HaiKhuu Weekly Recap & Analysis
November 27 - December 1, 2023
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +0.97%
Nasdaq: +0.23%
Dow Jones: +2.65%
Highlights:
$SPY hit a new 52-week high of $459.65
Dow Jones hit a new 52-week high of 36,264.85
Charlie Munger, investing genius and Warren Buffett’s right-hand man at Berkshire Hathaway, passed away at age 99
Tesla held a CyberTruck Delivery Event, which showcased their new EV Truck, its capabilities, and delivery timeline
DAILY EVENT BREAKDOWN
Monday, November 27
Stock Related News:
Amazon surpassed UPS and FedEx (FDX) in US parcel volume, becoming the largest delivery business in the US
Volkswagen is planning a $10.9B savings program involving staff reductions due to high costs and low productivity
A US Judge denied ex-Binance CEO CZ from leaving the US before sentencing
OPEC+ News:
Saudi Arabia has asked other members of the OPEC+ coalition to reduce their oil output quotas in order to shore up global markets, but some members are resisting
Economic News:
New Home Sales
Units 0.679M (Forecast 0.723M, Previous 0.759M)
Change MoM -5.6% (Forecast -4.7%, Previous 12.3%)
October median sale price $409,300, down 17.6% from October 2022 ($496,800)
Major Indices:
S&P 500: -0.18%
Nasdaq: -0.09%
Dow Jones: -0.14%
Tuesday, November 28
Stock Related News:
Charlie Munger, investing genius and Warren Buffett’s right-hand man at Berkshire Hathaway, passed away at age 99
Nvidia announced the deployment of brand-new chips at Amazon’s AWS event
Amazon announced a new AI chip and a deeper partnership with Nvidia for its cloud services
Google and Symphony unveiled AI JV to help banks manage voice call compliance risk
Bank of America was fined $12 million for reporting false mortgage data
Economic News:
Redbook YoY 6.3% (Forecast -, Previous 3.4%)
House Price Index MoM 0.6% (Forecast 0.5%, Previous 0.6%)
Case-Shiller 20 YoY 3.92% (Forecast 3.9%, Previous 2.16%)
CB Consumer Confidence Actual 102 (Forecast 101, Previous 102.6)
Conference Board: US 1-year consumer inflation rate expectations 5.7% in November
Fed's Waller on Economic Outlook:
I am increasingly confident that policy is well positioned to slow the economy, and get inflation back to 2%
I cannot say for sure if the Fed has done enough; data over next couple months will hopefully tell
Consumer spending is cooling, manufacturing and non-manufacturing activity has slowed
Fed’s Bowman on Inflation:
I favor hiking rates if inflation progress stalls
It is quite possible that the Fed policy rate will need to be at a higher level than before the pandemic to foster low, stable inflation
Major Indices:
S&P 500: +0.10%
Nasdaq: +0.26%
Dow Jones: +0.22%
Wednesday, November 29
Stock Related News:
General Motor's stock rallied after news of a boosted dividend and $10 Billion accelerated share buyback
Apple and Goldman Sachs are ending their credit card partnership
Walmart is starting to significantly increase imports from India and reduce its reliance on Chinese Imports
Economic News:
GDP QoQ 2nd Estimate 5.2% (Forecast 5%, Previous 4.9%)
Advance Goods Trade Balance -89.8B (Forecast -86.5B, Previous -86.84B)
Wholesale Inventories MoM Adv. -0.2% (Forecast 0.2%, Previous 0.2%)
Retail Inventories Ex-Auto Adv. -0.9%, previous 0.4%)
Fed’s Barkin on Rate Hikes:
I am not willing to take another rate hike off the table.
I am skeptical for being on track for 2% inflation
I want the option of doing more on rates if inflation flares again
Major Indices:
S&P 500: -0.07%
Nasdaq: -0.10%
Dow Jones: +0.15%
Thursday, November 30
Stock Related News:
The UAW is planning on unionizing non-union workers at other large auto manufacturers
Tesla held a CyberTruck Delivery Event, which showcased their new EV Truck, its capabilities, and delivery timeline
At the DealBook Summit, Elon Musk told advertisers that left Twitter to “Go f**k yourself”
He follows this up by directly calling out Disney CEO Bob Iger
Economic News:
PCE:
Price Index MoM 0% (Forecast 0.1%, Previous 0.4%)
Price Index YoY Actual 3% (Forecast 3%, Previous 3.4%)
Core PCE Price Index YoY 3.46 % (Forecast 3.5%, Previous 3.7%)
Jobless Claims:
Initial Jobless Claims 218k (Forecast 218k, Previous 209k)
Continued Jobless Claims 1.927M (Forecast 1.865M, Previous 1.840M)
Pending Homes Index 71.4, Previous 72.6
Home Sales Change MoM -1.5% (Forecast -2%, Previous 1.1%)
Consumer Spending MoM 0.2% (Forecast 0.2%, Previous 0.7%)
Personal Income MoM 0.2% (Forecast 0.2%, Previous 0.3%)
Real Personal Consumption MoM 0.2% (Forecast 0.1%, Previous 0.4%)
Major Indices:
S&P 500: +0.39%
Nasdaq: -0.25%
Dow Jones: +1.51%
Friday, December 1
Stock Related News:
Pfizer (PFE) has been sued by the state of Texas, which accused the drugmaker of misrepresenting the efficacy of its widely used COVID-19 vaccine
Apple and Paramount (PARA) are discussing bundling their streaming services at a discount
Panera Bread has filed confidential paperwork for an IPO next year
$SPY hit a new 52-week high of $459.65
Economic News:
S&P Manufacturing PMI Final Actual 49.4 (Forecast 49.5, Previous 49.4)
ISM Manufacturing Data:
PMI 46.7 (Forecast 47.8, Previous 46.7)
Employment Index 45.8 (Forecast 47.2, Previous 46.8)
New Orders Index 48.3 (Forecast 46.7, Previous 45.5)
Prices Paid 49.9 (Forecast 45.9, Previous 45.1)
Construction Spending MoM 0.6% (Forecast 0.3%, Previous 0.4%)
Fed’s Powell:
It is ‘premature’ to say monetary policy is restrictive enough
Fed will raise rates again if needed to lower inflation
There is a path to getting inflation down to 2% without large job loss, and we are on that path
Major Indices:
S&P 500: +0.60%
Nasdaq: +0.34%
Dow Jones: +0.79%
