HaiKhuu Weekly Recap
August 14 - August 18, 2023
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500 -1.86%
Nasdaq -2.00%
Dow Jones -2.15%
Highlights:
July FOMC Meeting Minutes:
Most participants said inflation risks could require further interest rate hikes
A couple of participants favored holding interest rates steady at the July meeting
Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
Coinbase ($COIN) shares rallied on reports that the company got NFA approval to offer crypto futures
DAILY EVENT BREAKDOWN
Monday, August 14
PayPal ($PYPL) just named Intuit’s Alex Chriss as its next CEO
US Steel ($X) is up BIG pre-market after a $7.3 bln buyout offer from Cleveland-Cliffs
US Steel hit a 52-week high of $32.52
Hawaiian Electric ($HE) dropped 40% today as Maui Wildfires weighed on the company
NY Fed Inflation Expectations:
1-year ahead expected inflation at 3.5%, the lowest since april 2021, vs. June's 3.8%
3-year ahead expected inflation at 3% vs. June's 2.9%
5-year ahead expected inflation at 3% vs. June's 2.9%.
UBS ($UBS) has reached an agreement with the US DOJ related to the issuance and sale of residential mortgage-backed securities
UBS to pay $1.435B to resolve all civil claims
Major Indices:
S&P 500 +0.55%
Nasdaq +1.12%
Dow Jones +0.06%
Tuesday, August 15
Retail Sales MoM 0.7% (Forecast 0.4%, Previous 0.2%)
Core Retail Sales MoM 1.0% (Forecast 0.4%, Previous 0.2%)
Retail Sales YoY 3.17% (Forecast -, Previous 1.49%)
Europe's First Spot Bitcoin ETF “BCOIN” Lists in Amsterdam
Wells Fargo Investment Institute raises Fed terminal rate forecast range to 5.5%-5.75% from 5.25%-5.5% earlier
Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
NAHB Housing Market Index Actual 50 (Forecast 56, Previous 56)
Binance is going to shut down its crypto payments service amid refocus on core products
Vinfast, a Vietnamese EV maker, opened trading today at around $16 and reached a high of $38.49
Major Indices:
S&P 500 -1.16%
Nasdaq -1.06%
Dow Jones -1.02%
Wednesday, August 16
Housing Starts Number 1.452M (Forecast 1.45M, Previous 1.434M)
Building Permits Number 1.442M (Forecast 1.463M, Previous 1.441M)
Target ($TGT) Earnings:
EPS of $1.80, beating expectations of $1.40
Revenue of $24.8B, missing expectations of $24.9B
Capacity Utilization 79.3% (Forecast 79.1%, Previous 78.9%)
Industrial Production MoM 1.0% (Forecast 0.3%, Previous -0.5%)
Manufacturing Output MoM 0.5% (Forecast 0%, Previous -0.3%)
Coinbase ($COIN) is up 2.5% after a report suggesting the company got NFA approval to offer crypto futures
Amazon ($AMZN) is imposing fees on sellers who ship products themselves
Texas approves plan to mandate Tesla's ($TSLA) tech for EV chargers
TJX Companies ($TJX) hit a new all-time high of $90.19 after reporting earnings
July FOMC Meeting Minutes:
Most participants said inflation risks could require further interest rate hikes
A couple of participants favored holding interest rates steady at the July meeting
Major Indices:
S&P 500 -0.73%
Nasdaq -1.06%
Dow Jones -0.53%
Thursday, August 17
Jobless Claims:
Continued Jobless Claims 1.716M (Forecast 1.7M, Previous 1.684M)
Initial Jobless Claims 239k (Forecast 240k, Previous 248k)
Walmart ($WMT) Earnings:
EPS of $1.84, beating expectations of $1.70
Revenue of $161.6B, beating expectations of $159.7B
PayPal ($PYPL) just hit a new 5-year low at $58.53
Fitch: Inflation and interest rates remain the most significant watch item for global credit
Core inflation remains sticky and well above Central Bank targets despite headline disinflation gaining pace in the US and the Eurozone in 2Q 23
Goldman Sachs ($GS) plans a hiring spree to fix lapses amid the Fed's scrutiny
Major Indices:
S&P 500 -0.76%
Nasdaq -1.09%
Dow Jones -0.78%
Friday, August 18
Fed Poll of Economists:
The US economy to skirt recession, the median probability in one year falls to 40%, the lowest in over a year
The Fed to wait until at least end-March before cutting rates, said just over half of economists, 48 of 95
Evergrande files for US bankruptcy protection as China economic fears mount
Goldman Sachs ($GS) raises the 2023 US real GDP forecast to 2% (Q4/Q4)
Bitcoin dropped to a two-month low of $25,392
Verizon ($VZ) has reportedly been in touch with Disney ($DIS) about potentially partnering on a new ESPN streaming service
Major Indices:
S&P 500 -0.04%
Nasdaq -0.12%
Dow Jones -0.06%
