HK Weekly Recap & Analysis April 10th, 2023
THE WEEK AHEAD (APRIL 10th – APRIL 14TH)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
April 3, 2023
US S&P Manufacturing PMI Final Actual 49.2 (Forecast 49.3, Previous 49.3)
US ISM Manufacturing PMI Actual 46.3 (Forecast 47.5, Previous 47.7)
US ISM Mfg. Employment Index Actual 46.9 (Forecast -, Previous 49.1)
US Construction Spending MoM Actual -0.1% (Forecast 0%, Previous -0.1%)
US ISM Mfg. Prices Paid Actual 49.2 (Forecast 51.1, Previous 51.3)
US ISM Mfg. New Orders Index Actual 44.3 (Forecast 47.5, Previous 47.0)
White House on Oil:
Given market uncertainty, we do not believe that OPEC production cuts are prudent; we clarified that to OPEC.
We are concerned with pricing. We are not worried about barrels.
The US will continue collaborating with producers and consumers to ensure growth and lower consumer prices.
McDonald's stock hit all-time highs following news of laying off hundreds of corporate employees
Intraday Change for Indices:
S&P 500 +0.38%
Dow Jones +0.99%
Nasdaq -0.24%
April 4, 2023
US Redbook YoY Actual 3.7% (Forecast -, Previous 2.8%)
US Core Durable Goods Revised Actual -0.1% (Forecast 0%, Previous 0.0%)
US Durable Goods Revised Actual -1% (Forecast -1%, Previous -1.0%)
US Factory Orders MoM Actual -0.7% (Forecast -0.5%, Previous -1.6%)
US JOLTS Job Openings Actual 9.931M (Forecast 10.5M, Previous 10.824M
Jamie Dimon Says Banking Crisis 'Not Yet Over
Trump pleaded not guilty to 34 felony counts of falsifying business records
Intraday Change for Indices:
S&P 500 -0.55%
Dow Jones -0.59%
Nasdaq -0.34%
April 5, 2023
US Trade Balance Actual -70.5B (Forecast -68.8B, Previous -68.3B, Revised -68.7B)
US S&P Services PMI Final Actual 52.6 (Forecast 53.8, Previous 53.8)
US S&P Composite PMI Final Actual 52.3 (Forecast 53.3, Previous 53.3)
US ISM Services PMI Actual 51.2 (Forecast 54.4, Previous 55.1)
US ISM Services Employment Actual 51.3 (Forecast -, Previous 54.0)
US ISM Services Prices Paid Actual 59.5 (Forecast -, Previous 65.6)
US ISM Services New Orders Actual 52.2 (Forecast -, Previous 62.6)
EIA Crude Oil Inventories Actual -3.739M (Forecast -1.7M, Previous -7.489M)
EIA: US Crude stocks in the SPR fell last week to the lowest since November 1983
Intraday Change for Indices:
S&P 500 -0.26%
Dow Jones +0.26%
Nasdaq -0.99%
April 6, 2023
US Initial Jobless Claims Actual 228k (Forecast 200k, Previous 198k)
US Continued Jobless Claims Actual 1.823M (Forecast 1.7M, Previous 1.689M)
AMC is up 15% today after the US court denies their request to proceed with the stock split
US Treasury: The US should improve oversight of DeFi services.
The Fed's decision to raise rates last month was one of the closest calls its rate-setters have made in years - Nick Timiroas WSJ
Intraday Change for Indices:
S&P 500 +0.39%
Dow Jones +0.02%
Nasdaq +0.67%
April 7, 2023
Market Closed for Good Friday
US Unemployment Rate Actual 3.5% (Forecast 3.6%, Previous 3.6%) US Average
Earnings YoY Actual 4.2% (Forecast 4.3%, Previous 4.6%)
THE WEEK AHEAD & EARNINGS
Monday – 04/10/2023
Wholesale inventories - 10 AM ET
AM Earnings: None scheduled
PM Earnings: PriceSmart (PSMT), Tilray Brands (TLRY)
Tuesday – 04/11/2023
NFIB optimism index - 6 AM ET
Chicago Fed President Goolsbee speaks - 1:30 PM ET
Philadelphia Fed President Harker speaks - 6:30 PM ET
Minneapolis Fed President Kashkari speaks - 7:30 PM ET
AM Earnings: Albertsons (ACI), CarMax (KMX)
PM Earnings: Skillsoft Corp (SKIL)
Wednesday – 04/12/2023
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
Richmond Fed President Barkin speaks - 9 AM ET
San Francisco Fed President Daly speaks - 12 PM ET
Treasury Budget - 2 PM ET
Minutes of FOMC meeting - 2 PM ET
AM Earnings: Apogee Enterprise (APOG)
PM Earnings: None scheduled
Thursday – 04/13/2023
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
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
AM Earnings: Delta Air Lines (DAL), Fastenal (FAST), Infosys Technologies (INFY), Progressive Corp (PGR)
PM Earnings: None scheduled
Friday – 04/14/2023
U.S. retail sales - 8:30 AM ET
Retail sales minus autos - 8:30 AM ET
Import price index - 8:30 AM ET
Import prices minus fuel - 8:30 AM ET
Fed Gov. Waller speaks - 8:45 AM ET
Industrial production - 9:15 AM ET
Capacity utilization - 9:15 AM ET
Business inventories - 10 AM ET
Consumer sentiment - 10 AM ET
AM Earnings: BlackRock (BLK), Citigroup (C), JPMorgan Chase (JPM), PNC Financial (PNC), UnitedHealth (UNH), Wells Fargo (WFC)
