Good morning. US equity futures are broadly flat, SPX -3pts, we’re set to open at 4571. USD is +0.01% at DXY 93.96. The precious metals are leaning weak, Gold -$3, with Silver -0.8%. WTIC is -0.9% in the $83s.
sp’60min
Summary
Yesterday saw opening gains to break a new hist’ high of 4598. However, there was some cooling, and it resulted in a spiky black daily candle, which bodes bearish for today, if not into early November.
Overnight futures have been very subdued, if leaning on the fractionally weak side. Some cooling to gap’3… around psy’ 4500 is realistic before Halloween.
Yours truly is seeking the 4450s, which isn’t bold. I’m just wondering if the 4380s with next week’s FOMC, when QE taper will be formally announced. I’m also looking for WTIC 77/76s.
My targets remain: OXY, SLB, MRO, RIG, KMI, X/CLF, F, FCX, UEC, DWAC
The latter two are speculative, and I’ll probably not get them in the near term.
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Early movers
AA -3.4%, s/t rising trend to break
AAPL -0.3%, earnings Thurs’ AH
AG -1.0%, weak silver
AMD -0.4%, post earnings weak leaning chop. Mizuho 110>135
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BA +0.7%, EPS -60cents vs -14est. Rev’ y/y +8.1% to $15.3bn vs 16.3est. Still struggling.
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BABA -1.8%, weak Chinese stocks
BAC -0.2%
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BMY +0.7%, EPS $2.00 vs 1.92est. Rev’ y/y +10.3% to $11.6bn vs 11.5est. Guidance held. Broadly fine.
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CLF -1.3%
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COIN -3.3%
Bitcoin is -2.4% in the $58000s. Support 53/52k.
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DB -5.8%, post earnings depression
DWAC -3.8%, Day’5
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F -0.3%, in sympathy with GM. earnings due in AH
FCX -2.0%, with copper -6cents to $4.41
GDX -0.5%
GOLD -0.4%
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GM -1.2%, EPS $1.52 vs 2.83 prior yr. Rev’ y/y -25% to $26.8bn vs 35.5 prior yr, due to chip shortage problems.
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HOOD -9.1%, post earnings horror
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KO +3.4%, EPS 65cents vs 58est. Rev’ y/y +16.1% to $10.0bn vs 9.7est. Guidance inline.
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MCD +3.3%, EPS $2.76 vs 2.47est. Rev’ y/y +14.5% to $6.2bn vs 6.0est. Company notes less C19 restrictions > more customers, with Global COMPS y/y +12.7%
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MRO -0.8%
MSFT +1.6%, post earnings jump, Piper Sandler 310>352
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MU -1.0%, yesterday’s black candle to play out
NVDA -1.0%
OXY -1.0%
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PFE +0.5%, FDA approve the vax/treatment for 5-12yr olds.
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RIG -0.8%
SLB -0.8%
SPCE -2.6%… the horror continues
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SPOT +2.7%, EPS -41cents vs -14est. Rev’ y/y +27% to $2.5bn vs 2.4est. This company still can’t turn a profit, even with subscribers y/y +19% to 172M
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TEVA -1.2%, EPS 59cents vs 65est. Rev’ y/y -2.8% to $3.9bn vs 4.05est. Guidance held. Teva Pharma’ to issue $4bn in corp’ bonds. The stock is a m/t mess.
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TECK +1.8%, EPS CA$1.88 vs 0.24 prior yr. Rev’ y/y +73% to CA$4.0bn vs 3.6est. A fine copper miner, although I’d always lean to Freeport (FCX).
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TSLA +1.8%, .. s/t over bought, and due some cooling
TLT +0.4%, as yields cool
TWTR +2.3%, post earnings gains, Wedbush 76>69
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TXN -4.6%, post earnings depression
UAL +0.2%
UBER +2.1%, partnering with Hertz
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UNG +0.3%, with Nat’gas -2cents to $5.98
V -2.4%, post earnings depression
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VIX +0.5% in the 16s
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X -1.8%, earnings Thurs’ AH
XOM -0.6%
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Overnight markets
Asian markets were broadly weak, whilst European markets are moderately lower…
Japan: -0.03% at 29098
China: -1.0% at 3562
Germany: currently -0.4% at 15686
UK: currently -0.3% at 7252
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Sideline note…
As expected (what else would they do?), the FDA have approved Pfizer MRNA vax/treatment for the 5-11yr cohort.
Many will be injured (if minor), some will die, and that is just within the short term. The sheep/serfs care nothing for the individual, so long as it doesn’t impact their own families. The historians of the 22nd century won’t look kindly on this day.
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Regardless of the ongoing societal psychosis… have a good Wednesday.