HK Weekly Recap & Analysis April 24th, 2023
THE WEEK AHEAD (APRIL 24th – APRIL 28th)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
April 17, 2023
NY Fed Manufacturing Actual 10.8 (Forecast -18, Previous -24.60)
US NAHB Housing Market Index Actual 45 (Forecast 45, Previous 44)
Apple announced a new high-yield savings account
Google shares fell 4% following a report that Samsung is considering replacing Google with Microsoft Bing as its default search engine
S&P 500 +0.36%
Nasdaq +0.08%
Dow Jones +0.32%
April 18, 2023
US Housing Starts Number Actual 1.42M (Forecast 1.4M, Previous 1.450M)
US Housing Starts Change MoM Actual -0.8% (Forecast -3.5%, Previous 9.8%)
US Building Permits Number Actual 1.413M (Forecast 1.45M, Previous 1.550M)
Apple has officially opened its first retail store in India
US Redbook YoY Actual 1.1% (Forecast -, Previous 1.5%)
Microsoft is working on its artificial intelligence chip for powering the large-language models responsible for understanding and generating humanlike language
The FDIC estimates that the two recent failures of Silicon Valley Bank and Signature Bank resulted in losses of approximately $22.5 billion
Southwest Airlines grounded all flights nationwide after a technical issue
Netflix Earnings
EPS of $2.88, beating expectations of $2.87
Revenue of $8.16B missing expectations $8.18B Net
New subscribers of 1.75M missing expectations of 2.4M
S&P 500 +0.07%
Nasdaq +0.01%
Dow Jones -0.04%
April 19, 2023
Morgan Stanley's CEO says he doesn't expect rate cuts this year and believes at least two more rate hikes from the Fed are possible.
House Republicans will propose lifting the debt limit by $1.5 trillion or until March 31, 2024
Tesla Q1 23 Earnings
Adj eps 85c, est. 86c
Rev. $23.33B, est. $23.35B
S&P 500 -0.02%
Nasdaq -0.05%
Dow Jones -0.24%
April 20, 2023
US Initial Jobless Claims Actual 245k (Forecast 240k, Previous 239k)
US Continued Jobless Claims Actual 1.865M (Forecast 1.825M, Previous 1.810M)
US Existing Home Sales Actual 4.44M (Forecast 4.5M, Previous 4.58M)
US Existing Home Sales change Actual -2.4% (Forecast -1.75%, Previous 14.5%)
US Leading Index Change MoM Actual -1.2% (Forecast -0.7%, Previous -0.3%)
Highlights from Fed's Mester
The job market is strong, and I expect the unemployment rate to rise to 4.50%-4.75%.
I expect inflation to ease to 3.75% this year.
The Fed will need to raise policy rates to more than 5% and hold them there for some time.
The Fed is getting closer to the end of its rate-hike journey.
S&P 500 -0.55%
Nasdaq -0.76%
Dow Jones -0.31%
April 21, 2023
US S&P Services PMI Flash Actual 53.7 (Forecast 51.5, Previous 52.6)
US S&P Manufacturing PMI Flash Actual 50.4 (Forecast 49, Previous 49.2)
US S&P Composite PMI Flash Actual 53.5 (Forecast 51.2, Previous 52.3)
S&P 500 +0.08%
Nasdaq +0.10%
Dow Jones +0.05%
THE WEEK AHEAD & EARNINGS
Monday – 04/24/2023
No economic event at this time.
AM Earnings: Coca-Cola Company (KO), Royal Philips (PHG), Credit Suisse Group (CS), Sify Technologies (SIFY), Bank of Hawaii (BOH), Garret Motion (GTX)
PM Earnings: Canadian National Railway (CNI), Cadence Design Systems (CDNS), Ameriprise Financial Services (AMP), Alexandria Real Estate Equities (ARE), Brown & Brown (BRO), Packaging Corporation of America (PKG), Crown Holdings (CCK), Cleveland-Cliffs (CLF), Whirlpool Corp (WHR), Medpace Holdings (MEDP)
Tuesday – 04/25/2023
S&P Case-Shiller home price index (20 cities) - 9 AM ET
FHFA home price index - 9 AM ET
New home sales - 10 AM ET
Consumer confidence - 10 AM ET
AM Earnings: 3M Company (MMM), Spotify (SPOT), NextEra Energy (NEE), United Parcel Services (UPS), Raytheon Technologies (RTX), Centene Corp (CNC), Dow Chemical (DOW), Fiserv Inc (FISV), McDonalds (MCD), PepsiCo (PEP)
PM Earnings: Microsoft (MSFT), Alphabet (GOOGL), Visa (V), Texas Instruments (TXN), Chubb Limited (CB), America Movil (AMX), Chipotle (CMG), Enphase Energy (ENPH), CoStar Group (CSGP), Equity Residential (EQR)
Wednesday – 04/26/2023
Durable-goods orders - 8:30 AM ET
Durable-goods minus transportation - 8:30 AM ET
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
AM Earnings: Microsoft (MSFT), Alphabet (GOOGL), Visa (V), Texas Instruments (TXN), Chubb Limited (CB), America Movil (AMX), Chipotle (CMG), Enphase Energy (ENPH), CoStar Group (CSGP), Equity Residential (EQR)
PM Earnings: Meta Platforms (META), ServiceNow (NOW), Canadian Pacific Kansas City (CP), Waste Management (WM), O'Reily Automotive (ORLY), Pioneer Natural Resources (PXD), KLA Corp (KLAC), Edwards Lifesciences Corp (EW), Aflac Incorporated (AFL), United Rentals (URI)
Thursday – 04/27/2023
GDP - 8:30 AM ET
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
Pending home sales - 10 AM ET
AM Earnings: AbbVie (ABBV), Mastercard Incorporated (MA), Astrazeneca (AZN), Merck & Company (MRK), Bristol-Myers Squibb (BMY), Honeywell International (HON), Caterpillar (CAT), CenterPoint Energy (CNP), Comcast Corp (CMCSA), Altria Group (MO)
PM Earnings: Amazon (AMZN), T-Mobile (TMUS), Amgen (AMGN), Intel Corp (INTC), Gilead Sciences (GILD), Mondelez International (MDLZ), Activision (ATVI), DexCom (DXCM), Arthur J. Gallagher (AJG), Republic Services (RSG)
Friday – 04/28/2023
Employment cost index - 8:30 AM ET
Personal income (nominal) - 8:30 AM ET
Personal spending (nominal) - 8:30 AM ET
PCE index - 8:30 AM ET
Core PCE index - 8:30 AM ET
PCE (year-over-year) - 8:30 AM ET
Core PCE (year-over-year) - 8:30 AM ET
Chicago Business Barometer - 9:45 AM ET
Consumer sentiment (final) - 10 AM ET
AM Earnings: Amazon (AMZN), T-Mobile (TMUS), Amgen (AMGN), Intel Corp (INTC), Gilead Sciences (GILD), Mondelez International (MDLZ), Activision (ATVI), DexCom (DXCM), Arthur J. Gallagher (AJG), Republic Services (RSG)
