Good morning. US equity futures are fractionally higher (ahead of CPI), SPX +4pts, we’re set to open at 4342. USD is -0.7% at DXY 102.89. The precious metals are moderately higher, Gold +$7 (printing $1979), with Silver +0.5%. WTIC is +2.0% in the $68s.
sp’60min
Summary
Yesterday opened a little choppy, but the market battled upward into the late afternoon, printing a new cycle high of 4340.
Overnight futures have been subdued, we’re set to open fractionally higher. However, the CPI data will likely see a few swings.
I’d keep in mind… CPI consensus…
Headline y/y: 4.1% vs 4.9% prior
Core y/y: 5.3% vs 5.5% prior.
Yours truly is restless, tired (when aren’t I ?), and not sure if I’ll try to short this madness today. If I do anything… I’ll let you know.
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Early movers
AAPLÂ -0.7%, UBS, buy>neutral, 180>190
ADBE +2.1%, JPM 380>450, earnings due Thurs’ AH
AMD +1.7%
AMZN +0.9%
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BABA +1.9%, as the PBOC cut rates.
BUD -0.3%
CCL +3.1%
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COIN +1.5%
Bitcoin is +0.9% at $26151
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FCX +1.5%, with copper +6cents to $3.81
GOLD +0.5%
INTC +2.3%
MU +1.6%
NIO +3.3%
NVDA +0.7%
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ORCL +5.2%, earnings (Monday AH): EPS $1.67 vs 1.58est. Rev’ y/y +16.9% to $13.8bn vs 13.7est. Broadly fine.
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OXY +0.6%
PYPL -0.4%, Atlantic Equities, overweight>neutral, $72
RIG +2.1%
SLB +1.0%
SOFI +4.8%, s/t speculative hysteria
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TGT +0.4%
TLT … bonds/yields are flat… ahead of CPI
TSLA +0.7%, less hiring… is a positive?
UNG +2.2%, with Natgas $2.32
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VIX -0.2% in the 14s
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X +0.8%
XOM +0.6%
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Overnight markets
Asian markets were rather mixed, whilst European markets are a little mixed…
Japan: +1.8% to 33018, the first close >33K in 33yrs
China: +0.15% to 3233
Germany: currently +0.2% at 16134
UK: currently -0.04% at 7567
Here in the failed state of the UK…
https://www.bbc.co.uk/news/business-65876822
… as pay rises are concerning some that the BoE will have to hike far higher.
The UK (for a few reasons) has always been prone to high inflation, and its partly due to the angry work force who are prone to strike for higher pay and more time off.
The same populace is duly struggling under both inflation, and a borderline-recessionary economy.
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Have a good Tuesday