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Stocks fell on Friday, with all major averages ending the week lower as investors come to terms with the prospect of more interest-rate hikes ahead from the Federal Reserve.
The S&P 500 (^GSPC) dropped 0.76%, while the Dow Jones Industrial Average (^DJI) slipped 218 points, or 0.64%. The tech-heavy Nasdaq Composite (^IXIC) led the declines, falling 1.01%. The Nasdaq had its first weekly loss in the last eight, while the S&P 500 snapped a five-week win streak.
Fed Chair Jerome Powell doubled down on his view on Thursday that more rate increases are needed to temper inflation, joining a global chorus of hawkish central banks.
That's revived some worries about the potential hit to economies, though Treasury Secretary Janet Yellen said she now sees a lower risk of US recession. But a red-hot reading in a key gauge of Japanese inflation has underlined the pressures on policymakers.
All three of the major averages closed the week lower as as investors digested sentiment from the Federal Reserve and other central banks around the world that interest rates may be set to stay higher for longer.
The S&P 500 (^GSPC) dropped 0.76%, while the Dow Jones Industrial Average (^DJI) slipped 218 points, or 0.64%. The tech-heavy Nasdaq Composite (^IXIC) led the declines, falling 1.01%.
The Nasdaq’s weekly loss was the first in eight weeks. The losses followed Federal Reserve Chair Jerome Powell’s testimony on Capitol Hill which forecasted a hawkish tone for the future of interest rate hikes in 2023.
“The strong majority of the committee believes that it will be appropriate to raise the federal funds rate again once or twice by the end of the year,” Powell told the Senate Banking Committee on Thursday. “A strong majority came down on twice between now and the end of the year. So I think the data will tell us what to do.”
The week ahead will provide an updated look at the consumer and the state of businesses severely impacted by the pandemic. Carnival Cruises is set to report on Monday, and Walgreens and Rite Aid, two companies still adjusting to the winding down of COVID-19 vaccine distributions, are set to report later in the week.
Nike will headline reports next week, though. The nation’s leading athletic apparel company has made progress offloading excess inventory over the last several quarters. But while the company already signaled it reached peak inventory bloat, some Wall Street analysts are still concerned the inventory headwind could weigh on gross margin growth.
Nike is expected to report after the bell on Thursday.
As we head into the final stretch this week, the major averages are facing small losses over the four trading days of 1% to 1.5%. Meanwhile, the Russell 2000 is down over 2% — giving back some of its late-to-the-party surge from earlier this month.
All eleven S&P 500 sectors are now in the red, while real estate and energy are each down over 4% on the week.
A slew of chip companies are facing notable six-day losing streaks — Advanced Micro Devices (AMD), Broadcom (AVGO), and Skyworks (SWKS). Call it “profit-taking” — an overused, but sometimes applicable term — to describe the losses in semis after the recent AI-fueled rally.
Semiconductors giving back recent gains this week
Semiconductors, energy, banks, REITs, and Chinese stocks are among the many losing sectors and styles this week. However, a few green pockets stand out in certain corners of the market: auto dealers (sans Carvana), homebuilders, pharma, and certain retailers.
Stepping outside the capital markets, crypto is up impressively this week in a classic short squeeze after another set of spot bitcoin ETFs applications were filed, (Yes, we’ve been here several times before.) Bitcoin needs to hold $30,000 now that the April highs have yielded. As always in crypto, beware false breakouts and breakdowns!
Bitcoin breaks to fresh 2023 high
More than 3,500 Starbucks are planning to strike over the course of the next week, according to the union that represents Starbucks’ baristas.
The strike will span more than 150 stores in protest of “hypocritical treatment of LGBTQIA+ workers,” per the unions Twitter account.
“We are taking collective action in response to the company’s unlawful decisions to unilaterally alter or terminate store Pride decoration policies without negotiating with our union,” the striking partners of the unionized Pike Street Roastery wrote in a letter to the company. “We are also striking over numerous other unfair labor practices including but not limited to the company’s refusal to negotiate over a first labor contract.”
“Workers United continues to spread false information about our benefits, policies and negotiation efforts—a tactic used to seemingly divide our partners and deflect from their failure to respond to bargaining sessions for more than 200 stores,” a Starbucks spokesperson told Yahoo Finance.
“We apologize to our customers who may experience an inconvenience at these locations and encourage customers to find any of our more than 9,000 stores open nearby using our store locator available online or through the Starbucks mobile app.”
Starbucks shares were down nearly 3% in intraday trading.
Yahoo Finance’s Brooke DiPalma contributed reporting to this story.
