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Housing demand continues to fall. In the last week of 2022, mortgage applications were down 42% year-over-year.
Prices as of 4 pm EST, 1/3/23; % YTD
MARKET UPDATE Positioning
- A lot of tax loss selling late last year
- A lot of Energy trimming early in 2023
- S&P 500 Energy Sector was the only positive sector in 2022, up 59%
10 a.m. U.S. Manufacturing ISM
2 p.m. FOMC minutes from December meeting
Crude 74.90 -2.7%
Warm weather is hurting heating demand but……
- Other hard commodities are down as well this morning:
- Why? Worsening Covid cases and concerns about China’s economy
XOP = Spider S&P Oil & Gas Exploration & Production ETF
- It’s sitting on its 200-day moving average
China
- Further property-support measures announced to ease liquidity stress at too-big-to-fail developers
- China will again begin to import coal from Australia
- Ant Group approved a 10.5 billion yuan fund raising plan by Jack Ma
Labour shortage in non-tech
- Wall Street Journal article on Domino’s and Pizza Hut
- Shortage of drivers causing long wait times, frustrating customers, costing them sales
- Pizza delivery workers earn an estimated $38,000 annually
Layoffs in Tech continue
- Salesforce (NYSE: CRM) to cut 10% of workers, reduce offices
-
Marc Benioff:
- environment remains challenging
- customers taking a more measured approach to their purchasing decisions
Earnings None
CRYPTO UPDATE SBF pleads not guilty
- Pleads ‘not guilty’ to fraud and conspiracy charges
- Ayfkm?
- What did he keep apologizing for then?
- Will face trial in October
Here’s what I think of Sam Bankman-Fried pleading NOT GUILTY to all charges… pic.twitter.com/W3Hw9JHHRJDigital asset fund flows— Genevieve Roch-Decter, CFA (@GRDecter) January 3, 2023
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2022 inflows of $433 million weakest since 2018 ($233 million)
- Bitcoin (CRYPTO: BTC) $287 million
- Multi-asset investment products $209 million
- Shot-investment products $108 million
- Pace of outflows much slower than 2018
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