HK Weekly Recap & Analysis March 13th, 2023
The Week Ahead (March 13th – March 17th)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
March 6, 2023
US Core Durable Goods Revised Actual 0.8% (Forecast 0.7%, Previous 0.7%)
US Durable Goods Revised Actual -4.5% (Forecast -4.5%, Previous -4.5%)
US Factory Orders MoM Actual -1.6% (Forecast -1.8%, Previous 1.8%)
Tesla is lowering prices on Model S and Model X
Microsoft launched its Dynamics 365 Copilot, designed to provide AI-powered assistance to reduce repetitive tasks across business functions, including sales and operations.
Google says it will promote fewer employees to senior roles this year, citing a slowdown in growth.
Intraday Change for Indices:
S&P 500 +0.07%
Nasdaq +0.11%
Dow Jones +0.14%
March 7, 2023
Meta is poised to cut thousands more jobs in a new round of layoffs just four months after slashing 13% of its workforce.
Salesforce launches Einstein GPT with generative AI technology for customer relationship management.
US Redbook YoY Actual 3.0% (Forecast -, Previous 5.3%)
Fed Chair Jerome Powell Testified to the Senate over monetary policy and economic outlook
US Wholesale Sales MoM Actual 1% (Forecast -0.5%, Previous 0.0%)
US Wholesale Inventories MoM Rev. Actual -0.4% (Forecast -0.4%, Previous -0.4%)
US Consumer Credit Actual 14.80B (Forecast 25.35B, Previous 11.56B)
Intraday Change for Indices:
S&P 500 -1.53%
Nasdaq -1.23%
Dow Jones -1.74%
March 8, 2023
US Trade Balance Actual -68.3B (Forecast -68.7B, Previous -67.4B)
US JOLTS Job Openings Actual 10.824M (Forecast 10.5455M, Previous 11.012M)
Tesla to be investigated by safety regulators over steering wheels detaching in the Model-Y
Fed Chair Jerome Powell testifies to Congress about monetary policy and economic outlook
Ford applied for a patent allowing their cars to repossess themselves or lock vehicle functionality if a customer missed a payment.
Fed Beige Book: Overall, loan demand fell, credit standards tightened, and delinquency rates rose.
Qualcomm wants to bring ChatGPT-type AI to smartphones.
Silvergate Capital is liquidating and beginning to shut down operations.
Intraday Change for Indices:
S&P 500 +0.16%
Nasdaq +0.50%
Dow Jones -0.12%
March 9, 2023
US Initial Jobless Claims Actual 211k (Forecast 195k, Previous 190k)
US Continued Jobless Claims Actual 1.718M (Forecast 1.66M, Previous 1.655M)
US job cuts over January - February hit the highest level since 2009
The White House releases its fiscal 2024 budget proposal that projects $6.883 trillion in total spending and $5.036 trillion in revenues.
Biden's budget forecasts annual GDP growth of 1.5%, unemployment at 4.6%, and CPI inflation falling to 2.4% in fiscal 2024.
Silicon Valley Bank is down 60% after launching a $1.75 billion share sale and declining deposits.
Intraday Change for Indices:
S&P 500 -1.84%
Nasdaq -1.73%
Dow Jones -1.65%
March 10, 2023
US Nonfarm Payrolls Actual 311k (Forecast 225k, Previous 517k, Revised 504K)
US Average Earnings YoY Actual 4.6% (Forecast 4.7%, Previous 4.4%)
US Unemployment Rate Actual 3.6% (Forecast 3.4%, Previous 3.4%)
US Labor Force Participation Actual 62.5% (Forecast 62.4%, Previous 62.4%)
The Fed is now seen as more likely to deliver a 25 bps rate hike this month than a 50 bps point hike
Silicon Valley Bank financial deposit outflows are outpacing the sale process
California regulators closed Silicon Valley Bank today
Intraday Change for Indices:
S&P 500 -1.44%
Nasdaq -1.40%
Dow Jones -1.04%
THE WEEK AHEAD & EARNINGS
Monday – 03/13/2023
No economic news is scheduled.
AM Earnings: Lufax Holding (LU), ZIM Integrated Shipping (ZIM)
PM Earnings: GitLab Inc (GTLB), Getty Images Holdings (GETY), Amylyx Pharmaceuticals (AMLX), SEMrush Holdings (SEMR)
Tuesday – 03/14/2023
NFIB Optimism 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: IHS Holding Limited (IHS ), Super Group Limited (SGHC), J Jill (JILL), Caleres (CAL), SES AI Corp (SES)
PM Earnings: Lennar Corp (LEN), Smartsheet Inc (SMAR), SentinelOne (S ), StoneCo (STNE), Custom Truck One Source (CTOS), FinVolution Group (FINV), Guess? (GES)
Wednesday – 03/15/2023
Retail sales - 8:30 AM ET
Retail sales ex autos - 8:30 AM ET
Producer price index - 8:30 AM ET
Core PPI - 8:30 AM ET
PPI (year over year) - 8:30 AM ET
Core PPI (year over year) - 8:30 AM ET
Empire State manufacturing - 8:30 AM ET
Business inventories - 10 AM ET
Homebuilders survey - 10 AM ET
AM Earnings: GDS Holdings Limited (GDS), Sportradar Group (SRAD), Arcos Dorados Holdings (ARCO), Oatly Group (OTLY)
PM Earnings: Adobe Inc (ADBE), Franco-Nevada Corp (FNV), ZTO Express (ZTO), Five Below (FIVE), UiPath (PATH), Array Technologies (ARRY), PagerDuty (PD), Hesai Group (HSAI)
Thursday – 03/16/2023
Jobless claims - 8:30 AM ET
Import price index - 8:30 AM ET
Housing starts - 8:30 AM ET
Building permits - 8:30 AM ET
Philadelphia Fed manufacturing - 8:30 AM Et
AM Earnings: Dollar General (DG), KE Holdings (BEKE), Jabil Inc (JBL), Academy Sports and Outdoors (ASO), Signet Jewelers (SIG), Hello Group (MOMO), Janus International Group (JBI)
PM Earnings: FedEx Corporation (FDX), Montauk Renewables (MNTK)
Friday – 03/17/2023
Industrial production - 9:15 AM ET
Capacity utilization - 9:15 AM ET
U.S. leading economic index - 10 AM ET
Consumer sentiment - 10 AM ET
AM Earnings: Xpeng (XPEV), Algonquin Power & Utilities (AQN), Ballard Power Systems (BLDP)
