(Boursier.com) — Still up more than 1% mid-session, Wall Street looked set to resume its rally on Monday, with the S&P 500 finally down 0.08% to 3,892 and the Dow Jones down 0.34 points to mixed results. tried. 33,517 points up to %. The Nasdaq, up more than 2% in midday trading, held a 0.63% advantage at the close at 10,635, with Tesla jumping nearly 6% after its recent lackluster performance… WTI crude rose 1% to $74.25 a barrel. The dollar index lost 0.8% against a basket of benchmark currencies, and the euro rose to 1.07/$.
Traders struggled in Monday’s session as they tried to make several “cheap” purchases on hopes of further lower inflation and less aggressive monetary tightening by the Fed at the start of the year… Fed chief Jerome Powell on Tuesday in Sweden on the independence of the central bank. will speak on the occasion of the symposium. Therefore, it is unlikely that the latter will return to calm the passion of the most optimistic, as it did at the end of 2022 …
The main economic event of the week on Wall Street will be inflation on Thursday. The consumer price index for December is expected to be steady and up 6.5% year-on-year (FactSet consensus), compared to 7.1% a month ago… Excluding food and energy, the consumer price index is expected to increase by 0.3 % compared to the previous month, and 5.7% compared to last year.
you are here (+5.9%), gained some ground on Wall Street after the stock market slump in 2022, the group said delivery times for certain Model Ys in China have been extended, a sign of a potential recovery in demand after the recent slump. at the given rates. Tesla, which has lost two-thirds of its value on Wall Street in the past year, recently cut the prices of its Model 3 and Model Y in China. Reuters reported that Tesla lowered the starting price of the Model 3 from 265,900 yuan to 229,900 yuan (about $33,400), and for the Model Y from 288,900 yuan to 259,900 yuan. Thus, Tesla lowered the prices of its cars in China for the second time in less than three months. Combined with October price cuts and various incentives of up to 10,000 yuan given to Chinese buyers over the past three months, the latest cut represents a 13% to 24% drop in Tesla’s prices since September.
you are here It has also started offering discounts to electric car buyers who agree to purchase existing Model 3 or Model Y inventory in Singapore, a company sales representative told Reuters on Monday. Tesla is offering electric car buyers who trade in an existing internal combustion vehicle a $5,000 rebate and an additional $5,000 credit towards the cost of a Singapore driving certificate. Additionally, for qualified buyers who have room for installation at home, Tesla will provide a Wall Connector for charging, although the cost of installation will be covered by the consumer. These limited-time discounts in Singapore come just days after Tesla slashed prices in China, South Korea, Japan and Australia.
apple (+0.4%) India exported $2.5 billion worth of iPhones from April to December, nearly double the total for the previous fiscal year, according to Bloomberg, citing the US tech giant’s geopolitical shows how it has accelerated its transition from China as tensions rise. . Foxconn and Wistron shipped $1 billion worth of iPhones overseas in the first nine months of the fiscal year ending in March 2023, people familiar with the matter told Bloomberg. Apple’s other major contract manufacturer, Pegatron, is on track to outsource $500 million worth of iPhone production by the end of January.
Apple’s booming export figures show how Foxconn is ramping up its operations outside China, where chaos at its main factory in Zhengzhou has exposed weaknesses in the company’s supply chain. The situation in China forced the Californian group to reduce production estimates. This created a wider problem with weaker demand for electronics.
Macy’s The American department store chain is giving up on Wall Street (-7.6%) as it expects fourth-quarter sales to fall short of previous forecasts and limited spending in 2023 due to inflation. “Based on current macro indicators, we believe the consumer will continue to be under pressure in 2023, particularly in the first half of the year,” CEO Jeff Gennette said. Retail giant Macy’s now expects fourth-quarter net sales to fall in the low to mid-range of its forecast.
Tilray (-6.4%), the North American cannabis producer announced its results for the second financial quarter of 2023, which ended at the end of November 2022. The group earned $155 million in revenue a year ago. At constant exchange rates, revenues would have been $158 million. The group claims operating cash flow of $29 million and free cash flow of $25 million for the period. Tilray reports its 15th consecutive quarter of positive adjusted EBITDA. Quarterly loss per share was 11 cents, and adjusted loss was 6 cents. Tilray also completed the acquisition of Montauk Brewing Company, a major New York brewing player. Tilray posted a level of cash and cash equivalents of $433 million at the end of the quarter. Net loss reached 62 million dollars against 6 million profit a year ago. Adjusted loss per share was in line with analysts’ expectations.
Goldman Sachs (+1.4%) will continue as expected with the decline in the labor force in the context of the economic slowdown. According to Reuters, the New York investment bank is set to cut thousands of jobs worldwide starting tomorrow. More than 3,000 jobs will be affected, but the total has not yet been determined. Bloomberg, for its part, said yesterday that Goldman Sachs had to cut 3,200 jobs out of a total of just over 49,000 employees. Reuters adds that most of the core divisions are to be affected, with the investment banking arm “at the heart of the layoff plan.” Cuts could also be significant in the consumer products division. Reuters reports that the bank’s chief executive, David Solomon, sent a year-end voice memo warning of layoffs in the first half of January. GS resumed its annual layoff program in September, suspended during the pandemic. Reuters recalls that the bank has generally been cutting its workforce by between 1% and 5% each year, and the expected job cuts will add to these measures…
Ali Baba (+3.2%) is moving forward, while the Chinese e-commerce giant just announced that its founder, Jack Ma, is relinquishing control of the Ant Group. So Ma will relinquish control over fintech. Ant previously considered an IPO two years ago, but Beijing blocked the deal. Alibaba owns 33% of Ant Group and could potentially revive its IPO plans if Chinese regulators are happy with the subsidiary’s reorganization. Morgan Stanley analysts, including Gary Yu, were quoted by Bloomberg and others as saying, “Following the regulatory overhaul at the end of 2020, we are seeing the first signs of an easing of the regulatory environment with government support for the private sector.” Demon.
Salesforce According to Mark Benioff, CEO of the group, (+4.6%) intends to reduce its expenses by 3-5 billion dollars. It should be recalled that on Wednesday the company announced that it will reduce the workforce by about 10%. In an audio recording obtained by Fortune, Benioff outlined a cost-cutting goal of $3 billion to $5 billion. He also said that the reduction of real estate owners will be an important component of reducing these costs. At another town hall meeting, a Salesforce executive said some Salesforce offices were “always better than 20%” and sometimes even below 10%.
Modern (+2%) is little changed, while the American pharmaceutical group reported $18.4 billion in revenue from its anti-covid vaccine last year.
Abercrombie & Fitch (+8.7%), the American clothing retailer raised its sales estimates for the year-end holiday season, with strong demand for its flagship brands.
CinCor Pharma up about 144%! Astra Zeneca It has agreed to buy the US biotech firm in a deal worth up to $1.8 billion. Thus, the Anglo-Swedish laboratory is trying to expand its portfolio of treatments for heart and kidney diseases.