US index futures are falling in pre-market trading on Wednesday,
a crucial day for markets due to the presentation of US inflation
data. This data could impact the Federal Reserve’s decision on
monetary policy next week.
At 7:07 AM, Dow Jones futures (DOWI:DJI) fell 52 points, or
0.15%. S&P 500 futures were down 0.14% and Nasdaq-100
futures were down 0.19%. The yield on the 10-year Treasury
note was at 4.306%.
The anticipation of consumer inflation influences a negative
trend in future indices. If the index is stable, the Fed may
consider keeping interest rates between 5.25% and 5.50%, postponing
a possible increase until November, in order to analyze more
information before deciding. Experts predict that inflation in
the US will increase by 0.60% in August, a rate well above the
0.20% recorded in July. Core inflation, which is crucial for
central banks’ decisions on monetary policy, is expected to grow
0.20% over the same period.
The MBA mortgage index showed that demand for mortgage
refinancing fell due to rising interest rates. There was a
0.8% drop in mortgage applications last week, with 30-year interest
rates hitting 7.27%. Requests for refinancing fell 5%, while
requests to purchase properties increased 1%.
In the remainder of Wednesday’s U.S. economic schedule, the
Department of Energy will release the week’s oil inventories at
10:30 a.m. At 1 PM, the Treasury announces the third Treasury
auction of the week, this time with a thirty-year
maturity. Yesterday, the government placed US$35 billion in
the tender, with a cut rate of 4.289%. Finally, at 2 PM, it
will be the turn of the federal budget balance, which has a
consensus of a deficit of US$240 billion in August, whereas in July
the deficit was smaller, at US$221 billion.
In the euro zone, industrial production in July recorded a
retraction of 1.1%, exceeding the forecast for a drop of
0.70%. This result highlights the bloc’s economic
challenges. In the United Kingdom, the drop was 0.70%, also
above expectations. Although these numbers show a slowdown,
the European Central Bank (ECB) anticipates that inflation in the
euro zone will remain above 3% until 2024. This suggests a possible
interest rate hike at Thursday’s meeting, as reported by
Reuters. However, many expect the rate to remain at 4.25% per
year.
Ursula von der Leyen, leader of the European Commission, said
the possibility of China providing excessive financial support to
electric car manufacturers will be investigated. She
emphasized that Europe values fair competition.
In Asia, there is an expectation of new incentives from the
Chinese government, especially for the real estate
sector. Asian markets closed lower today, with an eye on US
inflation. In Japan, producer prices grew 0.30% in August,
exceeding the estimate of 0.10%, negatively impacting higher risk
investments.
Regarding the real estate sector, according to Bloomberg,
Country Garden reached an agreement with creditors to extend the
payment of a debt of US$1.4 billion, easing its financial
burden.
In the commodities market, iron ore with a concentration of 62%
rose 0.47%, to US$118.09. West Texas Intermediate crude oil
for October rose 0.71% at $89.47 per barrel. Brent crude oil
for November rose 0.66% at US$92.69 per barrel.
At Tuesday’s close, stocks fell, especially the technology
sector, with attention focused on the CPI announcement. The
Dow Jones fell 17.73 points or 0.05% to 34,645.99. S&P 500 fell
25.56 points or 0.57% to 4,461.90. Nasdaq Composite fell 144.28
points or 1.04% to 13,773.61, largely offsetting the strong gain
recorded on Monday. Oracle presented a result below
expectations, with a decrease in its sales. The increase in
oil prices also influenced the growth of interest rates on
Treasuries, increasing the value of the dollar.
On Wednesday’s corporate earnings front, investors are watching
reports from Cracker Barrel (NASDAQ:CBRL), Burford (NYSE:BUR),
Semtech (NASDAQ:SMTC), Iris Energy (NASDAQ:IREN), Research
Solutions (NASDAQ:RSSS), among others.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL)
– At the event in
Cupertino, Apple launched a new series of
iPhones with titanium casing, advanced chip and better gaming
features. The iPhone 15 will launch on September 22 with a
subtle price increase, with new features powered by machine
learning. Apple’s iPhone 15 has received mixed reactions in
China, its third-largest market. Apple will launch three Apple
Watch models with recycled materials and as “carbon neutral”, using
renewable energy and reducing air transport. The company aims
for carbon neutrality by 2030 and is switching to less polluting
transport such as boats and trains. In other news, Apple
defended the iPhone 12’s compliance with global radiation standards
after French regulatory agency ANFR ordered a halt to sales in
France. ANFR claimed that the device exceeded European radiation
exposure limits.
Nvidia (NASDAQ:NVDA) – Startup Enfabrica
raised $125 million in capital, with Nvidia as a strategic
investor. Founded by former executives from Broadcom
(NASDAQ:AVGO) and Google (NASDAQ:GOOGL), Enfabrica designs chips
that optimize the use of Nvidia GPUs in AI data centers, making
them more efficient.
Taiwan Semiconductor
Manufacturing (NYSE:TSM) – TSMC, facing problems at
its Arizona factory, is increasingly optimistic about Japan as a
production base. With an $8.6 billion factory underway in
Kyushu, it is considering expanding capacity and adding another
unit. Japanese expansion could strengthen Japan’s position in
chip manufacturing. Japan’s work culture and government
support are seen as advantages.
Meta Platforms (NASDAQ:META) – Writers
including Michael Chabon have sued Meta Platforms, alleging that
the company improperly used their work to train the AI software,
Llama. They also filed a similar lawsuit against
OpenAI. Both companies face increasing copyright-related
challenges in AI training.
Microsoft (NASDAQ:MSFT) – EU antitrust
regulators are probing Microsoft’s rivals and customers about
impacts of Activision Blizzard’s proposed $69 billion
acquisition. After being blocked by the UK CMA, Microsoft
proposed selling streaming rights to Ubisoft.
Oracle (NYSE:ORCL) – Oracle shares fell on
Tuesday due to intense competition in the cloud sector and a
pullback in digital spending. Even after a 50% increase this
year with optimism about generative AI, recent results have
indicated a slowdown. CEO Safra Catz expressed concerns about
the growth of the healthcare sector Cerner, acquired by
Oracle. Analysts remain cautiously optimistic, acknowledging
fierce competition and integration challenges.
Broadcom (NASDAQ:AVGO), VMware (NYSE:VMW)
– Broadcom plans to merge with VMware on October 30, in a $75
billion deal. VMware shareholders can choose between Broadcom
shares or cash. Due to Broadcom’s appreciation, the stock
option is seen as advantageous. There are regulatory
uncertainties, mainly Chinese, regarding the approval of the
merger.
Amazon (NASDAQ:AMZN) – Amazon will invest
more than $440 million in wages for contract delivery drivers,
targeting an average wage of $20.50 per hour in the US. Its
DSP program, launched in 2018, helps deliver millions of packages
daily in 19 countries.
Virtu Financial (NASDAQ:VIRT) – The SEC
sued Virtu Financial, alleging the company left customer data
vulnerable and misled about data protections. Virtu defended
its protocols and denied misconduct, hinting at political
motivation behind the allegations.
UPS (NYSE:UPS) – The new five-year deal
between United Parcel Service and the Teamsters will cost less than
the union’s proposed $30 billion. The contract, which covers
340,000 UPS workers in the U.S., calls for increases in salary and
benefit costs by 3.3% annually.
Boeing (NYSE:BA) – In August, Boeing
delivered 35 planes, its lowest number since April, due to defects
in the 737 MAX. In total, it delivered 344 planes in 2023,
while rival Airbus delivered 433. The company registered new orders
for 43 planes after considering two cancellations. SMBC
Aviation Capital has closed a $3.7 billion deal for 25 Boeing 737
MAX aircraft, bringing its orders to 81 jets. Scheduled for
2028 and 2029, the acquisitions support its growth plans and
customer demand.
Tesla (NASDAQ:TSLA) – Tesla led the most
shorted US stocks in August, according to Hazeltree. Its
shares rose following a Morgan Stanley note on supercomputer
Dojo. Charter Communications and Apple followed on the
list. Investors have been betting against Tesla, but Elon Musk
responded to a short position from Bill Gates, citing bankruptcy
risks. Hedge funds have rapidly increased their short
positions in recent weeks. Blackbird Capital’s Dan Izzo
admitted losses trying to bet against Tesla.
BYD (USOTC:BYDDY), Nio (NYSE:NIO), Xpeng (NYSE:XPEV)
– The European Commission is investigating the imposition of
tariffs on Chinese electric vehicles due to state
subsidies. Ursula von der Leyen highlighted the flood of cheap
electric cars on the market. Sales of Chinese EVs in Europe
have increased, affecting shares of Chinese manufacturers.
VinFast (NASDAQ:VFS) – Vietnamese electric
vehicle maker VinFast aims to expand into seven Asian markets,
focusing on Indonesia. Vinfast plans to invest US$1.2 billion
long-term in the Indonesian market, with US$200 million earmarked
for a factory scheduled for 2026, producing 30,000-50,000 units
annually.
General
Motors (NYSE:GM), Ford
Motor (NYSE:F) – Shares of General Motors and Ford
could come under pressure due to the potential strike by auto
workers in the US. Data from BondCliQ shows sales exceeding
purchases in the last 10 days for both. If negotiations
between automakers and the United Auto Workers union fail, some
146,000 workers could go on strike, seeking significant pay
increases and benefits.
Advance Auto Parts (NYSE:AAP) – Shares of
Advance Auto Parts declined after S&P Global Ratings downgraded
its credit rating to “non-investment grade.” S&P cited
Advance’s strategic challenges and weak performance, although it
predicted gradual improvement. In response, Advance
highlighted its financial strategies and search for operational
improvements. S&P expressed additional concerns about the
company’s strategy.
