Jueves 19/01/23 Manufactura en Philadelphia

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Jueves

Eventos económicos

Seguros de desempleo
Permisos de construcción
Inicios de casas
Manufactura en Philadelphia


Initial jobless claims Jan. 14 215,000 205,000
8:30 am Continuing jobless claims Jan. 7 -- 1.63 million
8:30 am Building permits (SAAR) Dec. 1.35 million 1.35 million
8:30 am Housing starts (SAAR) Dec. 1.36 million 1.43 million
8:30 am Philadelphia Fed manufacturing index Jan. -10.0 -13.8
9 am Boston Fed President Susan Collins speaks
1:15 pm Fed Vice Chair Lael Brainard speaks
6:35 pm New York Fed President John Williams speaks

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10957.01 -138.10 -1.24
Japan: Nikkei 225 26389.45 -401.67 -1.50
UK: FTSE 100 7830.70 -20.33 -0.26
Crude Oil Futures 78.22 -1.26 -1.59
Gold Futures 1910.60 3.60 0.19
Yen 128.09 -0.83 -0.64
Euro 1.0794

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LAST CHG %CHG
Crude Oil Futures 78.22 -1.26 -1.59
Brent Crude Futures 83.85 -1.13 -1.33
Gold Futures 1910.90 3.90 0.20
Silver Futures 23.560 -0.087 -0.37
DJIA Futures 33345 -41 -0.12
S&P 500 Futures 3942.00 -3.

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LAST CHG %CHG
Euro (EUR/USD) 1.0796 0.0000 0.00
Japanese Yen (USD/JPY) 128.11 -0.81 -0.63
U.K. Pound (GBP/USD) 1.2330 -0.0018 -0.15
Swiss Franc (USD/CHF) 0.9158 -0.0006 -0.07
Chinese Yuan (USD/CNY) 6.7702 0.0221 0.33
U.S. Dollar Index 102.33

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LAST CHG %CHG
Crude Oil Futures 79.34 -0.14 -0.18
Brent Crude Futures 84.97 -0.01 -0.01
Gold Futures 1912.90 5.90 0.31
Silver Futures 23.375 -0.272 -1.15
DJIA Futures 33118 -268 -0.80
S&P 500 Futures 3913

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LAST CHG %CHG
DJIA 33091.08 -205.88 -0.62
S&P 500 3902.46 -26.40 -0.67
Nasdaq Composite 10860.66 -96.36 -0.88
Japan: Nikkei 225 26405.23 -385.89 -1.44
UK: FTSE 100 7747.61 -83.09 -1.06
Crude Oil Futures 80.01 0.53 0.67
Gold Futures 1916.80 9.80 0.51
Yen 128.41 -0.51 -0.39
Euro 1.0814

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LAST CHG %CHG
DJIA 33135.19 -161.77 -0.49
S&P 500 3906.38 -22.48 -0.57
Nasdaq Composite 10878.12 -78.90 -0.72
Japan: Nikkei 225 26405.23 -385.89 -1.44
UK: FTSE 100 7753.31 -77.39 -0.99
Crude Oil Futures 79.89 0.41 0.52
Gold Futures 1918.00 11.00 0.58
Yen 128.36 -0.56 -0.44
Euro 1.0816

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LAST CHG %CHG
DJIA 33140.35 -156.61 -0.47
S&P 500 3905.98 -22.88 -0.58
Nasdaq Composite 10864.09 -92.93 -0.85
Japan: Nikkei 225 26405.23 -385.89 -1.44
UK: FTSE 100 7753.31 -77.39 -0.99
Crude Oil Futures 79.89 0.41 0.52
Gold Futures 1918.00 11.00 0.58
Yen 128.36 -0.56 -0.44
Euro 1.0816

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Dow falls 150 points on fears the Fed will overtighten
Tanaya Macheel
Carmen Reinicke
Strategas' Chris Verrone charts out the marketsWATCH NOW
VIDEO07:05
Strategas’ Chris Verrone charts out the markets
Stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

The Dow Jones Industrial Average lost 251 points, or 0.8%, erasing its January gains. The S&P 500 and Nasdaq Composite shed 0.8% and 1.1%, respectively, and were still hanging on to their monthly gains.

