Good morning. US equity futures are leaning weak, SPX -10pts, we’re set to open at 3868. USD is +0.03% at DXY 103.90. The precious metals are rather mixed, Gold +$1, with Silver -0.9%. WTIC is +1.2% in the $79s.
sp’60min
Summary
Yesterday saw the market build very significant gains, and then churning the rest of the day. S/t momentum weakened a little into the close, if settling on the high side.
Overnight futures have been a little mixed, we’re set to open a little weak, set to test first support of the hourly 10MA. So long as no hourly closes below it… yellow gap might not be tagged before upside teal.
In either case… its almost Christmas, and we should expect increasing chop, as many will just be quietly walking away.
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Early movers
AAPL -0.2%
ABNB -0.4%
AMAT -2.0%, lower in sympathy with Micron
AMD -1.0%
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AMZN -0.5%
BABA +2.2%
CLF +2.6%, new contracts secured with higher prices
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COIN+0.8%
Bitcoin is +0.02% at $16824
NEWS: Ms Ellison has thrown SBF under the proverbial bus…
The whole lot of them… back stabbing, filthy, corrupt, fraudulent… RATS
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CS -1.6%, another 5cents closer to $0.00
F -1.4%
FCX +0.2%, with copper -1cent at $3.80
INTC -0.5%
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KMX -12.7%, CarMax, EPS 24cents vs 67est. Rev’ y/y -23.7% to $6.5bn vs 7.2est. Buyback paused.
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LRCX -2.0%, lower in sympathy with Micron
META -0.8%
MU -2.9%, post earnings depression
NVDA -0.9%
OXY +0.8%
QCOM -0.9%
SLB +0.9%
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TSLA +0.7%, still battling to find a s/t floor
UAL -0.5%
UNG -0.1%, with Natgas $5.40
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VIX +1% in the 20s
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XOM +0.5%
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Overnight markets
Asian and European markets were both moderately mixed…
Japan: +0.5% to 26507
China: -0.5% to 3054
Germany: currently -0.2% at 14070
UK: currently +0.4% at 7530
Here in the failed state of the UK, Q3 GDP revised to -0.3%…
https://www.bbc.co.uk/news/business-64062548
… as the BoE expect a recession to last into 2024.
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Meanwhile…
I sure hope so!
— Elon Musk (@elonmusk) December 22, 2022
… with Elon hoping the rate hikes stop soon.
… but what if inflation starts ticking back upward in early 2023?
Very few are considering a secondary (wage driven) wave of price increases.
Have a good Thursday