Dow Futures falls 60 points , Disney and Charter negotiate a distribution agreement. News Sep-12

Dow Futures contract was down 60 points, or 0.2%, S&P 500 Futures traded 11 points, or 0.3%, lower and Nasdaq 100 Futures dropped 35 points, or 0.2%..

USA Market news

1. What’s influencing markets: US futures fall; Disney and Charter negotiate a distribution agreement 
2. Dow futures fall; Oracle falls on disappointing outlook; Apple event planned 
3. Enfabrica, an AI chip firm, has raised $125 million in funding from Nvidia. 
4. Adobe and others join the White House’s optional AI pledges. 
5. TikTok now offers online purchasing in the United States. 
6. Acelyrin drops by 60% after the study’s lead product fails; this is viewed as a “huge positive” for MoonLake. 
7. Apple’s iPhone 15 launch has been hampered by issues in China. 
8. NFIB reports a drop in small business sentiment in the United States for the first time in four months. 
9. VietJet will get up to 12 Boeing 737 MAX jets next year. 
10. Tesla and its suppliers will invest $15 billion in a Mexico factory, according to the local governor. 
11. UPS expects that the new contract with Teamsters will boost costs by 3.3%. 
12. Bank of America reports a 30%-35% decrease in investment banking fees for the third quarter. 
13. GE will sell its share in the airplane leasing company AerCap. 
14. Oracle expects revenue to fall short of expectations as cloud expenditure slows. 
15. Wall Street is on the rise as Tesla surges on AI optimism. 
16. Stocks in the United States are gaining on expectations of a Fed rate cut; inflation data is expected. 
17. Cetera will buy Avantax for $1.2 billion in cash. 
18. Crinetics stock rises following “positive” hormonal disorder drug trial results. 
19. Qualcomm will provide Apple with 5G chips until 2026 under a new agreement. 
20. Goldman lowers its executive committee in a restructure and shifts an administrative officer to banking and markets, according to sources. 
21. During Biden’s visit, US and Vietnamese companies discuss business; AI and Boeing deals are announced. 
22. Bacardi purchases Ilegal Mezcal in a deal estimated to be for $120-$130 million. 
23. BMW will spend $750 million in the goal of making Mini entirely electrified by 2030. 
24. KeyBanc anticipates Apple iPhone sales growth to be below average in F4Q23.  
25. KKR will spend more than $1 billion in USI Insurance to become the largest shareholder. 

GLOBAL NEWS 

1. At the close of trading, Australian equities were up; the S&P/ASX 200 was up 0.20%. 
2. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.97%. 
3. At the finish of trading, Indian markets were mixed, with the Nifty 50 down 0.02%. 
4. European stocks are quiet, and SAP is dragging Germany’s DAX down. 
5. WestRock gained 7% after agreeing to a $20 billion merger with Smurfit Kappa. 
6. The new CEO of Alibaba Group outlines strategic priorities for employees. 
7. In August, 12-month inflation in Spain rose to 2.6%, pushed by fuel prices. 
8. The UK unemployment rate climbs, but wage growth suggests another rate hike. 
9. In August, German wholesale prices continued to fall. 
10. VietJet will get up to 12 Boeing 737 MAX jets next year. 
11. Crisis-ridden Pakistan is expected to raise interest rates by at least 150 basis points, according to a Reuters poll. 
12. Asian markets are trading lower, with the Hang Seng down 1% and the Kospi down 0.5%.  
13. Asian equities remain stable, as central banks in Japan and China halt the dollar’s rise. 
14. European stock futures remain stable; Spanish inflation will yield ECB cues 
15. As US inflation looms, Asia’s currency moves little and the dollar remains stable. 
16. The yen finds support, as the dollar recovers ahead of US inflation. 
17. China’s GDP growth prediction for 2023 has been reduced to 5.0%, from 4.5% in 2024, according to a Reuters poll. 
18. Oil prices remain constant as the market awaits data on inventories and the economy. 
19. The yen stands strong, while the dollar finds support ahead of US inflation. 
20. The GIFT Nifty suggests a flat morning; US markets climb, but Asian trade is mixed. 
21. GlobalFoundries establishes a $4 billion chip fabrication site in Singapore. 

Economic Data

·     NFIB Small Business Optimism Index: 91.3 vs. 91.7 consensus, 91.9 in July.

·     Australian business conditions improved 0.2 to 13 according to the NAB survey because of a lift in trading and employment. Confidence also improved 1 point to 2.

·     Shutdown risk looms as US Congress faces spending, impeachment brawl ‘; The main dispute among House Republicans is a demand by roughly three-dozen members of the hardline House Freedom Caucus to cut spending for fiscal 2024 to $1.47 trillion — about $120 billion less than Biden and Republican House Speaker Kevin McCarthy agreed in May – Reuters.

·     The British pound drops to below $1.25 after UK labor market data highlighted stagflation risks to the economy. Sterling underperforms G-10 FX.

Economic Calendar

·     6:00 AM ET                  NFIB Small Business Optimism for Aug 

·     7:45 AM ET                  ICSC Weekly Retail Sales 

·     8:55 AM ET                  Johnson/Redbook Weekly Sales 

·     1:00 PM ET                   US Treasury to sell $38B in 10-year notes. 

·     4:30 PM ET                   API Weekly Inventory Data 

Other Key Events: 

·     Apple (AAPL) set Sept. 12 date for its launch of iphone 15, and new watches. 

·     Goldman Sachs Annual CEEMEA Financials Symposium, 9/11-9/12, in London 

·     Goldman Sachs Annual Global Retailing Conference, 9/12-9/13, in New York 

·     Goldman Sachs China+ Conference 2023, 9/12-9/13, in Hong Kong 

·     HC Wainright Annual Global Investment Conference, 9/11-9/13, in New York 

·     RBC Capital Global Industrials Conference, 9/12-9/13, in Las Vegas 

·     Roth MKM 10th Annual Solar & Storage Symposium at SPI, 9/12-9/13, in Las Vegas 

·     Salesforce Dreamforce 2023 in San Francisco, 9/12-9/14 

·     Truist Securities Internet Growth Summit (virtual), 9/12-9/15 

Key Events in this week
Tuesday 9/12

Apple (AAPL) reveals its latest product launch as Wedbush said this week they expect a $100 price increase on the iPhone 15 Pro and iPhone 15 Pro Max model for the first price increases from Cupertino in years.

Wednesday 9/13

The August Consumer Price Index (CPI) data is expected with ests for headline M/M to rise +0.6% (vs. prior +0.2%) and Y/Y to rise +3.6% (vs. prior +3.2%) and on a core basis (ex: food & energy) to rise +0.2% M/M (in-line w prior) and rise +4.3% Y/Y (down from +4.7%). The recent spike in energy prices has led to higher ests. Lastly, the UAW contract with the Big ThreeUS automakers (GM, F, STLA) is set to expire

Thursday 9/14

a strike could hurt OEMs as well as part/suppliers (ADNT, BWA, DAN, MGA, VC). Also Thursday morning, the European Central Bank (ECB) meeting, and the August Producer Price Index (PPI) is expected at 8:30 AM. Also, another busy week for Wall Street Conferences including Financial, Healthcare, and Industrial conferences.

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