All of the major averages are on pace for a negative week. The Dow is down 3.5%, while the S&P and Nasdaq have each lost more than 2% on a weekly basis.

Stocks extended their slide on Thursday after initial filings for unemployment insurance fell to their lowest level since late June last week, the Labor Department reported Thursday, signaling to investors that the labor market is resilient amid a slowing economy.

“Despite all the big-tech post-pandemic layoffs, the jobs market remains hot,” said Ed Moya, senior market analyst with Oanda. “The labor market needs to break to allow the Fed to comfortably keep rates on hold.”

Dow Jones Industrial Average
.DJI:Dow Jones Global Indexes
VIEW QUOTE DETAILS
33,127.67
quote price arrow down-169.29 (-0.51%)
Last | 1:55 PM EST

The Dow this week
Claims totaled a seasonally adjusted 190,000 for the week ending Jan. 14, a decline of 15,000 the previous period. Economists surveyed by Dow Jones had been looking for 215,000.

Investors have also been parsing through the latest data and Fed remarks for clues on how high rates will go. But, while recent numbers point to easing inflation, JPMorgan Chase CEO Jamie Dimon thinks rates will top 5%.

“I think there’s a lot of underlying inflation, which won’t go away so quick,” Dimon told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland.

Disappointing retail sales and a weaker-than-expected producer price index reading ignited recession fears, sending stocks lower Wednesday.

Elsewhere, investors are watching key quarterly reports to see if there is an earnings recession brewing. Netflix will report earnings after the bell.

16 MIN AGO
Names making the biggest midday moves

Here are some companies making the biggest midday moves:

Norwegian Cruise Line —The cruise line stock sunk more than 5% after the Norwegian said it will report a net loss for the fourth quarter and full year of 2022, as well as the first quarter of 2023.
Vornado Realty Trust — Shares of the real estate investment trust lost 3.25% after cutting its quarterly dividend to 37.5 cents per share from 53 cents. Vornado Realty cited the economy and capital markets, as well as Vornado’s redacted projected 2023 taxable income, primarily due to higher interest exposure.
Northern Trust — The stock dropped nearly 9% after Northern Trust reported fourth-quarter net income per diluted common share of 71 cents, compared to $1.91 in the fourth quarter of 2021. Revenue from its trust and investment services came in at $1.04 billion, less than the $1.05 billion expected by StreetAccount.
For more stocks making moves in midday trading, click here.

— Michelle Fox

24 MIN AGO
Brainard sees rates remaining elevated despite cooling inflation

Federal Reserve Governor Lael Brainard said Thursday she expects interest rates to remain high despite recent signs that inflation is weakening.

In a speech delivered at the Chicago Booth School of Business, the central bank official vowed to “stay the course” until inflation shows more signs that it’s moving closer to the Fed’s 2% goal.

″“Even with the recent moderation, inflation remains high, and policy will need to be sufficiently restrictive for some time to make sure inflation returns to 2% on a sustained basis,” she said.

—Jeff Cox

1 HOUR AGO
JPMorgan’s Kolanovic says a recession is not priced into stocks

JPMorgan’s Marko Kolanovic, who gained a following after calling the stock market rebound in 2020, said a recession hasn’t been priced into equities just yet, meaning there could be more downside from here.

“We do not agree with the argument that because a recession is consensus (although more and more believe in soft landing), the market and economic outcome have to be better,” Kolanovic, the bank’s global market strategist, said in a Thursday note.

“US industrials, and non-tech large caps (Dow Jones) as well as European stocks are basically flat over the past year, and close to previous highs. After a ~20% rally since last fall, this would strongly suggest that a recession is currently not priced in,” Kolanovic added. “Keep in mind that over that year we had unprecedented global monetary tightening, energy crisis, inflation crisis, geopolitical crises, decline in earnings and significant increase of recession probability.”

— Fred Imbert, Michael Bloom

3 HOURS AGO
Yardeni says markets will force a debt deal

Investor Ed Yardeni expects that if the warring sides in Washington can’t reach an agreement on the debt ceiling, financial markets will get them there.

