Good morning. US equity futures are moderately higher, SPX +15pts, we’re set to open at 4487. USD is -0.3% at DXY 99.89. The precious metals are a little mixed, Gold -$1, with Silver +0.4%. WTIC is -0.1% in the $75s.
sp’60min
Summary
Yesterday saw broad upside, with the market justly pleased with improved inflation data. S/t momentum weakened into the close, if still settling on the high side.
Overnight futures have been leaning on the positive side, especially helped by other world markets. We’re set to open in the 4480s.
A full fill of yellow gap is still viable before the weekend, before a more realistic push into the low 4500s.
If I’ve any sense, I should just buy an array of energy stocks (not options!) with any such main market cooling, although I really should have done that last Friday morning. Well, at least I’m not short anything.
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*Most notable overnight action… the USD falling below the key DXY 100 threshold.
A monthly close <100 would offer soft target of the lower monthly bollinger, currently in the 94s. Its not that far down, but it’d sure be bullish for commodities, not least WTIC, Gold, and Silver.
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Early movers
AA +1.7%
AAL +3.2%, helped by Delta
AAPL +0.4%
AMD +0.8%
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AMZN +1.0%
BA +1.0%
BABA +1.3%
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CAG -1.0%, EPS 62cents vs 60est. Rev’ y/y +2.2% to $2.97bnvs 3.00est. Guidance inline. Divi (annualised) 1.32>1.40
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COIN -1.2%
Bitcoin is +0.6% at $30554. Bulls can argue price action is consolidation, as s/t overbought conditions have been ‘burnt off’.
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DAL +4.4%, EPS $2.68 vs 2.40est. Rev’ y/y +12.7% to $15.6bn vs 14.4est. Positive guidance.
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DIS +1.5%, CEO Iger’s contract has been extended to 2026. Frankly… its laughable that the market would see this as a positive, as Iger is the cause of some of the problems, not least allowing KK to create havoc at Lucasfilm, destroying both the Star Wars and Indy franchises.
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ENVX +2.1%
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FAST -1.7%, EPS 52cents vs 53est. Rev’ y/y +5.9% to $1.88bn vs 1.89est. Fractional miss.
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FCX +1.1%, with copper +4cents to $3.89
FUBO +4.0%
GOOGL +1.2%, Morgan Stanley ‘overweight’, 140>150
LAC +1.2%
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META +1.4%, Morgan Stanley ‘overweight’, 300>350.
Is Elon fighting Zuck in the cage, the only thing that might break the stock?
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MU +0.7%, yesterday’s black candle is suggestive this will turn red at some point today.
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NVDA +1.1%
OXY +0.2%
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PEP +2.2%, EPS $2.09 vs 1.96est. Rev’ y/y +10.4% to $22.3bn vs 21.7est. Positive guidance, as the global populace need their soda and chips.
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PYPL +1.2%
RIG +0.5%
RIVN -1.0%
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SLB +0.4%
SOFI -3.5%, Morgan Stanley, equal-weight>underweight, 6.50>7.00
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SPCE +3.6%, touting a second commercial flight (Aug’10th)
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SQ +1.6%
TTD +4.4%, Trade Desk to join the Nasdaq 100 (as of next Monday morning, July 17th)… replacing Activision-Blizzard
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TLT +0.4%, as yields continue to cool
TSLA +0.7%
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UAL +2.7%, helped via Delta
UBER +1.0%
UNG -0.7%, with Natgas $2.62
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VIX -0.7% in the 13s
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X +1.6%
XOM -0.1%, news…
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Overnight markets
Asian markets were sig’ higher, whilst European markets are moderately higher…
Japan: +1.5% to 32419
China: +1.3% to 3236
Germany: currently +0.6% at 16119
UK: currently +0.4% at 7445
Here in the UK…
https://www.bbc.co.uk/news/business-66179998
GDP for May (yes, we get monthly GDP prints here) was -0.1%
… and we have the OBR warning Federal debt will climb from around 100% of GDP, to 300% by 2070, due to the aging population.
https://www.bbc.co.uk/news/business-66187743
I’m guessing I won’t be around to see if that outlook is correct.
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Special note…
Today will be an open day, with my posts available to all. Its the best (and free) advertising I can get.
I finally got around to watching Top Gun Maverick last night. I liked it, a lot, and it helped take my mind off the fact that I’m now a half century old. Its just another day on planet Krazy, but seriously… fifty years?
Have a good Thursday
Yours… time to open a bottle of Californian chardonnay… or something.