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Wall Street Breakfast: What Moved Markets

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Feb. 18, 2023 6:07 AM ETLMT, RTX, GOOG, GOOGL, BDNCE, META, NFLX, NSC, CSX, UNP, CP, WST, ECL, PARA, GNRC, ZTS, DVN, APA, EOG, OGN, FANG1 Comment

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Stocks vanished mixed Friday, pinch nan S&P 500 concluding its 2nd consecutive play decline, arsenic Federal Reserve officials reinforced nan connection that liking rates request to rise. Fed Bank of Richmond President Thomas Barkin said he favors a quarter-point move to springiness nan cardinal slope flexibility, and Fed Governor Michelle Bowman said nan cardinal slope should support raising rates until location is overmuch much advancement connected inflation. Former Treasury Secretary Lawrence Summers and economist Mohamed El-Erian were among noted marketplace watchers informing an fierce Fed risks damaging nan economy. For nan week, The S&P shed 0.3%, nan Dow Jones edged 0.1% lower, and nan Nasdaq Composite climbed 0.6%.

Out of stock

China had warned of retaliation complete nan downing of a balloon earlier this month, but nan latest salvo successful tension-filled U.S.-Sino relations came complete arms income to Taiwan. Beijing imposed sanctions connected Lockheed Martin (NYSE:LMT) and a subsidiary of Raytheon Technologies (NYSE:RTX) by adding them to a alleged "unreliable entity list" that intends to punish firms that jeopardize its nationalist security. It comes connected apical of fines that are based connected nan statement worth of their arms income to Taiwan, which nan Chinese Communist Party considers arsenic portion of its sovereign territory. The Pentagon is besides reviewing its arms stockpiles aft seeing really accelerated ammunition has been drained during nan warfare successful Ukraine. General Mark Milley, chair of nan Joint Chiefs of Staff, said nan study could consequence successful an summation successful nan U.S. military's $817B yearly fund - particularly arsenic concerns turn complete nan information situation should different warfare break retired successful nan Taiwan Strait - but SA contributor Zoltan Ban doesn't spot that arsenic a reality due to excessive authorities debt. (149 comments)

Bumpy disinflation

A mixed ostentation study resulted successful a mixed time for nan marketplace indices. Following nan merchandise of nan latest Consumer Price Index report, nan Dow and S&P 500 finished nan choppy session connected Tuesday marginally successful nan red, while nan Nasdaq posted a humble advance. It came arsenic investors statement nan guidance of nan Fed aft nan upcoming gathering successful March and nan probability of changes to U.S. monetary policy. On show was a header CPI fig that inched down to 6.4% Y/Y successful January - marking nan seventh consecutive period of easing ostentation - though nan cooling is moderating, pinch nan CPI rising 0.5% M/M, compared pinch a erstwhile 0.1% summation successful December. Stocks later fell connected Thursday pursuing nan merchandise of January’s Producer Price Index, pinch wholesale costs coming successful hotter than expected. (331 comments)

Fed departure

Lael Brainard announced that she'll time off nan No. 2 domiciled astatine nan Fed to caput up nan National Economic Council, wherever she'll coordinate economical policymaking crossed nan executive branch amid a battle complete nan indebtedness ceiling. While she was passed complete once to go Fed Chair, nan caller move could put her wrong scope of nan apical spot - aliases becoming a early Treasury Secretary - arsenic she builds rapport wrong nan Biden administration's soul circle. Brainard was besides known arsenic 1 of nan astir "dovish" members of nan FOMC, urging a somewhat little fierce attack successful nan conflict against inflation, and providing a counterweight to nan spectrum of argumentation particularly erstwhile compared to "hawks" for illustration Minneapolis Fed President Neel Kashkari and Governor Christopher Waller. While President Biden could nominate a caller Fed Vice Chair pinch a akin stance, it whitethorn not beryllium arsenic easy for nan appointee to forge argumentation statement done persuasion compared to nan organization respect Brainard received by serving connected nan Fed's committee since 2014. (3 comments)

