HK Weekly Recap & Analysis February 27th, 2023
The Week Ahead (February 27th – March 3rd)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
February 20, 2023
President’s Day. The market is closed.
February 21, 2023
US S&P Manufacturing PMI Flash Actual 47.8 (Forecast 47.4, Previous 46.9)
US S&P Services PMI Flash Actual 50.5 (Forecast 47.3, Previous 46.8)
US Existing Home Sales change Actual -0.7% (Forecast 1.99%, Previous -1.5%)
US Existing Home Sales Actual 4M (Forecast 4.1M, Previous 4.02M)
US Deputy Treasury Sec. Adeyemo: The US and its allies have issued a warning. Chinese companies that attempt to avoid Russian sanctions and export controls will face repercussions.
Intraday Change for Indices:
S&P 500 -2.01%
Dow Jones -2.08%
Nasdaq -2.37%
February 22, 2023
Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation.
JPMorgan has restricted its staff from using OpenAI's ChatGPT
Intel just cut its quarterly dividend to $0.125 per share, down from $0.365 per share
Microsoft is adding AI-Powered Bing Chat for mobile and desktop devices, starting immediately.
Apple's non-invasive blood glucose tracking for the Apple Watch has reached 'Proof-of-Concept"
FOMC Minutes Highlights
Several participants advocated raising interest rates by 50bps.
Inflation in the last 3 months has eased, but they need to see more progress.
The continued tight job market would contribute to upward pressure on inflation
Tesla just announced a new engineering headquarters in Palo Alto, California
Intraday Change for Indices:
S&P 500 -0.14%
Dow Jones -0.22%
Nasdaq +0.07%
February 23, 2023
US PCE Prices Prelim Actual 3.7% (Forecast -, Previous 3.2%)
US Core PCE Prices Prelim Actual 4.3% (Forecast 3.9%, Previous 3.9%)
US GDP QoQ 2nd Estimate Actual 2.7% (Forecast 2.9%, Previous 2.9%)
US GDP Deflator Prelim Actual 3.9% (Forecast 3.5%, Previous 3.5%)
US Initial Jobless Claims Actual 192k (Forecast 200k, Previous 194k)
US Continued Jobless Claims Actual 1.654M (Forecast 1.7M, Previous 1.696M)
SBF is charged with conspiracy to make unlawful political contributions and defraud the Federal Elections Commission.
Intraday Change for Indices:
S&P 500 +0.53%
Dow Jones +0.35%
Nasdaq +0.87%
February 24, 2023
US PCE Price Index MoM Actual 0.6% (Forecast 0.5%, Previous 0.1%)
US PCE Price Index YoY Actual 5.4% (Forecast 5%, Previous 5.0%)
US Core PCE Price Index MoM Actual 0.6% (Forecast 0.4%, Previous 0.3%)
US Core PCE Price Index YoY Actual 4.700004% (Forecast 4.3%, Previous 4.4%)
US Core PCE Price Index YoY Actual 4.70% (Forecast 4.3%, Previous 4.4%)
US Consumer Spending MoM Actual 1.8% (Forecast 1.4%, Previous -0.2%)
Fed Swaps price in Peak Policy rate of 5.45% in July 2023.
University Michigan 5 Yr Inflation Final Actual 2.9% (Forecast 2.9%, Previous 2.9%)
University Michigan 1 Yr Inflation Final Actual 4.1% (Forecast 4.2%, Previous 4.2%)
Ford suspends its electric F-150 Lightning pickup production for another week after the battery fire.
Boeing is halting 787 Dreamliner deliveries.
Intraday Change for Indices:
S&P 500 -1.07%
Dow Jones -1.07%
Nasdaq -1.67%
THE WEEK AHEAD & EARNINGS
Monday – 02/27/2023
Durable goods orders - 8:30 AM ET
Core orders - 8:30 AM ET
Pending home sales - 10 AM ET
Fed Gov. Jefferson speaks - 10:30 AM ET
AM Earnings: AES Corp (AES), Global Partners LP (GLP), Viatris (VTRS), Li Auto (LI), Essential Utilities Inc (WTRG), Pinnacle West Capital (PNW), TEGNA Inc (TGNA), Blackstone Secured Lending (BXSL), Kosmos Energy (KOS), Fisker (FSR)
PM Earnings: Occidental Petroleum (OXY), Workday (WDAY), ONEOK (OKE), Heico Corp (HEI), Zoom (ZM), Ovintiv (OVV), Darling Ingredients (DAR), Universal Health Services (UHS), Acadia Healthcare (ACHC), MKS Instruments (MKSI)
Tuesday – 02/28/2023
Advanced U.S. trade balance in goods - 8:30 AM ET
Advanced retail inventories - 8:30 AM ET
Advanced wholesale inventories - 8:30 AM ET
S&P Cash Shiller home price index (20 cities) - 9 AM ET
Chicago Business Barometer - 9:45 AM ET
Consumer Confidence - 10 AM ET
Chicago Fed President Goolsbee speaks - 2:30 PM ET
AM Earnings: Target (TGT), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Sempra (SRE), AutoZone (AZO), JM Smucker (SJM), Bentley Systems (BSY), Advance Auto Parts (AAP), ADT Inc (ADT), Norwegian Cruise Line (NCLH)
PM Earnings: Monster Beverage (MNST), Agilent Technologies (A), Ross Stores (ROST), HP Inc (HPQ), Verisk Analytics (VRSK), Coupang (CPNG), Ecopetrol (ECE), Rivian Automotive (RIVN), First Solar (FSLR), Axon Enterprise (AXON)
Wednesday – 03/01/2023
Minneapolis Fed President Kashkari speaks - 9 AM ET
ISM manufacturing - 10 AM ET
Construction spending - 10 AM ET
AM Earnings: Royal Bank of Canada (RY), Lowe's (LOW), Dollar Tree (DLTR), Horizon Therapeutics (HZNP), NIO Inc (NIO), Abercrombie & Fitch (ANF), Bright Health Group (BHG), Vistra Energy (VST), Jack in the Box (JACK), Kohl's (KSS)
PM Earnings: Salesforce (CRM), Snowflake (SNOW), Veeva Systems (VEEV), Splunk (SPLK), Okta (OKTA), Jazz Pharma (JAZZ), Agilon Health (AGL), Plug Power (PLUG), Pure Storage (PSTG), Celsius Holdings (CELH)
Thursday – 03/02/2023
Initial jobless claims - 8:30 AM ET
Productivity (revision) - 8:30 AM ET
Fed Gov. Waller speaks - 4 PM ET
Minneapolis Fed President Kashkari speaks - 6 PM ET
AM Earnings: AerCap Holdings (AER), Anheuser-Busch (BUD), Best Buy (BBY), Big Lots (BIG), Burlington Stores (BURL), Bilibili (BILI), Hormel Foods (HRL), Kroger Co (KR), Macy's (M), Toronto Dominion Bank (TD)
PM Earnings: Broadcom (AVGO), Costco (COST), Marvell Technology (MRVL), Dell Technologies (DELL), Hewlett Packard Enterprise (HPE), The Cooper Companies (COO), Zscaler (ZS), Samsara (IOT), Elastic NV (ESTC), ChargePoint (CHPT)
Friday – 03/03/2023
ISM services - 10 AM ET
Dallas Fed President Logan speaks - 11 AM ET
Fed Gov. Michelle Bowman speaks - 3 PM ET
AM Earnings: Stereotaxis (STXS)
