indicators - 10 AM ET
AM Earnings: Deere & Company (DE), CenterPoint (CNP), Autonation (AN), Barnes Group (B), Corebridge Financial (CRBG), Pediatrix Medical Group (MD), PPL Corporation (PPL)
