HK Weekly Recap & Analysis May 1st, 2023
THE WEEK AHEAD (MAY 1ST – MAY 5TH)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
April 24, 2023
Disney Begins Largest Wave Of Layoffs, Will Get More Than Halfway To Target Of 7,000 Staff Cuts This Week
US March retail sales revised up to -0.6% (previous -1.0%).
US March retail sales ex-autos revised up to -0.4% (prev -0.8%)
Fox News and Tucker Carlson have agreed to part ways
Apple wins antitrust court battle with Epic Games, appeals court rules
First Republic Bank Lost $102 Billion in Customer Deposits
S&P 500 +0.10%
Dow Jones +0.19%
Nasdaq -0.21%
April 25, 2023
3M announces mass layoffs as manufacturing slows
Biden Makes It Official: He’s Running Again in 2024
US House Price Index YoY Actual 4.0% (Forecast -, Previous 5.3%)
US House Price Index MoM Actual 0.5% (Forecast -0.1%, Previous 0.2%)
US CB Consumer Confidence Actual 101.3 (Forecast 104, Previous 104.2)
US New Home Sales - Units Actual 0.683M (Forecast 0.632M, Previous 0.640M)
US New Home Sales Change MoM Actual 9.6% (Forecast -1.3%, Previous 1.1%)
Microsoft Earnings
EPS of $2.45, beating expectations of $2.22
Revenue of $52.9B, beating expectations of $51B
Google Earnings
EPS of $1.17 exceeding expectations of $1.06
Payment of $58B, beating expectations of $56.9B
S&P 500 -1.59%
Dow Jones -1.01%
Nasdaq -1.89%
April 26, 2023
Britain blocks Microsoft's $69 billion acquisition of Activision Blizzard
US Durable Goods Actual 3.2% (Forecast 0.7%, Previous -1.0%)
US Core Durable Goods Actual 0.3% (Forecast -0.2%, Previous -0.1%)
US Wholesale Inventories MoM Adv. Actual 0.1% (Forecast 0.1%, Previous 0.1%)
Disney Sues DeSantis After Board Votes To Get Rid Of Special Agreement
Facebook Earnings
GAAP EPS of $2.20, beating expectations of $2.01
Revenue of $28.10B beating expectations of $27.66B
Amazon to shut down Halo division and lays off some staff
S&P 500 -0.42%
Dow Jones -0.71%
Nasdaq +0.61%
April 27, 2023
US Initial Jobless Claims Actual 230k (Forecast 248k, Previous 245k)
US Continued Jobless Claims Actual 1.858M (Forecast 1.87M, Previous 1.865M)
US GDP QoQ Advance Actual 1.1% (Forecast 1.9%, Previous 2.6%)
US GDP Deflator Advance Actual 4% (Forecast 3.7%, Previous 3.9%)
US Core PCE Prices Advance Actual 4.9% (Forecast 4.7%, Previous 4.4%)
US PCE Prices Advance Actual 4.2% (Forecast -, Previous 3.7%)
Amazon Earnings
EPS of $0.31, beating expectations of $0.22
Revenue of $127.4B exceeding expectations of $124.55B
S&P 500 +1.99%
Dow Jones +1.58%
Nasdaq +2.72%
April 28, 2023
US PCE Price Index YoY Actual 4.2% (Forecast 4.1%, Previous 5.0%, Revision 5.1%)
US PCE Price Index MoM Actual 0.1% (Forecast 0.1%, Previous 0.3%)
US Consumer Spending MoM Actual 0.0% (Forecast -0.1%, Previous 0.2%)
US Personal Income MoM Actual 0.3% (Forecast 0.2%, Previous 0.3%)
US Employment Costs Actual 1.2% (Forecast 1.1%, Previous 1.0%)
US Chicago PMI Actual 48.6 (Forecast 43.5, Previous 43.8)
The University of Michigan Numbers:
Sentiment Final Actual 63.5 (Forecast 63.5, Previous 63.5)
1 Yr Inflation Final Actual 4.6% (Previous 4.6%)
5 Yr Inflation Final Actual 3% (Previous 2.9%)
