Good morning. US equity futures are fractionally higher, SPX +5pts, we’re set to open at 4365. USD is +0.1% in the DXY 92.69s. The precious metals are moderately lower, Gold -$10 (printing $1815), with Silver -0.8%. WTIC is +0.4% in the $71s (printing $70.87).
sp’60min
Summary
Yesterday saw some cooling, if only settling moderately lower. S/t momentum ticked upward across the afternoon, settling on the low side.
Overnight futures have been subdued, we’re set to open broadly flat/fractionally higher.
There will be threat of a brief wave lower to tag red gap. On balance, I’d look for an OPEX settlement around the intermediate round number of sp’4350.
I don’t trust any bounces in SLB, OXY, RIG, or X, and expect lower lows next week, when I’ll be looking to hit some buttons.
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Early movers
AA +1.5%, post earnings jump
AG -0.8%, silver miners still struggling
AMC +4.5%
AMD +0.2%
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BA +0.4%
BAC +0.5%
CCL +1.2%
DAL +1.2%
DIDI -4.5%, Chinese regulators sent for ‘cyber-security review’
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F +0.4%
FCX -0.2%, with copper -1cent to $4.31
FUBO +4.6%
GDX -0.7%
GOLD -0.7%
GME +4.6%
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INTC +0.3%, chatter that Intel is in talks to buy Global Foundaries for around $30bn. Even if the bid goes ahead, there are huge competition hurdles to clear.
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MRO +0.6%
MRNA +8.3%, to join the sp’500 as of July 21st
MT -2.5%
NCLH +1.2%
NEM -0.6%
NVDA -0.3%
OXY +0.3%
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RIDE -0.9%, The Feds from Manhattan are investigating its vehicle pre-orders and the ‘blank check’ merger with DiamondPeak. The company could indeed be one giant fraud.
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RIG +3.0%
SLB +1.8%
SPCE +2.3%
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SQ +1.6%
TSLA +0.3%
TLT -0.5%, yields moderately higher
UAL +0.9%
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VIX -2% in the 16s
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X -0.2%
XOM +0.3%
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Overnight markets
Asian markets ended the week broadly lower, whilst European markets are fractionally mixed…
Japan: -1.0% at 28003
China: -0.7% to 3539
Germany: currently -0.1% at 15619
UK: currently +0.1% at 7022
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Have a good Friday