Good morning. Happy Friday. Happy Unemployment Numbers Day.
The Asian/Pacific markets leaned to the upside. Hong Kong, India, Taiwan, Singapore and the Philippines did well; Thailand was weak. Europe, Africa and the Middle East are currently mixed. Denmark, Italy and the Czech Repubic are up; Turkey, Greece, South Africa and Hungary are down. Futures in the States point towards a moderate-to-big gap down open for the cash market.
————— VIDEO: A Quick Run Through the Indexes —————
The dollar is up. Oil is down; copper is up. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Payrolls watch
The U.S. Department of Labor will issue its monthly nonfarm payrolls data later today, which will be closely watched by market participants for insights into the Federal Reserve’s fight against inflation. The central bankers want to see the labor market ease further to stave off a wage-price spiral, but they don’t want to see it cool too much. After all, the Fed has a dual mandate of price stability and full employment, which can appear to be conflicting. That means it’s always faced with a balancing act.
Economists’ forecasts: Overall, economists calculate that the U.S. economy added 160K jobs in Sept., down from the 187K estimated for Aug. and the 269K in Sept. 2022. Diane Swonk, chief economist at KPMG U.S., expects to see a continued slowing in job gains in Sept. “The Fed’s marathon, in terms of combating inflation, has turned into a bit of a relay race in the labor market,” she told Seeking Alpha. For example, employment in individual sectors develops at differing rates. Swonk also expects Aug. numbers to be revised lower, as the total impact of the recent labor strikes hasn’t been taken into account.
Job market updates: The ADP jobs report estimated that 89K jobs were added in Sept. by private employers, far less than the 150K expected, and about half the 180K jobs added in Aug. Job openings jumped in August to 9.610M from 8.920M in July, although Glassdoor’s Daniel Zhao pointed out that this was largely driven by professional and business services. Meanwhile, U.S.-based employers announced 47,457 job cuts in September, compared to 75,151 in Aug., according to Challenger, Gray & Christmas.
SA commentary: Seeking Alpha analyst Justin Purohit expects job additions to be in line with estimates, if not slightly higher. “I expect data volatility to increase through Q4, as the impacts of ongoing work stoppages filter their way through the economic engine,” he cautioned. Meanwhile, Damir Tokic forecast steady, but slowing job creation. “But if the new jobs created are mostly from the non-cyclical health and education sector, that’s not necessarily good news for the economy and the stock market (SPY),” Tokic warned. (5 comments)
Shale consolidation
Exxon Mobil (XOM) is nearing a deal to acquire Pioneer Natural Resources (PXD), which would value the shale driller at about $60B. A deal may be finalized in the coming days if the discussions don’t hit a last-minute obstacle. While Exxon held preliminary deal talks with Pioneer in April, it’d also discussed a potential tie-up with at least one other company as it sought a blockbuster deal in the shale patch. If the Pioneer deal is successful, it would mark Exxon’s largest acquisition since its purchase of Mobil in 1999. The combination of the companies would also create the Permian Basin’s largest producer, surpassing current leader Occidental Petroleum (OXY). (103 comments)
Costlier mortgages
Long-term mortgage rates continued to scale higher, reaching the highest level in a generation once again, as the benchmark 10-year Treasury yield (US10Y) climbed, according to a Freddie Mac survey. As of Oct. 5, 30-year fixed-rate mortgages averaged 7.49%, up from 7.31% last week and 6.66% in the year-ago period. “Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation,” said Sam Khater, Freddie Mac’s chief economist. To note, higher rates caused mortgage applications to drop to their lowest level since 1996 in the last week of Sept. (70 comments)
Innovation lull
3M (MMM), maker of Scotch tape and Post-it Notes, isn’t coming out with new blockbuster products the way it used to do as innovation sputters, according to some investors and former staff. Part of the lull is attributed to a change in corporate culture, while others say innovation has shifted from manufacturing to other industries such as software and semiconductor design. The cautious approach to research and development comes as 3M faces billions of dollars in liabilities over its use of PFAS chemicals and its combat earplugs. “I urge buyers to not ignore the red flags suggesting 3M seems like a value trap,” warned Investing Group Leader JR Research, given the potential for more liabilities. (19 comments)
Today’s Economic Calendar
8:30 Nonfarm payrolls
12:00 PM Fed’s Waller: “Payments”
1:00 PM Baker Hughes Rig Count
3:00 PM Consumer Credit
What else is happening…
Microsoft (MSFT)-backed OpenAI weighs making its own AI chips.
