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Remember, if you can't afford breakfast because of inflation, just take the media's advice and don't eat!
Prices as of 4 pm EST, 2/14/23; % YTD
MARKET UPDATE No to Soft Landing/Yes to No-Landing
No-Landing
- Data says……higher interest rates. 3.3% to 3.7% (chart below)
- Feb. 3 non-farm payrolls up 517,000 in January
- Feb. 15 CPI rose 0.5% in January, up 6.4% year-over-year
FOMC March 22 meeting
- Yesterday’s CPI report guarantees a 25 point hike
- Powell may signal further increases likely (no pause)
Today’s data
- 7:00 a.m. mortgage applications
- 8:30 a.m. retail sales +3.0% vs. 1.9% estimate, most in 2 years (No-Landing)
- 9:15 a.m. industrial and manufacturing production data
Crude $78 -1%
- American Petroleum Institute reported a large crude build
Tesla (NASDAQ: TSLA)
- Will open part of its charging network to other vehicles by end of 2024
- Why? To qualify for government funds in its effort to build a National System
Berkshire Hathaway
- 13F filing for Q4 2022
- Reduced: Taiwan Semi, US Bancorp, Bank of New York, Activision, Ally Financial, Chevron
- Increased: Louisiana-Pacific, Paramont, Apple
Uber/Dash (NYSE: UBER) (NYSE: DASH)
- New York City Commission will make final wage ruling today
Earnings
- Airbnb (NASDAQ: ABNB) +9% Q4 EBITDA beat and guide above street, lower N.A. stronger international
- TripAdvisor (NASDAQ: TRIP) +10% experiences bookings beat street estimates
- Devon (NYSE: DVN) -8% Q4 miss, 2023 capex guide higher than expected
- Analog Devices (NASDAQ: ADI) +4% slight beat and raise driven by Auto & Industrial chips
- Kraft Heinz (NASDAQ: KHC) flat modest beat, conservative guide
- Biogen (NASDAQ: BIIB) flat new CEO, modest beat
- Roblox (NYSE: RBLX) +15% January bookings beat
CRYPTO UPDATE Binance outflows
- Binance stablecoin (BUSD) saw $1 billion in outflows on Monday
- Represents ~6% of reserves
Tether ~$1 billion inflows
- As traders flee BUSD, Tether gains strength
- Stablecoing market dominance now > 50%
CME expanding event contracts
- Will include Bitcoin futures
- Product launch March 13 (pending regulatory approval)
- Allows traders to bet on closing price throughout day
Month-to-date performance:
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