- Morning Briefing w/ KevinD
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- Wednesday March 15 @ 9:00am
Wednesday March 15 @ 9:00am
Matthew
March 15, 2023
"All stocks are bad unless they go up."
📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Down a lot
🌎 US Index Futures: Down a lot
🛢 Crude Oil: Down a lot
💵 Dollar: Up
🧐 Yields: Down a lot
🔮 Crypto: Down
🌏 Major Global Catalysts
Credit Suisse down 30% as it reports material weakness and Saudi backer pulls support. European banks and indices falling significantly.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am PPI Producer Price Index m/m 0.3%, -.1% reported. Change in the price of finished goods and services sold by producers.
8:30am Core PPI m/m 0.4%, 0.0% reported. Change in the price of finished goods and services sold by producers, excluding food and energy.
8:30am Retail Sales m/m -0.3%, -0.4% reported. Change in the total value of sales at the retail level.
8:30am Empire State Manufacturing Index -7.9, -24.6% reported. Survey of about 200 manufacturers in New York state which asks respondents to rate the relative level of general business conditions.
10:00am NAHB Housing Market Index 40 Level of a diffusion index based on surveyed home builders.
10:30am Crude Oil Inventories -0.2M Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
ADBE Adobe EPS 3.680 Rev 4.62B
GRWG GrowGeneration EPS -0.110 Rev 51.78B
Pre-Market Tomorrow:
None
🔮 Selected Analyst Ratings Changes
FSLR First Solar Credit Suisse Maintains Neutral Raises to 163.00
📉 Stocks In Play
CS Credit Suisse Down 29% on reports of material weakness and negative statements from a major shareholder.
DB Deutsche Bank Down 9% as banking crisis appears to be spreading to Europe.
AG, HMY, GOLD, NEM Precious metals stocks rallying along with gold futures on a flight to safety trade.
AMD Advanced Micro Devices setting up for a very playable breakout from a consolidation and large cup and handle pattern on the weekly chart. This play may need more time to consolidate if the market continues to drop but it's still worth watching especially if the market rallies back. See the video here.
💬 Commentary
The financial markets experienced volatility yet again yesterday following a favorable gap-up opening as the Consumer Price Index reported in line with expectations. After a tumultuous day, the indices ultimately managed to augment their early gains, with the Nasdaq and large-cap tech once again leading the charge.
This morning, the global markets find themselves facing a fresh banking crisis in Europe, with Credit Suisse's principal investor declaring their intent to withhold further funding. As anticipated, other European and US banks are shedding value on the news. The situation is further complicated by significant economic reports, including the Producer Price Index and Retail Sales, which have come in below expectations and are disinflationary. Ordinarily, these reports would be bullish, leading to a robust market rally. However, the bearish sentiment arising from the appearance of a burgeoning banking crisis is presently the focal point, making it necessary to exercise caution and remain nimble. Given the fluidity of the situation, we must maintain a prudent and vigilant approach.
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