Investing.com UK - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Inflation Up, Jobless Claims Down

Published 16/02/2023, 15:01
Inflation Up, Jobless Claims Down
IXIC
-
ENRY
-

Benzinga - Good Morning Everyone!

Berkshire Hathaway’s Charlie Munger was asked about long-term valuations: “I don't worry about it too much, because I will be dead."

At least he’s being honest.

Prices as of 4 pm EST, 2/15/23; % YTD

MARKET UPDATE Retail sales

  • +3% vs. 1.8% expected

  • All categories showed growth MoM and YoY

  • Restaurants and bars +7.2% MoM, +24% YoY

    • Rotation from goods to services still underway

  • Data says: consumer still strong

Industrial & Manufacturing production

  • Industrial production unch MoM

    • +0.8% YoY

    • Slowest growth since February 2021

    • -9.9% monthly drop in Utilities (chart below)

      • Largest drop ever

  • Manufacturing production +1% MoM

    • Best print since February 2022

Homebuilder sentiment

  • Rose by 7 points (most since mid-2020)

  • At 5-month high

  • Sales expectations jumped to highest since July

  • Optimism over prospective buyer traffic

Today's data:

  • 8:30:

    • PPI MoM: 0.7% vs. 0.4% est

      • Biggest gain in 7 months

      • Largest increase in goods (+1.2%) since June

        • +6.2% surge in gasoline cost

    • Core PPI MoM: 0.5% vs. 0.3% est

    • Building Permits MoM: +0.1% (prev -1%)

    • Housing Starts MoM: -4.5% (prev -3.4%)

    • Initial Jobless Claims: 194k vs. 200k est

      • Remains close to 9-month low from January

      • Labor market: still tight

    • Philly Fed Manufacturing: -24.3 vs. -7.4 est

      • Lowest reading since May 2020

      • 6th straight month of contraction

  • Fed talk

    • 8:45 - Mester

    • 1:30 - Bullard

    • 4:00 - Cook

    • 6:00 - Mester

Crude

  • IEA lifts oil demand by 2 mbpd in 2023

    • China makes up 900k bpd

  • Record 101.9 mpbd

    • +100k bpd from prev forecast

Tesla (NASDAQ: TSLA)

  • Autopilot workers announced unionization campaign Tuesday

    • Yesterday Tesla fired dozens of them

  • Charlie Munger on Tesla/BYD (Chinese competitor):

    • “BYD is so much ahead of Tesla in China ... it’s almost ridiculous”

Cisco Systems (NASDAQ: CSCO)

  • Beat top & bottom lines

  • Demand for tech infrastructure stronger than expected

  • Highest sales forecast in years

    • +9.8% for 2023

Zillow (NASDAQ: Z)

  • Beat top & bottom lines

  • Driven by core advertising

  • Developing “super app” for housing

  • Partnering with Opendoor (NASDAQ: OPEN) to reach home sellers

Earnings

  • Hasbro (NASDAQ: HAS)

  • Datadog (NASDAQ: DDOG)

  • Crox (NASDAQ: CROX)

  • DraftKings (NASDAQ: DKNG)

  • Paramount Global (NASDAQ: PARA)

  • Cenovus Energy (NYSE: CVE)

  • PBF Energy (NYSE: PBF)

  • NRG Energy (NYSE: NRG)

  • Watsco (NYSE: WSO)

  • Hyatt Hotels (NYSE: H)

  • Pool Corp (NASDAQ: POOL)

  • Southern Company (NYSE: SO)

  • Zebra Tech (NASDAQ: ZBRA)

  • EPAM Systems (NYSE: EPAM)

  • Reliance Steel (NYSE: RS)

CRYPTO UPDATE Bitcoin (CRYPTO: BTC) hits 6-month high

  • Highest since August

  • Closing in on $25,000

  • +11% last 24 hours

  • Squeeze? Short-sellers closed out $64.5 million in bets yesterday

Court reveals identities of SBF guarantors

  • Check out thread for details:

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.