US equities open on a weak note, as the Mr Market is seeing a case of ‘good news is bad news’, on lowered hopes of a -50bps cut. VIX is battling to re-take the key 20 threshold. WTIC $66.86, with NG $2.29. Gold $2535.
sp’60min
VIX’60min
Summary
Headline y/y: 2.5% vs 2.9% prior
Core y/y: 3.2% vs 3.2% prior
… certainly, its progress, even if disagree with the precise numbers.
Mr Market is somewhat annoyed though, as it reduces the probability of -50bps next week, not that was ever going to happen anyway.
We’re s/t cyclically high, as the setup favours the bears into tomorrow.
The 5350s still look realistic before the weekend.
–
notable stock: DJT
A new low for the year. Is this supposed to be reflective of Trump’s ‘performance’ last night? Regardless, the real concern should be Truth Social has close to zero revenue.
–
notable weakness: GME
Earnings were mixed…
EPS 4cents vs -1est. Rev’ y/y +31.4% to $798M vs 895est.
The market clearly annoyed with the revenue miss.
—
notable bank: BAC
Lower for the 4th day of five. Momentum has turned negative.
Yesterday’s bearish engulfing candle played out.
Alarm bells if <200dma.
—
notable miner: ALB
Lithium miners soaring on news that a major Chinese miner has suspended production (prices too low to mine?)