Jeffrey Gundlach: ‘Buckle up’ as yield curve is rapidly de-inverting.
Amazon (AMZN) lets go of communications staff across divisions.
Shell (SHEL) sees better gas trading earnings in Q3 than forecast.
Flowserve (FLS) drops Velan deal after French regulatory rejection.
This analyst flags weakening demand for Meta’s (META) Quest 3.
Crude oil slides again, but Goldman sees recent drop as short-lived.
MGM Resorts (MGM) expects $100M hit from cybersecurity breach.
Juniper Networks (JNPR) announces layoffs, expects $59M in costs.
PepsiCo leads slump in beverage stocks ahead of earnings season.
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Good morning. Happy Thursday.
The Asian/Pacific markets mostly did well. Japan, India, Taiwan, Australia and New Zealand led while the Philippines were weak. Europe, Africa and the Middle East currently lean up. The UK, Denmark, South Africa, Spain, the Netherlands, Portugal and Sweden are up; Turkey, the UAE, Saudi Arabia and the Czech Repubic are down. Futures in the States point towards a negative open for the cash market.
————— VIDEO: A Quick Run Through the Indexes —————
The dollar is down. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Bond meltdown
The recent bond selloff is threatening hopes for a soft landing for the U.S. economy, as traders prepare for borrowing costs to remain higher for longer, while fears over the widening federal deficit continue to mount. Bonds that mature in 10 years or more have slumped 46% since peaking in March 2020, slightly below the 49% plunge seen in U.S. stocks after the dot-com bust.
Bigger picture: “The magnitude of the bond selloff has been so stunning that stocks are arguably more expensive than a month ago,” said Barclays. “In the short term, we can think of one scenario where bonds rally materially – if risk assets fall sharply in the coming weeks.” It noted that the Federal Reserve may not ease up on quantitative tightening and will remain a net seller of Treasurys, while the increase in bond supply due to rising deficit is also driving up the term premium.
What’s next: Treasury yields pulled back from multi-year highs on Wednesday after the ADP jobs report signaled that the labor market was weakening. Markets will now closely watch tomorrow’s non-farm payrolls report, as strong data would add fuel to the bond selloff. “The resilience of the U.S. economy and lack of buyers in the bond market means market swings will remain violent,” said Edward Moya, senior market analyst, OANDA.
SA commentary: Michael Craig, head of asset allocation at TD Asset Management, said the easier part of inflation reduction has happened. “The last bit is going to be challenging. And the bond market’s basically saying it’s going to need to push the economy into some type of recession to get there,” he warned. On the other hand, Investing Group Leader Lawrence Fuller believes the bond panic-selling has nothing to do with economic fundamentals. “It has everything to do with misguided rhetoric from Fed officials who assert short-term rates may need to stay higher for longer to squash inflation. Therefore, any incoming economic data that is stronger than expected fuels fears of higher for longer.”
Ozempic impact
Walmart (WMT) shoppers seem to be buying less food as the use of drugs for weight loss, like Novo Nordisk’s (NVO) Ozempic, ramps up. Walmart U.S. CEO John Furner said there is “a slight pullback in overall basket” in terms of items bought and the calories in them, although it’s too early to tell how much impact the drugs will have. Walmart is tracking sales patterns using anonymized shopper data to look at the purchasing changes among those taking GLP-1 agonists and those who aren’t. Walmart isn’t alone in tracking the impact of such drugs. Kellanova (K) is also looking at the potential impact on its business and on eating habits. (107 comments)
Up in smoke?
