Today’s big picture
Asia-Pacific stock markets ended the day mixed. Japan’s Nikkei Stock Average fell 0.43%, Hong Kong’s Hang Seng Index fell 0.58% and Taiwan’s TAIEX closed 0.86% lower in a sharp decline led by commercial services and technology services stocks. Due to the divergence between mainland listed stocks (A shares, B shares) and Hong Kong listed stocks (H shares), South Korea’s KOSPI rose 0.36%, Australia’s ASX All Ordinaries rose 0.40%, and India’s SENSEX 0.79%. China’s Shanghai Composite rose 0.84% to close. )market. European markets rose in intraday trading, with US stock futures suggesting a positive start later this morning. Contributing to the rise in U.S. stock futures are: Tesla (TSLA) The stock is surging this morning following an upgrade from Morgan Stanley (MS) that included a $400 price target.
Investors are likely to pay more attention to data as the Federal Reserve enters a blackout period ahead of the FOMC meeting scheduled for September 19-20. wall street journal It was reported over the weekend that there is a consensus among Fed members to hold off on raising interest rates at next week’s central bank meeting. However, recent data and rising energy prices have renewed concerns that the federal funds rate could rise further in the coming months.
Today’s economic calendar is empty, but August’s inflation numbers and retail sales will quickly get things into gear. And with less than a fraction of today’s gains, investors will likely focus on the next wave of investor conferences starting today. They will be looking to gather an update on the current quarter as the company closes in 15 business days, and right after the start of quarterly earnings season in September.
data download
international economy
Following the first decline in more than two years in July, China’s consumer prices rose 0.1% year-on-year in August, slower than the 2023 consensus of 0.2%. Core consumer prices, excluding food and energy prices, rose at the same pace, rising 0.8% year-on-year. As with July, this was the fastest pace since January. China’s producer price index narrowed from a 4.4% decline in July to a 3% decline in August, continuing its decline for the past 11 months. According to data from the China Automobile Manufacturers Association, car sales in China rose 8.4% year-on-year to 2.582 million units in August, a turnaround from a 1.4% decline in the previous month.
Bank of Japan Governor Kazuo Ueda said over the weekend that the BOJ may end its negative interest rate policy if it can sustainably achieve its 2% inflation target.
Ahead of the European Central Bank’s next interest rate decision on Thursday, and with August US CPI and PPI data due later this week, markets remain divided on whether to raise rates again or pause them.
domestic economy
At 11 a.m. ET, U.S. consumers’ forecasts for the year ahead will be released in August. Investors will be watching to see whether consumers think it will fall further after falling steadily from 4.7% in March to 3.5% in July.
Treasury Secretary Janet Yellen said she is increasingly confident the United States can control inflation without major damage to the job market.
market
On Friday, real estate (-0.65%) and industrial stocks (-0.50%) recorded the only losses, with stocks easing a bit from the pressure of the past few days on some large-cap stocks. Energy continued to show gains as supply and demand continued, ending the week up 0.97%. The remaining sectors closed flat, up 0.30%, with only the utilities sector posting a notable performance. Among the broader indexes, the Russell 2000 was the only decliner, dropping 0.23%, while the Nasdaq Composite rose 0.09%, the S&P 500 rose 0.14% and the Dow closed 0.22% higher. In personal name, Kroger (KR) The bid rose 3.10% after a $1.4 billion settlement was reached to end litigation related to opioid sales.
Year-to-date trends in major market indicators are as follows.
- Dow Jones Industrial Average: 4.31%
- S&P500: 16.10%
- Nasdaq Composite: 31.48%
- Russell 2000: 5.13%
- Bitcoin (BTC-USD): 56.08%
- Ether (ETH-USD): 36.55%
Up-and-coming stocks
Before today’s U.S. stock market trading begins, Fuel cell (FCEL) We report quarterly results.
Vietnam Airlines is close to signing an initial $7.5 billion deal to buy about 50 airliners from Vietnam, according to reports. Boeing (BA).
Uber Technologies (UBER) is working on adding handyman services to its app, with the aim of expanding its business beyond driving and delivery.
The possibility of a major strike by U.S. autoworkers continues to rise after the United Auto Workers union rejected individual contract offers from autoworkers. General Motors (GM), Ford (F)and Stellantis (STLA). Anderson Economic Group estimates that a 10-day shutdown would impact U.S. GDP by $5.6 billion.
wall street journal report JM Smucker (SJM) Nearing agreement to buy Twinkies owner Hostess Brand (TWNK) In a deal worth about $4 billion.
IPO
Chip design company ARM is expected to price its IPO and begin trading within the next few days. The deal was oversubscribed by more than five times, according to the report, suggesting further upward revisions to the offering price talk are likely. Readers interested in learning more about his upcoming IPO calendar can visit Nasdaq’s Latest and Upcoming His IPOs page.
After today’s market close
Casey’s General (CASY), Mission Produce (AVO), and Oracle (ORCL) The company plans to announce its quarterly results after the stock trading is suspended. For more information on upcoming quarterly earnings reports, visit Nasdaq’s earnings calendar.
on the horizon
Tuesday, September 12th
- China: Auto Sales, New RMB Loans, Loan Growth – August
- Japan: Machine tool orders – August
- Eurozone: ZEW Business Confidence Index – September
- US: NFIB Small Business Optimism Index – August
- United States: USDA WASDE Report – August
Wednesday, September 13th
- Japan: Producer Price Index – August
- UK: GDP, mining and manufacturing production – July
- Eurozone: Industrial production – July
- US: Weekly MBA Home Loan Application
- United States: Consumer Price Index – August
- USA: Weekly EIA Crude Inventories
- United States: Financial Budget – August
Thursday, September 14th
- United States: Weekly initial and continuing unemployment claims
- United States: Producer Price Index – August
- US: Retail Sales – August
- US: Corporate Inventories – July
- USA: Weekly EIA Natural Gas Inventories
Friday, September 15th
- China: Industrial production, unemployment rate, retail sales – August
- Eurozone: Labor Cost Index, Wage Growth – Q2 2023
- USA: Import and export prices – August
- US: Empire Manufacturing Business Index – September
- United States: Industrial Production and Capacity Utilization – August
- US: University of Michigan Consumer Confidence Index (preliminary) – September
Thoughts from that day
“Success usually comes to those who are too busy looking for it.” — Henry David Thoreau
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
