Good morning. US equity futures are moderately higher, SPX +25pts, we’re set to open at 5639. USD is -0.4% at DXY 103.54. The precious metals are sig’ higher, Gold +1.0% at $2920, with Silver +1.7% at $33.02. WTIC is +1.3% in the upper $66s.
sp’60min
Summary
Yesterday saw the market spiral across the day, printing a new cycle low of 5564, if bouncing to settle at 5614. The 3pm candle was bullish engulfing. S/t momentum settled on the low side.
Overnight futures have been leaning a little higher, we’re set to open +25pts to around 5640.
The more cautious will not be buying at this time/price, as we have no clear sign of a floor. Further, I’d keep in mind, yesterday was only day’1 for the SPX below the 200dma. It’d not be surprising to see a lower low Wed’/Thurs’, as low as around 5400.
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Early movers
AAL -3.5%, updated weak guidance
AAPL -0.5%
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AG +2.7%, silver $33s
AMD +1.6%
ARKB +3.0%
BABA +3.6%
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CIEN +6.8%, EPS 64cents vs 41est. Rev’ y/y +2.0% to $1.07bn vs 1.05est.
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CLF +1.7%
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COIN +3.5%
Bitcoin printed a new cycle low of $76581, if rebounding to currently +4.0% at $81726. A more natural floor would be from $73k
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DAL -7.1%, updated weak guidance
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DKS -4.7%, EPS $3.62 vs 3.53est. Rev’ y/y +0.5% to $3.89bn vs 3.78est. Buyback $3bn across 5yrs
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DIS -1.3%, I watched ‘Captain America Brave New World’ last evening, it was less bad than expected. A throwaway popcorn movie, that probably won’t breakeven for the mouse.
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FCX +2.0%, with copper +9cents to $4.76. M/t equity bulls should be seeking a break/hold >psy’ $5.00
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FERG -6.1%, EPS $1.52 vs 1.60est. Rev’ y/y +3.0% to $6.78bn vs 6.76est.
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GOLD +1.4%
INTC +1.2%
JBLU +3.9%, updated guidance… unchanged.
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KSS -17.7%, EPS 95cents vs 73est. Rev’ y/y -9.4% to $5.17bn vs 5.14est. The annual drop in sales is pretty horrific.
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LUV +6.5%, updated guidance, $2.5bn, will charge to check bags
MRNA +1.8%
MSTR +3.9%
NVDA +0.6%
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OXY +0.6%
PLTR +1.9%
RKT -2.8%
TSLA +2.6%
UAL -4.4, in sympathy with Delta
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VIX -2.4% at 27.18
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XOM +0.5%
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XPEV +9.5%, XPeng of China wants to begin making flying cars and humanoid robots in 2026. You read that again!
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Overnight markets
Asian markets were moderately mixed, whilst European markets are a little mixed…
Japan: -0.6% to 36793
China: +0.4% to 3379
Germany: currently +0.2% at 22672
UK: currently -0.2% at 8581
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Have a good Tuesday