HaiKhuu Weekly Recap
August 28 - September 1, 2023
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500 +2.00%
Nasdaq +2.86
Dow Jones +1.10%
Highlights:
US Federal Appeals Court rules US Securities and Exchange Commission was wrong to reject the application from Grayscale for spot Bitcoin ETF
Disney ($DIS) hit a new 52-week low of $80.53 after news of a carriage dispute with Charter Communications
Vietnamese EV maker VinFast ($VFS) hit $93, making it the 3rd most valuable automaker in the world by market cap at the time
DAILY EVENT BREAKDOWN
Monday, August 28
Vietnamese EV maker VinFast ($VFS) hit $92 in the pre-market session, making it the 3rd most valuable automaker by market cap
Dallas Fed Mfg. Bus. Index Actual -17.20 (Forecast -19, Previous -20)
$AMC hit an all-time low of $10.72
Chinese stock exchanges have lowered margin and tax requirements to encourage financing by investors
Crypto giant Binance is considering an exit from Russia
OpenAI just announced the launch of ChatGPT Enterprise, made specifically for large businesses
Major Indices:
S&P 500 +0.63%
Nasdaq +0.75%
Dow Jones +0.64%
Tuesday, August 29
US House Price Index:
YoY Actual 3.1% (Previous 2.8%)
MoM Actual 0.3% (Forecast 0.6%, Previous 0.7%)
Consumer Confidence Actual 106.1 (Forecast 116, Previous 117.0)
JOLTS Job Openings Actual 8.827M (Forecast 9.5M, Previous 9.582M)
FDIC to propose long-term debt requirements for midsize banks
US Federal Appeals Court rules US Securities and Exchange Commission was wrong to reject the application from Grayscale for spot Bitcoin ETF
X (Twitter) acquired the required license to add crypto payments
Apple ($AAPL) sends invites for September 12 launch event; the new iPhone 15 release date is expected to be announced
Goldman Sachs ($GS) to pay $5.5 million to settle CFTC charges for failing to record trading desk phone lines
Nvidia ($NVDA) was named Google Cloud’s ($GOOGL) Generative AI Partner of the Year
Major Indices:
S&P 500 +1.45%
Nasdaq +2.18%
Dow Jones +0.84%
Wednesday, August 30
GDP Data:
QoQ 2nd Estimate Actual 2.1% (Forecast 2.4%, Previous 2.4%)
Price Index Actual 2% (Forecast 2.2%, Previous 2.2%)
Deflator SA Prelim Actual 2.0% (Previous 2.2%)
US Pending Home Data:
Price Index Actual 77.6 (Previous 76.8)
Change MoM Actual 0.9% (Previous 0.3%, Revised 0.4%)
PCE Prices Prelim 2.5% (Previous 2.6%)
Core PCE Prices Prelim 3.7% (Forecast 3.8%, Previous 3.8%)
Wholesale Inventories MoM Adv. Actual -0.1% (Forecast -0.3%, Previous -0.5%)
Advance Goods Trade Balance Actual -91.2B (Forecast -90B, Previous -88.83B)
Retail Inventories Ex-Auto Adv. Actual 0.1% (Previous 0.3%)
ADP Employment Change Actual 177k (Forecast 195k, Previous 324k)
Cannabis stocks rallied after news that the HHS is calling for moving marijuana to lower-risk US drug category
Overtime Pay to Be Extended to Millions of Workers Under Biden Administration Plan
Labor Department proposes making salaried workers earning up to $55,000 a year eligible for extra pay by default
Visa ($V) and Mastercard ($MA) are planning to increase fees charged to merchants for accepting credit cards
Major Indices:
S&P 500 +0.41%
Nasdaq +0.56%
Dow Jones +0.22%
Thursday, August 31
US PCE Price Index:
Core PCE MoM Actual 0.2% (Forecast 0.2%, Previous 0.2%)
Core PCE YoY Actual 4.2% (Forecast 4.2%, Previous 4.1%)
PCE MoM Actual 0.2% (Forecast 0.2%, Previous 0.2%)
PCE YoY Actual 3.3% (Forecast 3.3%, Previous 3.0%)
Jobless Claims:
Initial Claims 228k (Forecast 235k, Previous 230k)
Continued Claims 1.725M (Forecast 1.706M, Previous 1.702M)
Consumer Spending MoM Actual 0.8% (Forecast 0.7%, Previous 0.5%)
Real Personal Consumption MoM Actual 0.6% (Forecast 0.5%, Previous 0.4%)
Personal Income MoM Actual 0.2% (Forecast 0.3%, Previous 0.3%)
US Chicago PMI Actual 48.7 (Forecast 44.2, Previous 42.8)
Biden proposed a base pay rise of 4.7% for federal employees
$UBS targets $10B in cost cuts and 3,000 layoffs after Credit Suisse takeover
Major Indices:
S&P 500 -0.15%
Nasdaq +0.30%
Dow Jones -0.46%
Friday, September 1
Employment Data:
Unemployment Rate 3.8% (Forecast 3.5%)
Labor Force Participation 62.8% (Forecast 62.6%)
Average Workweek Hrs 34.4 (Forecast 34.3)
Payroll Data:
Nonfarm Payrolls Actual 187k (Forecast 170k, Previous 187k)
Average Earnings MoM 0.2% (Forecast 0.3%)
Average Earnings YoY 4.3% (Forecast 4.3%)
Private Payrolls 179k (Forecast 148k)
Manufacturing Payrolls 16k (Forecast 0k)
Fed Swaps price in lower odds of another rate hike this year
Fed Swaps shift full pricing of a rate cut to May from June
Disney ($DIS) hit a new 52-week low of $80.53 after news of a carriage dispute with Charter Communications
Bloomberg reported that OpenAI is on track for $1 Billion in annual revenue
Tesla ($TSLA) has removed the Standard Range Model S and Model X in the US and dropped prices up to 19%
Major Indices:
S&P 500 +0.08%
Nasdaq -0.18%
Dow Jones +0.27%
