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- Thursday March 9 @ 9:00am
Thursday March 9 @ 9:00am
Matthew
March 09, 2023
"The fact is that significant market trends develop over a period of months, not days."
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down a bit
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Up
💵 Dollar: Down
🧐 Yields: Mixed
🔮 Crypto: Down
🌏 Major Global Catalysts
SI Silvergate Capital, a crypto focused bank, will wind down operations, liquidate billions in assets, and return all deposits to clients. SI is down another 40% overnight and 80% in a week as bad mortgages add to stress from FTX fallout.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Unemployment Claims 195K The number of individuals who filed for unemployment insurance for the first time during the past week.
10:00am FOMC Member Barr Speaks about cryptocurrencies at a webcast hosted by the Peterson Institute for International Economics.
1:01pm 30-y Bond Auction Highest yield on a 30-year bond the government sold at auction, and the bid-to-cover ratio of the auction.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
ORCL Oracle EPS 1.200 Rev 12.42B
GPS Gap EPS -0.470 Rev 4.36B
DOCU DocuSign EPS 0.520 Rev 632.22M
ZUMZ Zumiez EPS 0.030 Rev 222.00M
ULTA Ulta Beauty EPS 6.500 Rev 2.48B
Pre-Market Tomorrow:
None
🔮 Selected Analyst Ratings Changes
ASAN Asana RBC Capital Reiterates Underperform Maintains 10.00
ASAN Asana Oppenheimer Maintains Outperform Raises to 28.00
ETSY Etsy Jefferies Downgrades to Underperform Lowers to 85.00
TTD Trade Desk Benchmark Downgrades to Sell Targets 38.00
📉 Stocks In Play
ASAN Asana Up 16% on strong guidance.
SI Silvergate Capital Down 38% See major catalysts section above.
SIVB SVB Financial Down 29% after announcing $1.25B offering and overall weakness in the regional banking sector.
OCEA Ocean Biomedical Up 57% Back in play on release of detailed results of it's ling cancer drug.
💬 Commentary
Markets showed a choppy session yesterday, but ultimately finished with a marginal increase as they continued to digest Federal Reserve Chair Jay Powell's testimony before Congress over the previous two days. Today's is light on macroeconomic events but market participants will remain attentive to tomorrow's highly anticipated Non-Farm Payrolls report. Presently, the market stands at an inflection point, with the likelihood of a slight decrease in the short term to fully price in a 50bps rate hike at the upcoming FOMC meeting, though favorable economic data could generate an optimistic response and a potential rally. Expectations suggest a wide trading range over the next two weeks.
In response to this morning's unemployment claims report, which exceeded projections, the market is rallying somewhat. It's important to note that we're currently in a peculiar situation where unfavorable economic data can lead to positive outcomes for equities. At present, the indices are hovering near unchanged levels after experiencing early morning declines. It appears improbable that this report will trigger a substantial rally, however, some upward momentum could be sustained until apprehensive investors and traders see an opportunity to adjust their portfolios in advance of tomorrow's reports and the weekend.
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