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HomeUncategorizedInvestor Sentiment Shifts: Eli Lilly Earnings, Toyota's Revised Guidance Move Markets.

Investor Sentiment Shifts: Eli Lilly Earnings, Toyota’s Revised Guidance Move Markets.

Investor Sentiment Shifts

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S&P 500(SPX) were close to the flatline. Nasdaq 100 futures (NDX:IND) +0.2% rose and Dow futures (INDU) -0.2% were lower.

Eli Lilly earnings forecast

Eli Lilly (NYSE:LLY) results on Tuesday will highlight a hectic week of corporate earnings for traders.

After Novo Nordisk’s (NYSE:NVO) weekly diabetic injection’s success, the U.S. drugmaker’s Mounjaro may be a focus. This battle aims for domination in a $80 billion weight-loss medicine industry by the end of the decade. Novo Holding, the parent company of Novo Nordisk, stated on Monday that it would buy Catalent (NYSE:CTLT) for $11.5B to increase its anti-obesity medicine supplies.

Mounjaro, sold as Zepbound in the U.S. for weight loss, is also in demand. So intense has the demand been that the top American drug regulator warned earlier this week that only limited numbers of three higher doses of the shot will be available through early March. Lilly said other Mounjaro doses are still in stock and is working to minimize treatment disruptions.

Biotech firm Amgen (NASDAQ:AMGN), drugmaker Gilead Sciences (NASDAQ:GILD), automotive Ford Motor (NYSE:F), and burrito brand Chipotle Mexican Grill (NYSE:CMG) will report after the bell on Tuesday.

Toyota boosts full-year earnings.

Toyota upped its annual profit projection following third-quarter profits topped due to strong sales of higher-margin and hybrid vehicles.

The world’s best-selling automaker now predicts 4.9 trillion yen in revenue for the year ending March, up from 4.5 trillion. According to LSEG data reported by Reuters, analysts predicted 4.6 trillion yen.

Sales of hybrid cars rose 46% in the three months ended Dec. 31. The Japanese company’s hybrids, including the Prius, had strong demand in the U.S., where cost-conscious purchasers are avoiding electric car prices.

Toyota’s third-quarter operating profit of 1.68 trillion yen exceeded estimates due to a cheaper currency.

After its Daihatsu Motor unit suspended shipments due to a product certification test controversy, Toyota lowered its annual car sales objective.

Support from market regulator boosts Chinese equities

The China Securities Regulatory Commission will advise local funds and asset managers to buy into the domestic market and local enterprises to buyback shares.

Chinese stocks, which were the worst in Asia in 2023 and have struggled this year, rose on Tuesday.

According to recent media reports, China was tightening its stock market regulation and ordering major fund managers to stop consumers from shorting local companies.

Whether the policies can sustain Chinese stock rebound is unclear. Concerns over slowing economic growth have driven a fall in domestic shares, offsetting Beijing’s monetary support.

World News

In an interview late Monday, Commerce Secretary Raimondo said the US plans to announce “several more” semiconductor chip funding announcements in six to eight weeks, that there is no “artificial timeline” and that semiconductor funds will be awarded “as fast as possible but get it right.”

Shanghai rose 3% and the Hang Seng rose over 4% after a state fund expanded ETF purchases and the CSRC committed to lead funds and investors into the market and promote listed enterprises. President Xi was also reported to discuss the stock market with financial officials.

All analysts expected the RBA to hold rates, although they remained hawkish despite expectations they would neutralize. The RBA cut their headline inflation predictions to 2.8% by 2025, below their 2% to 3% target.

December Japanese wage data was less than expected, with labor cash earnings rising 1.0% YoY (est. 1.4%, prev. 0.2%) and real cash earnings falling -1.9%.

Economic Calendar

7:45 AM ICSC Weekly Retail Sales
8:55 AM Johnson/Redbook Weekly Sales
12:00 PM Fed’s Mester Speaks on Economic Outlook
1:00 PM US Treasury to sell $52B in 3-year notes.
4:30 PM API Weekly Inventory Data
7:00 PM Fed’s Harker Speaks on Fed’s Role in Economy

Other Key Events:

Oppenheimer 2024 Winter Healthcare CEO and Investor Summit, 2/5-2/8

Stephens Regional Banks Investor Trip, 2/6-2/8, in Dallas, TX

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