Good morning. US equity futures are moderately higher, SPX +24pts, we’re set to open at 4378. USD is u/c in the DXY 93.21s. The precious metals are rather mixed, Gold -$1, with Silver +1.0%. WTIC is +1.2% in the $71s.
sp’60min
Summary
Yesterday saw a distinctly weak rebound, with the market cooling (if fractionally) into the close. S/t momentum stalled on the moderately positive side.
Overnight futures have been mixed, but we’re set to open on a positive note, helped by most other world markets.
Whilst we’re set to open positive, its a fed day, and the market should enter a holding pattern until the 2pm announcement. From there… 5/15mins of swings, before the market picks a direction, and runs with it, into/across Thursday. As ever… the latter will inherently favour the bears.
WTIC/copper. The one distinct positive sign for the bulls… are commodities, with oil almost in the $72s.
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Early movers
AA +1.7%, commodity stocks rebounding
AAPL +0.3%
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ADBE -3.8%, earnings (Tues’ AH): EPS $3.11 vs 3.02est. Rev’ y/y +22.0% to $3.9bn inline. Positive guidance… but its still not enough to satisfy Mr Market.
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AG +0.8%, higher silver
BAC +0.8%
BIIB -3.6%, notes poor ‘Adulhelm’ sales.
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CCL +1.6%. The Princess line will continue to steer clear of the failed state of Australia, until at least Jan’2022.
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COIN +0.1%
Bitcoin is +3.2% at $42012. Cyclically low.
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DIS +0.8%
F +0.6%
FCX +2.4%, with copper +10cents to $4.23
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FDX -6.1%, earnings (Tues’ AH), EPS $4.72 vs 4.92est. Rev’ y/y +13.9% to $22.0bn vs 21.9est. Guidance lowered. Company concerned about rising Labor costs.
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GDX +0.5%
GOLD +0.4%
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GIS +2.6%, EPS $0.99 vs 0.89est. Rev’ y/y +4.0% to $4.5bn vs 4.3est. Broadly fine, as many will always want their breakfast cereals.
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MRO +1.8%
OXY +1.8%
RIG +1.9%
SDC -1.2%, WSB hysteria fading
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SFIX +11.7%, post earnings jump
SLB +1.6%
TECK +4.1%, higher copper
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TLT -0.4%, higher yields ahead of the fed
TWTR +0.5%
UAL +0.4%
UBER +1.0%, bullish follow through
UPS -2.5%, in sympathy with FDX
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VIX -5% in the 22s
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WYNN +0.6%
X +1.3%
XOM +1.0%
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Overnight markets
After a four day break, China has finally reopened, and actually managed a moderate net gain. European markets are broadly higher.
Japan: -0.7% at 29639
China: +0.4% to 3628
Germany: currently +0.6% at 15436
UK: currently +1.1% at 7161
The C02 story continues…
https://www.bbc.co.uk/news/business-58641394
UK govt’ set to throw (it looks like it’ll be ‘free money’) £50M ($70M) at CF Industries (CF) to restart production within three days. That’ll cover the net losses for THREE WEEKS. On no basis will that be enough.
As critical as food production/distribution, we’ve six nuke plants that also require the gas!
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Have a good Wednesday