Benzinga - Good Morning Everyone!
Prices as of 4 pm ET, 11/28/22; % YTD
MARKET UPDATE China said it would bolster vaccination among senior citizens (over age 80)
- China ETF bounced back overnight
Just 23 trading days left in 2022
- Volumes continue to be very low
- Activity continues to be very low
- Small changes in this kind of market creates greater than expected volatility
Yesterday Fed Speak: both New York Fed Williams & St. Louis Fed Bullard hint at 50-point hike on Dec. 14
Today Housing data at 9 a.m., Consumer confidence at 10 a.m.
Tomorrow Jay Powell speaks
Friday November jobs data
Dec. 14 FOMC meeting
Fed Williams expects inflation rate to fall to
- 5% to 5.5% by the end of the year
- 3% to 3.5% by end of 2023
- 2% Fed’s target rate
Crude 78.50 +2%
- Up today on China reversal
- China cases in China fell slightly today to 38,000 from 40,000
Europe still has not agreed to a price cap
- Poland and the Baltic nations are objecting to $65-70 level because this would allow Russia to continue to sell oil to Europe at market prices to fund the war
Apple (NASDAQ: NASDAQ:AAPL)
- Delivery times on the iPhone 14 Pro stretch to a record 37 days due to supply chain disruptions
- Announced most downloaded apps of 2022
- It appears Meta’s (NASDAQ: META) core products are still very much in the game
Disney (NYSE: DIS)
- Shanghai Disneyland to be closed
- It’s the second time this month
- L.A. times reporting CEO Bob Iger not looking to sell company to Apple
- Iger held a townhall yesterday: will focus on profitability not subscribers
- Does that mean he will take down Fiscal 2024 Disney+ subscriber guidance?
U.S. Rails
- Biden called on Congress to pass legislation that would avert a rail shutdown
- 4 railroad unions (115,000 workers) have rejected a proposed contract
Earnings Today None
Earnings tonight
- CrowdStrike (NASDAQ: CRWD) 8% implied move
- Workday (NASDAQ: WDAY) 7% implied move
- Intuit (NASDAQ: NASDAQ:INTU)
CRYPTO UPDATE BlockFi files for Chapter 11 bankruptcy
- Nov 10 - halted withdrawals in wake of FTX fallout
- ~$257 million cash on hand
- +100,000 creditors
- Executive estimate assets and liabilities in range of $1 to $10 billion (LOL)
-
Previously on brink of bankruptcy after Three Arrows Capital (3AC) implosion
- FTX “saved” the day then
- But not really…
Digital asset flows
- Investment products saw $23 million in outflows last week
- Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) outflows totaled $10 and $6 million, respectively
- Altcoins outflows continue
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