Tobacco companies may need to reset some of their strategies if U.K. Prime Minister Rishi Sunak’s proposed legislation to gradually raise the legal age for cigarettes is passed. Sunak’s plan would have the effect of eventually banning smoking through a progression of one-year raises in the age requirement to buy cigarettes. Bank of America said this type of restriction could spread to other European countries if implemented, because of which nicotine companies would need to have a “solid smoke-free strategy in place.” Philip Morris (PM) and other companies have already expanded their smoke-free portfolios, but the U.K. development could reset those timelines. (8 comments)
Espionage fears
Belgium’s intelligence agency has been monitoring Alibaba’s (BABA) logistics hub at the cargo airport in Liège for nearly two years since it opened. This is because of espionage concerns on account of a data law that requires Chinese companies to share information with Chinese authorities. “China has the intent and capacity to use this data for non-commercial purposes,” said the Belgian State Security Service. One of the aspects under scrutiny is software systems that collect sensitive data on supply chains and final consumers. Cainiao, Alibaba’s logistics spinoff that runs the hub, has denied any wrongdoing, adding that the hub’s data is stored in servers in Germany. (1 comment)
Today’s Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 International Trade in Goods and Services
9:00 Fed’s Mester’s Speech
10:30 EIA Natural Gas Inventory
11:30 Fed’s Barkin: “National Outlook”
12:00 PM Fed’s Daly’s Speech
12:15 PM Fed’s Barr: “Cyber Risk in the Banking Sector”
4:30 PM Fed Balance Sheet
What else is happening…
UAW strike: Ford (F) announces more layoffs; GM (GM) puts cost at $200M.
Amazon, Microsoft (MSFT) may face U.K. probe over cloud dominance.
Suncor (SU) to buy TotalEnergies’ (TTE) Canada operations for $1.1B.
GE (GE)-Safran (OTCPK:SAFRY) JV finds more engines with fake parts.
BlackBerry (BB) concludes strategic review, plans IoT business IPO.
Exxon Mobil (XOM) sees higher oil, gas prices boosting Q3 earnings.
Google (GOOG, GOOGL) launches Pixel 8 phones at $699 and $999.
AT&T (T) evaluating options for hefty DirecTV stake, including sale.
Apple (AAPL) CEO Tim Cook, execs sell stock amid weakening shares.
McDonald’s (MCD) raises dividend by about 10% to $1.67 per share.
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Good morning. Happy Wednesday.
The Asian/Pacific markets suffered big losses. Japan, Hong Kong, South Korea, Taiwan, Australia, Indonesia and Singapore led the way. Europe, Africa and the Middle East are currently mixed and little changed. Denmark, Poland, the Netherlands and Portugal are up; Turkey, Norway, Israel and Saudi Arabia are down. Futures in the States point towards a positive open for the cash market.
————— VIDEO: A Quick Run Through the Indexes —————
The dollar is down. Oil and copper are down. Gold and silver are barely changed. Bonds are up.
Stories/News from Seeking Alpha…
Historic ouster
The ouster of Kevin McCarthy as U.S. House speaker, a result of escalating infighting within the Republican majority, has renewed concerns that a federal government shutdown could happen next month. This marks the first time in history that the House has removed its leader, and underscores the growing governance challenges that threaten the sovereign rating of the U.S.
Backdrop: The House of Representatives on Tuesday voted to oust McCarthy as speaker just three days after a bipartisan stopgap spending bill was passed to avert a government shutdown. A small number of Republicans, who had sought deeper cuts to the federal budget, succeeded in removing him from the leadership role. Representative Patrick McHenry has taken over as acting speaker, and the House will hold speaker elections on October 11. The House will not conduct votes on pending FY2024 spending bills till a new speaker is chosen, although House committees can continue to conduct business.
Shutdown risk: Goldman Sachs said the ouster heightens the risk of a government shutdown next month, adding that McCarthy’s successor will face even more pressure to avoid a temporary spending package or additional funding for Ukraine. “The near-term concern is that the House’s paralysis will further complicate the already complicated calculus surrounding the forthcoming funding fight,” said BTIG’s Isaac Boltansky, forecasting a government shutdown in Q4. “Over the longer term, ousting the Speaker in this manner is wholly consistent with broader structural concerns regarding political dysfunction and the country’s debt trajectory.”
