Good morning. US equity futures are fractionally higher, SPX +4pts, we’re set to open at 3706. USD is -0.2% in the DXY 90.76s. The precious metals are broadly lower, Gold -$13, with Silver -1.5%. WTIC is -0.1% in the $45s.
sp’60min
Summary
Yesterday was a rather typical turnaround Tuesday, opening weak, but swinging upward to break a new hist’ high in the mid afternoon. S/t momentum settled fractionally negative.
Overnight futures have been choppy, if leaning on the upward side, and as things are, we’ll probably break new hist’ highs in early morning.
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Early movers
AAL +3.7%
ADBE u/c, earnings due in AH
AMD -0.4%, just a little cooling
BA +1.1%, next resistance the 280s. Jefferies 250>275
BAC +0.5%
CCL +2.4%, the (UK based) Cunard division extending cancellations until end May
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CHWY +0.6%, post earnings churn
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CPB -0.5%, Campbell Soup earnings: EPS $1.02 vs 91cents est. Rev’ y/y +7.2% to $2.3bn inline. Guidance inline, as soup demand is strong with the lockdown.
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DIS +1.6%, Keybanc ‘overweight $177s’, MS 160>175
GDX -0.8%
GOLD -0.6%
GME -15.2%, post earnings horror
INTC -0.5%
JPM +0.6%
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LI +2.0%
MSFT -0.3%, the broad chop continues
NET -3.0%, JPM overweight>neutral
NEM -0.6%
NIO +1.2%
PFE +1.5%
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RIG +4.4%
RH +0.8%, earnings due in AH
ROKU +2.7%
SLB +0.3%
SIRI +1.5%
SFIX -1.3%, yesterday’s black candle to play out.
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SPCE +2.5%, s/t speculative hysteria
TLT -0.4%, lower bonds, as yields rebound
UAL +1.6%, receives first 737MAX since the grounding
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UBER +1.4%, places $1.0bn convert’ 2025 corp’ debt notes… with a yield of 0.0%. Indicative of the crazy times we’re in, when a loss making taxi cab app’ can borrow for literally nothing.
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VIX -0.3% in the 20s
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X +0.9%
XPEV -3.2%, upsized secondary offering
XOM +0.8%
ZM -2.3%, JPM mixed downgrade, overweight>neutral, 425>450
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Overnight markets
Asian markets were very mixed, whilst European markets are leaning on the positive side…
Japan: +1.3% at 26817
China: -1.1% at 3371
Germany: currently +0.8% at 13390
UK: currently +0.2% at 6575
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Have a good Wednesday