Good morning. US equity futures are moderately lower, SPX -10pts, we’re set to open at 4355. USD is -0.04% at DXY 101.64. The precious metals are leaning weak, Gold -$4, with Silver -0.1%. WTIC is -2.1% in the $70s.
sp’60min
Summary
Yesterday saw early weakness, a bounce into the mid afternoon, if leaning back lower into the close. S/t momentum ticked upward across much of the day, if still settling moderately negative.
Overnight futures have been leaning on the weaker side, not helped via European markets.
I’m still struggling to take the last few days of cooling seriously, not least as the price action is choppy, and with the VIX breaking a new multi-year low just yesterday. Its not going to take much to see indexes turn green this morning.
—
Early movers
AA -3.5%, Credit Suisse 50>46
AAPL -0.3%
–
ACN -5.8%, EPS $3.19 vs 3.01est. Rev’ y/y +2.5% to $16.6bn vs 16.5est. Guidance somewhat mixed.
–
AMD +0.7%
BA -3.2%, striking workers!
BCS -1.9%, UK fin’ trash
–
BUD +1.7%
BURL +3.3%
–
COIN -0.9%
Bitcoin is broadly u/c around psy’ $30k.
–
CORN -1.3%
DOW -2.8%
–
DRI -5.0%, EPS $2.58 vs 2.54est. Rev’ y/y +6.4% to $2.77bn inline. Guidance inline. Chairman leaving.
–
EOG -1.1%
F -1.1%
FCX +0.1%, with copper +2cents to $3.93
GOLD -0.3%
–
KBH -2.6%, post earnings cooling
META -0.5%
MSFT +0.3%
MU -0.5%
NVDA -1.2%
OXY -0.8%
PLTR -3.1%, s/t speculators getting washed out
–
SOFI -1.5%
TLT -0.3%, as yields climb
–
TSLA -3.1%, Morgan Stanley, overweight>equalweight, 200>250
*I see bizarre (unconfirmed) news that Zuckerberg of Meta is to fight Musk of Tesla in a cage fight.
–
UAL -0.5%
UNG -0.6%, with Natgas $2.58
–
VIX +5% in the 13s
–
WEAT -1.0%
XOM -0.7%
—
Overnight markets
Asian markets were mixed, whilst European markets are broadly lower…
Japan: -0.9% to 33264
China: CLOSED
South Korea: +0.4% to 2493
–
Germany: currently -0.8% at 15901
UK: currently -0.9% at 7488
As expected, the BoE raised rates…
A 50bps hike to 5.0%, with the mainstream having expected 25bps.
This is naturally helping Cable… if only a little.
Typically, it will take a good year for the effects of such a hike to fully feed through. The BoE expect GDP to be flat, which is even worse considering the ongoing govt. over-spending, which props up the number.
For the UK populace, its a very difficult situation, high inflation, high borrowing rates, a flat-lining economy… ohh, and there is the ‘elevated excess death rate’ issue.
—
Have a good Thursday