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TDR’s U.S. Stock Market Preview For The Week Of January 23, 2023

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A weekly stock market preview and the data that will impact the tape.

Sunday Evening Futures

Futures Posted 6:30EST

Weekend News And Developments

American lawmakers on Sunday pushed the U.S. government to export M1 Abrams main battle tanks to Ukraine, saying that even sending a symbolic number to Kyiv would be enough to push European allies to do the same.

Brazilian President Luiz Inacio Lula da Silva fired the army commander, General Julio Cesar de Arruda, on Saturday, a source with knowledge of the matter said.

China: Hundreds of millions of Chinese people are celebrating the 2023 Lunar New Year this weekend, after Beijing in December reversed the zero-Covid policy which kept most of its population close to home during the pandemic. Market-watchers, meanwhile, are hoping for an economic reversal of fortune, as China emerges from pandemic-induced slowdowns. 

COVID-19 rebound in China over the next two or three months is remote as 80% of people have been infected, a prominent government scientist said on Saturday.

Debt ceiling breached in the U.S. government as standoff in Congress awaits. A bipartisan group of U.S. lawmakers is preparing a plan to defuse a looming crisis over the nation’s debt ceiling by changing it from a fixed dollar amount a percentage of national economic output, the group’s top Republican said on Sunday.

DNB Asset Management materially increased investments in EV maker Tesla and Plug Power, a hydrogen fuel-cell technology company, while slashing its stake in General Motors in the fourth quarter.

French arm of the Russian state-owned RT television network said on Saturday it was shutting down after authorities used European Union sanctions to freeze its bank accounts.

Genesis: Three former employees of the company claimed they had secured millions of dollars for a new crypto hedge fund, according to correspondence viewed by CNBC.

Google employees are scrambling for answers from leadership and from colleagues as the company undergoes a massive layoff.

Iran’s currency fell to a record low against the U.S. dollar on Saturday amid the country’s increasing isolation and possible Europe Union sanctions against Tehran’s Revolutionary Guards or some of its members.

Juul Labs secured preliminary court approval of a $255 million settlement resolving claims by consumers that it deceptively marketed e-cigarettes, as the company seeks to resolve thousands of lawsuits.

Kotak Mahindra Bank on Saturday reported a 31% increase in standalone net profit for the October-December quarter, aided by a strong topline and healthy loan growth.

Nornickel has proposed slashing its annual dividend for 2022 to $1.5 billion from the $6.3 billion paid out for 2021, the economic news outlet RBC reported on Saturday, citing three sources close to the board of directors.

President Joe Biden’s White House chief of staff, Ron Klain, plans to leave his post in the coming weeks, sources familiar with the matter said on Saturday.

Russian private military contractor Wagner published a short letter to the White House asking what crime his company was accused of, after Washington announced new sanctions on the group.

Ukraine: President Volodymyr Zelenskiy attended a memorial service on Saturday to commemorate seven senior officials killed in a helicopter crash, a fresh blow to a nation already grieving its many war dead.

U.S. existing home sales fall most on record on a month-over-month basis.

U.S. power chip maker Wolfspeed Inc (WOLF.N) is planning to build a factory in Germany for more than 2 billion euros, Handelsblatt reported on Saturday.

Yes Bank (YESB.NS) reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.

🏛️What The Analysts Are Saying…🏛️

I think inflation is going to get sticky in midyear at around 4%… This transition is particularly noteworthy because inflationary pressures are now less sensitive to central bank policy action. The result could well be more sticky inflation at around double the level of central banks’ current inflation target.” — Mohamed El-Erian, president of Queens’ College at the University of Cambridge

In bonds our kryptonite is inflation. Our thesis is that peak inflation is in the rear view mirror and we suspect by mid-year or later there will be evidence the economy is really weakening and inflation is melting. A lot of tightening is still set to hit the economy at a time when it is already slowing. At this point I don’t see a reason to be bearish on bonds.” — Jack McIntyre, portfolio manager at Brandywine

Sell strength on any move back toward the August highs of 4300… I just don’t want to pay an 18 P/E multiple for 0% expected earnings growth.” — Goldman Sachs trader comments on short term market strategy

SPY squeezing between upper & lower weekly trendline—direction of next big move unclear

