Top 5 Market Insights for September 2023: Chevron Strike, RH Revenue Dip & More

Market Highlights for September 8, 2023

As global markets prepare to open, key developments are shaping investor sentiment today. From labor strikes impacting energy supply to shifting consumer credit trends, here’s what you need to know to navigate the financial landscape.

1. Chevron LNG Workers Strike in Australia Disrupts Global Gas Supply

Employees at Chevron's Australian liquefied natural gas (LNG) facilities have initiated a strike following unsuccessful negotiations, threatening to reduce output from plants that contribute over 5% of the world’s LNG supply. This disruption led to a 12% surge in European gas prices, reflecting the significant role Australia plays as the largest LNG exporter globally. Chevron’s stock experienced a slight dip of 0.1% during pre-market trading.

2. RH Revises Q3 Revenue Down Amid Luxury Housing Market Slowdown

Luxury furniture retailer RH, formerly Restoration Hardware, has adjusted its third-quarter revenue forecast to between $740 million and $760 million, falling short of last year’s $869.1 million and analyst expectations of $778.6 million. The company attributes this downturn to a sluggish luxury housing market compounded by mortgage rates at a two-decade high, a trend expected to persist into mid-2024. RH’s shares declined over 7% in early trading.

3. DocuSign Outperforms Earnings Expectations After Strategic Reorganization

DocuSign reported adjusted earnings of $0.72 per share for the quarter, surpassing last year’s $0.44 and analyst estimates of $0.66. The e-signature leader also projected full-year revenues between $2.73 billion and $2.74 billion, edging past forecasts of $2.72 billion. This strong performance follows a two-year restructuring that reduced its workforce by 16%, enabling resilience against economic headwinds. Shares rose 3% pre-market.

4. Goldman Sachs to Resume Employee Performance Reviews and Potential Layoffs

Goldman Sachs is set to restart performance evaluations that may lead to dismissals of underperforming staff starting next month, after a pandemic-related pause. Expected reductions are likely to be modest, ranging from 1% to 5% of the workforce, following the bank’s recent $15.1 billion compensation expenditure to maintain a 48,500-strong team. Goldman’s stock remained steady in pre-market trading.

5. Consumer Credit and Wholesale Inventory Data Signal Economic Trends

Consumer credit is anticipated to decline to $16 billion in July, down from $17.9 billion in June, with the data scheduled for release at 3 p.m. ET. Earlier at 10 a.m., wholesale inventories are projected to drop 0.1%, a smaller decrease compared to June’s 0.5% fall. Additionally, San Francisco Fed President Mary Daly is slated to deliver remarks at 11 a.m. ET, which investors will watch closely for economic insights.

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