Dow Futures contract was up 35 points, or 0.2%, at 06:35 ET (10:35 GMT), the S&P 500 Futures contract was up 5 points, or 0.1%, and the Nasdaq 100 Futures contract was up 25 points, or 0.2%.
Today’s main U.S. market news –
- Fed meeting looms, more tech IPOs ahead, Evergrande slips – what’s moving markets
- Dollar edges lower in cautious trading ahead of Fed meeting
- Futures dither after Wall St rout; Fed rate verdict in focus
- SocGen shares tumble after new strategy sees little growth
- UAW, Detroit Three automakers try to reach deal before strike widens
- Buffett’s Berkshire Hathaway shows strong faith in Apple and itself
- U.S. stock futures indicate slight movements ahead of FOMC meeting
- Dollar moves lower in cautious trading ahead of Fed meeting
- TikTok Plans Steep Holiday Discounts On New Shopping Feature – Bloomberg
- KKR & Co. to Acquire 20% Stake in Singtel’s Regional Data Centre Business for S$5.5B Value
- Canada’s BMO will close indirect retail auto loan business, cites job losses
- Saab obtains enlarged U.S. contract for anti-armour system
- As chipmakers and mega caps fall, Wall Street closes significantly lower.
- At the close of trading, the Dow Jones Industrial Average was down 0.83%.
- Canada intends to modify competition laws in order to rein in soaring food prices.
- Nikola broadens its dealer network into Canada.
- Salesforce will hire 3,300 people after making job cuts earlier this year.
- After the Arm IPO, SoftBank’s Son intends an AI acquisition frenzy – FT
- Stellantis raises salary offer to 19.5%, according to the UAW – Detroit News
- Scaramucci leads bidders for SVB Financials’ venture capital arm – WSJ
- TikTok was fined 345 million euros in Europe for improper management of children’s data.
- As attention shifts to the Fed, Wall Street falls and Treasury yields rise.
GLOBAL NEWS
- Australia stocks lower at close of trade; S&P/ASX 200 down 0.67%
- India stocks lower at close of trade; Nifty 50 down 0.29%
- German economy to shrink in Q3: Bundesbank
- Growth jitters knock global stocks before central bank-packed week
- ECB may need until spring to conclude that no more hikes are needed: Kazimir
- Costa Group falls most in 3-weeks as Pain Schwartz lowers buyout bid
- Thai cabinet approves higher budget for fiscal 2024, aiming to boost economy
- Deutsche Bank’s Bitcoin custody service boosts share price and Bitcoin value
- Growth jitters knock global stocks before central bank-packed week
- Asian markets are trading lower, with the Hang Seng down 1% and the Taiwan Weighted down 0.8%.
- European stock futures fall as investors exercise caution ahead of central bank meetings.
- According to a study, Chinese imports are threatening German automobiles.
- Singapore’s Aug exports fall 20% y/y, more than forecast
- Asia FX falls, dollar nears 6-month high ahead of Fed, c.bank-heavy week
- The Bank of England has been encouraged to hike interest rates due to continuing inflation fears.
- Asian chipmakers fall as the TSMC report raises demand concerns.
- Alibaba has informed Erdogan that it intends to invest $2 billion in Turkey.
- Asian stocks fall as investors prepare for a busy week of central bank meetings.
- Startups with zero-emission delivery vans are racing to meet demand.
- In 2022, the UAE’s overall revenue increased by 32%.
- The Japanese yen is the focus of central bank week.
- Turkish President Erdogan has requested that Musk build a Tesla factory in Turkey.
- China Evergrande shares fell 25% after wealth management personnel were detained.
- As the Federal Reserve’s interest rate decision approaches, Instacart is planning an IPO.
- South Korean stocks open lower in anticipation of the Federal Reserve meeting in the United States.
- GIFT Nifty shows a solid opening; US and Asian markets slump
- Oil prices rise due to supply concerns and a resurgence in China demand.
- Windfall tax on crude oil increased from Rs 6,700 to Rs 10,000 per tonne.
- Argentina’s government anticipates an economic resurgence and a slowing in inflation in 2024.
- Lagarde confiscated ECB colleagues’ cellphones to prevent leaks.
- The Chinese defense minister is being investigated for fraudulent purchases.
Economic data
- NY Fed’s Empire Statecurrent business conditions index +1.9 in September (consensus -10.0) vs -19.0 in August; new orders index +5.1 in September vs -19.9 in August; prices paid index +25.8 in September vs +25.2 in August; employment index at -2.7 in September vs -1.4 in August and six-month business conditions index +26.3 in September vs +19.9 in August.
- Aug export pricesrose +1.3% vs. consensus +0.4% and vs July +0.5% while Aug import prices rose +0.5% (biggest gain since May 2022) vs. consensus +0.3% and vs July +0.1%. Aug y/y import prices -3.0%, export prices -5.5%; Aug non-petroleum import prices unchanged, y/y -1.1%.
- Industrial Production for Augustrose +0.4% vs. est. +0.1% and July +0.7% as Aug mining output +1.4%, utilities output +0.9%; Capacity utilization rate 79.7% vs. consensus 79.3% and July 79.5%. U.S. Aug motor vehicle assembly rate fell to 10.74 mln units/y from July 11.77 mln units per year.
- University of Michigan surveysof consumers sentiment prelim Sept 67.7 vs. consensus 69.1 and vs final Aug 69.5; current conditions index prelim sept 69.8 (consensus 75.3) vs final aug 75.7 and expectations index prelim sept 66.3 (consensus 66.0) vs final aug 65.5.
- University of Mich surveysof consumers 1-year inflation outlook prelim September 3.1% vs final August 3.5%; the 5-year inflation outlook prelim September 2.7% vs final August 3.0%.
- China’s August data dumpwas generally stronger-than-expected. China’s retail sales rose by 0.31% MoM, after standing still in July with -0.02% MoM. China’s industrial production rose 0.5% MoM to be 4.5% YoY. China’s property investment -8.8% year-to-date. China’s fixed asset investment eased to 3.2% YoY. China’s jobless rate eased 0.1% to 5.2%. China average new home prices fell -0.29% MoM, the third monthly fall in a row, and 5 months of price increases.
Economic Calendar
· 4:00 PM ET Net Long-term TIC Flows for July
Other Key Events:
- CL King Annual Best Ideas Conference (virtual), 9/18
- Oracle Cloud World 2023, 9/18-9/21
Upcoming Weekly IPO Calendar:
- Klaviyo, Inc. (KVYO) 19.2M shares IPO expected to price $25-$27, trade date 9/20
Must read book about investing – check here
Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures