Good morning. US equity futures are moderately weak, SPX -12pts, we’re set to open at 4180. USD is +0.3% at DXY 103.44. The precious metals are broadly lower, Gold -$13 (printing $1955), with Silver -1.9% (printing $23.24). WTIC is +1.2% in the $72s.
sp’60min
Summary
Yesterday saw considerable minor chop, with the SPX settling effectively flat. S/t momentum settled marginally negative.
Overnight futures have been leaning on the weaker side, not helped by most other world markets.
The obvious question is whether the political hacks will agree on something before the long weekend? I’m guessing they’ll be more than fine to drag it out into next week, and Mr Market won’t like that.
*We’ve a few pieces of data this morning… which might help ‘motivate things’, rather than just more chop.
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Early movers
AG -0.6%, lower silver
AU -1.9%, lower gold
AZ -2.2%, post earnings cooling
BABA -1.1%
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BJ -1.5%, EPS 85cents inline. Rev’ y/y +5.0% to $4.7bn vs 4.8est. Guidance held.
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CAT -0.3%
CLF -0.5%, JPM, ‘neutral’, $18
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COIN -0.1%
Bitcoin is +1.7% at $27314
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CVX +1.1%, HSBC, hold>buy, $189
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DKS +2.3%, EPS $3.40 vs 3.21est. Rev’ y/y +5.3% to $2.8bn inline. Guidance held.
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DVN +1.0%
EOG +0.5%
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FCX -0.5%, with copper -5cents to $3.63
GOLD -1.0%
KEY +2.0%
KRE +0.9%
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LOW -1.3%, EPS $3.67 vs 3.45est. Rev’ y/y -5.5% to $22.3bn vs 21.7est. Lowers guidance, as Lowes warns home improvement demand wavers.
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MSFT +0.3%, Jefferies 350>400
NEM -1.0%
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NIO -1.8%
OXY +0.7%
PACW +17.4%, selling $2.4bn of Real Estate loans
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PETS -5.5%, post earnings depression.
SCHW +0.9%
STLD -1.4%, JPM ‘underweight’, $82
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TLT -0.1%… as yields fractionally higher.
TSLA -0.3%
UNG u/c with Natgas $2.37
UPST +0.8%
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VIX +1% in the 17s
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WAL +3.4%
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WBD +0.4%, HBO Max… rebrands to just plain ‘MAX’ today. Someone in marketing got paid the big bucks for ‘years of hard work’
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XOM +0.4%
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YELP +12.5%, TCS Capital suggesting Yelp should consider ‘strategic alternatives’… aka… ‘lets carve this up into pieces’
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ZM -0.6%, post earnings cooling
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Overnight markets
Asian markets were broadly lower, whilst European markets are a little mixed…
Japan: -0.4% to 30957
China: -1.5% to 3246
Germany: currently -0.1% at 16211
UK: currently +0.3% at 7794
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Have a good Tuesday