SA commentary: Prior to McCarthy’s ouster, Franklin Templeton had weighed in on the long-term challenges facing the U.S. government. “Last weekend’s last-minute compromise offers little comfort that a shutdown later this year or in 2024 can be avoided,” they said. “Intransigence in Washington remains its defining characteristic, and will remain so at least until the 2024 elections. Importantly, as much as investors may welcome bi-partisan outcomes, they can also destabilize internal party politics.” (21 comments)
Project Nessie
In the landmark antitrust lawsuit against Amazon (AMZN), the Federal Trade Commission has accused the e-commerce giant of secretly developing an algorithm that would examine how much it could raise prices so that competitors would follow. The algorithm – codenamed Project Nessie – helped Amazon boost its profits. And because of Amazon’s dominance, this led competitors to boost their prices as well. Amazon, which stopped using the algorithm in 2019, is being sued by the FTC and 17 U.S. states for allegedly being a monopolist. Despite Amazon’s stock pullback since the lawsuit, SA analyst Tradevestor has listed nine reasons why they are adding to their position. (77 comments)
Correction ahead
Wells Fargo expects the separation between mega caps and the rest of the stock market to begin narrowing soon, with macro pressures raising the odds of a possible “catching down” for Wall Street’s marquee names. “We expect recent outperformance of larger cap names to eventually correct, either by the top names ‘catching down’ to the average stock or the average stock catching up to the top names,” it said. The average stock will likely continue struggling as Wells Fargo sees a recession on the horizon. Seven mega cap tech names drove the majority of market returns as of last month. Investing Group Leader Lance Roberts explains why traders are chasing mega caps “with reckless abandon”. (133 comments)
Costlier streaming?
Netflix (NFLX) may look at raising prices a few months after the ongoing actors’ strike ends, a development that may be imminent as the actors’ union restarts talks with studios today. Meanwhile, Warner Bros. Discovery (WBD) hiked the price of its discovery+ streaming service for the first time since its 2021 launch. Netflix has been the only big streaming company not to raise prices over the past year, as services look to pivot to a profit focus after fighting over market share. Next week brings the previously announced price hikes for ad-free service on Disney (DIS) streaming platforms, while Amazon (AMZN) is adding ads and an ad-free tier to its Prime Video service next year. (23 comments)
Today’s Economic Calendar
Auto Sales
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 PMI Composite Final
10:00 Factory Orders
10:00 ISM Service Index
10:00 Fed’s Paese’s Speech
10:05 Fed’s Schmid’s Speech
10:25 Fed’s Bowman: “The Role of Research, Data and Analysis in Banking Reforms”
10:30 Fed’s Goolsbee’s Speech
10:30 EIA Petroleum Inventories
3:00 PM Fed’s Goolsbee’s Speech
What else is happening…
Will the U.S. 10-Year Treasury yield (US10Y) reach 5% by year end?
Meta (META) could lay off employees at Reality Labs silicon unit today.
Google (GOOG, GOOGL)-backed Anthropic to raise $2B in latest funding.
Job openings unexpectedly climb in August, snapping downward trend.
Palantir (PLTR) set to win UK NHS contract amid data privacy concerns.
Bearish Citi analysts see crude oil tumbling toward low $70s next year.
Spotify (SPOT) Premium users will soon get free access to audiobooks.
Court throws out $223.8M talc verdict against Johnson & Johnson (JNJ).
Texas grid operator seeks more power reserves to avoid winter shortages.
Apple (AAPL) downgraded on stretched valuation, slowing U.S. sales.
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Good morning. Happy Tuesday.
The Asian/Pacific markets suffered big losses. Japan, Hong Kong, Australia and Thailand were down big; India, Taiwan and Singapore dropped moderately. Europe, Africa and the Middle East are currently down big. Hungary is up, but France, Germany, Greece, Finland, Switzerland, Norway, Spain, the Netherlands, Italy, Portugal, Israel, Austria and Sweden are down. Futures in the States point towards a moderate gap down open for the cash market.
————— BLOG: Housing Stocks are Topping —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Nadella testifies
As the legal battle over Google’s (GOOG, GOOGL) alleged dominance continues, it looks like even the CEO of Microsoft (MSFT) resorts to using the search engine to start his day. “You get up in the morning, you brush your teeth and you search on Google,” Satya Nadella said on the stand on Monday at Google’s antitrust trial, referring to the dominance of the app.
Alarm bells: The tech executive warned about the advent of AI, which could allow Google’s monopoly to strengthen further, as it could use the massive profits it makes from search to pay for exclusive rights to content it can use to improve its search AI. Despite investing $100B, Nadella testified that Microsoft’s rival search tool Bing is a “very, very low share player.” Microsoft executive Jonathan Tinter previously testified that the company was unable to seal a deal to add Bing on Apple (AAPL) products, even though it was offering better terms than Google. Even Microsoft’s own phone is required to use Google Search to license the Android mobile operating system.
