{"id":201101,"date":"2024-01-16T09:30:00","date_gmt":"2024-01-16T14:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=201101"},"modified":"2024-01-16T13:12:29","modified_gmt":"2024-01-16T18:12:29","slug":"holiday-shortened-week-set-to-begin-on-a-soft-note","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/holiday-shortened-week-set-to-begin-on-a-soft-note\/","title":{"rendered":"Holiday-shortened Week Set to Begin on a Soft Note"},"content":{"rendered":"\n

The S&P 500 futures are down 13 points and are trading 0.3% below fair value, the Nasdaq 100 futures are down 56 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are down 61 points and are trading 0.2% below fair value.<\/p>\n\n\n\n

This holiday-shortened week is setting up to start on a lower note, due in part to pre-open losses in influential stocks like Apple (AAPL), Tesla (TSLA), and Boeing (BA). Apple is down on reports that it will remove the blood oxygen sensor from the Apple Watch; Tesla is down after CEO Elon Musk said he is uncomfortable making Tesla a leader in AI without having ~25% voting control; and Boeing was downgraded to Equal Weight from Overweight at Wells Fargo.<\/p>\n\n\n\n

Rising market rates have also contributed to the negative bias this morning. The 10-yr note yield is back above 4.00%, up seven basis points from Friday at 4.02%. The 2-yr note yield is up two basis points from Friday at 4.17%.<\/p>\n\n\n\n

Market participants are also digesting earnings results from Goldman Sachs (GS) and Morgan Stanley (MS), which are both trading down now. <\/p>\n\n\n\n

In other corporate news, ANSYS (ANSS) will be acquired by Synopsys (SNPS). Ansys shareholders will receive $197.00 in cash and 0.3450 shares of Synopsys common stock for each Ansys share, representing an enterprise value of approximately $35 billion based on the closing price.<\/p>\n\n\n\n

Geopolitical worries are still in play this week after a Houthi missile struck a US commercial ship, according to The New York Times. Also, China is expected to increase coercive measures towards Taiwan, according to Axios, after Lai Ching-te won Taiwan’s presidential election.<\/p>\n\n\n\n

On a China-related note, the People’s Bank of China left its medium-term policy rate unchanged, but there was speculation about more stimulus in the near future.<\/p>\n\n\n\n

Today’s US economic data was limited to the NY Empire State Manufacturing Index, which plunged to -43.7 in January (Briefing.com consensus -4.0) from -14.5 in December.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted January 16, 2024 – Holiday-shortened week set to begin on a soft note<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This holiday-shortened week is setting up to start on a lower note, due in part to pre-open losses in influential stocks like Apple (AAPL), Tesla (TSLA), and Boeing 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