HK Weekly Recap & Analysis March 6th, 2023
The Week Ahead (March 6th – March 10th)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
February 27, 2023
US Durable Goods Actual -4.5% (Forecast -4%, Previous 5.6%, Revision 5.1%)
TESLA PAUSED THE ROLLOUT OF THE FSD BETA FEATURE PENDING A SOFTWARE FIX
US Pending Homes Index Actual 82.5 (Forecast -, Previous 76.9)
US Pending Home Sales Change MoM Actual 8.1% (Forecast 1%, Previous 2.5%)
Fed’s Jefferson:
Raising the 2% inflation target risked undermining the Fed's credibility.
Jefferson: I am committed to lowering inflation to 2%.
Jefferson: I oppose arguments for raising the fed’s 2% inflation goal.
The most recent inflation reading was elevated, making it challenging to comprehend the dynamic processes that cause inflation.
Current inflation may be more persistent than I thought, but we must react to more than one data point.
Meta is creating a new top-level product group focused on AI
Elon Musk retakes the spot as the world’s richest person
Intraday Change for Indices:
S&P 500 +0.34%
Dow Jones +0.29%
Nasdaq +0.72%
February 28, 2023
US Retail Inventories Ex-Auto Adv. Actual 0.2% (Forecast -, Previous 0.4%)
US Wholesale Inventories MoM Adv. Real -0.4% (Forecast 0.1%, Previous 0.1%)
US Redbook YoY Actual 5.3% (Forecast -, Previous 5.3%)
US House Price Index YoY Actual 6.6% (Forecast -, Previous 8.2%)
US House Price Index MoM Actual -0.1% (Forecast -0.2%, Previous -0.1%)
US Case-Shiller 20 YoY Actual 4.65% (Forecast 4.8%, Previous 6.77%)
Microsoft adds new Bing to the Windows operating system to roll out the AI
Tesla plans to build a manufacturing plant in Monterrey, Mexico.
US Chicago PMI Actual 43.6 (Forecast 45.5, Previous 44.3)
Richmond Fed Comp. Index Actual -16 (Forecast -5, Previous -11)
US CB Consumer Confidence Actual 102.9 (Forecast 108.5, Previous 107.1)
Biden admin gives federal agencies 30 days to ban TikTok.
After major bankruptcies of FTX and BlockFi, Visa and Mastercard are pushing back their launches of crypto products.
Binance used customer deposits for undisclosed purposes. Binance transferred $1.8 billion in stablecoin collateral to hedge funds.
Intraday Change for Indices:
S&P 500 -0.37%
Dow Jones -0.76%
Nasdaq -0.13%
March 1, 2023
US S&P Manufacturing PMI Final Actual 47.3 (Forecast 47.8, Previous 47.8)
US ISM Manufacturing PMI Actual 47.7 (Forecast 48, Previous 47.4)
US Construction Spending MoM Actual -0.1% (Forecast 0.2%, Previous -0.4%)
OpenAI launched an API for ChatGPT.
Intraday Change for Indices:
S&P 500 -0.38%
Dow Jones +0.13%
Nasdaq -0.80%
March 2, 2023
US Initial Jobless Claims Actual 190k (Forecast 195k, Previous 192k)
US Continued Jobless Claims Actual 1.655M (Forecast 1.669M, Previous 1.654M)
US Labor Costs Revised Actual 3.2% (Forecast 1.6%, Previous 1.1%)
Ford reported a 21.9% increase in total vehicle sales in February. But also recalled 98,500 Ranger trucks.
Coinbase is down 7% after announcing it won't accept payments to or from Silvergate Capital. Silvergate was down over 50%.
Apple delayed their AI-powered update for email apps over concerns of inappropriate content creation.
Activist hedge fund manager, Dan Loeb, takes a passive stake in AMD
Citi to cut hundreds of jobs, with investment bank & mortgages affected.
Intraday Change for Indices:
S&P 500 +0.78%
Dow Jones +1.05%
Nasdaq +0.83%
March 3, 2023
Ford is establishing Latitude; an AI subsidiary focused on automated driving systems.
Foxconn Set to Expand iPhone Production at Existing Plant in Tamil Nadu, India.
US S&P Composite PMI Final Actual 50.1 (Forecast -, Previous 50.2)
US S&P Services PMI Final Actual 50.6 (Forecast 50.5, Previous 50.5)
US ISM Services PMI Actual 55.1 (Forecast 54.5, Previous 55.2)
US ISM Services Employment Actual 54.0 (Forecast -, Previous 50.0)
US ISM Services New Orders Actual 62.6 (Forecast -, Previous 60.4)
Amazon to close 8 Amazon Go locations. They "remain committed to the format."
Intraday Change for Indices:
S&P 500 +1.60%
Dow Jones +1.14%
Nasdaq +2.07%
THE WEEK AHEAD & EARNINGS
Monday – 03/06/2023
Factory orders - 10 AM ET
AM Earnings: Ciena Corporation (CIEN)
PM Earnings: Trip.com (TCOM), Nutanix (NTNX), Guidewire Software (GWRE), HighPeak Energy (HPK), AeroVironment (AVAV), Grindr (GRND)
Tuesday – 03/07/2023
Fed Chairman Powell testifies to Senate - 10 AM ET
Wholesale inventories - 10 AM ET
Consumer credit - 3 PM ET
AM Earnings: Sea Limited (SE), Dick's Sporting Goods (DKS), Thor Industries (THO), ESAB Corporation (ESAB), Squarespace (SQSP), Verona Pharma (VRNA), Vivid Seats (SEAT), Dole Plc (DOLE), Ferguson plc (FERG)
PM Earnings: CrowdStrike Holdings (CRWD), Caseys General Stores (CASY), Agiliti (AGTI), Cricut (CRCT), TDCX Inc (TDCX)
Wednesday – 03/08/2023
ADP employment - 8:15 AM ET
U.S. trade balance - 8:30 AM ET
Fed Chairman Powell testifies to House - 10 AM ET'
Job openings (JOLTS) - 10 AM ET
Beige Book - 2 PM ET
AM Earnings: ABM Industries (ABM), Campbell Soup (CPB), Full Truck Alliance Co (YMM), Life Time Group Holdings (LTH), Korn Ferry (KFY), United Natural Foods (UNFI)
PM Earnings: MongoDB (MDB), Asana (ASAN), Dada Nexus (DADA), Vermilion Energy (VET)
Thursday – 03/09/2023
Jobless claims - 8:30 AM ET
Fed Gov Waller speaks - 10 AM ET
AM Earnings: JD.com (JD), Toro Company (TTC), BJ's Wholesale (BJ), Babylon Holdings (BBLN), John Wiley & Sons (WLY), Paysafe (PSFE)
PM Earnings: Ulta Beauty (ULTA), Oracle (ORCL), Wheaton Precious Metals (WPM), DocuSign (DOCU), Vail Resorts (MTN), HashiCorp (HCP), Gap (GPS), 360 DigiTech (QFIN)
Friday – 03/10/2023
Employment report - 8:30 AM ET
U.S. unemployment rate - 8:30 AM ET
Federal budget - 2 PM ET
AM Earnings: Embraer (ERJ), Buckle (BKE), RLX Technology (RLX), Target Hospitality (TH), Genius Sports Limited (GENI)
