Good morning. US equity futures are moderately lower, SPX -17pts, we’re set to open at 4388. USD is +0.1% in the DXY 93.66s. The precious metals are a little mixed, Gold +$4, with Silver u/c. WTIC is -1.3% in the $63s.
sp’60min
Summary
Yesterday saw early broad weakness, but there was a recovery to settle fractionally higher, well, at least for the SPX. I’d acknowledge the ‘two leaders’ – Trans and R2K, didn’t settle as great.
Overnight futures have been leaning on the weaker side, as we’re set to open moderately lower. Yesterday’s low of 4367 should hold.
As its OPEX, we have to expect considerable chop, and I’d look for early weakness to be reversed to minor gains before the close.
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Early movers
AMAT -0.5%, post earnings cooling. Morgan Stanley 139>150
BAC -0.7%
BKE +6.8%, post earnings jump
CCL -0.9%, shippers still sinking
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COIN +1.7%
Bitcoin is +0.6% in the $47000s, as psy’ $50k remains due.
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DE +1.4%, EPS $5.32 vs 4.58est. Rev’ y/y +32.5% to $10.4bn vs 10.3est. Guidance raised.
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DIDI -1.0%, communist garbage
F -0.5%
FCX -0.7%, with copper +1cent to $4.05
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FL +6.8%, EPS $2.21 vs 1.02est. Rev’ y/y +9.5% to $2.3bn vs 2.1est. COMPS +6.9%.
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GDX -0.4%
GOLD +0.2%
M +0.6%, JPM underweight>neutral $25
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MOS +2.5%, HSBC hold>buy, 37>39.
Note the stock is testing first m/t support of the monthly 10MA. If its going to floor… now would be the level. I hold.
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MRNA -2.4%, heart risk chatter
MSFT -0.1%, Wedbush 325>350
NFLX -0.6%
NVAX +0.6%
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NVDA +0.5%
OXY -0.8%
RIG +1.0%, Piper Sandler $1.25>1.00. Make of that.. what you will.
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ROST -4.4%, post earnings depression, Weak outlook
SLB -1.3%
SNOW -3.0%
SPOT +1.9%, $1bn share buyback
TGT -0.2%
TSLA +1.4%, with Elon having unveiled…
August 19, 2021.
This day goes down in history as when @elonmusk announced Tesla Bot at Tesla AI Day.
We'll look back in 10 years and understand how significant today really was. pic.twitter.com/ky0gZNYFEO
— Dave Lee (@heydave7) August 20, 2021
Considering all the concerns about AI bots that Elon has touted for the better part of a decade, the fact he is pursuing this… crazy.
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TSM -1.2%
TLT +0.2%, as yields a little lower
UAL -0.7%
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VIX +5% in the 22/23s
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X -0.7%
XOM -0.8%
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Overnight markets
Asian markets were significantly lower, whilst European markets are moderately lower…
Japan: -1.0% at 27013
China: -1.1% at 3427
Germany: currently -0.6% at 15668
UK: currently -0.3% at 7035
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Have a good Friday