The AP on the Street 16th week of 2023

The last week was mostly neutral; indexes and commodities were down except the Russell 2000.

This week we have the 2023 Q1 GDP, PCE Price Index, Core PCE Price Index, and Chicago PMI. So, let’s take a look at what happened last week:

• Groupe Renault CEO said Tesla price cuts are a warning.
• European Stocks hit new high levels.
• Empire State Manufacturing Index came out as 10.80 —28.8 points better than expected.
• State Street shares tumbled after the earnings miss.
• China warned about a notable military action in the Yellow Sea.
• China’s GDP rose 4.5% year on year —50 basis points more than expected.
• Bank of America beat its earnings.
• Goldman Sachs shares tumbled after the revenue decreased.
• Meta is expected to lay off 4,000 employees.
• UK CPI rose 10.1% year on year —30 basis points worse than expected.
• UK Core CPI rose 6.2% year on year —20 basis points worse than expected.
• Euro Zone CPI rose 6.9% year on year, as expected.
• Euro Zone Core CPI rose 5.7% year on year, as expected.
• Tesla, again, cut prices in the US for some of its models.
• VIX has fallen to its lowest since November 2021.
• US3M Treasury Bills rose to 5.31%, the highest level since 1999.
• Philadelphia Manufacturing Index came out as -31.3 —12.1 points worse than expected. The lowest level since May 2020.
• Tesla stock plunged after declining quarterly profit margins.
• BuzzFeed shares tumbled.
• Legacy Twitter blue checkmarks have been removed from all verified accounts.
• France’s Manufacturing PMI came out as 45.5 —2.3 points lower than expected.
• Germany’s Manufacturing PMI came out as 44.0 —1.7 points lower than expected.
• Euro Zone Manufacturing PMI came out as 45.5 —2.5 points lower than expected.
• France Services PMI came out as 56.3 —2.9 points higher than expected.
• Germany Services PMI came out as 56.3 —2.4 points higher than expected.
• Euro Zone Services PMI came out as 56.6 —2.1 points higher than expected.
• US Services PMI came out as 53.7 —2.2 points higher than expected.
• US Manufacturing PMI came out as 50.4 —1.4 points higher than expected.
• Lyft announced a layoff for 30% of its employees.
• According to a WSJ report, JPM’s ties to Jeffrey Epstein were deeper than the bank has acknowledged.

Overall Market Indexes & Commodities Moves (Weekly) (By taking the opening price on Monday and closing price on Friday, using MSN Money)

DOW = -0.3%
S&P 500 = -0.1%
NASDAQ = –0.4%
RUSSELL 2000 = 0.1%
Gold = -1.1%
Silver = -1.0%
Oil = -3.6%

The weekly performance of S&P 500 Stocks

Let’s look at the most undervalued stocks listed on our website:

Our Two Least Performing Stocks:

The main reason(s) for the decline in COP:
After an earnings miss in the last quarter, analysts are expecting a lower EPS this season on May 4th. That might be the reason for the decline.

The main reason(s) for the decline in SLB:
SLB mostly retracted after its enormous gain in the last week.

TIL: What is a Credit Score?
A credit score is a three-digit number, often ranging from 300 to 850, that lenders use to evaluate your ability to repay any money you borrow. Credit scores are commonly based on information in your credit report, including your payment history, amounts owed, credit history length, credit mix, and new credit.

Important data/ decisions that will be published next week:
2023 Q1 GDP, PCE Price Index, Core PCE Price Index, and Chicago PMI

We will see how the investors will behave after all of the data and decisions. Stay tuned.

DISCLAIMER: THIS TEXT CONTAINS NO INVESTMENT ADVICE.