Good morning. US equity futures are leaning weak, SPX -12pts, we’re set to open at 3980. USD is -0.2% at DXY 105.00. The precious metals are moderately higher, Gold +$6, with Silver +0.5%. WTIC is +0.5% in the $76s.
sp’60min
Summary
Yesterday saw considerable chop, breaking a new cycle low of 3969, if settling fractionally higher. S/t momentum broadly ticked upward across the day, settling on the moderately low side.
Overnight futures have been a little mixed, not inspired by most other world markets.
From a pure s/t cyclical basis, the setup favours the bulls ahead of Friday’s employment data. The latter is my concern, as I wonder if it will be the excuse for a ramp into the weekend.
I’ve little interest in getting involved again until next Mon/Tuesday, and I would be fine to cheer lead a rally, which would make for a far more comfortable re-short.
*background chatter is a little ‘crashy’, as an increasing number appear to recognise the broader setup for April/May threatens sp’3200/3000s.
—
Early movers
AAPL -0.4%
AMD -0.8%
AMZN -0.6%
AXP +1.1%, increased buyback and dividend
–
BABA -1.7%
BAC -0.4%
BCS -2.2%, weak UK financials
BIDU -2.2%
BJ +4.7%, post earnings gains
CLF -0.4%
–
COIN -3.6%
Bitcoin is -0.4% at $21616
–
CS -4.8%, Credit Suisse delays publication of the annual report, after an issue with the US SEC
–
DB -0.8%, weak European fins
–
ETSY -6.6%, Jefferies, buy>underperform, 150>85
F -0.6%
FCX -0.1%, with copper -1cent to $4.01
GM -1.2%
–
HD -0.5%
INTC -0.6%
JD -4.7%, post earnings depression
–
KRE -1.5%, regional breaks are increasingly problematic.
META -0.5%
–
NIO -2.3%
NVDA -0.9%
ORCL -0.8%, earnings due in AH
OXY +0.5%
–
PTON -1.8%, court ruling on patent infringement (in favour of Dish network) for streaming devices
–
PYPL +1.9%, hopes of more job cuts?
RIVN -1.8%
ROKU +1.1%
–
SHEL -0.7%, annual report published, which isn’t pleasing the UK sheep/serfs, who would rather see the company struggle, and turn a loss.
The big boss was paid around $11M >>>
https://www.bbc.co.uk/news/business-64899421
Yours… powered by Shell Natgas & Elect’
–
TLT -0.5%, as yields climb
TSLA -3.1%
–
TTD -3.4%, news?
UBER +1.5%, Gordon Haskett touting the freight business ‘could be worth $5bn’.
–
UNG +1.0%, with Natgas $2.64
–
VIX +2% in the 19s
–
WPM -0.1%, earnings due in AH
X -0.4%
—
Overnight markets
Asian markets were a little mixed, whilst European markets are leaning weak…
Japan: +0.6% to 28623
China: -0.2% to 3276
Germany: currently -0.3% at 15582
UK: currently -0.5% at 7885
Here in the land of yours truly… the typical consumer is cutting back…
https://www.bbc.co.uk/news/business-64876681
Infrastructure projects are also being cut…
https://www.bbc.co.uk/news/business-64901985
… which isn’t going to help an economy that has been borderline recessionary for a year.
—
Have a good Thursday