We have the technologies we need. The International Energy Agency says, for a 50% reduction [in energy-related emissions], we have all we need with proven deployment models already available for us. The next 50%, after 2030, we have the technologies that are in development. We see the pathway to improve them. We know how to get there.” — Al Gore, special U.S. envoy at Davos

 📈Last Week’s Best & Worst Performing Assets📉

👀The Week Ahead…👀

Earnings reports will dominate the conversation around stocks next week with Tesla (NASDAQ:TSLA), Microsoft (MSFT), Visa (V), Mastercard (MA), Johnson & Johnson (JNJ), and Boeing (BA) some of the heavyweights due to report. Federal Reserve speakers will be in a blackout period ahead of the February FOMC meeting, but economic reports will still pour in.

Updates on the S&P Case-Shiller Home Price Index, new home sales, durable goods orders, and consumer sentiment could reinforce the expectation for a recession in the U.S. and set the table for a 25-point rate increase from the Fed, instead of a 50-point hike.

Read the rest @ Seeking Alpha.

U.S. Economic Calendar

Monday, Jan. 23
10:00 AM Leading economic indicators Dec. -0.70% -1.00%
Tuesday, Jan. 24
9:45 AM S&P U.S. manufacturing PMI (flash) Jan. 47 46.2
9:45 AM S&P U.S. services PMI (flash) Jan. 45.3 44.7
Wednesday, Jan. 25 None scheduled
Thursday, Jan. 26
8:30 AM Initial jobless claims Jan. 21 199,000 190,000
8:30 AM Continuing jobless claims Jan. 14 1.65 million
8:30 AM Real gross domestic product, first estimate (SAAR) Q4 2.80% 3.20%
8:30 AM Real final sales to domestic purchasers, first estimate (SAAR) Q4 1.50%
8:30 AM Trade in goods (advance) Dec. -$83.3 billion
8:30 AM Durable goods orders Dec. 2.90% -2.10%
8:30 AM Core capital goods orders Dec. -0.10%
8:30 AM Chicago Fed national activity index Dec. N/A
10:00 AM New home sales (SAAR) Dec. 615,000 640,000
Friday, January 13
8:30 AM Real disposable incomes (SAAR) Dec. 3.20%
8:30 AM Real consumer spending (SAAR) Dec. 0.10%
8:30 AM PCE price index Dec. 0.10%
8:30 AM Core PCE price index Dec. 0.30% 0.20%
8:30 AM PCE price index, year-over-year Dec. 5.50%
8:30 AM Core PCE price index, year-over-year Dec. 4.40% 4.70%
10:00 AM UMich consumer sentiment index (late) Jan. 64.6 64.6
10:00 AM UMich 1-year inflation expectations (late) Jan. 4.00%
10:00 AM UMich 5-year inflation expectations (late) Jan. 3.00%
10:00 AM Pending home sales Dec. -1.50% -4.00%
U.S. Economic Calendar, TDR stock market preview

