Today’s overview
Equity markets in the Asia-Pacific region ended the day lower, with the exception of China’s Shanghai Composite, whose component companies are still benefiting from the surprise strength in retail trading, pushing the index up from 0, 26%. India’s SENSEX fell 0.36%, Australia’s ASX All Ordinaries fell 0.73%, South Korea’s KOSPI fell 1.02%, Taiwan’s TAIEX fell by 1.32% and Hong Kong’s Hang Seng closed down 1.39% in a broad decline led by electronic technology and retail. names. Japanese markets were closed today as the country marks Respect for the Elderly Day, observed every third Monday in September. European markets are broadly lower with the exception of Italy at midday and US stock futures are pointing to a positive open.
While the Fed is expected to hold rates steady this week at the current range of 5.25% to 5.50%, most of the rest of the world is still playing catch-up on the current tightening cycle. rates. This week will see meetings of not only the Fed, but also the Swiss National Bank (SNB), Sweden’s Riksbank, Norway’s Norges Bank and the Bank of England (BOE), all of which are expected to tighten their rate of 25 basis points (0.25%). Other macroeconomic pressures include the ongoing saga of global oil supply management which, if the Fed actually manages to engineer a soft landing, could potentially reverse much of the progress made in controlling inflation and could lead to further rate hikes. .
Although the macroeconomic situation bears monitoring, investors are bracing for a number of IPOs to hit the market, kicked off by last week’s announcement. ARM Holdings (ARM) debut and continued with Instacart owner Maplebear’s event tomorrow.
Data upload
International economy
Today is a light day in terms of international economic data. Canadian housing starts for August are scheduled to be released at 8:15 a.m. ET. Like the US real estate figures, recent months have seen these figures hover below recent short-term highs as rising interest rates also take a toll on these markets. Canadians are only offered 5-year variable rate mortgages, as opposed to 30-year fixed rate mortgages. A high rate environment therefore impacts not only new borrowers, but also existing homeowners.
Domestical economy
The week begins with housing market updates, with Monday offering a September preview of the latest National Association of Homes Builders (NAHB)/Wells Fargo Housing Market Index. This measure is expected to remain unchanged from August at 50 on a scale of 0 to 100. This index began 2023 at 35, peaked in July at 56 and if expectations are met, it appears to be stabilizing to 50 as we approach the fourth quarter. . For reference, the 10-year monthly average is 62.
Markets
Markets fell Friday as the United Auto Workers (UAW) launched a strike against Detroit’s “Big 3,” which includes General Motors (GM), Ford Motor Company (F), and owner of the Chrysler, Dodge, Jeep and RAM brands Stellantis (STLA). What’s interesting is that not only has the UAW launched this action against the three manufacturers, but they appear to be taking a strategic approach, organizing work stoppages that will effectively paralyze production without calling for a general strike . Given a general budget of $825 million and the $500 weekly pay paid to workers, the 13,000 workers currently on strike cost $6.5 million per week, as opposed to a general strike which would see the All 146,000 workers empty their coffers of $73 million per week.
All sectors were down, with technology (-1.92%), consumer discretionary (-1.71%) and energy (-1.45%) being hit the hardest. The Dow Jones fell 0.83%, the Russell 2000 fell 1.05%, the S&P 500 fell 1.22% and the Nasdaq Composite closed down 1.56%. Although airlines generally feel pressure on fuel and labor contracts, South West Airlines (LUV) saw its shares rise 2.59% after CEO Bob Jordan presented at a Morgan Stanley conference in Laguna, Calif., and said, “I feel very, very prepared for this winter.”
Here is how the main market indicators stand since the beginning of the year:
- Dow Jones Industrial Average: 4.44%
- S&P 500: 15.91%
- Nasdaq Composite: 30.97%
- Russell 2000: 4.87%
- Bitcoin (BTC-USD): 60.51%
- Ether (ETH-USD): 37.10%
Stocks to watch
Before US stock markets begin trading today, Point correction (SFIX) is expected to publish its quarterly results.
In the pre-marketing action, Micron (MU), Vertex Pharmaceuticals (VRTX), Paccar (PCAR)And Correspondence Group (MTCH) are the subject of auctions while CoStar Group (CSGP), Comerica (RMR), Clorox Company (CLX) And NetApp (NTAP) are under some pressure.
In response to the UAW strikes, Ford Motor Company announced the dismissal of 600 workers who had been idled due to strikes at an upstream production plant. In connection with the strike by the UAW, a non-union automaker Tesla (TSLA) was potentially positioned to capture more market share in the electric vehicle sector depending on the severity and duration of the UAW strike.
Proponents of psychedelic therapies for the treatment of post-traumatic stress disorder (PTSD) were pleased with recent phase 3 trial results published in naturemedicine, which showed that recipients of MDMA treatments saw significant improvements compared to to patients receiving placebo treatments. Names like COMPASS course (CMPS), Cybine (CYBN)And Jazz Pharmaceuticals (JAZZ) should benefit from it. Applications are being filed for FDA approval, which some analysts predict for 2024.