As the standoff continues over raising the national $31.4 trillion limit, Yardeni said markets eventually will force Congress’ hand and he expects a “last-minute” deal to get done.

“If there is no last-minute deal, the stock and bond market will tank for about a week, then there will be a deal,” the head of Yardeni Research said Thursday morning on CNBC’s “Squawk on the Street.” “This too shall pass.”

—Jeff Cox

4 HOURS AGO
Fed’s Collins says future rate hikes can be ‘more measured’

Boston Federal Reserve President Susan Collins said Thursday that she thinks the central bank can enact smaller interest rate hikes after a series of aggressive moves last year.

“More measured rate adjustments in the current phase will better enable us to address the competing risks monetary policy now faces – the risk that our actions may be insufficient to restore price stability, versus the risk that our actions may cause unnecessary losses in real activity and employment,” she said in prepared remarks.

Collins did not specify where she thinks policy should head next. But the Fed at its December meeting approved a 0.5 percentage point increase after four straight 0.75-point moves.

While most economists expect at least a mild recession this year, Collins said he is “reasonably optimistic that there is a pathway to reducing inflation without a significant economic downturn.”

—Jeff Cox

4 HOURS AGO
Natural gas falls to 19-month low, on pace for 5th straight weekly decline

February natural gas contracts touched $3.194 per thousand cubic feet early Thursday, the lowest since June 22, 2021.

Natgas is down about 5.5% week-to-date and on pace for its fifth straight weekly decline and seventh down week in the past eight.

Going in to Thursday’s trading, United States Natural Gas Fund (UNG) was down about 16% so far in 2023.

— Scott Schnipper, Gina Francolla

4 HOURS AGO
Stocks open lower Thursday

Stocks fell at the open on Thursday, extending losses from the previous day.

The Dow Jones Industrial Average fell 125.61 points, or 0.37%. The S&P 500 slid 0.43%. The Nasdaq Composite lost 0.61%.

— Tanaya Macheel

5 HOURS AGO
Bank of America double downgrades Charles Schwab

Bank of America double downgraded shares of Charles Schwab, saying it’s time to move away from interest rate sensitive brokers.

“This change is driven by our view that (1) client cash sorting will continue at an elevated pace in 1H23 (pressuring liquidity, interest earning assets & bank deposit account [BDA] levels) and (2) the Fed will end its interest rate hiking cycle by this summer, removing a powerful nearterm profit driver (while securities portfolio reinvestment opportunity remains),” analyst Craig Siegenthaler wrote Thursday.

CNBC Pro subscribers can read the full report here.

— Sarah Min

5 HOURS AGO
Morgan Stanley CEO optimistic, says inflation has peaked

Morgan Stanley CEO James Gorman is optimistic this year for the market.

For one, inflation is better, he said in an interview with CNBC’s “Squawk Box” Thursday from the World Economic Forum in Davos, Switzerland.

“Clearly inflation peaked. That is no longer a question, it’s a fact. The question is can they get to 2% and how hard will they try to get to 2% versus stabilizing around 3, 4[%],” Gorman said.

He can see the Federal Reserve hiking rates by 25 basis points during its February meeting, another 25 basis points at the next meeting and then pausing. “That’s not implausible,” he said.

Eventually, there could be roughly 4% unemployment, 4% inflation and 4% interest rates, Gorman said.

“If we get in that kind of zone, we can deal with it. That would be an appropriate time to pause. Let the rate increases work their way through the system,” he said.

At the same time, the recent meeting between the U.S. and China, a sign of an economic pivot by China, is also a “big deal,” Gorman said.

Ultimately, Gorman said he wouldn’t be surprised if the S&P 500 ended the year at 3,900.

— Michelle Fox

5 HOURS AGO
Fewer Americans submit jobless claims than expected

There were about 190,000 initial claims for unemployment in the U.S. for the week ending on Jan. 14, which is smaller than expected and underscores the continued resiliency of the labor market.

That’s below the 215,000 initial claims expected for the week by analysts polled by Dow Jones. It also marks a decrease from the prior week’s 205,000 claims.

Market participants have watched labor data for signs of the job market cooling. Labor is an area of the economy that has stayed robust even as other areas showed contraction following the Federal Reserve’s series of interest rate hikes.

