US equities open moderately lower… clearly due to Trump threatening Canada with a 35% tariff as of August 1st. Copper $5.53
sp’60min
VIX’60min
Summary
S/t bearish… with support around 6220.
I just wonder what CPI-Tuesday will offer, which will be further complicated with the start of Q2 earnings season.
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notable stock: AVAV
Higher on Hegseth… as Aeroviroment is involved in drones.
Recent capital raises… as this one looks good on a l/t basis.
The cautious will wait to buy this Oct, as $150 looks viable.
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notable stock: LEVI
Earnings were mixed…
EPS 22cents vs 13est. Rev’ y/y +0.3% to $1.44bn vs 1.36est.
Annual sales were effectively flat… not a surprise as the US/western consumer is broke. At least its profitable.
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notable strength: RCAT
As Hegseth is pushing for increased drone production.
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notable miner: FCX
Freeport lower with the main market, and copper. The latter remains elevated, as the $6s are clearly coming.
UBS, buy>neutral, 45>50… one of those weird down/upgrades.