Good morning. US equity futures are broadly flat, SPX -4pts, we’re set to open at 5629. USD is -0.2% at DXY 104.56. The precious metals are leaning upward, Gold +$8, with Silver +0.5%. WTIC is u/c in the mid $82s.
sp’60min
Summary
Yesterday was a mere continuation… with algo-bot upward melt, breaking a new hist’ high. S/t momentum settled on the moderately high side.
Overnight futures have been subdued… with the market naturally churning ahead of CPI. Regardless of that data, its starting to become clear the Fed will cut in Sept’ and Dec’.
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Early movers
AA +1.9%, prelim earnings
AAL -4.2%, in sympathy with Delta
AAPL -0.3%
AG +1.1%
ALB -1.3%, Wells Fargo, 145>100
AMD -0.4%
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BABA +1.5%
BIDU +1.9%
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CAG -3.5%, EPS 61cents 57est. Rev’ $2.9bn inline. Outlook leaning weak on ‘tepid demand’.
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COIN +0.7%
Bitcoin is currently +1.2% at $58428. Momentum due to turn positive.
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COST +2.6%, increasing annual membership fee, 60>65, and 120>130. A truck load of subsequent upgrades, inc’. Jefferies, 860>1050, Baird, 850>975
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DAL -9.6%, EPS $2.36 vs 2.37est. Rev’ y/y +5.4% to $15.4bn inline. Weak guidance.
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EXK -1.7%, just a retrace.
FCX +0.4%, with copper -3cents to $4.57
GOLD +0.6%
HL +0.9%, prod’ data.
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INTC -0.7%
LUV -2.7%, in sympathy with Delta
NEM +0.6%
NIO +2.4%
NVDA +0.5%
PAAS +0.6%
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PFE +1.8%, Pfizer pushing ahead with a ‘once daily’ weight loss pill, for the fat western populace.
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PEP -1.9%, EPS $2.28 vs 2.16est. Rev’ y/y +0.8% to $22.5bn vs 22.6est. Guidance inline.
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QS +40.0%, deal with PowerCo of Volkswagen to ramp up production of solid state batteries. Effectively, QS will receive royalites on the licensed technology. VW owns 17% of QS, so they will ironically (partly) be paying themselves.
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SLB +0.3%
UAL -4.6%, in sympathy with Delta
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VIX +1.0% at 12.98
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WDFC +11.5%, post earnings jump
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Overnight markets
Asian markets were broadly higher, whilst European markets are a little higher…
Japan: +0.9% to 42224
China: +1.1% to 2970
Germany: currently +0.2% at 18441
UK: currently +0.3% at 8217
> https://www.bbc.co.uk/news/articles/cp682nprlw7o
May GDP +0.4%… but broadly, its been a flat-lining economy since early 2022…
Strip out the Govt’ deficit spending, and the ‘real economy’ is -4% or so… much like the USA.
Meanwhile…
https://x.com/davidkurten/status/1811322919470964845
… as Starmer gives Ukraine permission to use UK missiles to strike Russia.
The UK, not least its capital of London, is a valid military and civilian target.
I hope it gets incinerated. The sooner the better.
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Have a good Thursday