The state of California has joined the chorus of states seeking to do to oil companies what they did to tobacco companies in the 1990s, suing them for damages. -interests and force companies to use their future profits to combat the effects of the use of their petroleum products. product. In this case, the plaintiff is essentially the environment, and the companies targeted by the lawsuit include Exxon Mobil (XOM), Shell (SHEL), DAD), Conoco Phillips (COP)And Chevron (CVX).
IPOs
On the heels of ARM’s recent IPO, grocery delivery app Instacart’s parent company, Maplebear Inc., raised the proposed price range for its upcoming IPO, indicating a fully diluted valuation of 10 billion dollars. Shares are expected to begin trading on Tuesday, September 19. Readers interested in digging deeper into the upcoming IPO schedule should visit Nasdaq’s latest and upcoming IPOs page.
After today’s market close
No company should release quarterly results after stock trading has stopped. Those looking for more on upcoming quarterly earnings reports should head to the Nasdaq Earnings Calendar.
On the horizon
Tuesday September 19
- Euro zone: inflation rate (final) – August
- Euro Zone: Consumer Price Index (Final) – August
- United States: construction starts and building permits – August
Wednesday September 20
- Japan: Imports/Exports – August
- China: prime loan rate – September
- Euro zone: new car registrations – August
- Germany: Producer price index – August
- United Kingdom: inflation rate, producer price index – August
- United States: Weekly MBA Mortgage Applications
- United States: EIA weekly crude oil inventories
- United States: FOMC decision on rates and economic projections
Thursday September 21
- United Kingdom: Bank of England decision on interest rates
- United States: weekly initial and continuing unemployment claims
- United States: Philadelphia Fed Index – September
- United States: existing home sales – August
- United States: leading indicators – August
- United States: EIA weekly natural gas inventories
Friday September 22
- Japan: inflation rate – August
- Japan: Jibun Bank flash PMI indices in the manufacturing and services sector – September
- United Kingdom: retail sales – August
- Euro zone: HCOB flash PMI indices for manufacturing and services – September
- United Kingdom: S&P Global/CHIPS Flash PMI for industry and services – September
Thought of the day
“If you’re not having fun, you’re doing something wrong” ~ Groucho Marx
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Today’s overview
Equity markets in the Asia-Pacific region ended the day lower, with the exception of China’s Shanghai Composite, whose component companies are still benefiting from the surprise strength in retail trading, pushing the index up from 0, 26%. India’s SENSEX fell 0.36%, Australia’s ASX All Ordinaries fell 0.73%, South Korea’s KOSPI fell 1.02%, Taiwan’s TAIEX fell by 1.32% and Hong Kong’s Hang Seng closed down 1.39% in a broad decline led by electronic technology and retail. names. Japanese markets were closed today as the country marks Respect for the Elderly Day, observed every third Monday in September. European markets are broadly lower with the exception of Italy at midday and US stock futures are pointing to a positive open.
While the Fed is expected to hold rates steady this week at the current range of 5.25% to 5.50%, most of the rest of the world is still playing catch-up on the current tightening cycle. rates. This week will see meetings of not only the Fed, but also the Swiss National Bank (SNB), Sweden’s Riksbank, Norway’s Norges Bank and the Bank of England (BOE), all of which are expected to tighten their rate of 25 basis points (0.25%). Other macroeconomic pressures include the ongoing saga of global oil supply management which, if the Fed actually manages to engineer a soft landing, could potentially reverse much of the progress made in controlling inflation and could lead to further rate hikes. .
Although the macroeconomic situation bears monitoring, investors are bracing for a number of IPOs to hit the market, kicked off by last week’s announcement. ARM Holdings (ARM) debut and continued with Instacart owner Maplebear’s event tomorrow.
Data upload
International economy
Today is a light day in terms of international economic data. Canadian housing starts for August are scheduled to be released at 8:15 a.m. ET. Like the US real estate figures, recent months have seen these figures hover below recent short-term highs as rising interest rates also take a toll on these markets. Canadians are only offered 5-year variable rate mortgages, as opposed to 30-year fixed rate mortgages. A high rate environment therefore impacts not only new borrowers, but also existing homeowners.
Domestical economy
The week begins with housing market updates, with Monday offering a September preview of the latest National Association of Homes Builders (NAHB)/Wells Fargo Housing Market Index. This measure is expected to remain unchanged from August at 50 on a scale of 0 to 100. This index began 2023 at 35, peaked in July at 56 and if expectations are met, it appears to be stabilizing to 50 as we approach the fourth quarter. . For reference, the 10-year monthly average is 62.