Shares of Under Armour (UAA) fell nearly 3% on Friday as Wells Fargo downgraded the stock from Overweight to Equalweight. Equity analyst Will Gaertner recently assumed coverage of Under Armour and believes shares will remain range bound for the next 6-12 months. Gaertner and Wells Fargo maintained a $12 price target on Under Armour.
Under Armour stock is already down nearly 30% this year as the company has experienced a longer-than-expected promotional environment that’s negatively impacted margins.
Wells Fargo believes Under Armour is overexposed to wholesale in North America (the category currently represents more than 50% of revenue). This overexposure could present downside risk since Under Armour is heavily reliant on other retailers to sell their products. The firm also notes it will take time for new CEO Stephanie Linnartz’s strategy to take hold and elevated remains an issue for the retailer.
Interestingly, a week before Nike (NKE) reports quarterly earnings, Wells Fargo also dropped a tidbit about the shoe giant’s inventory levels and how it might impact companies like Under Armour.
“Checks indicate that NKE’s inventory remains heavy, likely forcing UAA (and others), to promote more aggressively,” Gaertner wrote. “As a result, promos may weigh on [gross margin] more than anticipated.”
Electric vehicle-maker Fisker (FSR) will deliver 22 Ocean One launch edition SUVs later today in the Los Angeles area to mark the companies first US deliveries.
Yahoo Finance’s Pras Subramanian reports:
Fisker specialists will set up customers and give them walkarounds of the product before hand off. Fisker says these initial US launch vehicles were shipped from the company’s factory in Austria, run by contract manufacturer Magna Steyr, on an expedited basis. Further deliveries in the US will continue through the summer.
“We are thrilled that our first US customers are finally getting behind the wheel of the Fisker Ocean,” Fisker Chairman and CEO Henrik Fisker said in a statement. “We’re grateful our customers have been patient with us as we dealt with a longer-than-expected certification period earlier this year, and we’re happy their patience is now starting to be rewarded.”
Indeed it has been something of a bumpy road getting the Fisker Ocean approved for sale and delivered in the US. In May of this year, Bloomberg reported Fisker was facing delays delivering the Ocean SUV because of software integration problems, with some vehicles using a “more basic software that limits their speed.” Fisker denied the low speed claim and said issues were being resolved with over-the-air updates.
With that said, Friday’s deliveries in the US are good news for investors who have seen Fisker shares slide 27% year to date. The company has already delivered vehicles in Europe, and is aiming to start delivering Ocean SUVs in China starting in Q1 2024.
The S&P 500 (^GSPC) dropped 0.64% lower, while the Dow Jones Industrial Average (^DJI) dropped 170 points, or 0.5%. The tech-heavy Nasdaq Composite (^IXIC) led the declines, falling about 1%.
New data from S&P Global revealed the U.S. economic upturn is slowing down. At 53, S&P Global’s flash US Composite PMI for June came in lower than the 53.5 economists had expected and down from 54.3 in May. Growth in services continues to outpace the contraction in the manufacturing sector.
While a reading above 50 for the PMI index is considered to indicate economic expansion, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence highlights the expansion is slowing compared to prior months.
“The question remains as to how resilient service sector growth can be in the face of the manufacturing decline and the lagged effect of prior rate hikes,” Williamson said. “Any further rate hikes will of course have a further dampening effect on this sector which is especially susceptible to changes in borrowing costs.”
The weakening growth is something the data dependent Federal Reserve has been looking for as it continues to mull more interest rate hikes in order to bring down inflation to its 2% target. Earlier this week, Fed Chair Jerome Powell noted a “strong majority of the committee” believes it will be appropriate to raise rates “once or twice” more this year.
3M company announced it will pay approximately $10.3 billion over 13 years to settle lawsuits regarding the contaminations of multiple US drinking water systems.
The payments will go to public water suppliers around the country that detected Per- and Polyfluorinated Substances, or PFAS, in their drinking water. The chemicals are regarded as “forever chemicals.”
“This is an important step forward for 3M, which builds on our actions that include our announced exit of PFOA and PFOS manufacturing more than 20 years ago, our more recent investments in state-of-the-art water filtration technology in our chemical manufacturing operations, and our announcement that we will exit all PFAS manufacturing by the end of 2025,” 3M chairman and CEO Mike Roman said in a release.
3M shares were up as much as 3% in early trading following the news.
Stocks opened lower Friday as investors digested sentiment from the Federal Reserve and other central banks around the world that interest rates may be set to stay higher for longer.
The S&P 500 (^GSPC) was down about 0.8%, while the Dow Jones Industrial Average (^DJI) dropped about 240 points, or 0.7%. The tech-heavy Nasdaq Composite (^IXIC) was down more than 1%.
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