Good morning. US equity futures are a little weak (ahead of CPI), SPX -13pts, we’re set to open at 5482. USD is -0.2% at DXY 101.01. The precious metals are leaning upward, Gold +0.2% (printing $2558), with Silver +1.4% (printing $29.22). WTIC is +1.5% in the low $67s.
sp’60min
Summary
Yesterday saw a few swings, with indexes settling rather mixed. The SPX saw s/t momentum tick upward into the close, settling on the very high side.
Overnight futures have been leaning a little weak.
CPI is due 8.30am… consensus:
Headline y/y: 2.6% vs 2.9% prior
Core y/y: 3.2% vs 3.2% prior
Some are still hoping for rate cut’1 of -50bps.
On no realistic scenario does that look possible.
Lets see if we get a pre-FOMC washout. Natural target remains a tag of yellow gap, ideally to around the 5350s.
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Early movers
AAPL -0.2%
ALB +8.1%, major Chinese lithium mine suspends production
ALLY +0.4%, dead cat bouncing
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ARKB -2.0%
BAC -0.6%
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COIN -2.2%
Bitcoin is currently -1.6% at $56729
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DJT -10.6%, post debate upset
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FCX +0.8%, with copper +5cents to $4.15
GME -11.0%, post earnings upset
GOLD +0.5%
INTC -0.3%, underlying weakness
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LAC +8.1%
JPM -0.4%
MARA -3.1%
OXY +0.6%
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PLL +5.5%
PLTR -2.2%
RIG +3.8%, $232M contract with BP in the Gulf of Mexico
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RLAY -20.0%, $200M secondary offering
ROKU +2.3%
SLB +0.4%
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SQM +8.9%
TSLA -0.4%
UNG -0.7%, with Natgas $2.21
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VIX +1.5% at 19.36
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XOM +0.6%
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Overnight markets
Asian markets were broadly lower, whilst European markets are leaning upward…
Japan: -1.5% to 35619
China: -0.8% to 2721
Germany: currently +0.4% at 18343
UK: currently +0.1% at 8212
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Have a good Wednesday