Markets
Markets fell Friday as the United Auto Workers (UAW) launched a strike against Detroit’s “Big 3,” which includes General Motors (GM), Ford Motor Company (F), and owner of the Chrysler, Dodge, Jeep and RAM brands Stellantis (STLA). What’s interesting is that not only has the UAW launched this action against the three manufacturers, but they appear to be taking a strategic approach, organizing work stoppages that will effectively paralyze production without calling for a general strike . Given a general budget of $825 million and the $500 weekly pay paid to workers, the 13,000 workers currently on strike cost $6.5 million per week, as opposed to a general strike which would see the All 146,000 workers empty their coffers of $73 million per week.
All sectors were down, with technology (-1.92%), consumer discretionary (-1.71%) and energy (-1.45%) being hit the hardest. The Dow Jones fell 0.83%, the Russell 2000 fell 1.05%, the S&P 500 fell 1.22% and the Nasdaq Composite closed down 1.56%. Although airlines generally feel pressure on fuel and labor contracts, South West Airlines (LUV) saw its shares rise 2.59% after CEO Bob Jordan presented at a Morgan Stanley conference in Laguna, Calif., and said, “I feel very, very prepared for this winter.”
Here is how the main market indicators stand since the beginning of the year:
- Dow Jones Industrial Average: 4.44%
- S&P 500: 15.91%
- Nasdaq Composite: 30.97%
- Russell 2000: 4.87%
- Bitcoin (BTC-USD): 60.51%
- Ether (ETH-USD): 37.10%
Stocks to watch
Before US stock markets begin trading today, Point correction (SFIX) is expected to publish its quarterly results.
In the pre-marketing action, Micron (MU), Vertex Pharmaceuticals (VRTX), Paccar (PCAR)And Correspondence Group (MTCH) are the subject of auctions while CoStar Group (CSGP), Comerica (RMR), Clorox Company (CLX) And NetApp (NTAP) are under some pressure.
In response to the UAW strikes, Ford Motor Company announced the dismissal of 600 workers who had been idled due to strikes at an upstream production plant. In connection with the strike by the UAW, a non-union automaker Tesla (TSLA) was potentially positioned to capture more market share in the electric vehicle sector depending on the severity and duration of the UAW strike.
Proponents of psychedelic therapies for the treatment of post-traumatic stress disorder (PTSD) were pleased with recent phase 3 trial results published in naturemedicine, which showed that recipients of MDMA treatments saw significant improvements compared to to patients receiving placebo treatments. Names like COMPASS course (CMPS), Cybine (CYBN)And Jazz Pharmaceuticals (JAZZ) should benefit from it. Applications are being filed for FDA approval, which some analysts predict for 2024.
The state of California has joined the chorus of states seeking to do to oil companies what they did to tobacco companies in the 1990s, suing them for damages. -interests and force companies to use their future profits to combat the effects of the use of their petroleum products. product. In this case, the plaintiff is essentially the environment, and the companies targeted by the lawsuit include Exxon Mobil (XOM), Shell (SHEL), DAD), Conoco Phillips (COP)And Chevron (CVX).
IPOs
On the heels of ARM’s recent IPO, grocery delivery app Instacart’s parent company, Maplebear Inc., raised the proposed price range for its upcoming IPO, indicating a fully diluted valuation of 10 billion dollars. Shares are expected to begin trading on Tuesday, September 19. Readers interested in digging deeper into the upcoming IPO schedule should visit Nasdaq’s latest and upcoming IPOs page.
After today’s market close
No company should release quarterly results after stock trading has stopped. Those looking for more on upcoming quarterly earnings reports should head to the Nasdaq Earnings Calendar.
On the horizon
Tuesday September 19
- Euro zone: inflation rate (final) – August
- Euro Zone: Consumer Price Index (Final) – August
- United States: construction starts and building permits – August
Wednesday September 20
- Japan: Imports/Exports – August
- China: prime loan rate – September
- Euro zone: new car registrations – August
- Germany: Producer price index – August
- United Kingdom: inflation rate, producer price index – August
- United States: Weekly MBA Mortgage Applications
- United States: EIA weekly crude oil inventories
- United States: FOMC decision on rates and economic projections
Thursday September 21
- United Kingdom: Bank of England decision on interest rates
- United States: weekly initial and continuing unemployment claims
- United States: Philadelphia Fed Index – September
- United States: existing home sales – August
- United States: leading indicators – August
- United States: EIA weekly natural gas inventories
Friday September 22
- Japan: inflation rate – August
- Japan: Jibun Bank flash PMI indices in the manufacturing and services sector – September
- United Kingdom: retail sales – August
- Euro zone: HCOB flash PMI indices for manufacturing and services – September
- United Kingdom: S&P Global/CHIPS Flash PMI for industry and services – September
Thought of the day
“If you’re not having fun, you’re doing something wrong” ~ Groucho Marx
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
