Good morning. US equity futures are fractionally weak, SPX -1pt, we’re set to open at 3434. USD is +0.3% in the DXY 92.88s. The precious metals are moderately weak, Gold -$8, with Silver -0.6%. WTIC is +0.8% in the $40s.
sp’60min
Summary
Yesterday saw considerable chop, ending on a weak note. S/t momentum turned negative into the close, as the market was increasingly concerned about a lack of progress in stim bill’4.
Overnight futures have been leaning on the weaker side, we’re currently set to open flat/fractionally weak.
Its Thursday… which will inherently favour the bears. Daily momentum is in the process of turning negative for the indexes, which will be a pressure into the weekend.
The wild card is Pelosi/Mnuchin, and whether or not they announce ‘progress’, or some kind of agreement. If they don’t… the market will settle the week on a bearish note. Further, weekly momentum will be prone to turning negative next week, which will be a problem ahead of the election.
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Early movers
AAL -1.9%, EPS -$5.54 vs -5.75est. Rev’ y/y -73.4% to $3.2bn vs 2.8est. Somewhat less horrific than Q2.
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AMD +0.6%
CRSR +1.7%
CSX +4.6%, post earnings jump
CMG -4.5%, post earnings depression
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DOW +1.3%, EPS 50cents vs 29est. Rev’ y/y -9.8% to $9.7bn vs 9.5est.
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DKNG +1.4%
F +0.4%
GDX -0.8%
GOLD -1.0%
IBB +0.5%
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KO +2.1%, EPS 55cents vs 46est. Rev’ y/y -9.0% to $8.6bn vs 8.4est. No guidance.
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LRCX -2.1%, post earnings depression
LVS +4.7%, post earnings jump
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LUV +0.8%, EPS -$1.99 vs -2.25est. Rev’ y/y -68.2% to $1.8bn vs 1.7est. Less horrific than Q2.
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MGM +1.5%, inspired by LVS
MSFT -0.4%
NEM -0.5%
PINS +1.3%, Goldman neutral>buy, 37>61
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PTON -3.1%, Goldman issue a mixed downgrade, buy>neutral, 138>140. Yesterday saw a bearish engulfing candle… which is set to play out.
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SDC +11.3%, post earnings jump
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SIRI +2.4%, EPS 6cents vs 5est. Rev’ y/y +0.7% to $2.0bn vs 1.9est.
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SNAP -0.8%, just a little cooling
SPCE +1.9%, dead cat bouncing
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T +2.1%, EPS 76cents vs 77est. Rev’ y/y -4.8% to $42.4bn vs 41.7est.
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TSLA +4.9%, post earnings jump. Yesterday’s candle was black, and its suggestive Tesla will turn red at some point today.
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VIX +1% in the 29s
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WYNN +2.4%, inspired by LVS
XOM +0.4%, set to announce job cuts for US/Canada
XLNX +0.3%, post earnings gains
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ZM +1.3%, bouncing, but momentum turned negative yesterday, and that will be a pressure into at least next week.
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Overnight markets
Asian markets were moderately lower, whilst European markets are fractionally higher…
Japan: -0.7% at 23474
China: CLOSED
South Korea: -0.7% at 2355
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Germany: currently +0.1% at 12566
UK: currently +0.1% a 5781
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Have a good Thursday