— Alex Harring

6 HOURS AGO
Stocks making the biggest premarket moves

Check out the stocks making the biggest moves before the bell:

Roblox — Roblox shares fell 6.7% after Morgan Stanley downgraded the gaming company to underweight from equal weight and said the upside is limited following the stock’s recent outperformance.
Discover — The online bank lost 7.3% despite beating expectations for per-share earnings and revenue. Discover boosted its provision for credit losses compared to the prior year, potentially signaling that it sees a weaker economy ahead.
CureVac — The biopharmaceutical company jumped 8.2% following an upgrade to buy from neutral by UBS, which said Phase 1 results for a treatment that uses mRNA for influenza saw a “major infection point.”
Alcoa — The aluminum maker slid 6.4% after reporting net losses for the most recent quarter, saying high costs for energy and raw materials, paired with low aluminum pricing, dragged on earnings.
See the full list here.

— Alex Harring

6 HOURS AGO
Procter & Gamble falls after earnings

Procter & Gamble shares fell more than 1% in the premarket after the consumer goods giant posted mixed quarterly results.

The company reported revenue of $20.77 billion, slightly above a Refinitiv forecast of $20.73 billion. Procter’s earnings per share matched analyst expectations, coming in at $1.59. Additionally, the Dow component reiterated its full year earnings growth guidance, but said it sees earnings per share coming in at the low end of their expected range.

Procter & Gamble Co
PG:NYSE
VIEW QUOTE DETAILS
143.88
quote price arrow down-1.62 (-1.11%)
Last | 1:55 PM EST

PG falls after earnings
— Fred Imbert

7 HOURS AGO
Jamie Dimon’s inflation warning

Comments from JPMorgan Chase CEO Jamie Dimon were not helping market sentiment Thursday morning.

“I actually think rates are probably going to go higher than 5%.... because I think there’s a lot of underlying inflation, which won’t go away so quick,” Dimon said on CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland.

The Federal Reserve has forecast it will raise rates to 5.1% before it stops hiking, but Dimon believes that may not be enough. Stocks have rallied to start 2023 on the hope that inflation is peaking. December’s consumer price reading showed a 0.1% decline from the prior month.

-John Melloy, Yun Li

8 HOURS AGO
Roblox falls after Morgan Stanley downgrade

Roblox shares traded 6% lower in the premarket after Morgan Stanley lowered its rating on the video game company to underweight from equal weight, citing limited upside going forward.

“Heading into ’23, we had maintained a balanced view on RBLX as we believed that strong holiday seasonality and easy comps through mid ’23 would lead to a series of monthly metric releases showing accelerating bookings growth,” Morgan Stanley said.

— Sarah Min

11 HOURS AGO
European markets fall as investor mood sours

European markets retreated on Thursday, tracking weaker global sentiment as investors gauge the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.

The pan-European Stoxx 600 was down 0.6% in early trade, with oil and gas stocks shedding 1.9% to lead losses as almost all sectors and major bourses slid into the red.

- Elliot Smith

17 HOURS AGO
CNBC Pro: 2023 is set to be tough — but this ‘exceptional’ stock is rock solid, fund manager says

Many investors are bracing themselves for a tough year, with at least a mild recession looking likely.

Because of the “darkening” economic environment, fund manager Trent Masters of Alphinity Investment Management told CNBC Pro Talks that he picks stocks with one key quality: earnings resilience.

He names one “rock solid” stock that meets that criterion.

CNBC Pro subscribers can read more here.

— Weizhen Tan

17 HOURS AGO
CNBC Pro: Morgan Stanley’s Slimmon says stocks will ‘surprise’ Wall Street in 2023 — and names two he likes

Investment veteran Andrew Slimmon said he believes stocks are going to do “far better” than most expect this year.

“I’m not so sure about the second half of this year but I think the surprise is going to be that the stock market is going to do better earlier this year than what was almost universally predicted by many of the strategists on the sell side,” Slimmon, senior portfolio manager at Morgan Stanley Investment Management, told CNBC’s “Squawk Box Asia” on Friday.

He also named two of his favorite stocks.

