HK Weekly Recap & Analysis July 3rd, 2023
THE WEEK AHEAD (JULY 3RD – JULY 7TH)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
June 26, 2023
Meta is starting their version of Microsoft's Game Pass and Sony's Playstation Plus
Google is testing out gaming directly within YouTube. The feature is called "Playables"
Dallas Fed Mfg. Bus. Index Actual -23.20 (Forecast -20, Previous -29.10)
Lucid announced a deal with Aston Martin for a 3.7% stake in the company.
Snowflake just announced an expanded partnership with Microsoft for "new product integrations across AI, low code/no code application development, data governance, and more"
June 27, 2023
UBS plans to cut half of its Credit Suisse workforce
US New Home Sales 763,000 units vs 675,000 expected
US New Home Sales Change MoM Actual 12.2% (Forecast -1.2%, Previous 4.1% , Revision 3.5%)
US CB Consumer Confidence Actual 109.7 (Forecast 103.85, Previous 102.3)
Lordstown Motors is down over 50% after filing for bankruptcy
US House Price Index MoM Actual 0.7% (Forecast 0.5%, Previous 0.6%)
US House Price Index YoY Actual 3.1% (Forecast -, Previous 3.6% , Revision 3.7%)
US Durable Goods Actual 1.7% (Forecast -0.8%, Previous 1.1%)
US Core Durable Goods Actual 0.6% (Forecast 0%, Previous -0.3%)
June 28, 2023
Overstock is acquiring Bed Bath and Beyond; no terms have been disclosed yet
Activision Blizzard will likely abandon a $69 billion takeover bid by Microsoft if the US FTC wins a ruling pausing the deal, the game maker’s CEO told a judge
Fed's Powell: We believe more restriction is coming, driven by the labor market.
Powell: I wouldn't take moving at consecutive meetings off the table.
US Wholesale Inventories MoM Adv. Actual -0.1% (Forecast -0.1%, Previous -0.1%)
US Advance Goods Trade Balance Actual -91.1B (Forecast -93.7B, Previous -97.10B)
US Retail Inventories Ex-Auto Adv. Actual 0.0% (Forecast -, Previous -0.2%)
June 29, 2023
US Pending Home Sales Change MoM Actual -2.7% (Forecast -0.5%, Previous 0.0%)
US Pending Homes Index Actual 76.5 (Forecast -, Previous 78.9)
Monster Beverage is closing in on a $362 million deal to acquire rival drink maker Bang Energy out of bankruptcy
GDP Data
US GDP QoQ Final Actual 2.0% (Forecast 1.4%, Previous 1.3%)
US GDP Price Index Actual 4.1% (Forecast 4.2%, Previous 4.2%)
US GDP Deflator SA Final Actual 4.1% (Forecast -, Previous 4.1%)
US Initial Jobless Claims Actual 239k (Forecast 265k, Previous 264k)
US Continued Jobless Claims Actual 1.742M (Forecast 1.765M, Previous 1.759M)
PCE: US Core PCE Prices Final Actual 4.9% (Forecast 5%, Previous 5.0%)
US PCE Prices Final Actual 4.1% (Forecast -, Previous 4.2%)
June 30, 2023
US Consumer Spending MoM Actual 0.1% (Forecast 0.2%, Previous 0.8%)
US Real Personal Consumption MoM Actual 0.0% (Forecast 0.1%, Previous 0.5%)
US Core PCE Price Index MoM Actual 0.3% (Forecast 0.3%)
US Core PCE Price Index YoY Actual 4.6% (Forecast 4.7%)
US PCE Price Index YoY Actual 3.8% (Forecast 3.8%, Previous 4.4%)
US PCE Price Index MoM Actual 0.1% (Forecast 0.1%)
Apple became the first company to have a $3 trillion market cap this morning
The University of Michigan Data:
Sentiment Final Actual 64.4 (Forecast 63.9)
Expectations Final Actual 61.5 (Forecast 61.3)
Conditions Final Actual 69 (Forecast 68)
1 Yr Inflation Final Actual 3.3%
5 Yr Inflation Final Actual 3%
The Supreme Court just struck down President Biden's plan to wipe away $400 Billion in student loan debt.
THE WEEK AHEAD & EARNINGS
Monday – 07/03/2023
S&P flash U.S. manufacturing PMI - 9:45 AM ET
ISM manufacturing - 10 AM ET
Construction spending - 10 AM ET
AM Earnings: None Scheduled
PM Earnings: None scheduled
Tuesday – 07/04/2023
July 4 holiday, all markets closed
AM Earnings: None scheduled
PM Earnings: None scheduled
Wednesday – 07/05/2023
ADP employment - 8:15 AM ET
Factory orders - 10 AM ET
Minutes of Fed's June FOMC meeting - 2 PM ET
John Williams Speaks - 4 PM ET
AM Earnings: None scheduled
PM Earnings: None scheduled
Thursday – 07/06/2023
Initial jobless claims - 8:30 AM ET
U.S. trade deficit - 8:30 AM ET
S&P flash U.S. services PMI - 9:45 AM ET
Job openings - 10 AM ET
ISM services - 10 AM ET
AM Earnings: None scheduled
PM Earnings: Levi Strauss & Co. (LEVI), Kura Sushi USA, Inc. (KRUS), Simulations Plus, Inc. (SLP)
Friday – 07/07/2023
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
AM Earnings: AZZ Inc (AZZ)
