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EnglishپارسیEnglishپارسیIn September 2024, the U.S. Leading Economic Index (LEI) declined by 0.5% month-over-month, worse than the expected drop of 0.3% and the same decline recorded in the previous month. This continued decline in the LEI reflects ongoing weakness in key economic indicators, signaling that the U.S. economy faces challenges ahead. The persistent decline in this index, which hasn't shown an increase since February 2022, points to slowing economic momentum, particularly in sectors sensitive to interest rates, despite recent resilience in consumer spending.
In its Q3 2024 earnings report, American Express (AXP), with a market cap of $192.94 billion, posted results slightly mixed relative to market expectations.
While revenue slightly missed expectations, American Express continues to show solid earnings growth, demonstrating its strength in the financial services sector.
In its Q3 2024 earnings report, Netflix (NFLX), with a market cap of $295.12 billion, exceeded market expectations.
These results highlight Netflix's continued strong performance in the competitive streaming industry, driving both revenue and earnings beyond projections.
In September 2024, the US housing market presented a mixed performance across key indicators:
The data reflects some cooling in new construction activity after a surge in August, but housing starts remain steady, suggesting sustained demand in the housing market.
Taiwan Semiconductor Manufacturing Company (TSM), with a market cap of $842.26 billion, exceeded market expectations in its Q3 2024 earnings report. The company reported Earnings Per Share (EPS) of $1.95, surpassing the forecasted $1.79. Additionally, revenue came in at $23.6 billion, slightly above the anticipated $23.3 billion.
These results highlight TSM's continued strong performance in the semiconductor industry, driven by robust demand for advanced chip manufacturing technologies.
Business Inventories for August met expectations, rising by 0.3%, indicating stable stock levels in various sectors.
Capacity Utilization fell slightly below market forecasts, coming in at 77.5% for September, compared to the expected 77.8%, suggesting less-than-optimal usage of industrial capacity.
Industrial Production decreased by 0.3% in September, falling short of the anticipated -0.2% decline, pointing to weaker manufacturing and production activity.
In September 2024, the U.S. economy displayed mixed signals across several key economic indicators, reflecting both resilience and areas of slowdown.
Retail Sales showed surprising strength, expanding by 0.4% MoM in September, surpassing market expectations of 0.3%. This brought total retail sales to $714.4 billion, boosted by a strong 0.5% increase in sales excluding autos, beating the 0.1% consensus. Additionally, the Retail Sales Control Group jumped to 0.7%, up from August’s 0.3%, suggesting a healthy consumer spending environment.
The Philadelphia Fed Manufacturing Survey for October also provided positive news, reporting an index reading of 10.3, well above the forecast of 3, signaling robust manufacturing activity in the region.
Overall, the U.S. retail sector showed surprising momentum, while industrial performance lagged slightly behind expectations. This diverse economic data will likely influence both market sentiment and monetary policy discussions.
In the week ending October 11, 2024, Initial Jobless Claims in the United States increased to 241K, down from the prior week's revised figure of 260K. This figure met the market expectations, signaling a slower rise in unemployment claims than anticipated.
The four-week average for initial claims also rose, reaching 236.25K, an increase of 4.75K from the previous week’s revised average of 231K. This slight rise suggests ongoing stability in the job market despite economic concerns.
In addition, Continuing Jobless Claims for the week ending October 4 rose by 9K to 1.867 million, below market forecasts of 1.87 million. The insured unemployment rate remained steady at 1.2%.
These figures, reported by the US Department of Labor (DoL), indicate that while there is some increase in unemployment claims, the rise is slower than anticipated, pointing to underlying strength in the US labor market.
This positive earnings result highlights Morgan Stanley's continued growth and ability to outperform forecasts, showcasing resilience in its core business segments.
The Import Price Index (YoY) fell into negative territory, decreasing to -0.1%, down from 0.8% in August. On a monthly basis, the Import Price Index (MoM) registered a decline of -0.4%, slightly steeper than the anticipated 0.3% drop, reflecting a continued reduction in import costs for goods entering the U.S.
The Export Price Index (YoY) also fell sharply, declining to -2.1% in September from -0.7% in August. The Export Price Index (MoM) recorded a decline of -0.7%, exceeding market expectations of -0.4%, and following the prior month's decline of -0.9%.
These declines indicate cheaper costs for imported goods in the U.S., while U.S. exporters face growing challenges in obtaining higher prices for goods sold internationally. This weakening in both indexes could impact U.S. trade balances, reduce inflationary pressures domestically, and pose hurdles for exporters in the global market.
In its Q3 2024 earnings report, Charles Schwab (SCHW), with a market cap of $124.34 billion, exceeded market expectations. The company reported an Earnings Per Share (EPS) of $0.77, surpassing the forecasted $0.75. Additionally, revenue was reported at $4.85 billion, beating the anticipated $4.77 billion.
In its Q3 2024 earnings report, Citigroup (C), with a market cap of $125.93 billion, exceeded market expectations. The company reported an Earnings Per Share (EPS) of $1.3, surpassing the forecasted $1.51. Additionally, revenue was reported at $20.32 billion, beating the anticipated $19.84 billion.