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HomeLatest NewsGlobal NewsFed's upcoming decision, as well as Instacart's IPO, are driving market activity.,...

Fed’s upcoming decision, as well as Instacart’s IPO, are driving market activity., U.S. market news Sep 20

Fed’s

The Dow Futures contract was up 65 points, or 0.2%, at 06:30 ET (10:30 GMT), the S&P 500 Futures contract was up 6 points, or 0.1%, and the Nasdaq 100 Futures contract was up 15 points, or 0.1%.

  1. What’s moving markets? The Fed’s upcoming decision and the IPO of Instacart.
  2. Dow futures rise; Fed decision due
  3. UAW strikes at automakers highlight increasing CEO remuneration in the United States.
  4. The Federal Reserve is poised to delay interest rate hikes as energy-fueled inflation rises.
  5. Uber warns of probable service disruptions and pricing increases as a result of the EU proposal for gig workers.
  6. Stitch Fix’s stock rose after the company announced plans to quit the U.K. market in the fourth quarter. 
  7. Intel shares fall as data center chip recovery lags; the business is looking at AI laptop chips. 
  8. Factbook-Tesla is courting interest for its future gigafactory from Turkey to India. 
  9. Arm shares are set to fall for the third day in a row as the post-IPO frenzy fades. 
  10. Over the next ten years, Disney plans to nearly increase park spending to $60 billion. 
  11. Amazon intends to hire 250,000 Americans for the holiday season. 
  12. The goal is to hire 100,000 people for the holiday season, with promotions beginning in October. 
  13. Yellen said a’ soft landing’ in the United States is possible due to weather, a government shutdown, and student loan issues. 
  14. The Canadian inflation rate rises to 4.0% in August due to increasing gas prices. 
  15. Single-family housing starts in the United States fell in August. 
  16. The next round of UAW strikes might affect huge truck manufacturing, according to Barclays. 
  17.  TPG is considering selling the Mendocino Farms restaurant business, according to sources. 
  18. AutoZone outperforms Wall Street’s Q4 estimates, but shares fall slightly. 
  19. Fortis Inc. announces a C$25 billion capital plan for 2024-2028. 
  20. Doosan Robotics is preparing for its market debut with a $1.3 billion valuation. 

GLOBAL NEWS 

  1. At the finish of trading in Australia, the S&P/ASX 200 was down 0.46%. 
  2. Japan’s markets are lower at the close of business, with the Nikkei 225 down 0.73%. 
  3. At the closing of trade, Indian markets were lower; the Nifty 50 was down 1.15%.
  4. French supermarkets may ask consumer products companies for price cuts ranging from 2% to 5%.
  5. UniCredit intends to buy back €2.5 billion in shares, subject to shareholder approval.
  6. The ECB’s nominee for bank supervisor has a difficult confirmation hearing.
  7. The decline in UK inflation throws the Bank of England for a loop before the rate decision.
  8. Toshiba claims that JIP’s $14 billion tender offer will boost South African inflation, while rates are still expected to remain unchanged.
  9. Sweden’s budget proposes tax cuts while increasing defense spending.
  10. South African inflation rises in August, a day before the rate announcement.
  11. Boeing raises its 20-year projection for China’s need for new aircraft. 
  12. HDFC Bank shares have plummeted following the merger with HDFC Ltd. 
  13. Nio, a Chinese electric vehicle manufacturer, raises $1 billion through a convertible bond transaction. 
  14. European equities are rising, while inflation in the United Kingdom is slowing ahead of the Fed’s decision. 
  15. The dollar remains stable ahead of the Fed announcement, while the pound falls as CPI falls. 
  16. The unexpected decline in UK inflation adds to betting on the BoE delaying rate hikes. 
  17. Qantas’ ex-CEO receives a 900% pay increase, but his bonus is reduced due to problems. 
  18. The liquidity gap in India’s banking system has risen to a four-year high. 
  19. Thailand intends to borrow $66 billion for fiscal year 2024, according to market sources. 
  20. The Swiss anticipate’significantly below average’ economic growth between 2023 and 2024. 
  21. Sweden’s budget proposes tax cuts while increasing defense spending. 
  22. German producer prices have dropped to their lowest level on record. 
  23. Stocks have paused as a spike in oil prices sets the ground for a lengthier US rate peak. 
  24. Ford avoids a walkout in Canada while the UAW prepares for further US car strikes. 
  25. The CBA of Australia and Tesla have joined together to boost EV purchasing. 
  26. The Irish central bank has warned the government that it risks inciting inflation.  

 Economic data

Housing Starts for August fell -11.3% M/M to 1.283M well below the 1.435M expected reading and 1.447M prior (revised from 1.452M). Building Permits, however, rose +6.9% M/M to 1.543M vs.1.440M expected and 1.443M prior (revised from 1.442M). Aug single-family permits +2.0% to 949,000-unit rate; multifamily +15.8% to 594,000-unit rate. 

·     The UK Consumer Prices Index rose 6.7% from a year ago in August, less than the 6.8% gain the month before, the Office for National Statistics said (Britain’s inflation rate has fallen from a peak above 11% last October). Core inflation fell sharply to 6.2% from 6.9% in July and Service sector inflation lost some of its steam too, slowing to 6.8% from 7.4%.

Economic Calendar

  • 7:00 AM ET                  MBA Mortgage Applications Data

  • 10:30 AM ET                Weekly DOE Inventory Data

  • 2:00 PM ET                   FOMC Rate Policy Decision – expectation to keep rates steady at 5.25%-5.5%

  • 2:30 PM ET                   Fed Chairman Powell holds Press Conference post policy meeting.

Other Key Events 

  • DA Davidson 22ndAnnual Diversified Industrials & Services Conference, 9/20-9/22, in Nashville, TN 
  • Oracle Cloud World 2023, 9/18-9/21
  • Sidoti September Small-Cap Conference (virtual), 9/20-9/21
  • Truist West Coast Bus Tour (In Person – San Francisco), 9/19-9/21

 

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