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The S&P 500 Index Monday closed up by +0.13%, the Dow Jones Industrials Index closed up by +0.55%, and the Nasdaq 100 Index closed down by -0.47%.
Stocks on Monday settled mixed, with the Dow Jones Industrials posting a new record high. Apple fell more than -2% Monday to pressure the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers on Monday weighed on the broader market. However, Intel rose more than +6% Monday to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Monday’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news on Monday was mixed for stocks. On the negative side, Apple closed down more than -2% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle closed up more than +5% after Melius Research upgraded the stock to buy.
This week, the market will focus on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets Monday settled lower. The Euro Stoxx 50 closed down -0.34%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) Monday closed up +4.5 ticks. The 10-year T-note yield fell -2.6 bp to 3.625%. Dec T-notes Monday garnered support on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 64% Monday from 52% last Friday. T-notes fell back from their best levels Monday after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high Monday of 2.100%.
European government bond yields on Monday moved lower. The 10-year German bund yield fell -2.6 bp to 2.122%. The 10-year UK gilt yield fell -0.9 bp to 3.759%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple closed down more than -2% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales. Apple suppliers retreated as well, with Qorvo closing down more than -6% to lead losers in the S&P 500. Also, Skyworks Solutions closed down more than -5%.
Chip makers were under pressure Monday and weighed on the broader market. ARM Holdings Plc closed down more than -5% to lead losers in the Nasdaq 100, and Micron Technology closed down more than -4%. Also, Nvidia and Broadcom closed down more than -2%. In addition, ON Semiconductor , KLA Corp , Lam Research , ASML Holding NV , Marvell Technology , and GlobalFoundries closed down more than -1%.
Intel closed up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials, and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Oracle closed up more than +5% after Melius Research upgraded the stock to buy from hold with a price target of $210.
Charles Schwab closed up more than +2% after it reported that new brokerage accounts in August rose +4% y/y (324,000) and that it expects Q3 revenue will climb as much as 3% from Q2.
Elf Beauty closed down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments closed down more than -3% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd closed down more than -8% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc closed down more than -3% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Exact Sciences closed up more than +5% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent closed up more than +27% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource closed up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow closed up more than +4% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Incyte closed up more than +4% after Guggenheim Securities raised its price target on the stock to $92 from $86.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Following a robust and consistent rally from May to July, the major U.S. equity indices have retreated, and investors have been experiencing a choppy period. Stocks first cratered after the Japanese “Yen Carry” trade appeared to unwind. Next, investors tossed out their tech stocks after AI leader Nvidia (NVDA) reported its first margin contraction in ages. However, stocks have rebounded after NVDA CEO Jensen Huang reassured investors that demand was not slowing. Meanwhile, according to Oracle (ORCL) CEO Larry Ellison echoed the demand sentiment and made headlines last week when he divulged that him and Tesla (TSLA) CEO Elon Musk begged Huang to take their money for more AI GPUs.
With the market still choppy, what is the most likely roadmap for stocks moving forward?
3 Reasons Short-term Volatility is Likely
September Seasonality is Bearish
According to Goldman Sachs (GS) research, the back half of September has the worst historical returns of any part of the year since 1950 with abysmal negative returns for ten out of the last eleven days of the month.
Image Source: Goldman Sachs
Federal Reserve (FOMC) is Wednesday
Wednesday, the FOMC interest-rate decision will occur at 2:00 pm EST, followed by Fed Chair Jerome Powell’s press conference at 2:30 pm. Recently, Powell confirmed that the Federal Reserve will cut interest rates for the first time since 2020 as the inflation rate declines and the U.S. job market shows signs of slowing. However, there is some uncertainty around the magnitude of the interest rate cut. Investors were expecting a 25-bps cut, but now the market gives a ~60% chance of a 50-bps cut. Meanwhile, Senator Elizabeth Warren demands a 0.75% rate cut (though I find this highly unlikely).
Regardless of the magnitude of interest rate cuts, investors may use the announcement as a “Sell the news” moment.
Triple-Witching Expiration
Triple witching is a phenomenon where stock options, stock index futures, and stock index options expire on the same day. Triple witching occurs four times a year, with one time occurring this Friday, September 20th. Triple witching often induces short term volatility because traders and investors are forced to make decisions about expiring positions.
Bottom Line
Following a solid week of stock gains last week, investors should brace for some potential near-term turbulence as poor seasonality, the interest rate decision, and triple-witching expiration loom.
Zacks Investment Research
Reporter Name | Huang Jen Hsun |
Relationship | President and CEO |
Type | Sell |
Amount | $28,551,919 |
SEC Filing | Form 4 |
NVIDIA Corp President and CEO, Jen-Hsun Huang, reported selling 240,000 shares of common stock over two days, with transactions dated September 12 and 13, 2024. The sales were conducted at weighted average prices ranging from $115.8235 to $120.2905, totaling $28,551,919. Following these transactions, Huang directly owns 75,415,836 shares and indirectly controls 785,603,400 shares through various trusts and partnerships. The sales were executed under a Rule 10b5-1 trading plan adopted on March 14, 2024.
SEC Filing: NVIDIA CORP [ NVDA ] - Form 4 - Sep. 16, 2024
** Shares of chipmaker Intel INTC.O rise 8.6% to $22.72 in extended trading
** INTC and and Amazon's AMZN.O AWS announced a co-investment in custom chip designs, under a multi-year, multi-billion-dollar framework
** Intel will produce an AI fabric chip for AWS on Intel 18A, its most advanced process node
** AWS is planning to invest $7.8 billion to expand its data center operations in Central Ohio
** Up to last close, stock had fallen 58% YTD
(Reporting by Harshita Mary Varghese in Bengaluru)
Intel Corporation shares are surging following reports that the company is set to qualify for up to $3 billion in federal funding to produce semiconductors for U.S. military applications.
The potential grant, part of the CHIPS and Science Act's Secure Enclave program, aims to secure a domestic supply of advanced chips critical for defense and intelligence purposes.
Intel has been working closely with the U.S. government through various defense programs such as the State-of-the-Art Heterogeneous Integration Prototype (SHIP) and Rapid Assured Microelectronics Prototypes-Commercial (RAMP-C). This latest funding would help expand Intel’s capabilities in producing cutting-edge semiconductors across its facilities in Arizona, Ohio and other states.
While the company has not officially received the funding, Intel is seen as a frontrunner among chipmakers competing for the grants.
This comes on top of an already proposed $8.5 billion in grants and $11 billion in loans Intel is negotiating under the broader CHIPS Act, which seeks to revitalize the U.S. semiconductor industry.
INTC Price Action: Intel shares were up by 6.36% at $20.91 Monday at market close, according to Benzinga Pro.
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