Dow closed lower, U.S. market news May23

Today’s main U.S. market news –

1. After results, Intuit declines 4.9% as Dow futures go higher.
2. Three things to watch in todays session : Nvidia results, Kohl’s reports, and Snowflake
3. What’s moving markets: DeSantis’ 2024 candidacy, Fed minutes, and the impasse over the debt ceiling
4. Red Hot markets: The threat of a U.S. “default” has increased stress.
5. Analysis: Prior to the embargo, China was limiting its procurement of Micron chips.
6. After upbeat Saudi remarks and declining U.S. inventories, oil prices increased.
7. Dollar stable as concerns over the debt ceiling mount; the pound fluctuates following inflation data
8. Stocks drop due to inflation concerns and the U.S. debt ceiling.
9. Dow ends down today because to the debt ceiling impasse and a tech bite
10. Wall Street declines as fears of a default are stoked by impasses over the debt ceiling.
11. Range-bound gold ahead of the Fed’s minutes, while dismal PMIs hit copper.
12. Exclusive: US legislator calls for CXMT, a Chinese chip manufacturer, to be punished after Micron
13. Global Net Lease will pay $950 million in equity to acquire Necessity Retail.
14. The New York Times union and the publication come to a tentative agreement.
15. Concern over the debt ceiling has caused the dollar to remain at a two-month high.
16. DeSantis will run for governor of Florida in 2024 in a Twitter event with Musk.
17. U.S. markets are declining as the debt ceiling discussions go on.
18. May saw a 13-month high for U.S. business activity, according to S&P Global
19. Meta, the company of Facebook, has agreed to pay $53 million to sell Giphy to Shutterstock.
20. According to the CEO of Boeing, supply chain pressure may persist into 2024.
21. Jamie Dimon foresees a 7% Fed rate, a financial catastrophe, and a depressing commercial real estate market.
22. Investors are reassured by PacWest Bancorp’s proposal to sell $2.6 billion in real estate loans.
23. Revenue challenges for Meta Platforms’ Reels have been less severe, according to UBS
24. From Morgan Stanley, Barclays employs McDavid as its head of equities.
25. Oppenheimer celebrates production and innovation accomplishments while staying out of the Tesla picture.

GLOBAL NEWS 

1. Asian markets decline, with the Nikkei and Hang Seng both down by 1%.
2. European markets decline, and UK inflation suggests further interest rate increases
3. China’s Lenovo sales declines for the third quarter in a row as PC demand declines.
4. PwC notified the Australian police to the controversy involving the leak of tax documents.
5. Deutsche and Citi acknowledge anti-competitive bond market behaviour under UK investigation.
6. Analysis: Prior to the embargo, China was limiting its procurement of Micron chips.
7. Dollar stable as concerns over the debt ceiling mount; the pound fluctuates following inflation data
8. Traders anticipate the BOE rate to peak at 5.5% following the surprise increase in inflation.
9. April inflation in South Africa slows more than expected to 6.8% y/y
10. Panasonic says China is still a top priority market despite supply chain challenges.
11. UK inflation declines less than anticipated, putting pressure on the BoE
12. Australia and India want to cooperate on important minerals and forge tighter commercial connections.
13. As anticipated, the RBNZ raises rates by 25 basis points.
14. The upcoming rate decision by Taiwan’s central bank will consider GDP and inflation.
15. Global equities decline, benchmark US rates decline amid debt ceiling impasse

Economic data

• Philadelphia Fed’s non-manufacturing regional business activity index decreased by 16.0 points in May compared to April’s value of 22.8 points. Non-manufacturing new orders down by 2.7 points in May compared to April’s value of 23.9 points.
• S&P global may flash the services PMI at 55.1 (up from 53.6 in April), the composite PMI at 54.5 (up from 53.4 in April), and the manufacturing PMI at 48.5 (down from 50.2 in April).
• Richmond Fed manufacturing shipments index was -13 in May compared to -7 in April, services revenues index was -10 in May compared to -23 in April, and the compositemanufacturing index was -15 in May compared to -10 in April.
• April new home sales increased by +4.1% M/M to 683K, above the consensus of 663K and the revised March number of 656K. house sales in April were down in the Northeast by 58.6%, the Midwest by 11.8%, the South by 17.8%, and the West by 9.1%. The current rate of new house supply is 7.6 months, compared to 7.9 months in March, and the April median sale price of $420,800 is down 8.2% from April 2022 ($458,200). 

Economic Calendar

Wednesday May24

•     7:00 AM ET                  MBA Mortgage Applications Data
•     10:30 AM ET                Weekly DOE Inventory Data
•     1:00 PM ET                   US to sell $43B in 5-year notes.
•     2:00 PM ET                   FOMC Meeting Minutes from May

Other Key Events:

·     B. Riley 23rd Annual Institutional Investor Conference, 5/24-5/25, in CA

·     Goldman Sachs Eighth Annual Leveraged Finance Credit Conference, 5/22-5/24, in CA

·     Goldman Sachs TechNet Conference Asia Pacific 2023 (virtual), 5/24-5/25

·     Jefferies 4th Renewables & Clean Energy Conference (virtual), 5/23-5/24

·     JPMorgan Annual Global Tech, Media & Communications Conference, 5/21-5/24, in Boston, MA

·     Mizuho 2nd Annual Industrials and Basic Materials Bus Tour, 5/24-5/25

·     Truist Securities 2023 Financial Services Conference, 5/23-5/24 in New York

·     UBS Global Energy Conference, 5/22-5/24, in Austin, TX

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