RTX Corp (NYSE:RTX) – North American
engine manufacturer RTX has revealed a manufacturing flaw in Airbus
A320neo jet engines, potentially affecting hundreds of
planes. This fault, a defect in the metal, can cause cracks in
engine components. RTX plans to recall 600 to 700 engines for
inspections over the next three years. The global aerospace
industry is concerned about rising costs and reductions in flight
capacity. Airlines, such as Lufthansa and Air New Zealand,
foresee significant impacts on their operations.
GoDaddy (NYSE:GDDY) – Investor Starboard
Value claimed that GoDaddy is undervalued and suggested selling if
performance does not improve. GoDaddy, a leader in domain
registration, faces financial challenges
post-pandemic. Starboard, which owns 7.8% of the shares,
criticizes the company’s goals and spending.
Goldman Sachs (NYSE:GS) – Goldman Sachs
CEO David Solomon predicts the U.S. economy will avoid a major
recession, but warns of persistent inflation. Believing in a
more optimistic economic environment, he sees IPOs
flourishing. Solomon, however, criticizes US proposals that
would increase capital requirements for banks, arguing that this
would affect growth and companies’ access to capital. He also
commented on the recent departures of senior bankers from Goldman
following internal restructurings.
Wells Fargo (NYSE:WFC) – Wells Fargo plans
to increase efficiency, possibly further reducing its workforce,
which has already seen a 40,000 employee cut since 2020.
Morgan Stanley (NYSE:MS) – U.S. economic
growth in the third quarter, driven by entertainment, is seen as a
single peak. Morgan Stanley’s Vishwanath Tirupattur believes
the economy will slow and inflation will fall, limiting the Fed’s
rate hikes. He recommends long-term debt, anticipating lower yields
later in the year.
Citigroup (NYSE:C) – In the first half of
the year, rich families prioritized bonds and private equity,
reducing stocks, according to Citigroup research. Of the 268
family offices consulted, many increased fixed income
allocations. The dominant concerns were inflation, interest
rates and US-China tensions.
UBS Group (NYSE:UBS) – Goldman Sachs
analysts, led by Christopher Hallam, raised their target price on
UBS Group AG shares following its recent strong
performance. The new target is 35 Swiss francs from 25.80
Swiss francs. UBS, which is part of Credit Suisse after a
historic agreement, recovered after turbulence and stands out in
Europe. Hallam predicts $6 billion in share buybacks from UBS
in 2025.
HSBC (NYSE:HSBC) – Michael Krantz, a
former HSBC associate, sued the bank alleging discrimination due to
his Jewish faith and request for parental leave. Krantz claims
that after requesting time off for Jewish holidays and parental
leave, he was given reduced, less significant duties and was
subsequently fired. HSBC representatives did not comment on
the case.
Northern Trust (NASDAQ:NTRS) – Northern
Trust Corp predicted a larger decline in net interest income (NII)
in Q3. Jason Tyler revealed that the NII could fall by up to
10%, double the previous forecast. Amid high interest rates,
the company faces rising costs. Its deposits are down 10%, but
Tyler indicates recent stabilization. The company also
predicts limited economic growth and slower stock returns.
BP (NYSE:BP) – BP plans to invest $10.7
billion in Germany by 2030 in low-carbon fuels, renewable energy
and electric vehicle charging infrastructure, aiming to rival local
energy companies. The strategy includes expanding the electric
charger network, decarbonizing refineries and investing in wind
energy and low-carbon hydrogen imports. Additionally, Bernard
Looney, CEO of BP, resigned due to non-disclosure of past
relationships with colleagues. Murray Auchincloss will be
interim CEO. Looney took over in 2020, targeting net zero
emissions by 2050 and investment in renewable energy.
Enphase Energy (NASDAQ:ENPH) – Enphase
Energy shares were downgraded by Truist due to concerns about a
slow recovery in the U.S. residential solar market. Analyst
Jordan Levy downgraded Enphase to “Hold” and lowered the price
target to $135. The stock is down 54% in 2023. However, recent tax
incentives could boost solar demand in the future.
Nike (NYSE:NKE) – At Nike’s annual
meeting, investors rejected two shareholder proposals on equal pay
and sourcing policies. While requiring a majority for
approval, Nike is not required to adopt them. The company
faces pressure over transparency and labor issues.
Birkenstock – German brand Birkenstock has
filed for an initial public offering (IPO) in the US, marking a
trend of European companies seeking American
listings. Although financial details have not been fully
disclosed, the company’s net revenue grew 19% and profit fell
45.3%. Birkenstock’s popularity increased after its appearance
in the movie “Barbie”. The company plans to list its shares on
the NYSE as “BIRK”.
Philip Morris International (NYSE:PM) –
Philip Morris increased its quarterly dividend by 2.4% to $1.30 per
share, to be paid on October 12th to shareholders of record by
September 27th. Its shares are down 6.7% year to date, while
the S&P 500 is up 16.2%.
Rocket Pharmaceuticals (NASDAQ:RCKT) –
Rocket Pharmaceuticals rose 18% after announcing that it has
achieved agreement with the Food and Drug Administration on its
global Phase 2 trial to treat Danon’s disease, a lethal genetic
heart condition.
Enphase Energy (NASDAQ:ENPH)
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