😎Meme Of The Week😎

U.S Earnings Calendar

Date Company Symbol EPS Estimate
Monday, Jan. 23 Baker Hughes BKR $0.40 per share
Bank of Hawaii BOH $1.42
Brown & Brown BRO $0.46
F.N.B. FNB $0.42
Logitech International LOGI $1.03
Synchrony Financial SYF $1.13
Umpqua UMPQ $0.54
Zions Bancorp ZION $1.66
Tuesday, Jan. 24 Agilysys AGYS $0.21
Canadian National Railway CNI $2.09
Capital One Financial COF $3.86
D.R. Horton DHI $2.24
Danaher DHR $2.50
F5 Networks FFIV $2.33
General Electric GE $1.16
Halliburton HAL $0.67
Intuitive Surgical ISRG $1.25
Invesco IVZ $0.36
Johnson & Johnson JNJ $2.24
Lockheed Martin LMT $7.37
Microsoft MSFT $2.30
Navient NAVI $0.84
Old National Bancorp ONB $0.57
Raytheon Technologies RTX $1.25
Texas Instruments TXN $2.03
Travelers TRV $3.40
Union Pacific UNP $2.79
Veritex Holdings VBTX $0.88
Verizon VZ $1.19
WesBanco WSBC $0.83
Western Alliance Bancorp WAL $2.66
Wednesday, January 25 Abbott Labs ABT $0.93 per share
AT&T T $0.58
Automatic Data Processing ADP $1.94
Axalta Coating Systems AXTA $0.35
Boeing BA $0.29
Boot Barn Holdings BOOT $1.75
Crown Castle CCI $1.94
CSX CSX $0.47
Ethan Allen ETD $0.89
Flex FLEX $0.60
Freeport-McMoRan FCX $0.43
General Dynamics GD $3.54
Hess HESS $1.60
International Business Machines IBM $3.61
Kimberly-Clark KMB $1.51
Lam Research LCRX $9.94
Las Vegas Sands LVS -$0.10
Lending Club LC $0.22
Levi Strauss LEVI $0.30
NextEra Energy NEE $0.50
NextEra Energy Partners NEP $0.49
Norfolk Southern NSC $3.45
Packaging Corp PKG $2.23
Progressive PGR $1.45
Raymond James RJF $2.28
Seagate Technology STX $0.11
ServiceNow NOW $2.02
SL Green Realty SLG $1.48
Steel Dynamics STLD $3.67
Tesla TSLA $1.13
Textron TXT $1.07
U.S. Bancorp USB $1.14
United Rentals URI $10.29
West Fraser WFG $0.02
Wolfspeed WOLF -$0.14
Thursday, January 26 Alaska Air ALK $0.91 per share
American Airlines AAL $1.07
Archer-Daniels-Midland ADM $1.65
Blackstone BX $0.97
CNX Resources CNX $0.62
Comcast CMCSA $0.77
Dow DOW $0.57
Eastman Chemical EMN $1.25
Federated Hermes FHI $0.73
Intel INTC $0.20
JetBlue Airways JBLU $0.20
KLA Corporation KLAC $7.03
L3Harris LHX $3.28
Marsh McLennan MMC $1.40
Mastercard MA $2.58
McCormick MKC $0.86
Nokia NOK $0.13
Northrop Grumman NOC $6.57
Nucor NUE $4.33
Olin OLN $1.37
Oshkosh OSK $1.73
Rockwell Automation ROK $1.87
SAP SAP $1.37
Sherwin-Williams SHW $1.86
Southwest Airlines LUV $0.06
STMicroelectronics STM $1.10
T. Rowe Price TROW $1.70
Tractor Supply TSCO $2.35
U.S. Steel X $0.63
Valero Energy VLO $6.96
Visa V $2.01
Weyerhaeuser WY $0.18
Xerox XRX $0.51
Friday, Jan. 27 American Express AXP $2.24 per share
Booz Allen Hamilton BAH $1.04
Charter Communications CHTR $8.99
Chevron CVX $2.56
Charter Communications CHTR $0.77
Colgate-Palmolive CL $0.77
LyondellBasell LYB $1.26
WisdomTree WT $0.04
TDR stock market preview earnings calendar, week of January 23
CNN’s Fear & Greed Index – TDR’s stock market preview

Past Week What’s Hot… and What’s Not

Source: TradingView – TDR’ stock market preview what’s hot this past week

Top 12 High Short Interest Stocks

Ticker Company Exchange ShortInt Float S/O Industry
PXMD PaxMedica Inc Nasdaq 63.00% 770K 11.78M Biotechnology & Medical Research
CVNA Carvana Co NYSE 58.01% 93.26M 105.95M Retail (Specialty Non-Apparel)
BBBY Bed Bath & Beyond Inc. Nasdaq 50.28% 76.67M 80.36M Retail (Specialty Non-Apparel)
GROM Grom Social Enterprises Inc Nasdaq 44.63% 660K 760K Online Services
BYND Beyond Meat Inc Nasdaq 39.80% 57.42M 63.74M Food Processing
UPST Upstart Holdings Inc Nasdaq 39.14% 68.62M 81.88M Consumer Lending
EVGO Evgo Inc Nasdaq 36.71% 67.73M 69.36M Utilities – Electric
MSTR MicroStrategy Inc Nasdaq 36.47%

Read More: TDR’s U.S. Stock Market Preview For The Week Of January 23, 2023

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