HK Weekly Recap & Analysis December 12th, 2022
The Week Ahead (December 12th – December 16th)
KEY ECONOMIC DATA RELEASES TO WATCH
MARKET RECAP FROM THE PREVIOUS WEEK
Monday, December 5th
A traffic jam of oil tankers is forming off the coast of Turkey after the start of the cap on the prices of Russian oil.
A $60 per barrel price cap on Russian seaborne crude oil took effect Monday.
Apple is considering shifting some iPad production to India.
Rumors of a Twitter Coin are surfacing after code extracted from Twitter Web shows a potential new 'Twitter Coin' and integration for crypto in its tipping feature.
Today, the S&P 500 fell a little over 1% to end at 3998, Nasdaq Composite finished at 11,786.8, declining 0.95%, and Dow Jones Industrial Average (DIA) was down 0.63%, closing at 340.3
Tuesday, December 6th
Robinhood is introducing retirement accounts to its customers with a 1% contribution match. The trading app's matching contribution means that someone who puts the maximum into an IRA — $6,000 for 2022 — will receive a $60 match.
Today, the S&P 500 fell 1.39% to end at 3941, Nasdaq Composite finished at 11549.7, declining 1.92%, and Dow Jones Industrial Average (DIA) was down 0.97%, closing at 336.5
Wednesday, December 7th
Disgraced FTX founder Sam Bankman-Fried has hired Mark S. Cohen as his defense attorney, who recently defended Ghislaine Maxwell in her sex trafficking trial. His firm, Cohen & Gresser, also played a pivotal role in bringing down drug kingpin Joaquín "El Chapo" Guzmán.
Morgan Stanley buys the technology of defunct Robo-Advisor Bloom, a retirement-focused digital advisor.
Carvana (CVNA 3.83 -42.92%) shares plummet as creditors form pact amid bankruptcy risks.
Today, the S&P 500 was flat, closing 0.06% to end at 3933, Nasdaq Composite finished at 11497.4, up 0.06% from open, and Dow Jones Industrial Average (DIA) was down 0.09%, closing at 336.4
Thursday, December 8th
The Federal Trade Commission on Thursday sued to block Microsoft’s $69 billion acquisition of the video game publisher Activision Blizzard
US Treasury Secretary Yellen: I believe we're on the right track in lowering inflation. A recession is not inevitable.
Democratic senators propose legislation to address loopholes in the oil industry
Wells Fargo Forecast Summary
1.7% Global GDP growth in 2023.
0.2% GDP growth in the United States
0.7% decline in Eurozone GDP in 2023.
Today, the S&P 500 was up 0.27% and closed at 3963. The Nasdaq Composite finished at 11637.5, increasing .81%, and the Dow Jones Industrial Average (DIA) was up 0.21%, closing at 338.5.
Friday, December 9th
Putin:
We will not sell oil to those who advocated for price controls.
We will consider reducing oil output as a response to the oil price cap.
A decree responding to the oil price cap will be announced in the coming days.
Fed:
In the third quarter, household debt increased at an annualized rate of 6.3%.
In the third quarter of 2022, household net worth in the United States fell to $143.3 trillion.
Today, the S&P 500 fell .42% to end at 3934, the Nasdaq Composite finished at 11563.33, declining 0.27%, and Dow Jones Industrial Average (DIA) was down 0.68%, closing at 335.37.
THE WEEK AHEAD & EARNINGS
Monday – 12/12/2022
NY Fed 1-year inflation expectations - 11 AM ET
NY Fed 5-year inflation expectations - 11 AM ET
Federal budget (compared with Nov. 2021) - 2 PM ET
AM Earnings: No AM Earnings
PM Earnings: Oracle (ORCL), Coupa (COUP), Fluence Energy (FLNC), Blue Bird Corp (BLBD)
Tuesday – 12/13/2022
NFIB small-business index - 6 AM ET
Consumer price index - 8:30 AM ET
Core CPI - 8:30 AM ET
CPI (year-on-year) - 8:30 AM ET
Core CPI (year-on-year) - 8:30 AM ET
CPI excluding shelter (3-month rolling annualized rate) - 8:30 AM ET
AM Earnings: Core & Main (CNM), Photronics (PLAB)
PM Earnings: Braze (BRZE), ABM Industries (ABM)
Wednesday – 12/14/2022
Import price index - 8:30 AM ET
Federal funds rate announcement - 2 PM ET
SEP median federal funds rate for end of 2023 - 2 PM ET
Fed Chair Jerome Powell news conference - 2:30 PM ET
AM Earnings: Arqit Quantum (ARQQ), REV Group (REVG)
PM Earnings: Lennar Corp (LEN), Trip.com (TCOM), Nordson Corp (NDSN), Planet Labs (PL)
Thursday – 12/15/2022
Initial jobless claims - 8:30 AM ET
Continuing jobless claims - 8:30 AM ET
Retail sales - 8:30 AM ET
Retail sales excluding motor vehicles - 8:30 AM ET
Empire state manufacturing index - 8:30 AM ET
Philadelphia Fed manufacturing index - 8:30 AM ET
Industrial production index - 9:15 AM ET
Capacity utilization rate - 9:15 AM ET
Business inventories - 10 AM ET
AM Earnings: Jabil (JBL)
PM Earnings: Adobe (ADBE)
Friday – 12/16/2022
S&P U.S. manufacturing PMI (flash) - 9:45 AM ET
S&P U.S. services PMI (flash) - 9:45 AM ET
AM Earnings: Accenture (ACN ), Darden Restaurants (DRI), Winnebago Industries (WGO)
WEEKLY ALGORITHM PERFORMANCE & PORTFOLIO
The proprietary HaiKhuu Trading Algorithms and long-term portfolio did terrific this week, beating the market by a large margin. When the stock market is choppy long-term investors may see little gains, but our algorithms prove to be an excellent investment regardless of where the overall market goes.
