Good morning. US equity futures are broadly higher, SPX +45pts, we’re set to open at 5617. USD is +0.25% at DXY 103.19. The precious metals are a little mixed, Gold -0.1%, with Silver +0.4%. WTIC is +0.6% in the upper $66s.
sp’60min
Summary
Yesterday saw the SPX print yet another lower high and lower low. The closing hour was itself typical of underlying weakness. S/t momentum settled fractionally negative.
Overnight futures have been leaning positive. We’re set open +40pts or so into the low 5600s. However.. the CPI data is due 8.30am, and could flip the market back lower.
A more natural floor would be from around 5400. Certainly, the bears are running out of time… ahead of next week’s FOMC.
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Early movers
AAL +1.3%
AMD +1.7%
AMZN +0.9%
AVGO +1.8%
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BIDU -1.3%
CCJ +1.9%, Stifel, buy, C$90
CLF +1.0%
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COIN +0.8%
Bitcoin is currently -0.2% at $82733
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DIS +0.9%
FCX +1.3%, with copper +9cents to $4.86 !
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FOA -16.5%, post earnings upset
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GRPN +19.0%, earnings: EPS -$1.20 vs -0.04est. Rev’ $130.4M vs 127.7est. Over-hyped since day one, still not profitable.
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HOOD +3.2%, Deutsche Bank, buy, 75>61
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INTC +7.9%, Taiwan Semicon’ proposing a joint venture with Nvidia, AMD, and Broadcom to operate Intel factories.
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KRE +0.6%
MOMO -11.5%, post earnings upset
MLYS -6.4%, $175M secondary offering
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MT -3.6%, suing the Indian regime over import restrictions.
NVDA +2.4%
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NVO -4.8%
OKLO +3.4%
OXY +0.7%
PLTR +4.3%
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SMCI +3.4%
TSM +1.0%
TSLA +3.7%, with Elon touting he’ll double (US based) production within two years.
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UAL +0.6%
UEC +1.2%, Stifel, buy, $10.50
UNG -1.3%, with Natgas $4.30
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VIX -4.0% at 25.83
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XOM +1.0%
ZIM +4.1%, post earnings gains
ZYXI -34.4%, issues with Tricare suspending payments.
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Overnight markets
Asian markets were a little mixed, whilst European markets are broadly higher…
Japan: +0.1% to 36819
China: -0.2% to 3371
Germany: currently +1.7% at 22713
UK: currently +0.6% at 8548
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Have a good Wednesday