The Market News Reel for this week! Get the most important market news & updates for the week ahead! Major headlines, excerpts from news sources are shown below. "Breaking Thoughts" section is purely our opinion.
Apple Event - New iPhones, M2 Macs, Mac Pro Rumored
"Apple on Tuesday sent out invitations to the media for an event on March 8, where it’s expected to announce a new low-cost iPhone model.
The event, with the tagline “Peek Performance,” will be streamed digitally on YouTube and Apple’s website.
Apple could announce a new low-cost iPhone with 5G support and a fingerprint reader, as well as a midrange iPad, according to media and analysts reports.
Apple’s spring device launches are less important to the company than its traditional fall events, which reveal pricier and more profitable high-end iPhone models ahead of the holiday shopping season" - read more on CNBC here
Oil Nears All Time Highs On Russia-Ukraine Conflict
"In Canada prices are already at all-time record highs. Much of Canada will continue to see prices go up another five to 15 cents a liter over the next one to two weeks. So the pain is equal, no matter where you are in the U.S. or Canada," he told reporters on a livestream.
Sanctions on Russia's banking and shipping industries are "putting a chokehold" on Russian oil exports, which have plummeted, he said.
The benchmark West Texas Intermediate price breached US$115 per barrel Friday, a peak that until this week had not been hit since 2008. The commodity was on track for its biggest weekly gain since May 2020 following news reports that the U.S. is mulling a ban on Russian crude imports.
Werner Antweiler, a professor at the University of British Columbia's Sauder School of business, stressed the knock-on effect of surging gas and diesel prices amid the double-whammy of higher inflation and interest rates." - read more on BNN Bloomberg here
Breaking Thoughts: Over the last 60 years, every spike in energy (oil) prices, has been followed by a recession. Typically the peak happens just before or within the start of the recession. See chart below, recessions in grey.
Source: Macro Trends
Sometimes oil price rises are the primary cause, but it is rarely the only cause. Regardless, it is likely a major contributing factor.
With geo-political strife, high oil/wheat/commodity prices, and rising interest rates in most major economies; the odds of a recession have greatly increased in recent months. Investors should be wary of cyclical firms such as legacy auto, banking, high end retail.
Major Earnings This Week
Tuesday March 8:
Bumble (BMBL): Expected Q4 earnings of $0.00 per share
Dick's Sporting Goods (DKS): Expected Q4 earnings of $3.43 per share
Nuvei (NVEI): Expected Q4 earnings of $0.44 per share
Oracle (ORCL): Expected Q3 earnings of $1.18 per share
Wednesday March 9:
Asana (ASAN): Expected Q4 earnings of $-0.28 per share
Cambell Soup (CPB): Expected Q2 earnings of $0.69 per share
Crowd Strike (CRWD): Expected Q4 earnings of $0.20 per share
Embraer (ERJ): Expected Q4 earnings of $0.11 per share
Thursday March 10:
JD.com (JD): Expected Q4 earnings of $1.54 per share
Rivian (RIVN): Expected Q4 earnings of $-1.72 per share
Major IPOs Expected This Week
None
See you next week!
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