Pro subscribers can read more here.

— Zavier Ong

19 HOURS AGO
Alcoa, Discovery Financial among stocks making moves in after hours

Earnings results were the biggest catalyst moving some stocks in after hours trading Wednesday.

Discover Financial Services — Shares of Discover Financial Services slid 6.2% after the credit card company posted quarterly earnings that beat expectations, but showed that the bank also boosted its provision for credit losses compared to the prior year, potentially signaling that it sees a weaker economy ahead.

Alcoa — Shares of Alcoa fell 3.6% after the company reported earnings that showed a net loss of $374 million for the quarter, or $2.12 per share. The company also said that it faced challenging market conditions in the period, including high costs for energy and raw materials alongside low pricing for aluminum.

Read more here.

—Carmen Reinicke

20 HOURS AGO
Economic data signals Fed has made a policy error, Infrastructure Capital CEO says

The latest economic data shows that the Federal Reserve is making a policy error by tightening monetary policy too much as prices and the economy slow, according to Jay Hatfield, CEO at Infrastructure Capital Advisors.

“The Fed’s policy errors stem from its myopic focus on the labor market as the key driver of inflation (the Phillips Curve theory) vs. focusing on the historic factors that have actually driven inflation which are excessive monetary growth causing housing bubbles and energy and commodity shocks,” he said in a Wednesday note.

Still, he sees stocks making a recovery by year-end.

”We continue to forecast that 10-year treasuries will hit 3% by year end and the US stock market will rally as the US economy is very resilient with post Pandemic tailwinds offsetting Fed policy errors,” he said. “We continue to forecast that the S&P will hit 4,500 by year end as the Fed is forced to pause its policy tightening as it finally recognizes that inflation is declining rapidly.”

—Carmen Reinicke

20 HOURS AGO
Stock futures are flat after Wednesday’s down session

Stock futures were flat Wednesday night as traders looked ahead to new economic data, earnings reports and Federal Reserve speeches after a rough day for stocks.

Futures tied to the Dow Jones Industrial Average slid 22 points, or 0.06%. S&P 500 futures and Nasdaq 100 futures ticked down 0.05% and 0.04% respectively.

-- Carmen Reinicke

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Dow cae 150 puntos por temor a que la Reserva Federal se apriete demasiado

Tanaya Macheel

Carmen Reinicke

VER AHORA

VÍDEO07:05

Chris Verrone de Strategas traza los mercados

Las acciones cayeron el jueves a medida que los inversores crecieron cada vez más preocupados de que la Reserva Federal siga aumentando las tasas a pesar de los signos de desaceleración de la inflación.

El Dow Jones Industrial Average perdió 251 puntos, o el 0,8 %, borrando sus ganancias de enero. El S&P 500 y el Nasdaq Composite se desprendieron un 0,8 % y un 1,1 %, respectivamente, y todavía se aferraban a sus ganancias mensuales.

Todos los promedios principales están a buen ritmo durante una semana negativa. El Dow ha bajado un 3,5 %, mientras que el S&P y el Nasdaq han perdido más del 2 % semanalmente.

Las acciones extendieron su caída el jueves después de que las solicitudes iniciales de seguro de desempleo cayeran a su nivel más bajo desde finales de junio de la semana pasada, informó el jueves el Departamento de Trabajo, señalando a los inversores que el mercado laboral es resistente en medio de una economía en desaceleración.

"A pesar de todos los despidos de la gran tecnología después de la pandemia, el mercado laboral sigue caliente", dijo Ed Moya, analista sénior de mercado de Oanda. "El mercado laboral necesita romperse para permitir que la Reserva Federal mantenga cómodamente las tasas en espera".

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LAST CHG %CHG
DJIA 33044.56 -252.40 -0.76
S&P 500 3898.85 -30.01 -0.76
Nasdaq Composite 10852.27 -104.74 -0.96
Japan: Nikkei 225 26405.23 -385.89 -1.44
UK: FTSE 100 7747.29 -83.41 -1.07
Crude Oil Futures 80.58 1.10 1.38
Gold Futures 1933.80 26.80 1.41
Yen 128.43 -0.01 -0.01
Euro 1.0830 -0