Good morning. US equity futures are a little weak (ahead of the jobs data), SPX -7pts, we’re set to open at 3911. USD is -0.1% at DXY 104.78. The precious metals are leaning upward, Gold +$5, with Silver +0.4%. WTIC is -0.6% in the $74s.
sp’60min
Summary
Yesterday started positive, but the afternoon was the most bearish price action I’ve seen this year, with background concerns about the financials. S/t momentum settled on the low side.
Overnight futures have been muted, which is impressive considering other world markets. We’re set to open a little weak… but that is likely to change (one way or another) with the BLS jobs data… due 8.30am EST.
Yours truly remains a little frustrated I didn’t capture yesterday’s drop.
I want to consider a partial re-short today… but only if we see a bounce.
I will NOT chase lower, not least on a Friday.
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Early movers
AMZN +0.6%
BCS -1.9%, weak UK financials
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BKE +2.8%, EPS $1.76 vs 1.62est. Rev’ $402M vs 386est. Shoes are pretty recession-resilient.
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CAT -1.6%, UBS, neutral>sell, 230>225
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COIN -1.3%
Bitcoin is -2.6% at $19837. The loss of psy’20K is clearly going rattle a fair number.
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CS u/c
DB -4.9%, another European financial zombie
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DOCU -13.5%, post earnings horror
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FCX -1.0%, with copper -5cents to $3.98
GE +0.5%
GOLD +0.4%
GPS -7.2%, post earnings depression
HSBC -3.3%, weak Asian financials
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NNDM -5.8%, buying ‘Stratasys’ (SSYS) for around $1.1bn cash
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ORCL -4.7%, post earnings depression
OXY -0.3%
RBLX +3.0%, Jefferies, hold>buy, 30>48
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SAN -2.8%, weak European financials
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SCHW +2.0%, dead cat bouncing
SLB -0.4%
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SSYS +11.8%, to be bought by Nano Dimension
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TLT +1.1%, as yields cool
UAL +1.1%
UNG +0.4%, with Natgas $2.49
ULTA -1.7%, post earnings cooling
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VIX +0.5% in the 22s
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WPM +0.1%, post earnings minor chop
WYNN -1.0%
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Overnight markets
Asian and European markets ending the week very significantly lower…
Japan: -1.7% to 28143
China: -1.4% to 3240
Germany: currently -1.3% at 15435
UK: currently -1.7% at 7744
The latest GDP data…
https://www.bbc.co.uk/news/business-64904333
I’d see the ‘better than expected’ January print of +0.3% as ‘rogue’, as the UK economy remains a broad train wreck.
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Have a good Friday