Expectations Final Actual 60.5 (Forecast 60.4, Previous 60.3)
Conditions Final Actual 68.2 (Forecast 68.6, Previous 68.6)
First Republic Bank, most likely headed for FDIC receivership, hits a record low
S&P 500 +0.85%
Dow Jones +0.84%
Nasdaq +0.69%
THE WEEK AHEAD & EARNINGS
Monday – 05/01/2023
S&P U.S. manufacturing PMI - 9:45 AM ET
ISM manufacturing - 10 AM ET
Construction spending - 10 AM ET
AM Earnings: CNA Financial Corp (CNA ), Franklin Resources (BEN), Global Payment (GPN), KBR Inc (KBR), Norwegian Cruise Line (NCLH), onsemi (ON), WEC Energy Group (WEC), Check Point Software Technologies (CHKP), Loews Corporation (L), SoFi Technologies (SOFI)
PM Earnings: Stryker Corp (SYK), Vertex Pharma (VRTX), Arista Networks (ANET), NXP Semiconductors (NXPI), VICI Properties (VICI), SBA Communications Corp (SBAC), Diamondback Energy (FANG), MGM Resorts International (MGM), Invitation Homes (INVH), Hologic (HOLX)
Tuesday – 05/02/2023
U.S. job openings - 10 AM ET
Factory orders - 10 AM ET
AM Earnings: ADT Corporation (ADT), AerCap Holdings NV (AER), AGCO Corp (AGCO), AmerisourceBergen (ABC), BP plc (BP), Broadridge Financial (BR), Cheniere Energy (LNG), Ecolab (ECL), Enterprise Products (EPD), Pfizer (PFE)
PM Earnings: Advanced Micro Devices (AMD), Starbucks Corporation (SBUX), Ford Motor Company (F), Energy Transfer (ET), Simon Property Group (SPG), Prudential Financial (PRU), ONEOK (OKE), Franco-Nevada (FNV), Yum China Holdings (YUMC), Clorox Company (CLX)
Wednesday – 05/03/2023
ADP employment - 8:15 AM ET
S&P U.S. services PMI - 9:45 AM ET
ISM services - 10 AM ET
Federal Reserve interest-rate statement - 2 PM ET
Fed Chair Powell press conference - 2:30 PM ET
AM Earnings: Adient plc (ADNT), Barrick Gold Corp (GOLD), Bunge Ltd (BG), Yum! Brands (YUM), Brinker International (EAT), CVS Health (CVS), Estee Lauder (EL), Stellantis (STLA), Kraft Heinz (KHC), Phillips 66 (PSX)
PM Earnings: Qualcomm (QCOM), Equinix (EQIX), MercadoLibre (MELI), Public Storage (PSA), Corteva (CTVA), Realty Income (O), Williams Companies (WMB), Allstate Corporation (ALL), Eversource Energy (ES), HubSpot (HUBS)
Thursday – 05/04/2023
U.S. productivity - 8:30 AM ET
U.S. trade deficit - 8:30 AM ET
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
AM Earnings: Royal Dutch Shell PLC (SHEL), Anheuser-Busch (BUD), ConocoPhillips (COP), Regeneron (REGN), Zoetis (ZTS), Datadog (DDOG), International Exchange (ICE), Moderna (MRNA), Ferrari (RACE), Kellogg Company (K)
PM Earnings: Apple (AAPL), Booking Holdings (BKNG), EOG Resources (EOG), Shopify (SHOP), Fortinet (FTNT), American International Group (AIG), Atlassian (TEAM), Block (SQ), DoorDash (DASH), Motorola (MSI)
Friday – 05/05/2023
U.S. employment report - 8:30 AM ET
U.S. unemployment rate - 8:30 AM ET
U.S. hourly wages - 8:30 AM ET
Hourly wages year over year - 8:30 AM ET
Consumer credit - 3 PM ET
AM Earnings: Enbridge (ENB), The Cigna Group (CI), Dominion Energy (D), Johnson Controls International (JCI), AES Corp (AES), Ameren Corp (AEE), American Axle (AXL), Cboe Global Markets (CBOE), AMC Entertainment (AMC), Brookfield Renewable Partners (BEP)