Backdrop: The U.S. Department of Justice is accusing Alphabet’s search division of unlawfully maintaining a monopoly by paying $10B a year to make its search engine the default option. Google denies the allegations. The government is using the case of Bing and Microsoft’s might behind it as evidence that even with massive resources, no one can trump Google. A decision in the case is not expected until next year.
SA commentary: Cavenagh Research pointed out the similarities with the Microsoft antitrust case of the late 1990s. “The judge will likely prohibit Google from having exclusive contracts with Apple and/or Android OEMs that require Google to be the default search engine,” he predicted, but added that the trial is “quite insignificant” for Google’s commercial success. Livy Investment Research also believes the risks from the trial are remote. “Instead, we are more concerned over recent findings disclosed from the trial, which suggest increasing risks of structural market share loss to rivals.” (25 comments)
Reassuring outlook
Tesla (TSLA) turned around a premarket loss and moved into positive territory on Monday, closing up 0.6%, as investors sized up the Austin-based automaker’s Q3 deliveries report. Tesla delivered 435,059 vehicles during Q3, missing expectations, on account of longer than expected downtimes for factory upgrades. Crucially, Tesla remains committed to the target of 1.8M deliveries for the year. Wedbush analyst Dan Ives said the downtimes may have shifted about 20K vehicle deliveries into Q4. Despite the sequential decline in deliveries, Seeking Alpha analyst Poonam Arora believes Tesla has high growth in revenues and earnings locked in for at least the next ten years. (46 comments)
Drilling in check
U.S. shale producers plan to keep drilling under wraps even if oil prices top $100/bbl, citing the need for financial discipline during what they see as President Joe Biden’s “war” on fossil fuel production. Many companies cited the Biden administration’s decisions to limit drilling on federal lands and waters as the main reason they are restricting investments, as well as ongoing permitting delays and often hostile rhetoric from the administration. “It’s political power,” asserted Continental Resources founder Harold Hamm. “They believe that is what their base wants.” Note that U.S. shale companies reinvested most of their capital in production this year, although there are fewer active U.S. oil rigs. (71 comments)
Not misleading
In a win for the fast-food industry, U.S. District Judge Hector Gonzalez dismissed a lawsuit accusing both McDonald’s (MCD) and Wendy’s (WEN) of misleading customers in advertising about the size of their hamburgers. Judge Gonzalez ruled that he did not see proof that the fast-food chains delivered smaller burgers than advertised, or that the plaintiff had even seen ads for the McDonald’s Big Mac and Wendy’s Bourbon Bacon Cheeseburger that were the basis of the lawsuit. The ruling will likely improve the legal position of other chains such as Yum! Brands’ (YUM) Taco Bell and Restaurant Brands’ (QSR) Burger King, which are also facing similar lawsuits. (7 comments)
Today’s Economic Calendar
Auto Sales
8:00 Fed’s Bostic: “Economic Outlook for 2024: Inflation, Rising Interest Rates, Labor Market, and Uncertainties”
10:00 Job Openings and Labor Turnover Survey
What else is happening…
WSB survey results: Most readers are not stressed by student loans.
Delta Air (DAL) is latest carrier to find fake aircraft engine parts.
Biden admin gives China heads up on chip export curb expansion.
GM (GM), Stellantis (STLA) may face $9.5B in fuel economy fines.
JPMorgan’s Dimon sees AI allowing 3.5-day workweek in future.
Pentagon’s F-35 fighter jet program just got more expensive.
Drugmakers comply with Medicare pricing talks despite lawsuits.
Cleveland Fed’s Loretta Mester sees one more rate hike this year.
Novo Nordisk (NVO) gains after winning Wegovy patent challenge.
WeWork skips $95M interest payments, eyes negotiating with lenders.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned down, but several markets were closed. Taiwan posted a gain; Japan, New Zealand and Malaysia posted losses. Europe, Africa and the Middle East lean down but are little changed. Turkey and Portugal are up; the UK, Denmark, Poland and Greece are down. Futures in the States point towards a flat-to-down open for the cash market.
