Good morning. US equity futures are broadly flat, SPX -3pts, we’re set to open at 5470. USD is +0.2% at DXY 105.51. The precious metals are mixed, Gold +$6 (printing $2381), with Silver -0.7% (printing $30.28). WTIC is -0.2% in the low $81s.
sp’60min
Summary
Yesterday opened positive to break a new hist’ high, but ended a little weak. S/t momentum settled on the moderately low side.
Overnight futures have been subdued, we’re set to open broadly flat. The s/t cyclical setup favours the bulls, but its quad-opex, which inherently bodes for chop. I’d look for a pin around 5450, with VIX 12s.
A fair number of stocks (especially the semicons) had bearish engulfing candles yesterday, and most of them will play out.
—
Early movers
AAPL +0.3%
AMD -0.4%, holding up better than NVDA and MU.
–
AMZN +0.1%, Amazon considering a $5 to $10 fee for the unprofitable Alexa service. Baird, 210>213
If I had Alexa… this morning I’d ask…
“Alexa, how do I become profitable?”
Response…. “Charge a monthly fee”
–
ARKB -1.7%
ARM -2.2%
AU +4.0%, news?
BA -0.2%, chatter its going to buy back Spirit Aero.
–
COIN -1.8%
Bitcoin is -1.4% at $63961. Momentum remains the low side, as the setup favours the crypto bulls into July.
–
DJT +0.5%
FCX +0.7%, with copper -6cents to $4.50. Morgan Stanley, 49.50>62, BNP Paribas, 60>65
–
GFI +4.6%
GILD +3.1%, further chatter about HIV drug
–
GME -1.6%
GOLD +0.3%
HD -0.4%, President Capital, 370>400
HMY +4.0%
–
KMX +1.0%, EPS 97cents vs 95est. Rev’ y/y -7.5% to $7.11bn vs 7.16est.
–
MARA -2.3%
MU -2.7%, Wolfe Res’, 150>200, Raymond James 130>160
NEM +0.4%, Macquarie, 47>55, BNP Paribas, 52>55
–
NKE +1.2%, Oppenheimer, 110>120
NVDA -1.7%
OXY +0.2%, Wells Fargo, 68>69
PAAS +0.5%
–
PLTR -3.0%
SLB +0.2%
SMCI -1.0%
–
SPR +4.6%, as Boeing appear set to buy back its old subsidiary
–
SRPT +36.8%, FDA gives expanded approval for DMD gene therapy drug. Baird, 170>200, RBC 142>182
–
SWBI -3.7%, post earnings depression
TLT +0.3%, as yields cool back
TSLA -0.3%
–
VIX +1.4% at 13.47
—
Overnight markets
Asian and European markets leaning weak…
Japan: -0.1% to 38596
China: -0.2% to 2998
Germany: currently -0.5% at 18161
UK: currently -0.6% at 8218
—
Have a good Friday