Good morning. US equity futures are a little higher, SPX +7pts, we’re set to open at 4389. USD is +0.1% at DXY 105.55. The precious metals are fractionally mixed, Gold +$1, with Silver -0.1%. WTIC is +0.2% in the $75s.
sp’60min
Summary
Yesterday saw considerable chop, if breaking a marginal new cycle high of 4391. S/t momentum settled on the low side.
Overnight futures have been a little mixed, we’re currently set to open a little higher. Even red gap is looking a stretch before the weekend.
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Early movers
AAPL -0.3%, arguing with an EU court about $14bn tax.
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AFRM +12.9%, earnings (Wed’ AH), EPS -57cents vs -70est. Rev’ y/y +37.3% to $496M vs 444est. Guidance inline. I still struggle to see this having a l/t future.
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AMC +2.6%, post earnings gains
APPS -12.0%, post earnings upset
ARM -5.8%, news?
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BAC +0.5%
BYND -2.0%, Bernstein, 13>9
CELH +1.5%
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COIN +3.8%
Bitcoin is +3.5% at $36876… an impressive push >35K.
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CSCO -1.2%
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DIS +4.2%, post earnings gains. Wells Fargo, overweight, 110>115, Goldman ‘buy’, 125>120,
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DULO +9.1%, post earnings gains
DVN +0.5%
F +0.5%
FCX +0.6%, with copper -1cent to $3.63
GOLD +0.2%
HOOD +1.4%, dead cat bouncing
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HUBS +7.0%, post earnings gains
IONQ -5.0%, post earnings depression
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LI +2.9%, post earnings gains
LYFT -1.2%, post earnings cooling
MARA +9.9%, post earnings jump
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MGM +2.7%, prov’ deal with Hotel strikers
MU +1.3%
NEM -0.8%
NFLX +0.4%, helped by Disney
NVDA +0.4%
OXY +0.3%
PARA +2.4%, provisional strike deal
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PFE +0.5%
RKLB +4.1%, Wedbush, outperform, 37>49
SLB +0.4%
SPCE +8.3%, post earnings jump, 18% firings
TGT +0.6%
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TLT -0.7%, as yields climb
TSLA -1.1%, minor recall of S and X vehicles
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TWLO +4.9%, post earnings gains
UAL +1.2%
UNG -1.5%, with Natgas $3.08
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VIX +0.2% in the 14s
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WBD +2.4%, dead cat bouncing, provisional strike deal, MoffettNathenson, neutral 14>12
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WYNN +1.5%
XOM +0.6%
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Overnight markets
Asian markets were mixed, whilst European markets are moderately higher…
Japan: +1.5% to 32646
China: +0.03% to 3053
Germany: currently +0.4% at 15290
UK: currently +0.4% at 7430
Here in the failed state of the UK…
https://www.bbc.co.uk/news/business-67338237
The number with mortgage arrears are soaring.
‘One 79-year-old homeowner, who did not want to be named, told the BBC he had cut back on other costs as much as he could, but was only able to pay part of his mortgage bill each month.’
Seriously? What the hell is someone aged 79 doing with a mortgage? On any basis, they’re past their life expectancy. Why would any bank issue a mortgage to anyone much past age 50?
Regardless of individual cases, things can be expected to broadly worsen into 2024.
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Have a good Thursday