Good morning. US equity futures are a little lower, SPX -11pts, we’re set to open at 3948. USD is -0.01% at DXY 106.95. The precious metals are broadly lower, Gold -$13 (printing $1678), with Silver -1.9% (printing $18.12). WTIC is -3.8% in the $95s (printing $94.59).
sp’60min
Summary
Yesterday saw considerable chop… if mostly leaning upward. S/t momentum ticked lower into the close, settling marginally positive.
Overnight futures have been choppy, mostly leaning a little weak. S/t momentum will be prone to turning negative this morning, but I don’t expect any ‘significant drama’.
The two downside gaps look out of range until after the Fed.
So.. maybe 4050/4100, and then a whipsaw down to the low 3800s… which would make for an attractive level to buy back.
Yours truly holds… (having sold yesterday… CHPT, FCX)
OXY, SLB, KMI, RIG
CFVI, CLF
GOLD, AG, HL, KGC
I’d like to drop all four energy stocks before the Fed, starting with KMI… perhaps this morning.
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Early movers
AA +4.1%, post earnings jump
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AAL -1.8%, EPS 76cents vs 74est. Rev’ y/y +79.5% to $13.4bn inline.
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AAPL +0.2%
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AG -2.1%, Q2 production, y/y +20% to 7.7M silver equivalent oz. Cash cost $12.09/12.85 per silver ‘equivalence ounce’.
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BX -3.3%, EPS $1.49 vs 1.45est. Rev’ y/y +96.1% to $4.15bn vs 3.46est.
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CCL -12.3%, secondary offering. 102M at $9.95
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COIN -4.6%
Bitcoin is -1.9% in the $22000s
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CSX +4.3%, post earnings jump
DIS -0.4%
DVN -3.1%
F +1.0%, chatter that Compass Minerals (CMP) might work with it to supply Lithium
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FCX -0.9%, EPS 58cents vs 68est. Rev’ y/y -5.8% to $5.4bn vs 6.2est. Share buyback raised from $3bn to $5bn.
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GDX -1.1%
GOLD -0.3%
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HAL -2.6%, Goldman ‘buy’, 35>37
KMI +0.6%, leaning upward after fine earnings
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LVS +3.8%, post earnings jump
MSFT -0.7%
NCLH -5.3%, in sympathy with Carnival
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NOK +7.7%, post earnings jump
NVDA -0.4%
OXY -2.9%
PLTR +3.5%
PM +2.6%, post earnings gains
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RCL -5.7%, in sympathy with Carnival
RIG -3.4%
SLB -3.1%
STLD +2.8%, post earnings gains
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T -1.5%, EPS 65cents vs 63est. Rev’ y/y -17.1% to $29.6bn vs 29.5est. The rev’ drop (I think) due to having spun off Warner Bros’. Broadly fine.
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TRV +0.8%, EPS $2.57 vs 1.97est. Rev’ y/y +5.2% to $9.1bn vs 8.3est., and vs 8.7 prior yr.
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TSLA +2.9%, post earnings gains
UAL -6.5%, post earnings depression
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VIX +0.4% in the 23s
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XOM -2.1%
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Overnight markets
Asian markets were rather mixed, whilst European markets are leaning weak…
Japan: +0.4% at 27803
China: -1.0% to 3272
Germany: currently -0.3% at 13247
UK: currently -0.5% at 7228
https://www.bbc.co.uk/news/business-62240775
Higher rates > higher interest payments, on the UK Govt’ debt.
£19.4bn > $23.3bn.
If you x6 for relative popn to the USA > $140bn for a single month!
Its a problem, and unlike the USA… the UK Pound is m/t bearish, with a far weaker economy.
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Have a good Thursday