Dow rallies 400 points, U.S. market news May 18th

Today’s main U.S. market news –

1. Dow futures are up 105 points; results from Target and housing statistics are in the limelight.
2. Wall Street begins higher as regional banks rebound as debt discussions continue.
3. Dow futures are up 105 points; earnings and housing statistics are in the limelight.
4. Biden and McCarthy press for a resolution on the US debt ceiling.
5. Montana will be the first state in the United States to outlaw TikTok.
6. Tesla met with Indian officials to discuss car and battery subsidies – source
7. Walmart Inc (NYSE:WMT) is predicted to announce profits per share of $1.31 on $148.7 billion in sales.
8.  Alibaba Group Holdings Ltd ADR (NYSE:BABA) is predicted to earn $9.51 per share on revenue of $208.8 billion.
9. Applied Materials Inc (NASDAQ:AMAT) is predicted to earn $1.84 per share on revenue of $6.39 billion.
10. AI threatens humanity’s future, according to 61% of Americans, according to Reuters/Ipsos.
11. As family finances tighten, huge brands expand their presence at dollar stores.
12. Tesla had no discussions with Indian officials on lowering import taxes on electric vehicles, according to Reuters.
13. Elon Musk claims that Tesla is not immune to the upcoming economic downturn.
14. Last week, US crude supplies increased by 5 million barrels, but fuel demand was mixed, according to the EIA.
15. Tesla reopens discussions with India and offers a new EV manufacturing facility
16. Tencent reduces cloud service pricing by up to 40% in order to compete.
17. As staff conversations continue, Biden and McCarthy believe a compromise to prevent a US default is close.
18. According to a New York Fed research, adverse economic risks have decreased.
19. Alphia, a pet food business, is considering a sale – sources
20. Wall Street rises as regional banks rebound, with cautious optimism about debt discussions.
21. Target takes a cautious tone as buyers become more frugal.
22. In April, the number of single-family homes built in the United States increased.
23. Debt discussions in the United States will continue, with the White House hoping to reach an agreement next week.
24. T.J. Maxx’s parent company improves its earnings forecast as cost constraints ease.
25. Overexposed US regional banks may sell commercial real estate loans, according to an analysis.

GLOBAL NEWS 

1. The dollar strengthens on debt ceiling optimism, while the Australian dollar falls on employment statistics.
2. Investors will benefit from China’s reopening and earnings revival in North Asian markets.
3. According to the ONS, UK companies anticipate to boost prices in the coming month.
4. Cisco Systems surpasses expectations, but shares fall on sluggish enterprise orders; analysts are concerned about genuine underlying demand.
5. Toyota and its partners plan to begin selling electric microvans in March 2024.
6. Sony is considering listing its financial section and doubling emphasis on entertainment.
7. WSJ reports that Deutsche Bank would pay $75 million to resolve the accusers’ lawsuit against Jeffrey Epstein.
8. Sony is considering a financial services separation and listing, and its stock has risen.
9. As the economy stutters, New Zealand reports a larger-than-expected deficit.
10. Australia’s employment unexpectedly fell in April, while unemployment rose.
11. Micron will invest $3.7 billion in Japan to develop new DRAM chips.
12. Japan’s export growth has reached a two-year low due to sluggish Chinese demand.
13. In March, retail sales in Brazil exceeded market expectations.
14. Argentina’s shoemakers and tailors succumb to 109% inflation.
15. UBS estimates a $17 billion cost from the Credit Suisse acquisition.
16. Bailey of the Bank of England predicts some softening in the job market.
17. As things become tighter, the ECB focuses on troubled borrowers and FX.
18. Exclusive-Polish fiscal strategy should assist combat inflation, according to the IMF.

Economic data

April housing starts increased +2.2% to 1.401M unit rate (in line with expectations) versus March -4.5% to 1.371M units as single-family starts up 1.6% to 846,000-unit rate and multifamily increased 3.2% to 555,000-unit rate; April housing permits increased 1.416M unit rate vs. estimated 1.437M and March 1.437M unit rate.

Economic Calendar

Thursday May 18th

•     8:30 AM ET                  Weekly Jobless Claims
•     8:30 AM ET                  Continuing Claims
•     8:30 AM ET                  Philly Fed Business Survey for May
•     10:00 AM ET                Existing Home Sales M/M for April
•     10:00 AM ET                Leading Index for April
•     10:30 AM ET                Weekly EIA Natural Gas Inventory Data

Other Important Events

·     Deutsche Bank Solar & Clean Tech Conference, 5/18 (virtual)

·     Needham 18th Annual Technology & Media Conference, 5/16-5/18

·     RBC Capital Canadian Automotive, Industrials & Transportation Conference, 5/16-5/18

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