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China stuns the world with manufacturing activity expanding at the fastest pace in more than a decade in February.
The Hong Kong stock index is up +4%. Maybe the economy won’t crash after all.
Prices as of 4 pm EST 2/28/23; % YTD
MARKET UPDATE S&P 500
- February -2.6%
FOMC meeting is March 22
We start March 2023 sitting on the 200-day moving average
10 a.m. ISM manufacturing data
Crude 76.50 -1%
- Good news: China PMI
- Bad news: weekly API crude build and higher OPEC+ production in February
China
- Next week National People’s Congress
- Will release new growth target
- Overnight, China reported strong PMI of 52.6
- Second straight month of expanded economic activity
- Home sales expanded in China for the first time in 20 months
- Export orders expanded for the first time in almost 2 years
Eli Lilly (NYSE: LLY)
- To cut prices of Insulin drugs by 70%
Tesla (NASDAQ: TSLA)
- Investor day
- Update on battery targets, Gen 3 manufacturing platform, Scale
- Model Y revamp for 2024
- Update on the Cyber truck or a DeLorean pickup as some people call it
Earnings
- Monster (NASDAQ: MNST) -4% sales and EBIT below consensus
- Agilent (NYSE: A) -3% top line beat, Q2 guide light
- Ross (NYSE: ROSS) -2% Q4 EPS beat, conservative guide
- HP (NYSE: HPQ) +3% revenue light but better than expected
- Rivian (NASDAQ: RIVN) -8% losses better than expected, slow volume ramp
- Lowe’s (NYSE: LOW) +1% inline quarter and guide, inventory looks healthy
- Dollar Tree (NASDAQ: DLTR) -3% Q4 EPS inline, SSS up 7.4%, 2023 guide below street
CRYPTO UPDATE FTX saga
- Former Director of Engineering Nishad Singh pleaded guilty to 6 criminal charges
Yuga Labs
- Next NFT drop will be on Bitcoin (CRYPTO: BTC) blockchain
- NFTs minted on Ordinal
- 300-piece collection, “TwelveFold”
- Yuga Labs is also being Bored Apes (BAYC)
Crypto Fear & Greed
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