Good morning. US equity futures are broadly lower, SPX -43pts, we’re set to open at 4357. USD is +0.2% in the DXY 93.37s. The precious metals are a little mixed, Gold +$2, with Silver -0.6%. WTIC is -2.7% in the $62s.
sp’60min
Summary
Yesterday saw a late day spiral lower, partly pressured by concerns of Fed tightening, but partly… daily cyclical pressures. S/t momentum dived into the close, settling on the moderately low side.
Overnight futures have been broadly/significantly weak, pressured by other world markets. We’re set to open broadly lower.
I’d note the 50dma is at 4345… a test of that appears probable today… or early Friday. Friday itself will be OPEX, as a bounce of some degree will be due before the weekend.
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Early movers
AAPL -1.1%
AG -1.1%, lower silver
AMAT -0.8%, earnings due in AH
BABA -3.3%
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BAC -1.8%, lower yields aren’t helping.
BILI -4.0%, post earnings depression
CCL -2.7%, sinking shippers
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COIN -1.8%
… with Bitcoin currently -0.7% in the $44000s. Daily momentum is increasingly negative. However, bulls can tout a series of higher highs and higher lows since mid July. I see little reason not to expect another push upward to test psy’ $50k.
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CSCO -1.8%, post earnings cooling.
DASH -4.4%
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FCX -4.3%, with copper -14cents to $3.97
GDX -0.3%
HOOD -9.9%, Robinhood warning of a slowdown in trading
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KSS -0.3%, EPS $2.48 vs 1.26est. Rev’ y/y +30.5% to $4.4bn vs 4.0est. Positive guidance. Buyback increased.
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M +3.2%, EPS $1.29 vs 18cents est. Rev’ y/y +58.7% to $5.6bn vs 5.0est. COMPS +61.2%. Quarterly div’ reinstated. $500M stock buyback. The latter is truly bizarre, for a company that faces monstrous mid/long term challenges.
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MRNA -1.7%
MU -1.5%
NVDA +1.3%, post earnings gains
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OXY -3.9%, lower oil, main market pressure.
RIG -3.0%
ROKU -1.8%, Citi maintain ‘buy’, 450>410
SLB -2.5%
TCEHY -4.8%, communists pushing for more controls
TGT -2.4%
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TSLA -1.6%, main market pressure. Elon is hosting an ‘AI event’ today… I’m guessing it will be after the market close.
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TLT +0.9%, as yields cool back
TLRY -2.3%
UAL -1.9%
VALE -4.2%, lower copper
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VIX +12% in the 24s
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X -3.3%
XOM -2.1%
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Overnight markets
Asian markets were broadly lower, whilst European markets are very significantly lower…
Japan: -1.1% at 27281
China: -0.6% at 3465
Germany: currently -1.8% at 15863
UK: currently -2.0% at 7025
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Have a good Thursday