Market Highlights π‘ - 4 September 2024
Wall Street stocks fell due to renewed growth concerns from manufacturing data; Hong Kong stocks declined due to worsened earnings dampening market sentiment.
πΊπΈ S&P 500: -2.12% π
πΊπΈ Nasdaq: -3.26% π
πͺπΊ Stoxx 600: -0.97%π
π―π΅ Nikkei 225: -0.04% π
ππ° Hang Seng Index: -0.23% π
π¨π³ CSI 300: 0.26% π
U.S. markets fell, with the S&P 500 and Nasdaq Composite Index dropping -2.1% and -3.3% respectively, as investors awaited a series of labor market reports due later this week while also assessing the latest factory activity data. These reports may influence the extent of Federal Reserve policy adjustments.
The U.S. ISM Manufacturing PMI increased from 46.8 in July to 47.2 in August (expected 47.5), showing a smaller-than-expected rise. Employment conditions improved but the overall trend remains contractionary, highlighting the impact of the Federal Reserve's rate hikes.
Asia-Pacific markets were mixed. The Hang Seng Index fell -0.2%, while the Shanghai CSI 300 Index rose 0.3%, affected by bank and energy stocks. Investors are digesting the impact of China's economic slowdown on corporate earnings.
π‘ Upcoming Events: π‘
On Wednesday, the U.S. will release JOLTs Job Openings, Year-over-Year Export Data, the EU HCOB Services PMI, Japan's Jibun Bank Services PMI, and China's Caixin Services PMI.
On Thursday, the U.S. will announce the ISM and S&P Global Services PMI final values, jobless claims, EU retail sales month-on-month.
By the end of the week, on Friday and Saturday, we will see the release of U.S. unemployment rate, nonfarm payrolls, EU Germany industrial production month-on-month, GDP quarterly revision, and China's Year-over-Year export data.
π‘ Today's Key Things: π‘
1. Tesla's $Tesla Motors(TSLA)$
2. The U.S. Department of Justice (DoJ) has issued a subpoena to Nvidia as part of its antitrust investigation. The probe focuses on whether Nvidia $NVIDIA Corp(NVDA)$ has made it difficult for customers to switch to other suppliers and whether it penalizes those not exclusively using its AI chips.
3. China's two major shipbuilders, China CSSC Holdings $CSSC SHIPPING(03877)$ and China Shipbuilding Industry Corporation (CSIC), are set to merge to form the world's largest shipbuilding company with annual sales reaching $17 billion. The merger aims to streamline operations, enhance management, and promote industry development.
4. CapitaLand Investment Ltd $CapitaLandInvest(9CI.SI)$
5. Malaysian Prime Minister Anwar reported that Malaysia's approved investment inflows grew by 18%, reaching MYR 160 billion from January to June 2024, with nearly 3,000 new projects expected to create over 79,000 jobs.
β Key Points:
The U.S. economic data this week, especially Friday's nonfarm payrolls (NFP) report, is crucial as it could solidify expectations for a 25-50 basis point rate cut by the Federal Reserve, which has shifted its focus from inflation to employment.
@Daily_Discussion @TigerStars @Tiger_comments @CaptainTiger @MillionaireTiger @TigerGPT @Tiger_SG
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Here are some upcoming earnings releases for the period of September 4th to September 6th, 2024:
Alimentation Couche-Tard Inc. (ANCTF) - September 4th, after the market closes.
Copart (CPRT) - September 4th, after the market closes.
Hewlett Packard Enterprise (HPE) - September 4th, after the market closes.
Dick's Sporting Goods (DKS) - September 4th, before the market opens.
Dollar Tree (DLTR) - September 4th, before the market opens.
Hormel (HRL) - September 4th, before the market opens.
Casey's General (CASY) - September 4th, after the market closes.
Core & Main, Inc. (CNM) - September 4th, before the market opens.
Descartes (DSGX) - September 4th, after the market closes.
Ciena (CIEN) - September 4th, before the market opens.
Please note that this is not an exhaustive list, and there may be other earnings releases during this period.