Morning Preview: November 23, 2022

Auto PostDaily Market Report

Early Look

Wednesday, November 23, 2022









S&P 500










U.S futures are slightly higher, adding to 2-month highs for the S&P on light volume overnight ahead of the Thanksgiving Day holiday tomorrow where markets will be closed in the US. A busy day of economic data ahead of the off-day Thursday, with weekly jobless claims moved up a day early (est. 225K), Durable Goods orders for Oct (est. +0.4%), S& Global PMI, Nov-F New Home Sales for Oct (est. 570K) and University of Michigan Sentiment (est. 55.0) along with both 1 and 5-yr inflation expectations. In Asian markets, The Nikkei Index gained 170 points to 28,115, the Shanghai Index rose 7 points to 3,096, and the Hang Seng Index rose 99 points to 17,523. In Europe, the German DAX is down -28 points to 14,393, while the FTSE 100 rises 18 points to 7,471. The S&P 500 closed at its highest level since Sept. 12 Tuesday, with the energy sector providing support after rising 3.18% after two sessions of declines as Saudi Arabia said OPEC+ was sticking with outputs cuts.

Market Closing Prices Yesterday

·     The S&P 500 Index gained 53.69 points, or 1.36%, to 4,003.63

·     The Dow Jones Industrial Average rose 397.75 points, or 1.18%, to 34,098.03

·     The Nasdaq Composite surged 149.90 points, or 1.36%, to 11,174.41

·     The Russell 2000 Index advanced 21.30 points, or 1.16% to 1,860.44


Economic Calendar for Today

·     7:00 AM ET            MBA Mortgage Applications Data

·     8:30 AM ET            Weekly Jobless Claims…est. 225K

·     8:30 AM ET            Continuing Claims…est. 1.517M

·     8:30 AM ET            Durable Goods Orders for Oct…est. +0.4%

·     8:30 AM ET            Durables Goods Orders Ex: Transportation for Oct…est. unchanged

·     9:45 AM ET            S&P Global Manufacturing PMI, Nov-F…est. 50.0

·     9:45 AM ET            S&P Global Services PMI, Nov-F…est. 47.9

·     10:00 AM ET          University of Michigan Sentiment, Nov-F…est. 55.0

·     10:00 AM ET          University of Michigan 1-yr and 5-yr inflation expectation

·     10:00 AM ET          New Home Sales M/M for October…est. 570K

·     10:30 AM ET          Weekly DOE Inventory Data

·     2:00 PM ET             FOMC Meeting Minutes from Nov 2nd meeting





















10-Year Note





World News

·     China needs to cut banks’ reserve ratio and use other monetary policy tools in a timely and appropriate manner to maintain ample liquidity, state television reports – Bloomberg

·     UK Nov. Flash Services PMI 48.8; Est 48

·     UK Nov. Flash Manufacturing PMI 46.2; Est 45.8

·     Eurozone Nov. Flash Services PMI 48.6; Est. 48

·     Germany Nov. Flash Manufacturing PMI 46.7; Est 45

·     France Nov. Flash Services PMI 49.4; Est 50.6


Sector News Breakdown


·     Guess Inc. (GES) approved a quarterly cash dividend of $0.225 per share on company’s common stock; Q4 adj EPS $0.44 vs. est. $0.55; sees expects fiscal 2023 revenue growth of about 2.0% in U.S. dollars, 10.5% in constant currency; expects fiscal 2023 Gaap and adjusted operating margins of 9.3% and 9.7%, respectively

·     Nordstrom (JWN) Q3 adj EPS $0.20 vs. est. $0.13; Q3 revs $3.55B vs. est. $3.47B; remains on pace to achieve fiscal 2022 revenue and adjusted earnings outlook; said Q3 net sales decreased 3.4%, for Nordstrom rack banner, net sales decreased (-1.9%) for Q3; qtr ending inventory increased 0.6% y/y; Q3 digital sales down 16.4% y/y; backs year EPS and rev growth views

·     Tesla (TSLA) upgraded to Neutral from Sell at Citigroup saying that near- term risk/reward in Tesla shares looks balanced following a year-to-date pullback of more than 50%.


Energy, Industrials and Materials

·     Deere (DE) Q4 EPS $7.44 vs. est. $7.09; Q4 sales rose 37% y/y to $15.54B vs. est. $13.38B with all business segments beating expectations citing positive farm fundamentals and fleet dynamics and increased investment in infrastructure; Operating margin also improved for all segments; sees FY23 production and precision agriculture sales to be up 15% to 20% from a year ago, while the FactSet sales consensus of $24.96 billion implies 13.4% growth

·     Sempra Energy (SRE) announces strategic partnership with ConocoPhillips (COP) for Port Arthur LNG; Sempra Energy parties have also entered into an equity sale and purchase agreement whereby ConocoPhillips will acquire 30% of the equity in phase 1 of Port Arthur LNG



·     Credit Suisse (CS) warned it will lose about $1.6 billion in Q4 after its clients withdrew deposits and funds. The lender had outflows of some 6% of its $1.5 trillion of assets between Sept. 30 and Nov. 11. that is equivalent to about $88 billion. Its wealth management arm had outflows of about $67 billion.

·     Prudential (PRU) double downgraded to Market Perform at Raymond James



·     AbbVie (ABBV) announces European Commission approval of SKYRIZI(R) (Risankizumab) for the Treatment of Moderate to Severe Active Crohn’s Disease; third approved indication for SKYRIZI and the first specific IL-23 inhibitor for the treatment of Crohn’s disease in the EE

·     uniQure N.V. (QURE) announced that its partner, global biotechnology leader CSL (CSLLY), has received approval from the U.S. FDA for HEMGENIX (etranacogene dezaparvovec-drlb), a one-time gene therapy for the treatment of adults 18 years of age and older living with hemophilia B.

·     MacroGenics (MGNX) upgraded to buy from neutral at Guggenheim citing a stronger balance sheet and near-term clinical data catalysts

·     Xeris Biopharma (XERS) announces research collaboration and option agreement with Horizon Therapeutics (HZNP) XeriJect formulation of teprotumumab


Technology, Media & Telecom

·     Autodesk (ADSK) Q3 non-GAAP EPS $1.70 in-line with consensus and Q3 revenue $1.28B also in-line with estimates; sees Q4 non-GAAP EPS $1.77-$1.83 vs. est. $1.83 and sees Q4 revenue $1.303B-$1.318B vs. est. $1.33B; Q3 total billings increased 16% to $1.3B and Q3 subscription plan revenue was $1.188B, an increase of 14% as reported

·     Hewlett Packard (HPQ) Q4 adj EPS $0.85 vs. est. $0.84; Q4 revs fell -11% y/y to $14.8B vs. est. $14.65B; guides Q1 EPS $0.70-$0.80 vs. est. $0.86 and FY23 $3.20-$3.60 vs. est. $3.61; Q4 Personal systems revenue $10.27B, -13% y/y and Printing revenue $4.53B, -7.1% y/y; Increases quarterly dividend 5% to 26.25c/share from 25c; Plans cost-reduction steps including cutting gross global headcount by about 4,000-6,000 employees.

·     VMWare (VMW) Q3 adj EPS $1.47 vs. est. $1.53; Q3 revs rose 1% y/y to $3.21B vs. est. $3.35B; combination of subscription and SaaS and license revenue was $1.61B for Q3, up 5% y/y

·     Manchester United (MANU) announced that the company’s Board of Directors is commencing a process to explore strategic alternatives for the club. As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.


Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

Live Trading

Open an Account

Paper Trading