Good morning. US equity futures are moderately lower, SPX -16pts, we’re set to open at 4393. USD is +0.2% at DXY 102.05. The precious metals are leaning weak, Gold -$3, with Silver -1.5%. WTIC is +0.2% in the $71s.
sp’60min
Summary
*First, I hope you had a good holiday break. If you’re still tired, well, there is always July 3rd (half day), and July 4th itself!
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Last Friday saw a new multi-month high of 4448, if cooling back into opex. S/t momentum settled moderately negative.
Overnight futures have been leaning on the weaker side, we’re set to open -15pts or so.
The micro 5/15min cycles are already on the very low side, and the market will be highly inclined for a bounce later today, and perhaps stretching into Wed’ morning… when the Powell is due.
Indeed, Powell has two appearances this week, and both will capture considerable attention.
My guess is that whilst Wed’ might open positive, there will be threat of a downside reversal, to carry across into Thursday. In any case, I don’t expect to do anything today.
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Early movers
AAPL -0.4%
ADBE -0.8%
AMD -0.6%
BA +0.2%, Avolon order 40x 737 MAX 8s.
BABA -2.3%
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BUD -1.8%, did you have a Budlight this weekend?
CCL +1.2%
CLF -1.1%, raising prices again for steel
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COIN +1.0%
Bitcoin is -0.2% at $26778
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DB -2.1%, Eurotrash
DIS -0.3%, as woke ‘Elemental’ bombed at the box office.
F -0.8%
FCX -1.1%, with copper -1cent to $3.87
GOLD -0.4%
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INTC +0.5%, investment in Germany of around $33bn, to employ 3K. The German regime has offered a subsidy, aka… incentive, aka… bribe, that totals a rather monstrous $10.9bn).
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JD -4.1%
KRE -0.6%
LOGI -1.5%
META -1.0%
MRNA -1.6%
MSFT -0.6%
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NKE -1.9%
NIO -3.6%
NVDA +0.2%
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PBR +2.2%
PLTR -2.0%, Raymond James, strong buy>outperform, 15>18
PYPL +1.3%, partnership with KKR
SOFI -3.5%
TGT -0.3%
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TLT -0.1%, yields fractionally higher
TSLA -0.4%
UAL -0.4%
UNG +2.8%, with Natgas $2.68
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VIX +6% in the 14s
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WBD -0.9%, as the Snyder fans are still pushing for Safran and Gunn to be fired, as ‘The Flash’ didn’t so great… if better than Disney’s ‘Elemental’.
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Overnight markets
Asian and European markets are moderately mixed…
Japan: +0.1% to 33388
China: -0.5% to 3240
Germany: currently -0.6% at 16103
UK: currently u/c at 7588
Here in the failed state of the UK, even £1750 ($2240) isn’t enough to find a place to rent…
https://www.bbc.co.uk/news/business-65903095
*yours truly pays around $700 a month (1 bed apart’), an admittedly low number, as my landlord is a non-profit (yey for socialism?).
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Have a good Tuesday