Good morning. US equity futures are fractionally higher, SPX +8pts, we’re set to open at 5988. USD is -0.2% at DXY 98.26. The precious metals are weak, Gold -0.3%, with Silver -1.2%. WTIC is +0.7% in the upper $73s (printing $75.74).
sp’60min
Summary
Wednesday settled almost precisely flat… as the market is battling to hold together, despite the escalating middle east. S/t momentum settled marginally negative.
Its quad-opex… expect considerable chop on very high vol’. All else being equal… the market makers will be inclined for a pin around 6000.
The wild card… sporadic headlines from the middle east, and any comments from Trump.
The more cautious will be quietly lightening up, and walking away for the weekend, when almost anything could happen.
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Early movers
AAL +1.2%
ACHR +1.1%
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ACN -3.7%, EPS $3.49 vs 3.31est. Rev’ y/y +7.6% to $17.7bn vs 17.3est. Fine
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AG -1.2%
AIRO -3.6%
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AMD +0.3%
B -0.8%
CLF +0.5%
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COIN +2.7%
bitcoin is +1.3% at $106K
XRP is +1cent at $2.17
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CRCL +11.5%, the s/t hysteria continues. It can’t end well.
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DRI +4.0%, EPS $2.98 vs 2.97est. Rev’ y/y +10.6% to $3.27bn vs 3.26est. Broadly good. $1bn buyback
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IBM -0.8%, Wedbush, outperform, 300>325
JOBY +1.5%
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KMX +10.7%, EPS $1.38 vs 1.21est. Rev’ y/y +8.1% to $7.55bn vs 7.47est. Rather good
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KR -0.1%, EPS $1.49 vs 1.46est. Rev’ y/y -0.3% to $45.1bn vs 45.2est. The annual decline in sales is another reminder of the broken consumer. You can also take off another 3-4% for inflation.
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LEU +2.8%, hot nuclear
NEM -0.9%
NVDA -0.3%
OXY +0.5%
PAAS -0.7%
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RCAT +1.0%
SMR +1.4%
SONY -3.2%
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SWBI -13.0%, earnings (Wed’ AH) EPS 20cents vs 23est. Rev’ y/y -11.5% to $140.8M vs 152.4est. A double miss. The drop in annual sales is especially ugly.
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TSLA +1.8%, Robotaxi launch due this weekend, Austin, Texas. Ten ‘geofenced cars’, with ‘operators’ (aka… remote drivers) on standby.
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UAL +0.4%
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UNG +2.6%, with Natgas $4.12. The summer solstice is today, 10.42pm EDT… as the long march toward winter is set to begin.
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VIX -10.3% at 19.89
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XOM +0.6%
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Overnight markets
Asian markets were a touch weak, whilst European markets are broadly higher…
Japan: -0.2% to 38403
China: -0.1% to 3359
Germany: currently +1.1% at 23318
UK: currently +0.4% at 8828
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Have a good Friday