Good morning. US equity futures are moderately higher, SPX +26pts, we’re set to open at 4166. USD is -0.2% at DXY 108.35. The precious metals are broadly higher, Gold +$9 (printing $1778), with Silver +1.0%. WTIC is -0.5% in the $94s.
sp’60min
Summary
Yesterday was an effective repeat of Tuesday… considerable micro chop. S/t momentum ticked upward across the day, settling on the high side.
Overnight futures have been leaning positive, helped by other world markets. We’re set to open in the 4160s.
Min’ upside target is teal gap… whether today, or a more viable early Friday, when Powell is due at Jackson Hole. In theory, we should see another wave lower, to complete a minor wave’4, before another push upward ahead of the Labor day break.
Broadly though, many stocks/sectors, and some indexes have likely already maxed out.
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Early movers
AAPL +0.7%
ADSK +9.8%, post earnings jump
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AFRM +3.4%, earnings due in AH
AMZN +1.1%
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ANF -10.5%, EPS -30cents vs +23est. Rev’ y/y -6.8% to $806M vs 844est. Weak guidance.
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BABA +4.0%, Chinese stimulus plans
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BURL -8.5%, EPS 35cents vs 21est. Rev’ y/y -10.3% to $2.0bn inline. Weak guidance.
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CCL +1.8%
CHPT +2.7%
CLF +1.4%
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COIN +2.0%
Bitcoin is +1.4% in the $21000s, as price action remains very tight.
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CRM -6.4%, post earnings upset
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DG -1.6%, EPS $2.98 vs 2.94est. Rev’ y/y +9.0% to $9.4bn inline. Guidance leaning positive. Inflation pushing the US consumer into low end stores.
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DIS +0.8%
DVN +0.3%
F +1.0%
FCX +1.7%, with copper +4cents to $3.68
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GDX +1.2%
GOLD +1.0%
MOS +1.5%
NVDA -3.3%, post earnings depression
OXY +0.3%
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PTON -18.0%, EPS -$3.68 vs -0.77est. Rev’ y/y -27.6% to $678M vs 683est. Weak guidance.
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SNOW +19.0%, post earnings jump. The company is still losing money though.
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SPLK -10.2%, post earnings upset
TDOC +5.7%, as Amazon is closing its ‘Telehealth’ service.
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TSLA +2.3%… in the $304s. A 3 for 1 stock split has occurred.
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UAL +0.9%
UNG +0.2%, with Natgas $9.24
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VIX +0.3%
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VSCO -3.8%, earnings (Wed’ AH), EPS $1.09 vs 1.71 prior yr. Rev’ y/y -6.0% to $1.52bn vs 1.61 prior yr. Poor outlook.
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XOM +0.2%
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Overnight markets
Asian markets were broadly higher, whilst European markets are a fractionally higher…
Japan: +0.6% at 28479
China: +1.0% at 3246
Germany: currently +0.2% at 13242
UK: currently +0.1% at 7480
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Have a good Thursday