Good morning. US equity futures are moderately lower, SPX -19pts, we’re set to open at 4362. USD is +0.6% at DXY 102.63. The precious metals are leaning upward, Gold +$5, with Silver +0.1%. WTIC is -1.1% in the $68s.
sp’60min
Summary
Yesterday saw early weakness, but then clawing back upward across the day to settle moderately higher. S/t momentum settled fractionally positive.
Overnight futures have been increasingly weak, pressured by both Asian and European markets. We’re set to open -0.4% or so, back to Wednesday’s close.
Yours truly has little interest in getting involved. I can’t take the downside seriously. Instead, I’m wondering what to do. If anything, maybe I’ll just buy something in energy and/or commodity agri’… but not today.
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Early movers
AA -1.6%
AAPL -0.4%
ALB -0.9%
BA -0.4%
BAC -0.5%
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COIN -0.8%
Bitcoin is +0.6% around psy’ $30k
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CORN -1.9%, s/t cooling, with commodities pressured by the stronger dollar.
CRM -1.1%
DB -1.7%, EU financial trash
DVN -0.7%
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EGLE +3.9%, Eagle Bulk Shipping buys Oaktree’s 28% stake, 3.9M shares for $219M.
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FCX -1.5%, with copper -5cents to $3.84
GOLD -0.7%
KMI -0.2%
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KMX +4.6%, Carmax: EPS $1.44 vs 0.79est. Rev’ y/y -17.4% to $7.7bn vs 7.5est. COMPS -11.4%. The market appears pleased with cost-cuts.
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KRE -0.6%, regional banks still sliding
META -0.5%
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MMM +4.0%, $12.5bn settlement for water pollution.
Another case where no one goes to jail, and the shareholders merely get invoiced.
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MRNA -1.0%
NVDA -0.6%
OXY -0.5%
PTON -1.5%
PYPL -0.8%
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SAN -2.6%, EU financial trash
SLB -0.9%
SOFI -4.0%
SPCE -11.6%, $400M secondary offering
TGT -0.8%
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TLT +0.8%, as yields cool
TSLA -0.7%
UAL -1.2%
UNG +1.4%, with Natgas $2.62
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VIX +3% in the 13s
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VZ +0.5%
WAL -0.9%
WEAT -1.4%
X -1.4%
XOM -0.6%
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Overnight markets
Asian markets were broadly lower, whilst European markets were moderately lower…
Japan: -1.4% to 32781
China: CLOSED
South Korea: -0.9% to 2570
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Germany: currently -0.7% at 15873
UK: currently -0.3% at 7479
Here in the failed state of the UK, the BoE boss is denying he wants an ‘economic slump’…
https://www.bbc.co.uk/news/business-65982981
What else are higher rates for, than to kill the economy?
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"Take the VAX or you will die. Anyone who disagrees with me, is a white nationalist, and a killer, and probably an agent of Putin". – the wondrous Carlson.
Yours… not an agent of Putin (probably)#TuckerCarlson #Hotez #RFKJr https://t.co/ANTWHTc8ZU
— Philip Calrissian (@Trading_Sunset) June 23, 2023
I am quite enjoying the Carlson. I wonder how long he’ll stick around on Twitter. I kinda hope he’ll do some long form interviews, not least with RFK.
In any case, he is annoying a fair number out there, not least the mainstream media hacks at FOX HQ, and that is unquestionably a net positive.
Have a good Friday