————— BLOG: Housing Stocks are Topping —————
The dollar is up. Oil is up; copper is down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Payments resume
Millions of Americans will start making payments again on their federal student loans, after a pandemic-era pause for over three years ended on Sunday, fanning concerns of the spillover effects on the U.S. economy. Interest began accruing on loans again on September 1 and payments came due starting Sunday.
Bigger picture: More than 40M people together owe over $1.6T in federal student loan debt. Note that the moratorium on payments had been extended multiple times and President Joe Biden’s student loan forgiveness plan was blocked by the Supreme Court. Even so, administration policies are expected to blunt the impact of repayments, such as the income-driven repayment plan aimed at low-income households. The resumption’s impact on households and the economy remains uncertain, on account of the unprecedented long break. It could lower consumer spending by $9B per month, according to Oxford Economics, in turn reducing 2023 GDP growth to 1.7%, and resulting in a 0.3% decline in 2024.
“To our knowledge, there has never been a circumstance in which an entire lending market was turned off and turned back on again,” said Jefferies analyst John Hecht. He added that the resumption will lead to higher delinquencies and net charge-offs, and increased loan demand, although loan origination volumes may be subdued. Discretionary spending is widely expected to take a major hit. BTIG said results of retailers and restaurateurs will be affected, while UBS said soft goods sales will likely decline. Keep an eye on student loan-related stocks – SoFi Technologies (SOFI), Navient (NAVI), Nelnet (NNI) and SLM Corp. (SLM).
SA commentary: While noting the risks to consumer spending, Investing Group Leader Fear & Greed Trader pointed out that monthly payments on all types of consumer debt – including student loans – as a percent of income is very low. Dane Bowler said the resumption is not a dire situation, as the interest and principal burden is hitting consumers at a time when their balance sheets look excellent. Take the WSB survey. (4 comments)
Shutdown averted
The U.S. Senate passed the 45-day spending bill that the House passed earlier Saturday, averting a government shutdown that would’ve seen thousands of federal workers furloughed without pay. The legislation, which was signed by President Joe Biden before the midnight deadline, gives Congress more time to negotiate a full FY2024 budget. The stopgap spending bill funds the government until November 17 at 2023 spending levels, and includes $16B of natural disaster relief, but no aid for Ukraine. SA analyst Damir Tokic warned that while averting the shutdown is good news for the economy and government workers, it may not be positive for financial markets. (109 comments)
Overheating fix
Apple (AAPL) will address issues raised by users about recent iPhone 15 models running too hot, primarily blaming a software bug and not their sleek titanium casing. The company is working on an update to the iOS 17 system that powers the iPhone 15 lineup to prevent overheating. Separately, Evercore ISI highlighted strong iPhone 15 Pro deliveries in the U.S. while demand in China and Japan has been slightly weaker. In North America, lead times for iPhone 15 have hit record highs, an encouraging sign given the somewhat tepid response to the product’s launch. Note that iPhones accounted for 48.5% of Apple’s overall revenue for the most recent quarter. (60 comments)
Losing steam?
Crude oil concluded its best quarterly gain since the initial months of the war in Ukraine, but Wall Street expects this rally to lose steam. Front-month WTI crude (CL1:COM) closed Q3 with its best showing since Q1 2022, while energy stocks also had a strong quarter, with the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) up 17%. But barring a supply crisis, few analysts see oil prices staying above $100/bbl in the near term, and many think prices will likely hover near $90 for the rest of the year. While J.P. Morgan said higher oil prices are starting to weigh on demand, Investing Group Leader HFIR believes this oil rally is only just getting started. (233 comments)
Today’s Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
What else is happening…
California Gov. Newsom rejects unemployment pay for striking workers.
Tesla (TSLA) rolls out updated Model Y in China; starting price unchanged.
Biden administration plans record low number of offshore drilling leases.
‘Hey above-median spender’ – Jefferies lists software, internet picks.
Deliveries watch: Li Auto (LI), XPeng (XPEV), Nio (NIO) numbers in.
Eldorado Gold (EGO) on track to meet full-year production guidance.
Macau’s Golden Week starts off strong in likely boost for China economy.
Novo Nordisk (NVO) underperforms as Viatris fights Wegovy patents.
Cigna (CI) agrees to pay $172M to resolve Medicare overpayment claims.
Activewear brand Vuori in talks with investment banks for potential IPO.
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