Changing of nan guard

One of nan astir salient women successful tech, YouTube (GOOG, GOOGL) CEO Susan Wojcicki, besides said she'd step down from her position to attraction connected "family, health, and individual projects." Wojcicki was 1 of Google's earliest employees, having rented retired her car shed to co-founders Larry Page and Sergey Brin successful 1998, and later shepherding YouTube to a premier position successful online video. Her departure comes astatine a clip erstwhile YouTube is nether unit from falling advertizing revenue, arsenic good arsenic intense competition from TikTok (BDNCE), Facebook Reels (META) and streamers for illustration Netflix (NFLX). Wojcicki will beryllium replaced by her longtime lieutenant Neal Mohan, a elder advertisement and merchandise executive who joined Google successful 2008. (32 comments)

Derailed

Lawsuits person been piling up against freight obstruction usability Norfolk Southern (NYSE:NSC), which is facing a nationalist backlash and investor scrutiny complete a bid of train derailments. One led to a chemical disaster successful East Palestine, Ohio, connected Feb. 3, while different said to beryllium carrying hazardous materials overturned connected Thursday extracurricular of Detroit, Michigan. NSC shares person gone disconnected nan tracks complete nan past 2 weeks, falling 10% to beneath nan $230-level, though immoderate for illustration Cowen expert Jason Seidl are looking astatine humanities precedent, believing nan unfortunate events may not person overmuch of a semipermanent impact. Norfolk Southern CEO Alan Shaw moreover penned a missive to address nan concerns, but for investors looking for different players successful nan freight railroad sector, cheque retired caller SA study connected CSX Corp. (NASDAQ:CSX), Union Pacific (NYSE:UNP) and Canadian Pacific Railway (NYSE:CP) (which is expected to adjacent its acquisition of Kansas City Southern by nan extremity of Q1). (38 comments)

U.S. Indices
Dow -0.1% to 33,827. S&P 500 -0.3% to 4,079. Nasdaq +0.6% to 11,787. Russell 2000 +1.4% to 1,946. CBOE Volatility Index -2.5% to 20.02.

S&P 500 Sectors
Consumer Staples +0.9%. Utilities +0.9%. Financials -0.3%. Telecom +0.2%. Healthcare -0.4%. Industrials +0.8%. Information Technology -0.4%. Materials -1%. Energy -6.9%. Consumer Discretionary +1.6%.

World Indices
London +1.6% to 8,004. France +3.1% to 7,348. Germany +1.1% to 15,482. Japan -0.6% to 27,513. China -1.1% to 3,224. Hong Kong -2.2% to 20,720. India +0.5% to 61,003.

Commodities and Bonds
Crude Oil WTI -4.3% to $76.33/bbl. Gold -0.6% to $1,851.5/oz. Natural Gas -10% to 2.263. Ten-Year Bond Yield -0.2 bps to 3.817.

Forex and Cryptos
EUR/USD +0.18%. USD/JPY +2.09%. GBP/USD -0.16%. Bitcoin +12.7%. Litecoin +7%. Ethereum +10.6%. XRP +3.1%.

Top S&P 500 Gainers
West Pharmaceutical Services (WST) +16%. Ecolab (ECL) +11%. Paramount Global (PARA) +10%. Generac Holdings (GNRC) +9%. Zoetis (ZTS) +9%.

Top S&P 500 Losers
Devon Energy (DVN) -16%. APA (APA) -13%. EOG Resources (EOG) -12%. Organon & Co. (OGN) -10%. Diamondback Energy (FANG) -10%.

Where will nan markets beryllium headed adjacent week? Current trends and ideas? Add your thoughts to nan comments section.

This article was written by

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Wall Street Breakfast, Seeking Alpha's flagship regular business news summary, is simply a one-page summary that gives you a accelerated overview of nan day's cardinal financial news. It's designed for easy readability connected nan tract aliases by email (including connected mobile devices), and is published earlier 7:30 AM ET each marketplace day. Wall Street Breakfast readership of complete 3.4 cardinal includes galore from nan investment-banking and fund-management industries. Sign up present to person nan Wall Street Breakfast successful your inbox each business day: http://seekingalpha.com/account/email_preferences Podcast RSS feed: https://www.spreaker.com/show/5725002/episodes/feed

Editor: Naga



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