Good morning. US equity futures are broadly lower, SPX -33pts, we’re set to open at 4469. USD is +0.4% at DXY 105.26. The precious metals are leaning weak, Gold -$10, with Silver -0.3%. WTIC is -0.1% in the $88s.
sp’60min
Summary
Yesterday saw early moderate gains fully reverse, ending on a pretty ugly note, as the market was concerned about another rate hike, and a lack of cuts in 2024.
Overnight futures have been increasingly weak, not helped by Asian and European markets. We’re set to open broadly lower, -30pts to around 4370.
Obvious support is the August low of 4335, but that should be taken out, whether before the weekend… or early next week.
Yours truly could be throwing rocks at my screen. Instead… I will try to look for an acceptable short-side entry via an intraday bounce.
There is renewed background crashy chatter, with a viable ‘problem’ Oct’2nd. More on that in AH.
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Early movers
AA -2.3%
AAPL -0.6%
AMD -1.4%
AMZN -1.2%
ARM -2.9%… testing the IPO $51s
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AVGO -6.7%, chatter that Google was considering dropping it as a chips supplier.
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CART -0.4%, day’3
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COIN -1.9%
Bitcoin is -1.4% at $26749. Momentum prone to turning negative this weekend.
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CRM -1.5%
CRWD +2.1%, Wedbush, outperform, 170>200
DIS -0.6%
ENVX +1.7%, buying a Korean battery maker ‘RouteJade’
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F -1.2%
FCX -2.0%, with copper -9cents to $3.68
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FDX +4.7%, earnings (Wed’ AH), EPS $4.55 vs 3.71est. Rev’ y/y -6.5% to $21.7bn inline. $1.5bn additional buyback… which is sheer lunacy ahead of a recession.
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GOLD -0.8%
GOOGL -1.2%
KBH -3.7%, post earnings depression
META -1.5%
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MRVL +4.3%, it appears Marvell is higher, inverse to Broadcom, on hopes Google might want its chips instead
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NIO -2.1%
NVDA -2.3%
OXY -0.5%
PARA +0.8%, hopes of a deal to end the strike
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TLT -1.0%, as yields climb
TSLA -1.7%
U -2.6%
UAL -0.5%
UPS +0.4%, helped via sister FedEx
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VIX +7% in the 16s
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WBD +0.3%, hopes of an end to the strike
XOM -0.6%
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Overnight markets
Asian and European markets are broadly lower…
Japan: -1.4% to 32571
China: -0.8% to 3084
Germany: currently -1.2% at 15598
UK: currently -0.7% at 7679
Here in the failed state of the UK…
https://www.bbc.co.uk/news/live/business-66863917
The BoE held rates at 5.25%, which was a surprise to the mainstream.
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Have a good Thursday