Good morning. US equity futures are moderately lower, SPX -35pts, we’re set to open at 6245. USD is +0.1% at DXY 97.39. The precious metals are broadly higher, Gold +0.6%, with Silver +1.1%. WTIC is +0.4% in the upper $66s.
sp’60min
Summary
Yesterday saw further positive leaning chop, with the SPX printing yet another new hist’ high of 6290. S/t momentum rolled over in the mid afternoon, settling marginally positive.
Overnight futures have been weak… as tariff man strikes again, this time, threatening a 35% tariff on Canada… as of August 1st. Again… its a threat, with Trump prone to kicking the can on such things.
As things are, we’re set to open moderately lower by around -35pts. S/t momentum will likely turn negative by 11am. I’d note the lower bollinger will be around 6220 this afternoon, as -60pts looks realistic.
The bulls should be more concerned about CPI-Tuesday. If inflation does tick just a little higher, then any vain hopes of a July 30th cut will have to be dropped.
Anyway… at least some opening downside will wake a few people up!
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Early movers
AAPL -0.7%
AEM +0.5%
AIRO +6.2%, Hegseth pushing drone production
ALB -3.4%
AMC +8.7%, Wedbush, neutral>outperform, 3>4
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AMD -0.5%
AVAV +2.8%, Hegseth pushing drone production
BAC -0.7%
CLF -1.2%
CLSK +2.8%
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COIN +1.0%
Bitcoin surging… new hist’ high of $118K
XRP +7cents to $2.62… but relative to Bitcoin… its lagging.
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CRSP -1.9%
CRWV -3.3%
FCX -2.2%, with copper -8cents to $5.50
HOOD -1.4%
JOBY -1.5%
JPM -0.4%, to kick off Q2 earnings season next Tuesday morning.
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KTOS +3.3%, Hegseth pushing drone production
LEVI +5.7%, post earnings gains
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MDT +3.1%, Citi, buy, 98>99
MSTR +2.4%
NEM +0.5%… with Gold printing $3348
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NVDA -0.5%
OXY -0.4%
PAAS +1.0%… with silver printing $37.62.
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PLTR -1.1%
RCAT +13.0%, Hegseth pushing drone production
RKLB -1.0%
SMR -1.2%
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TSLA -0.4%
UAL -0.2%
UMAC +7.6%, Hegseth pushing drone production
UNG +1.3%, with Natgas $3.36
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VIX +6.4% at 16.79
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Overnight markets
Asian markets were fractionally mixed, whilst European markets are broadly lower…
Japan: -0.2% to 39569
China: +0.01% to 3510
Germany: currently -1.1% at 24184
UK: currently -0.6% at 8925
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Have a good Friday