HK Weekly Recap & Analysis June 19th, 2023
THE WEEK AHEAD (JUNE 19TH – JUNE 23rd)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
June 12, 2023
NY Fed Inflation Expectations:
One-year inflation expectations fall to 4.1% vs 4.5%*
May three-year ahead expected inflation at 3% vs 2.9% in April.
May five-year ahead expected inflation at 2.7% vs 2.6% in April.
US Federal Budget Balance Actual -240.3B (Forecast -236B, Previous 176B)
S&P 500 +0.91%
Dow Jones +0.56%
Nasdaq +1.69%
June 13, 2023
US May CPI 4.0% year over year versus 4.1% expected
Core CPI (MoM) 0.4%, as forecasted
Core CPI (YoY) 5.3%, as forecasted
Disney is delaying Avengers, Star Wars, and Avatar films
S&P 500 +0.66%
Dow Jones +0.43%
Nasdaq +0.77%
June 14, 2023
Jerome Powell and the Fed just left rates UNCHANGED at between 5%-5.25%
US Commerce May Retail Sales +0.3%; Consensus -0.2%
US May Retail Sales, Ex-Autos +0.1%
US May Retail Sales, Ex-Autos & Ex-Gas +0.4%
Netflix's password-sharing crackdown could fuel a $20 billion valuation surge, Bank of America says
EU officials accuse Google of antitrust violations in its ad tech business
S&P 500 +0.12%
Dow Jones -0.64%
Nasdaq +0.73%
June 15, 2023
Google warns staff about spilling secrets to Bard in race against ChatGPT
Intel will receive €9.9 billion in subsidies from the German state to build a chip factory in the country
Initial jobless claims stayed at 262k last week vs the est of 245k, and continuing claims inched up to 1.775m vs the est of 1.768m.
S&P 500 +1.24%
Dow Jones +1.28%
Nasdaq +1.19%
June 16, 2023
UMich Sentiment 63.9, Exp. 60.0, Last 59.2
Current Conditions 68.0, Exp. 65.1
Expectations 61.3, Exp. 55.2
Inflation expectations
1 Year: 3.3%, Exp. 4.1%. Last 4.2%
5-10 Year: 3.0%, Exp. 3.0%, Last 3.1%
S&P 500 -0.71
Dow Jones -0.53%
Nasdaq -0.63%
THE WEEK AHEAD & EARNINGS
Monday – 06/19/2023
Juneteenth Day holiday, all markets closed
Home builder confidence index - 10 AM ET
AM Earnings: None scheduled
PM Earnings: None scheduled
Tuesday – 06/20/2023
Housing starts - 8:30 AM ET
New York Fed President John Williams speaks - 11:45 AM ET
AM Earnings: None scheduled
PM Earnings: FedEx Corporation (FDX), La-Z-Boy Incorporated (LZB)
Wednesday – 06/21/2023
Fed Chair Powell testifies to House panel - 10 AM ET
Senate nomination hearing for Fed Govs. Jefferson and Cook and nominee Kugler - 10 AM ET
AM Earnings: Patterson Companies (PDCO), Winnebago Industries (WGO)
PM Earnings: KB Home (KBH), Enerpac Tool Group (EPAC), Avid Bioservices (CDMO)
Thursday – 06/22/2023
Initial jobless claims - 8:30 AM ET
U.S. current account - 8:30 AM ET
Existing home sales - 10 AM ET
Fed Chair Powell testifies to Senate panel - 10 AM ET
U.S. leading economic indicators - 10 AM ET
AM Earnings: Accenture plc (ACN ), Darden Restaurants (DRI), FactSet Research Systems (FDS), Commercial Metals (CMC), GMS Inc (GMS), Methode Electronics (MEI)
PM Earnings: Smith & Wesson Brands (SWBI)
Friday – 06/23/2023
Fed Gov. Christopher Waller speaks - 7:45 AM ET
Consumer sentiment - 10 AM ET
AM Earnings: Apogee Enterprises (APOG), CarMax (KMX)
