Good morning. US equity futures are leaning weak, SPX -15pts, we’re set to open at 5647. USD is +0.1% at DXY 103.59. The precious metals are broadly lower, Gold -0.4% at $3038, with Silver -1.1% at $33.68. WTIC is -0.5% in the mid $67s.
sp’60min
Summary
Yesterday saw a few swings, settling a little weak. S/t momentum settled fractionally negative.
Overnight futures have been leaning on the weaker side, pressured by other world markets… we’re set to open -15pts or so. The s/t cyclical setup favours the bulls.
I’d keep in mind its quad-opex. We should expect considerable chop on very heavy vol’. I lean to net daily gains, as 5700 would make for a natural pin.
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Here in the failed state of the UK…
Heathrow is shutdown for the day, due to a transformer fire…
So… what is the Ruskies, or just an accident, due to the UK’s decaying energy infrastructure?
I’d be very open to it being the Russians. Why wouldn’t they, after the UK sent missiles to the UkroNazis, who then used them to strike into Russia.
Its been a proxy war for THREE years. Herr Starmer continues to escalate, and remains due to announce a troop deployment, probably in association with the French.
It should be clear where this is headed. The only issue is whether the USA is stupid enough to want to get involved. I will hope you ‘sit this one out’.
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Early movers
AAPL -0.7%
AG -1.0%
ALNY +4.5%, FDA approval
BABA -1.3%
CLF -2.1%
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COIN -0.8%
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FCX -0.4%, with copper -6cents to $5.04
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FDX -7.7%, earnings (Thurs’ AH), EPS $4.51 vs 4.54est. Rev’ y/y +2.3% to $22.2bn vs 21.9est.
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FL -2.9%, in sympathy with Nike
GME +2.7%
GOLD -1.0%
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LEN -1.8%, earnings (Thurs’ AH), EPS $2.14 vs 1.73est. Rev’ y/y +4.4% to $7.63bn vs 7.43est.
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LMT +1.3%
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MU -3.5%, earnings (Thurs’ AH), EPS $1.56 vs 1.42est. Rev’ y/y +38.3% to $8.05bn vs 7.89est.
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NIO -3.4%, EPS -43cents vs -42est. Rev’ y/y +12.1% to $2.70bn vs 2.85est. Q4 del’ y/y +45.2% to 72689
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NKE -6.4%, earnings (Thurs’ AH), EPS 54cents vs 28est. Rev’ y/y -9.3% to $11.27bn vs 11.01est. The annual decline in sales merits alarm bells… as the consumer can’t afford new shoes.
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NVDA -0.8%
NVO -3.1%
OXY -0.1%
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PL -9.7%, EPS -8cents vs -2est. Rev’ y/y +4.6% to $61.55M vs 61.87est.
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SMCI +1.3%
SMR -0.5%
TSLA +0.5%, Morgan Stanley, overweight, 430>410
UPS -1.1%, in sympathy with FedEx
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VIX +2.2% at 20.23
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X -0.9%
XPEV -3.5%
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Overnight markets
Asian and European markets ending the week on a bearish note…
Japan: -0.2% to 37677
China: -1.3% to 3364
Germany: currently -0.6% at 22866
UK: currently -0.3% at 8679
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Have a good Friday