Monday Morning Meeting Notes (01/29/2024)

General Info:

• In the U.S., Q4 2023 GDP grew at a pace of 3.3% annualized (vs. expectations of 2.0%), while GDP grew by 2.5% for the full-year 2023
• Government and consumer spending, particularly on recreational goods and health care, were the primary drivers of the full-year strength
• The Federal Reserve’s preferred inflation measure – core personal consumption expenditures – rose 0.2% month-over-month in December and 2.9% year-over-year (vs. expectations of 0.2% and 3.0%, respectively)
• Fun Fact: The first mechanical calculator (also known as a Pascaline) was invented by Blaise Pascal, a French mathematician, when he was 18 in 1642, to help is father calculate mathematic sums
• The first handheld calculator was invented by Texas Instruments in 1967

Monday 01/29:

• Super Micro Computer reports earnings
• National Puzzle Day

Tuesday 01/30:

• Microsoft, Alphabet, Advance Micro Devices, Starbucks, Marathon Petroleum Corp, and UPS report earnings
• U.S. Conference Board consumer confidence index for January
• U.S. Job Openings and Labor Turnover Survey (JOLTS) data for December
• Eurozone, Germany, France, Spain, Italy, and Mexico report Q4 2023 GDP data
• Eurozone consumer confidence and economic confidence

Wednesday 01/31:

• Boeing, Qualcomm, and Align Technology report earnings
• U.S. Federal Reserve (Fed) monetary policy meeting, followed by Chair Jerome Powell’s press conference
• No changes to the fed funds rate are expected at the meeting, but the meeting notes and press conference will be watched closely for any insights on policy for the year-ahead
• U.S. Treasury quarterly refunding – officials are expected to announce plans for auctions of 3-year notes, 10-year notes, 30-year bonds, and other borrowing plans
• Germany consumer price index (CPI) and unemployment data for January
• China Manufacturing PMI and Non-Manufacturing PMI data for January
• Japan industrial production, retail sales, and housing starts for December

Thursday 02/01:

• Apple, Amazon, Meta, Deutsche Bank, BNP Paribas, and Dover Corp report earnings
• U.S. ISM Manufacturing PMI data for January
• U.S. light vehicle sales for January
• U.S. initial jobless claims and continuing claims data
• Bank of England (BOE) monetary policy meeting
• S&P Global Manufacturing PMI for the U.S., Eurozone, U.K., Germany, France, Japan, South Korea, and India
• Eurozone CPI data for January
• China Caixin Manufacturing PMI data for January
• Hong Kong retail sales for December
• Macau casino revenue for January

Friday 02/02:

• AbbVie, Aon PLC, Cigna, Bristol-Myers Squibb, Chevron, Exxon Mobil, and Church & Dwight report earnings
• Groundhog Day – will Punxsutawney Phil see his own shadow and curse us with six more weeks of winter?
• U.S. employment report for January is expected to show 180,000 new jobs added
• The unemployment rate is expected to remain steady at 3.7%
• University of Michigan consumer sentiment index for January
• South Korea CPI data for January