HaiKhuu Weekly Recap & Analysis
September 4 - September 8, 2023
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500 -1.41%
Nasdaq -1.46%
Dow Jones -0.94%
Highlights:
China announced they are banning government officials from using iPhones
Comcast ($CMCSA) CEO says, "Comcast modified the agreement with Disney, extending the date for sale or purchase of Hulu to Sept. 30, 2024"
Honda ($HMC) and Acura announced that they have reached an agreement with Tesla ($TSLA) to adopt its North American Charging Standard
DAILY EVENT BREAKDOWN
Monday, September 4
Markets were closed for Labor Day
Tuesday, September 5
Factory Orders MoM Actual -2.1% (Forecast -2.5%, Previous 2.3%)
Durable Goods Revised Actual -5.2% (Forecast -, Previous -5.2%)
Core Durable Goods Revised Actual 0.4% (Forecast -, Previous 0.5%)
United Airlines ($UAL) issued a nationwide ground stop due to a computer issue
The stock dropped 4% on the news and recovered when the ground stop was canceled
FDIC announces the start of the marketing process for the $33 billion commercial real estate loan portfolio of former Signature Bank, New York
Mastercard ($MA) says they are not raising interchange rates in the U.S. this Fall and has no plans to do so
Major Indices:
S&P 500 -0.43%
Nasdaq +0.13%
Dow Jones -0.49%
Wednesday, September 6
US ISM Services:
PMI Actual 54.5 (Forecast 52.5, Previous 52.7)
Employment Actual 54.7 (Forecast -, Previous 50.7)
Prices Paid Actual 58.9 (Forecast -, Previous 56.8)
New Orders Actual 57.5 (Forecast -, Previous 55.0)
S&P Composite PMI Final Actual 50.2 (Previous 50.4)
S&P Services PMI Final Actual 50.5 (Previous 51.0)
US Trade Balance Actual -65B (Forecast -68B, Previous -65.5B)
US Redbook YoY Actual 4.1% (Forecast -, Previous 4.2%)
Fed's Collins: I expect we'll need to hold rates at restrictive levels for some time. And while we may be near, or even at, the peak, further tightening could be warranted, depending on incoming data
Delta Airlines ($DAL) announced that Tom Brady has joined them as a strategic advisor
$ROKU announced they are cutting 10% of their workforce
$ROKU was up 8% following the announcement
Comcast ($CMCSA) CEO says, "Comcast modified the agreement with Disney, extending the date for sale or purchase of Hulu to Sept. 30, 2024"
The CEO believes the deal with Disney ($DIS) will happen
The US Senate confirms Fed's Jefferson as the Fed Vice Chair with overwhelming bipartisan support
China announced they are banning government officials from using iPhones
Major Indices:
S&P 500 -0.67%
Nasdaq -0.88%
Dow Jones -0.66%
Thursday, September 7
Jobless Claims:
Initial Jobless Claims 216k (Previous 228k)
Continued Claims Actual 1.679M (Previous 1.725M)
US Productivity Revised Actual 3.5% (Forecast 3.4%, Previous 3.7%)
US Labor Costs Revised Actual 2.2% (Forecast 1.9%, Previous 1.6%)
Honda ($HMC) and Acura announced that they have reached an agreement with Tesla ($TSLA) to adopt its North American Charging Standard
Walmart ($WMT) is cutting starting pay for some new hires
Disney ($DIS) hit a new 52-week low of $79.75
An insider transaction report indicated that Nvidia’s ($NVDA) CEO sold $42.8 million worth of $NVDA shares
Morgan Stanley ($MS) is introducing an AI chatbot to help with its financial services
Major Indices:
S&P 500 -0.31%
Nasdaq -0.72%
Dow Jones -0.34%
Friday, September 1
US Wholesale Sales MoM Actual 0.8% (Forecast 0.2%, Previous -0.7%)
US Wholesale Inventories MoM Rev. Actual -0.2% (Forecast -0.1%, Previous -0.1%)
US Consumer Credit Actual 10.399B (Forecast 16B, Previous 17.85B)
Fed’s Barr on Central Bank Digital Currency (CBDC):
The Fed is a long way from any decision on issuing a CBDC
The Fed would only proceed with a digital currency with clear support from executive branch and legislation from Congress
$AMC hit an all-time low of $7.10
JPMorgan ($JPM) just lowered its price target on Apple ($AAPL) to $230 from $235 while maintaining its Overweight rating
CEO of the Turkish crypto exchange Thodex, was sentenced to 11,196 years in jail for stealing $2 billion from customers
Nvidia ($NVDA) announced a partnership with Tata Group for AI computing infrastructure in India
China's restrictions on the use of Apple ($AAPL) iPhones by central government employees are expanding to local governments and state-owned companies
Kroger ($KR) reached an agreement for a nationwide Opioid settlement, agreeing to pay up to $1.2B to states and subdivisions
Major Indices:
S&P 500 -0.04%
Nasdaq -0.07%
Dow Jones -0.04%
