Markets continued their volatile ways Wednesday as markets rallied early in the morning on in-line CPI data, and then sold off into the afternoon before staging a brief rally near the close. Apple (AAPL) again led the Nasdaq lower as concerns over falling iPhone sales continue to dog the stock. The Nasdaq fell .9%, followed by the DJIA falling .81%, and the S&P 500 falling .76%. Bank stocks hit the skids as Representative Maxine Waters, the projected new chair of the House Financial Services Committee, said the President’s efforts to curb banking regulation would “come to an end” once Democrats take control of the House next year. The already struggling bank stocks, which many had expected to lead the next rotation in the market given rising interest rates, turned south after the comments. BofA, J.P. Morgan, Citigroup, and Goldman Sachs all traded lower on the day. The negative tech and banking news overshadowed a good earnings report from Home Depot (HD) which finished up slightly on the day.
As earnings season winds down, investors still have some important companies to hear from. Thursday NVIDIA (NVDA), Applied Materials (AMAT) and Nordstrom (JWN) all report earnings. With bitcoin dropping below $6,000 and technology stocks under pressure, investors will be laser focused on NVIDIA earnings. NVIDIA’s gaming segment, which grew 52% year-over-year last quarter, and the data center business, will be in the spotlight. Any softness in growth could cause a further drop in the already battered stock. Nordstrom follows a very upbeat report from Macy’s (M) and a less than glowing report from Amazon (AMZN). Analysts will be looking for management opinion on the strength of the upcoming holiday season.
Thursday is not short on economic data as investors will be hit with a blizzard of numbers. Jobless claims, the Philly Fed business outlook, retail sales, import export, and business inventory numbers will all be released Thursday morning. Weekly petroleum numbers, more in focus than usual given the historic decline in the price of oil, will also be released Thursday. Gasoline inventories are expected to rise 1.9 million barrels and crude inventories are expected to tack on 5.8 million barrels. In what is expected to be a sixth straight monthly build in business inventories, analysts are looking for a .3% rise. Friday brings industrial production numbers and the Kansas City Fed manufacturing data. Capacity utilization is expected to inch up .1% to 78.2%.
Friday earnings include data from Rockwell Collins (COL) and Helmerich and Payne (HP). United Technologies still anticipates receiving Chinese approval for its purchase of Rockwell Collins, and investors will expect an update on any news in that arena. Higher rig utilization numbers are expected to bolster earnings from Helmerich and Payne, even as oil has been in a freefall the last month. Analysts will be looking for any insight into where the oil market is headed as we enter the winter months.
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