Good morning. US equity futures are leaning upward (ahead of CPI), SPX +7pts, we’re set to open at 3976. USD is -0.1% at DXY 102.79. The precious metals are broadly higher, Gold +$10 (printing $1893), with Silver +1.6%. WTIC is +0.9% in the $78s.
sp’60min
Summary
Yesterday opened on a positive note, and built gains into the final minute. S/t momentum ticked upward across the day, settling on the moderately high side.
Overnight futures have been leaning on the upward side, helped by other world markets.
CPI is due 8.30am EST… consensus:
Headline y/y: 6.6% vs 7.1% prior
Ex food/energy y/y: 5.7% vs 6.0% prior
As ever.. how the market interprets the data… is something of a wild card.
The s/t cyclical setup favours the bears.
The bigger daily cycles… the bulls.
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Early movers
AAL +4.6%, raised guidance
AG +0.9%, higher silver
ALB +1.1%
AMC -2.0%, dumb apes
AMD +1.1%
AMZN +0.6%
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BA +0.5%, Credit Suisse, underperform>neutral, 121>200. An embarrassingly late upgrade.
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BABA -1.2%
BBBY +19.2%… Wall. Street. Bets.
CCL +2.1%
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CLF +2.5%, Morgan Stanley, equal-weight>overweight, 13.60>26.00
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COIN +3.2%
Bitcoin is +1.6% at $18221. Price is marginally interesting.
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DAL +1.4%, earnings due early Friday, Barclays 38>44
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DIS +1.6%, Peltz is seeking a board seat
GOLD +0.8%
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KBH -2.8%, post earnings depression
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LOGI -15.6%, an effective profits warning
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NFLX +1.4%, Jefferies, hold>buy, 310>385
NVDA +1.1%
OXY +0.4%
RIG +1.1%
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ROKU -3.1%, Jefferies hold>underperform
SPOT -1.6%
TLT +0.3%
TSLA +0.2%
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TSM +2.7%, EPS $1.91 vs 1. 76. Rev’ y/y +33.2% to $21.0bn vs 20.3est. Broadly excellent.
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U -2.1%
UAL +0.9%
UNG +2.4%, with Natgas $3.76
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VIX +2% in the 21s
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XOM +0.3%
ZS -2.4%
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Overnight markets
Asian markets were fractionally higher, whilst European markets are moderately higher…
Japan: +0.01% to 26449
China: +0.05% to 3163
Germany: currently +0.7% at 15054
UK: currently +0.7% at 7779
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Have a good Thursday