Day markets: Stocks appear to be recovering in the holiday-shortened week – Low Calorie Diets Tips

Today’s big picture

Asia-Pacific equity indices ended today’s session higher, with the exception of China’s Shanghai Composite, which closed up 0.26% on ongoing uncertainty. South Korea’s KOSPI rose 0.75%, Australia’s ASX All Ordinaries rose 1.38%, India’s Sensex rose 1.81% and Japan’s Nikkei and Hong Kong’s Hang Seng closed up 1.84% and 1.87% respectively. Taiwan’s TAIEX led the way higher, ending the day up 2.35% as the index continues to bounce off lows below 15,500. By midday, European stock indices are up across the board and US futures are pointing to a strong open later in the morning.

After last week’s central bank rate hikes, we have a quiet start to a compressed week. Given the limited number of earnings reports to be released this week and a relatively calm economic calendar, investor conferences are likely to be a focus for investors. With the June Fed policy meeting behind us, the next two known hurdles for the market will be the start of the June quarter earnings season and the next Fed policy meeting on July 26th and 27th. Both are based on the flash June PMI data for the US and Eurozone, to be released on Thursday 23rd June. Until then, we suspect that given the lack of fresh data, stocks will try to regain some of the ground lost last week, one of the toughest since March 2020.

data download

international economy

The Confederation of British Industry (CBI) industrial backlog fell to 15 in June from 26 in the previous month, missing the expected reading of 22. Manufacturing output growth slowed in the three months to June (25 versus 30 in May ) and growth A further relaxation is expected in the next three months.

domestic economy

At 8:30 am ET the latest Chicago Fed National Activity Index will be released and the May number is expected to come in at 0.32 versus April’s 0.47.

May Existing Home Sales data is released at 10:00 am ET, with the month-on-month consensus seeing a slowdown to 5.4 million homes from April’s 5.61 million.

markets

The long weekend has given markets a chance to recover from last week’s volatility, which ended with energy stocks giving back some ground, particularly communications services and consumer discretionary stocks. This was evident across the major indices as the Dow fell 0.13%, while the S&P 500 closed 0.22% higher, the Russell 2000 was up 0.96% and the Nasdaq Composite was up 1.43 on the day % increased. The weekend news that Germany is planning to restart coal-fired power plants isn’t seen by many as the best solution to its energy woes, but it could help reduce demand for fuel, which in turn may help lower energy prices, and something put pressure on these names. This is how the most important market indicators have developed since the beginning of the year:

  • Dow Jones Industry Average: -17.75%
  • S&P 500: -22.90%
  • Nasdaq Composite: -30.98%
  • Russell 2000: -25.81%
  • Bitcoin (BTC-USD): -55.61%
  • Ether (ETH-USD): -69.31%

watch stocks

Before trading begins in US listed stocks, Lennar (LEN) is expected to release its latest quarterly results.

Tesla (TSLA) is reducing its salaried workforce by approximately 10% over the next three months, resulting in an overall reduction of approximately 3.5% in its total headcount, as hourly headcount is expected to continue to grow.

Macau’s casino shares fell yesterday after the city reported more than two dozen Covid-19 infections over the weekend, the first outbreak in eight months. This led to further border restrictions from mainland China and Macau is closed to the rest of the world, while travelers from Hong Kong, Taiwan and Portugal are required to quarantine for 10 days.

Raising new questions about consumer appetites, JD.coms (JD) Mid-year June 18 E-Commerce Shopping Festival, which is the second largest online shopping event by revenue Alibaba’s (BABA) Singles Day on November 11 saw the slowest sales growth in five years.

fabless semiconductor manufacturer Himax Technologies (HIMX) reduced its revenue and EPS expectations for the current quarter, citing the weaker macro environment and slowing end-market demand resulting from recent interest rate hikes and inflationary pressures. Revenue is expected to decline 22% to 27% sequentially, below the previous guidance of 16% to 20% sequential decline released on May 12.

shares of Trade Desk (TTD) are moving higher this morning after the ad tech firm announced a partnership with Albertsons Media Collective, the retail media arm for Albertsons Company (ACI).

Arrival (ARVL) announced that its Arrival Van has received EU certification and obtained European Whole Vehicle Approval (EUWVTA), an important step to begin customer trials in the coming months.

That Spirit Airlines (SAVE) The Board will work with its financial and legal advisers to complete an assessment Jet Blues (JBLU) revised proposal of $33.50 per SAVE share and will follow the course of action it establishes to be in the best interests of Spirit and its shareholders.

Mondelez International (MDLZ) announced an agreement to acquire Clif Bar & Company, the leading US maker of organic nutritious energy bars, for $2.9 billion with additional contingent consideration.

RADA Electronics Industry (RADA) & Leonardo DRS agree on an all-stock merger bringing together the defense technology companies into one company focused on advanced sensing and force protection.

On the planned IPO of the e-mobility business ABB (ABB) divided Recent market conditions have made it difficult to proceed with a planned share offering in the second quarter of 2022. The company said it still intends to list the business, but will do so if market conditions are “constructive.”

IPOs

Stocks of an autonomous system control and related cybersecurity technology company Mobilcom (MOB) are expected to start trading on June 23. Readers interested in learning more about the upcoming IPO calendar should visit Nasdaq’s Recent and Upcoming IPOs page.

After today’s market close

La Z Boy (LZB) is expected to announce its quarterly results after the shares halted trading today. Those looking to learn more about which companies are reporting when can visit Nasdaq’s earnings calendar.

At the horizon

Wednesday June 22nd

  • UK: Consumer Price Index, Producer Price Index – May
  • Euro-Zone: Consumer Confidence – June
  • US: Weekly MBA Mortgage Applications

Thursday, 23.6

  • Korea: Producer Price Index – May
  • Japan: Flash Manufacturing PMI – June
  • Eurozone: Flash Manufacturing & Composite PMI – June
  • US: Weekly initial and subsequent jobless claims
  • US: Flash Manufacturing and Composite PMI – June
  • USA: Weekly EIA natural gas inventories
  • United States: Weekly EIA Crude Oil Inventories

Friday June 24th

  • Japan: Consumer Price Index – May
  • UK: Retail Sales – May
  • Germany: ifo business climate index, business expectations, current assessment – June
  • US: New Home Sales – May
  • US: University of Michigan Consumer Sentiment Index (final) – June

thought for the day

“Look at the world around you. It may seem like an immovable, unforgiving place. It is not. With the slightest pressure – in just the right place – it can be tipped.” – Malcom Gladwell

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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