Good Morning Everyone!
Remember, no one gets rich panic selling.
Prices as of 4 pm EST, 9/27/22; % YTD
MARKET UPDATE US home prices finally decline
- Avg home price (20-largest cities) dropped by 0.44% in July
- First decline since December 2011
- Breaks 126-month streak of rising prices
- YoY price gains continue decelerating:
Unexpected surge in New Home Sales
- Massive surprise jump of +28.8% (vs. -2.2% expected)
- New home sales now at pre-pandemic levels
-
To keep an eye on: homes under construction at elevated levels
- Should lead to sharp increase in inventory
- Increase in inventory should put further pressure on new home prices
Trade deficit decreased to $87.3 billion in August from $90.2 billion)
Retail Inventories ex auto +0.3% MoM (prev +0.3%)
Wholesale Inventories +1.3% MoM (prev +0.6%)
Day ahead:
- 5 Fed speakers: Bostic (8:35 am EST) , Bullard (10:15 am), Powell (10:15 am), Bowman (11 am), Evans (2 pm)
- 10:00 am - Pending Home Sales
- 10:30 am - EIA stocks change
Gilts jump on BOE intervention
- UK bonds rally on BOE decision to make temporary purchase of long-dated government bonds, put off reducing size of balance sheet
- Will buy bonds from Wednesday to Oct 14
- QT start pushed back to Oct 31
US10YR yield rises above 4% for first time since 2008
Crude $80
- New report shows US on track to grow production faster than government forecast
- 12.85 million barrels of crude per day - 250k more than EIA forecast
Apple (NASDAQ: NASDAQ:AAPL) bails on plans to increase production
-
Will produce roughly same number of handsets in H2 2022 as same period last year
- In line with original forecast
- Had recently upgraded sales forecast ahead of iPhone 14 release
- Smartphone market expected to shrink 6.5% to 1.27 billion units in 2022
Earnings
- Cintas (NASDAQ: CTAS)
- Paychex (NASDAQ: PAYX)
- Thor Industries (NYSE: THO)
CRYPTO UPDATE Powell talks DeFi:
We need to be very careful about how crypto activities are taken within the regulatory perimeter, where ever they take place […] there is a real need for more appropriate regulation.
- Says more regulation needed as DeFi expands, retail participation grows
- Noted structural issues and lack of transparency
Celsius CEO resigns
- Alex Mashinsky stepped down yesterday
- Regretted being a “distraction”…
- One of first major lenders to blow up
Robinhood (NASDAQ: NASDAQ:HOOD) debuts Web3 wallet
- “Robinhood Wallet”
- Beta testing - 10k users
- Polygon will be first blockchain supported
- Will eventually be multichain wallet
Bitcoin Fear & Greed Index: Extreme Fear
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