Good morning. US equity futures are moderately weak, SPX -27pts, we’re set to open at 4194. USD is +0.2% in the DXY 92.09s. The precious metals are rebounding, Gold +$7, with Silver +0.3%. WTIC is -0.8% in the $69s.
sp’60min
Summary
Yesterday saw considerable chop, which for a Thursday… was actually pretty bullish. S/t momentum ticked upward into the late afternoon, settling on the marginally negative side.
Overnight futures have been mostly subdued, we’re set to open moderately weak.
Whilst s/t momentum will be prone to turning positive late morning/early afternoon, as its quad-opex, we have to expect broad chop into the weekend.
New historic highs appear on the menu next week, as the 4300s appear probable before end month. Its very possible the Nasdaq comp’ breaks a new historic high today, which would be a very supportive sign, that the main market will climb into/across Q2 earnings in July/August.
As for the USD…
As ever… how the month settles will be most important. Right now… the dollar is ‘borderline’. I guess you could argue… bullish >88s… bearish <88s.
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Early movers (as at 8am)
AAPL -0.2%
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ADBE +3.1%, Adobe – earnings (from Thurs’ AH): $3.03 vs 2.82 est. Rev’ y/y +22.7% to $3.8bn vs 3.7est. Positive guidance. Broadly superb… as expected.
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AG +2.6%, rebounding silver
BAC -0.6%, lower yields
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COIN -0.5%
Coinbase remains a m/t mess, stuck under the IPO $250s. I’d be a willing buyer around psy’ $100… if it gets there.
Bitcoin is still struggling, stuck under 40/41k.
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FCX -0.6%, with copper +1cent to $4.19
GDX +1.4%
GOLD +1.8%, rebounding gold/silver
INTC -0.6%
JPM -0.6%, lower yields
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MU -2.0%
Micron remains a choppy mess…. much like AMD. I hold both.
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NEM +1.0%, rebounding gold
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NNDM -0.5%
I don’t own this one, but it looks… interesting. Its something a number have regularly requested on Twitter.
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OXY +1.0%
PAAS +2.3%, rebounding silver
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PLTR -0.1%, FAA contract $18.4M
SLB -0.9%
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SWBI +4.1%, Smith & Wesson – earnings (Thurs’ AH): $1.71 vs 1.08est. Rev’ y/y +67.3% (woah… that is astounding!) to $323M vs 260est. $50M buyback, divi’ increased. Wedbush maintain ‘neutral’, p/t upgrade 20>22
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TSLA -0.3%
TLT +0.7%, higher bonds, as yields are still cooling
TWTR -0.4%
UAL +1.0%, Wolfe Research upgrade
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VIX +6% in the 18s
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X -0.3%
XOM -0.8%
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Overnight markets
Asian markets were fractionally lower, whilst European markets are broadly lower…
Japan: -0.2% at 28964
China: -0.01% at 3525
Germany: currently -0.7% at 15618
UK: currently -1.0% at 7085
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Have a good Friday