Good morning. US equity futures are very significantly lower, SPX -100pts, we’re set to open at 4882. USD is -0.7% at DXY 101.96. The precious metals are very significantly higher, Gold +2.5%, with Silver +1.9%. WTIC is -3.7% in the low $55s.
sp’60min
Summary
Yesterday saw powerful gains turn to rather powerful declines. S/t momentum settled marginally positive.
Overnight futures haven’t been pretty… with an overnight low equivalent to around SPX -150pts… an effective test of Monday’s low of 4835.
As things are, we’re set to open -100pts to around 4882.
The bears will typically have until 11am.
I see ongoing price action as floor building… if with unusually powerful swings.
Bullish to 5700.
Net bearish into October, as 3500 is increasingly looking inevitable.
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Early movers
AAPL -0.5%
ABBV -3.9%
AG +4.4%
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AMGN -3.9%… as the healthcare sector is especially hit.
AMZN -1.6%
ASML +1.9%
BA -1.6%
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BABA +2.6%… positive Chinese market
BAC -1.8%
BMY -3.9%
BTU +13.5%, as Trump supports coal
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COIN -1.6%
Bitcoin is currently -0.1% at $76199. Major support 74/73k
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COF -3.5%
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DAL +0.5%, EPS 46cents vs 38est. Rev’ y/y +2.1% to $14.04bn vs 13.02est. CEO says tariffs are hurting bookings. Guidance removed.
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F -2.9%, Bernstein, hold>sell, 9.40>7.00
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FCX -0.7%, with copper +5cent at $4.19
GILD -4.1%
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GOLD +3.2%
HOOD -5.6%
JNJ -3.3%, Goldman, neutral>buy, 157>172
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JPM -1.5%, earnings due early Friday
LLY -3.3%
META -2.4%
MRNA -2.7%… in the $23s !
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NEM +2.6%
NVDA -0.3%
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OXY -2.3%
PFE -4.0%
SLB -2.7%
STLA +3.2%
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TGT -2.3%
TLT -2.1%, as bond yields jump
TSLA +0.2%
UAL +0.4%
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VIX +8.6% at 56.81
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WFC -3.0%, earnings early Friday
WMT -1.6%
X +1.0%
XOM -2.1%
XPEV +2.6%
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Overnight markets
Most world markets are powerfully lower. The PBOC are propping up the Chinese market, yes?
Japan: -3.9% to 31714
China: +1.3% to 3186
Germany: currently -3.9% at 19480
UK: currently -3.5% at 7634
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Have a good Wednesday